And the #1 Housing Market is….

Posted To: MND NewsWire

Even though he has retired, don’t you sometimes just want to smack David Letterman? The popularity of his Top 10 something or other lists have made the genre ubiquitous. Apparently compiling them just too tempting. Housing is no exception . In the last month or so we have seen lists (and no longer limited to top ten – 15 or 20 are increasingly common) of best cities (and worst) for first time homebuyers, for growth, jobs, safety, and affordability. If your city or town hasn’t been deemed the best place for something you should probably fire the mayor. Today there were two more. Realtor.com released a list of the hottest housing markets in the country counting down from 20 and Clear Capital dug deeper, measuring market appreciation rates across price ranges to dissect valuation risk and come…(read more)

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Source: Mortgage News Daily

June Construction Spending Buoyed by Public Sector

Posted To: MND NewsWire

Public monies shored up construction spending figures in June, just barely making up for a drop in expenditures from the private sector. The U.S. Census Bureau said that overall construction spending rose a scant 0.1 percent from May to June with private construction spending down 0.5 percent and public spending rising 1.6 percent. Overall construction spending was at a seasonally adjusted annual rate of $1,064.6 billion in June compared to a revised May estimate of 1,063.5 billion. The June figure is 12 percent higher than a year earlier when total expenditures were at a rate of $950.3 billion. It was the fourth consecutive month that the rate of annual spending topped a trillion dollars. During the first six months of 2015 construction spending was estimated at $482.7 billion, 8.0 percent…(read more)

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Source: Mortgage News Daily

MBS MID-DAY: Cue Global Growth Concerns (And Bond Rally)

Posted To: MBS Commentary

There's that phrase again: "global growth concerns" –that ridiculously broad concept that speaks to all of the more negative "what ifs" surrounding the global economy. What if European QE doesn't stoke growth and inflation? What if China is really in a downward spiral? What if the Fed's policy stance driving too much appreciation in the dollar, leading to a pull back in foreign investment and corporate profits among multi-national companies? What if a rising rate environment coupled with an appalling lack of wage growth kills any chance of domestic inflation? Such concerns were foreshadowed in the bond market's unwillingness to move any higher in long term yields in June and the subsequently hard-fought battle to establish support there. In other words,…(read more)

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Source: Mortgage News Daily