Real estate blog entries tagged with home buying by Mike Bjork (Evolve Bank & Trust)

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home buying: Daily Market Report 4/22/20 - 04/22/20 10:21 AM

http://MikesDailyMarketReport.com: There were no economic data to report today. Stocks are Up this morning on news of the new PPP Stimulus package passing thru Senate yesterday, which it will now go to House tomorrow. This new package will help both Small Businesses and Hospitals. MBS is Up 13bps, so Mortgage Rates may see some improvement in their pricing today. Yields have climbed back up to 0.63%.
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home buying: Daily Market Report 4/21/20 - 04/21/20 09:45 AM

http://MikesDailyMarketReport.com: Existing Home Sales dropped 8.5% in March, down to 5.27 million annualized units. Stocks are Down this morning on the struggles of the Oil Industry, as they went into negative territory for the first time for price per barrel. There's a new package with Congress now that will hopefully get passed this week to help Small Businesses (such as the PPP). Also, the FHFA is finally doing something to help the Servicers. They are going to cap their investment payment to 4 months. It's not quite what we were seeking, but it's heading in the right direction. MBS is currently … (1 comments)

home buying: Daily Market Report 4/20/20 - 04/20/20 08:15 AM

http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are in Negative Territory, as Oil drops below $11/barrel on low demand based on the coronavirus quarantines. Also, Congress is working on a plan to help replenish up to $350 billion for the PPP, which is helping Small Businesses from having to layoff employees. Hopefully, this will be completed soon! MBS is also Down 16bps, so Mortgage Rates have inched up slightly (approximately .125%). The Fed has been purchasing enough to keep the floating in approximately in the same level for the past few weeks. This has helped to stabilize them. … (1 comments)

home buying: Daily Market Report 4/17/20 - 04/17/20 09:52 AM

http://MikesDailyMarketReport.com: The Leading Economic Indicator Report shows a decline of 6.7% drop in March, which is a new record. Stocks are Up this morning on optimism of a new treatment for the coronavirus by Gillead and the President unveiled his plan for states to begin reopening their economies. MBS started the day lower, but is currently Up 6 bps. Mortgage Rates remain unchanged from yesterday's pricing at close of the day; however, the close was a little worse in pricing as the Market changed directions late in the day. Yields are currently sitting at 0.61%.

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home buying: Daily Market Report 4/16/20 - 04/16/20 08:40 AM

http://MikesDailyMarketReport.com: Weekly Jobless Claims reported 5.25 million people applied for Unemployment Benefits for the first time last week. This should push our Unemployment Rate between 15% - 20% now. Housing Starts dropped from 1.564 million in February to 1.216 million in March. Building Permits dropped from 1.452 million in February to 1.353 million in March. Manufacturing in the Philadelphia region dropped even further, at levels not seen since 1980 (like in yesterday's Empire State Index), which it dropped from -12.7 in March to -56.6 in April. Stocks are in Mixed Territory, but showing signs of improvement. There are reports that many … (1 comments)

home buying: Daily Market Report 4/15/20 - 04/15/20 09:41 AM

http://MikesDailyMarketReport.com: Retail Sales dropped 8.7% in March; and when you exclude Autos, then it dropped 4.5%. Manufacturing in the NY region had a steep decline, as it came in -78.2. Industrial Production dropped 5.4% in March. Capacity Utilization dropped from 77.0% to 72.7% in March. Business Inventories continued with their decline in March, by dropping 0.4%. Home Builders Index, which measures the confidence level for Home Builders had a sharp decline in April, as it went from 72 to 30. Later today, we'll get to view the Fed's Beige Book, as it provides more of a Micro View of the economy … (1 comments)

home buying: Daily Market Report 4/14/20 - 04/14/20 08:25 AM

http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are in Positive Territory this morning, as there appears to be some light at the end of the tunnel of this current pandemic. Seems like the amount of cases and deaths are dipping each day, so there's talk about possibly opening up the economy and try to bring back some "norm" in our daily lives. Also, Q1 Earnings Reports are starting to be released, as the Banking sector is due out this week. There's a lot of warnings on the negative outlook of these coming reports. MBS is currently Down 6pbs, … (0 comments)

home buying: Daily Market Report 4/13/20 - 04/13/20 09:45 AM

http://MikesDailyMarketReport.com: There were no economic data to report today. Stocks are starting the week off in Negative fashion, as they brace for Q1 Earnings Reports, which this week will be the Major Banks. They're feeling a bit pessimistic! There was an agreement between the US, OPEC and Russia to cut Oil production by 9.7 million barrels/day. They're hoping to stabilize the Energy sector by this agreement. Meanwhile, this is receiving less press, but the Bank of England announced over the weekend that they'll be printing money in order to fund the Stimulus over this crisis period. This can be concerning in … (1 comments)

home buying: Daily Market Report 4/9/20 - 04/09/20 09:46 AM

http://MikesDailyMarketReport.com: Last week's Initial Jobless Claims Report was revised higher, from 6.6 million to 6.9 million. This week's report had 6.6 million people applying for Unemployment Benefits for the first time; so now, we're looking at approximately 17 million on Unemployment within a 3 week period. The inflation data in the Wholesale sector remained very tame, as it's Core PPI remained Unchanged YoY at 1.4%; whereas, it's MoM rose 0.2% in March. The headline data for the Producer Price Index (PPI) dropped 0.2% in March. The Consumer Sentiment continued it's decline, as it went from 89.1 in March to 71.0 in … (1 comments)

home buying: Daily Market Report 4/8/20 - 04/08/20 09:15 AM

http://MikesDailyMarketReport.com: The FOMC Minutes from March 15th will be released later this morning. We don't anticipate any effects, as this was their emergency meeting where they cut the Fed Funds Rate to 0% and announced their QE purchases. Now only if we could get the FHFA (especially Director Calabria) to cooperate, then we could alleviate the burden of the Servicers whom are dramatically being affected with the forbearance -but Calabria won't seem to help! Stocks are rebounding a bit today, after they suffered a huge 180 shift yesterday (the DOW suffering almost a 1000 point reversal). Investors are watching for any … (2 comments)

home buying: Daily Market Report 4/7/20 - 04/07/20 08:26 AM

http://MikesDailyMarketReport.com: The small business optimism fell to it's lowest level since Oct 2016, as the NFIB Small Business Index dropped from 104.5 to 96.4 in March. Stocks are in Positive Territory again today on continued progress on coronavirus and possible news of another Stimulus package to be rolled out in May. MBS started the morning lower, but is currently down only 2bps, as the Fed will prop it up with their daily purchases, which is why we're seeing it move in a sideways pattern. Now, only if the FHFA will do it's part and help the Servicers, then we may be … (1 comments)

home buying: Daily Market Report 4/6/20 - 04/06/20 09:28 AM

http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are Up this morning on optimism on the progress of the coronavirus, as death tolls declined in Italy and Spain, and even a bit it NYC. MBS is Up 3bps, as the Fed is just propping them out to help, but not hurt Lenders. Yields are Up around 0.65%.
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home buying: Daily Market Report 4/3/30 - 04/03/20 09:22 AM

http://MikesDailyMarketReport.com: Non-Farm Payrolls reported 701k job losses for the month of March. This was much higher than estimates, anywhere between 80k-150k job losses, as the sample data used for this model were derived from March 12, which was prior to the full scope of the coronavirus crisis. Also, Unemployment Rate jumped up to 4.4%. Average Hourly Earnings rose 0.4% in March, which we believe this was skewed as lower salary employees being let go first. The next 2 reports are on the Services Industry, which in these reports any number above 50 is expansion/optimism; whereas, anything below it, is contraction/pessimism. The … (1 comments)

home buying: Daily Market Report 4/2/30 - 04/02/20 09:26 AM

http://MikesDailyMarketReport.com: The Weekly Initial Jobless Claims doubled the amount of people applying for unemployment benefits from previous week, as it went from 3.3 million to 6.6 million; so, in 2 weeks we have approximately 10 million people applying for Unemployment! Factory Orders were flat for February. Stocks are Up this morning on news that Saudi Arabia and Russia are agreeing to cut back oil production by at least 10 million barrels, as the price of oil has dropped 2/3 since earlier this year. The price per barrel now is approximately $20/barrel; whereas, it was approximately $60 in January. Of course, gas … (0 comments)

home buying: Daily Market Report 4/1/20 - 04/01/20 08:59 AM

http://MikesDailyMarketReport.com: The ADP Employment Report will be the first of 3 Jobs reports we'll receive for the month of March. For the month of March, the ADP reported there were 27k job losses. We also see Manufacturing slip in March, as the Markit Manufacturing PMI slips to 48.5 and the ISM Manufacturing Index slipped to 49.1%. However, it wasn't as bad as forecasts, which were expecting in the low to mid- 40 range. Construction Spending dipped 1.3% in February. Stocks are Down this morning on new projections of the Death rate in the US to be expected around 100k - 240k. … (1 comments)

home buying: Daily Market Report 3/31/20 - 03/31/20 09:13 AM

http://MikesDailyMarketReport.com: The Case Shiller National HPI rose from 3.7% in December to 3.9% in January. Manufacturing dipped a little further in contraction for the Chicago region, as the Chicago PMI went from 49.0 to 47.8 (below 50 is considered contraction); however, this was better than most of the estimates, which ranged from 35 to 40. The Consumer Confidence remained relatively high, considering the current circumstances, as it came in at 120.0. Stocks are Up this morning on the Manufacturing data and China's Manufacturing and Services data; however, some speculate their numbers to be too good to be true, as they jumped … (0 comments)

home buying: Daily Market Report 3/30/20 - 03/30/20 08:53 AM

http://MikesDailyMarketReport.com: Pending Home Sales slowed in February, as it's MoM dropped from 5.3% to 2.4%. This number will most likely continue to decline as we all experienced a major and quick shift in the Market over the coronavirus. Stock Market is Up today. The coronavirus is having a major impact and we're seeing a very large amount of infected and deaths from it. MBS is Up 44bps, but has been shrinking a bit as I've been putting this report together for you and trying to remain above the ceiling of resistance. MBS is being propped up from the Fed's daily purchases … (2 comments)

home buying: Daily Market Report 3/27/20 - 03/27/20 10:13 AM

http://MikesDailyMarketReport.com: We have a few economic data to review today, which we'll start with the Personal Income, which rose 0.6% in February; along with Consumer Spending, which rose 0.2% in February. The Fed's favorite gauge for Inflation is the Personal Consumption Expenditure, actually the Core PCE (without food or energy, as they're uncontrolled variables). The PCE rose 0.1% MoM, and it's YoY remained Unchanged at 1.8%. The Core PCE rose 0.2% MoM, and it's YoY rose from 1.7% to 1.8%. This is still under the Fed's target rate of 2.0% and most likely will dip in the coming months, as there's … (4 comments)

home buying: Daily Market Report 3/26/20 - 03/26/20 08:31 AM

http://MikesDailyMarketReport.com: Initial Jobless Claims for last week exceeded it's estimate of 2.5 million, which it came in at 3.283 million. The previous record was 695k in 1982; and the highest it reached during the past Credit Crisis, a decade ago, was 655k; so, you can see how much of an impact this pandemic has made on our economy compared to previous economic crisis. The 4th Quarter GDP remained unchanged, as it's final number remains at 2.1%. Stocks are Up this morning, after being in Negative Territory, as the Senate passed the Stimulus package. Next it will go to the House on … (0 comments)

home buying: Daily Market Report 3/25/20 - 03/25/20 10:11 AM

http://MikesDailyMarketReport.com: Durable Goods Orders increased 1.2% in February; but if you exclude Transportation, then it contracted by 0.6%. The FHFA Home Price Index, which measures home appreciation on homes with conforming loans rose 0.3% MoM in January, and it's YoY was 5.2%. Stocks are Up on possible news that there was an agreement made on a Stimulus Package that is expected to be announced today. MBS was up 36bps in earlier trading, but then turned negative (down 20bps) and is currently Down 8bps. Lenders whom priced in the Market earlier will change their pricing for the worse; and pricing may be … (0 comments)

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