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Posted To: MND NewsWire

There were substantial improvements in delinquency rates during the first quarter of 2012 according to the National Delinquency Survey for the period released this morning by the Mortgage Bankers Association. At a conference call for media accompanying the release, Jay Brinkmann, MBA's Chief Economist and Senior Vice President of Research and Education said that the combined percentage of loans in foreclosure or at least one payment past due was 11.33 percent, a 120 basis point (bp) decrease from last quarter and 98 from one year ago. This was
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the lowest that this measure has been since 2008. This improvement was driven by a 62bp decrease in the rate of loans that were 30 days or more delinquent. Brinkmann said that the first quarter generally experiences a decline in 30-day delinquencies for...(read more)

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What will it take to spur economic recovery in Florida? Chief economists weigh in.
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A first-time homebuyer's inexperience can cause some costly mistakes.
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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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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)
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Posted To: MBS Commentary

Today was a good day for both MBS and Treasuries. Not only that, but it was good right from the start (courtesy of a positive overnight session) and never got bad. It's not too common to see 10yr Treasuries rally for 2 straight days into an auction with no meaningful pull-back. The fact that this happened today, AND that the auction was still impressively strong is a generally positive statement about the current range. All that said, there hasn't been much for bond markets to sink their teeth into this week apart from following other markets and trading
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headlines. That changes tomorrow with the arrival of the week's first real economic data in the form of Retail Sales and jobless Claims. With 10yr yields very near their recent middle ground, a big beat or miss in the data could...(read more)

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Equity futures are flat to slightly lower this morning after shares in the S&P 500 jumped 1.06% yesterday. Today markets will received fresh data for the housing market and look for headlines coming from Ben Bernanke and Co. speaking at day three of the Boston Fed’s conference in Cape Cod.

The US dollar is slightly firmer this morning, December oil futures are up 10 cents to $81.29 a barrel, and spot gold futures are up slightly at $1,062.10 per ounce....(read more)
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Hiring was stronger than expected, pushing mortgage rates upward.
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The U.S. Departments of Treasury and Housing and Urban Development announced on Thursday that a goal of 500,000 loan modifications has been reached nearly a month ahead of schedule....(read more)
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The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date. The credit would be available until April 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home. The credit currently applies only to first time home buyer. The Senate vote was 98 to 0 Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years. The credit f
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or these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000. Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
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