S&P 500 paces for worst September since 2011. What two traders see ahead

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Craig Johnson of Piper Sandler and Steve Chiavarone of Federated Hermes share their outlooks for the overall stock market as the presidential election draws near. With CNBC's Seema Mody.

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S&P 500 paces for worst September since 2011. What two traders see ahead
S&P 500 paces for worst September since 2011. What two traders see ahead

Consumer sentiment index comes in at 78.9 versus 74.5 estimated

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CNBC's Rick Santelli reports on strong consumer sentiment data.

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Consumer sentiment index comes in at 78.9 versus 74.5 estimated
Consumer sentiment index comes in at 78.9 versus 74.5 estimated

Fewer Homes Being Flipped, But Profits Are Up

Posted To: MND NewsWire

One out of every 15 home sales in the second quarter of the year were defined as “flips” by ATTOM Data Solutions. A flip is any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. ATTOM’s second quarter report on flipping says 53,621 single-family homes and condos were flipped in the second quarter, 6.7 percent of total transactions. This is down slightly from 7.5 percent or one of every 13 transactions in the first quarter, but up from 6.1 percent or one in 17 in the second quarter of last year. While flipping declined slightly last quarter, both profits and profit margins were up . The median sales price of second quarter flips was $232,402 and the median paid by the investor was $164,500…(read more)

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Fewer Homes Being Flipped, But Profits Are Up
Fewer Homes Being Flipped, But Profits Are Up

Forbearance Plan Count Continues to Shrink

Posted To: MND NewsWire

There was a fourth straight decline in the number of mortgage loans in forbearance during the week ended September 15. Black Knight says the total dropped by 26,000 or 0.7 percent to an estimated 3.7 million loans. That is down 22 percent from the peak of over 4.7 million in late May. Volumes have declined in 10 of the last 12 weeks. The remaining forborne loans represent 7 percent of all active mortgages and $781 billion in unpaid principal. Black Knight says there are 1.7 million plans set to expire in September so there could be significant numbers of plan extensions as well as plans ending over the next few weeks. The week’s decline was primarily driven by GSE loans , with active forbearance plans dropping by 28,000 (-2 percent). There are now 1.361 million Fannie Mae and Freddie Mac loans…(read more)

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Forbearance Plan Count Continues to Shrink
Forbearance Plan Count Continues to Shrink

Refis Increased Slightly in August, FICO Scores Highest This Year

Posted To: MND NewsWire

The refinance share of loans originated in August rebounded slightly from July levels as interest rates fell to the lowest in Ellie Mae’s history. The company’s Origination Insight Report says the average rate on all loans fell to 3.09 percent during the month, down from 3.24 percent in July. The 30-year note rate VA loans fell below 3 percent to 2.86 percent from 3.02 percent in July. The 30-year note rate on conventional loans dropped to 3.12 percent from 3.26 percent in July. Similarly, the 30-year rate on FHA loans fell from 3.26 percent to 3.10 percent. As a result of these rates, the refinance share grew to 56 percent of all loans, up from 54 percent in July. The purchase mortgages share dipped to 44 percent from 46 percent. “Interest rates are at historic lows, driving volume across…(read more)

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Refis Increased Slightly in August, FICO Scores Highest This Year
Refis Increased Slightly in August, FICO Scores Highest This Year

MBS Day Ahead: Running Out of Ways to Say "Sideways"

Posted To: MBS Commentary

Tossed coconut salad… Fresh coconut milk… New England boiled coconut… There were only so many menu choices for Yosemite Sam working with one ingredient. We're in a somewhat similar position over the past month with nothing to observe apart from a range-bound bond market. But whereas coconuts might make someone crazy eventually, who's going to complain about an incredibly narrow trading range just above all-time low bond yields? The only thing to complain about in this situation is simply the uncertainty regarding the next big move. Are rates going to break higher or lower? And when will that happen? For the foreseeable future, we can make strong cases that argue against a big break in either direction. Bonds would have a tough time plummeting to new all-time low yields considering…(read more)

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MBS Day Ahead: Running Out of Ways to Say "Sideways"
MBS Day Ahead: Running Out of Ways to Say "Sideways"

eClosing, Compliance, IRRRL Products; Plethora of Disaster Policy News; Rates Hardly Budging

Posted To: Pipeline Press

Before the pandemic I used to spin that toilet paper roll like I was on Wheel of Fortune. In March and April I turned it like I was cracking a safe. Now things are back to normal, and the toilet paper area at Costco isn’t the Mecca it became six months ago. Economies have a way of correcting back to normal supply and demand functions. Whale oil was largely replaced by the cost and abundance of petroleum in the 1860s (although it was used in cars in the U.S. as a constituent of automatic transmission fluid until it was banned by 1973). I mention this because softwood lumber prices increased nearly 15% in August , driving the price paid for goods used in residential construction up 0.9% during the month. Housing has been a bright spot for the overall economy in recent months, with U.S….(read more)

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eClosing, Compliance, IRRRL Products; Plethora of Disaster Policy News; Rates Hardly Budging
eClosing, Compliance, IRRRL Products; Plethora of Disaster Policy News; Rates Hardly Budging

Here's what the latest data reveals about the economic impact of the pandemic

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USAFacts President Poppy MacDonald joins "Squawk Box" to discuss the latest data detailing to impact the pandemic has had on the United States.

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Here's what the latest data reveals about the economic impact of the pandemic
Here's what the latest data reveals about the economic impact of the pandemic

Coronavirus mortgage bailouts drop 0.7%, the smallest drop in four weeks

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CNBC's Diana Olick reports the latest numbers out of the coronavirus mortgage bailout program.

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Coronavirus mortgage bailouts drop 0.7%, the smallest drop in four weeks
Coronavirus mortgage bailouts drop 0.7%, the smallest drop in four weeks

Construction Slows after Three Busy Months; Rates Vary Widely–Nothing To Do With Fed

Residential construction activity took a breather in August. The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that all three measures, housing permits, starts, and completions, were lower than their unexpectedly high July rates. Permits for residential construction were issued during the month at a seasonally adjusted annual rate of 1,470,000. This is down 0.9 percent from the revised (from 1,495,000) 1,483,000 units in July. It was also fractionally lower (0.1 percent) than the August 2019 rate of 1,471,000. Analysts had expected a continuation of the heavy pace of construction that kicked in after a disastrous plunge in numbers in March due to pandemic related shutdowns. Permitting was at the low end of estimates from those polled by Econoday
Construction Slows after Three Busy Months; Rates Vary Widely–Nothing To Do With Fed
Construction Slows after Three Busy Months; Rates Vary Widely–Nothing To Do With Fed