Existing home sales fell 1.2% in October to a seasonally adjusted 4.97 million-unit rate, the National Association of Realtors announced yesterday. The sales decrease compared to the 4.95 million unit pace predicted by IFR Markets’ poll of economists and followed a revised 8.2% decline to a 5.03 million-unit level in September, originally reported as an 8.0% drop to 5.04 million units. On a year-over-year basis, sales overall were down 20.7% from a 6.27 million unit sales pace. “As noted last month, temporary mortgage problems were peaking back in August when many of the sales closed in October were being negotiated,” said NAR senior economist Lawrence Yun. “We continue to see the biggest impact in high-cost markets that rely on jumbo loans. Mortgage availability has improved as evidenced by much lower mortgage interest rates and a sharp jump in FHA endorsements for home purchases.”
-
"Bond market investors are all wishing that April was behind us as they are anxious to hear the Fed's statement at its next FOMC meeting," noted BofA Global Research. "The statement should be no surprise as the market consensus has converged to 'higher for longer' rates.
11m ago -
CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity; and the ability to create summary reports based on search features.
1h ago -
The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.
2h ago -
The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
4h ago -
With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
6h ago -
Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
7h ago