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New housing starts rose less than expected to 590,000 annualized units, economists were expecting a rise of 610,000 units after a read of 598,000 in August (which was revised lower to 587,000 annual units). The rise in new housing starts was a factor of a 3.9% increase in single family construction starts while multifamily starts fell by 15.2%. Building permits fell by 1.2% to 573,000 annual units led by a 3.0% decline in single-family permits while multi-family permits rose by 6.0% to 123,000 annualized units.

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US equities are poised to open at fresh one-year highs on Tuesday morning. Sentiment is higher owing to Apple’s post-closing bell announcement that it had sold 7.4 million iPhones and more than 3 million computers. An upbeat session in Asia hasn’t hurt either. The Shanghai Index jumped 1.52%, while shares in Japan climbed 0.98% and those in Hong Kong moved up 0.83%.

November contracts for light, sweet crude are coming close to the psychological barrier of $80 per barrel this morning. Prices have advanced for eight straight days as the US dollar continues to struggle near one-year l
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ows. The euro approached $1.50 versus the greenback overnight before retreating....(read more)
Last Week saw equities hit 12-month highs across the globe, including in Australia, Hong Kong, India, Russia, Europe, England, Brazil and of course the US. The Dow hit the 10,000 mark mid-week but closed under that psychological threshold on Friday. The S&P 500 gained 1.5% overall, pushing the gains since early March to an astonishing 59.4%.

Meantime, WTI crude oil has jumped 120% from its February low of $34 per barrel. A 2009 peak was hit last week as it rose 9.4% $78.53. Never mind 2009 highs, Spot Gold hit an all-time high at $1,070.40 per ounce last Wednesday, though on Sun
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day night it had fallen to $1049.95.
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Freddie Mac's Primary Mortgage Market Survey for the week ended October 15 was released on Thursday. The report showed all four mortgages tracked by the survey had risen during the week. Fannie Mae's report on Weekly Yield was mixed....(read more)
US equities are looking to open lower after an earnings report from Bank of America missed the mark this morning. On the week the S&P 500 remains up 2.8%.

Bank of America, the nation’s largest lender, showed a Q3 loss per share of $0.26, against calls for a $0.21 shortfall. Revenue was $26.04 billion, compared to the Street’s$ 27.65 billion forecast....(read more)
Equities opened lower this morning following disappointing earnings results from Bank of America, and losses were extended 25 minutes into the session when it was reported that consumer sentiment took a dip in the first two weeks of October, suggesting retail sales in the holiday period could be weaker than forecasts assumed.

After being down more than 1.00% in the lunch hour, stocks are making a small comeback from the lows of the day. As of 2:00pm, the S&P 500 is down 0.82% to 1,087, the NASDAQ is down 0.65% to 2,159, and the Dow is trading 0.69% lower at 9,993. On Wednesday a
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nd Thursday the Dow closed above 10,000 for the first time in a year. ...(read more)
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the four trading days between October 8 and October 14, the Federal Reserve purchased a total of $21.42 billion agency MBS. In those four days the Federal Reserve sold a total of $5.32 billion agency MBS with almost all the sales coming in Fannie Mae 5.5 MBS coupons. After sales, the Fed's weekly net purchases were $16.1 billion....(read more)
Demand for mortgage applications was unable to keep pace with the five-month peak reached in final week of September, according to the Mortgage Bankers Association on Wednesday. The weekly survey said rates for a 30-year mortgage moved above 5% for the time in four weeks, driving down the indexes for new mortgages, refinancing, and purchases.

Average mortgage rates for a 30-year loan moved up to 5.02% in the week ending October 9. Higher rates helped drive applications down 1.8%, following a 16.4% surge in the prior week’s survey....(
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The Mortgage Bankers Association has issued an economic forecast that projects further increases in unemployment but continued low interest rates, high rates of refinancing, and a turn-around in economic production....(read more)
The House of Representatives has passed a bill that extends the first-time homebuyers tax credit for one year for military families and certain other federal employees subject to frequent overseas deployment. ...(read more)
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