Saturday, June 13, 2009

Summary - Job Numbers Treasury to Decide New Weeks Market

321,480 properties in May 2009 had foreclosure filing initiated (default notice or auctions).
As of May, one (1) in every 398 Mortgage got a foreclosure filing
Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.
one million foreclosure filings in a three-month period (March, April & May)
Temporary freezes on foreclosure activity ended in March.
RealtyTrac forecasts about 4 million foreclosure filings will be made this year on about 3.1 million households with loans. Last year, there was a record 3.1 million filings on about 2.4 million households.

Read complete report...

In another article titled "Mortgage Rates Head for 6 percent: 5 Reasons They Might Retreat", you can sense that the next week's job numbers is going to decide the trajectory of the market.

Data dive: The relative improvement of recent economic data--which has fueled optimism for a recovery--is also partly responsible for the rise in mortgage rates. "The data is not good yet, but it is at least less bad," says Richard Moody, the chief economist at Forward Capital. Over the fall and winter, 10-year treasury yields were depressed by the economic panic that boosted demand for ultrasafe government debt. But a growing sense of confidence has directed many investors to more risky assets like stocks instead of treasury bonds. As a result, treasury yields have increased, pushing mortgage rates higher. However, if future economic reports come in weaker than expected, investors could return to the safety of treasury bonds. "For example, next month's job numbers are probably going to be measurably worse than the last one," Zandi says, adding "and that will be a reminder" that the economy's troubles are not over yet.

And the other 4 reason
1. Government intervention:
3. Stock market tumble
4. Exit strategy:
5. Competition:
Read More ...

Review 2008 Foreclosure Filing stats...

Also heard

"The oil market will stabilise when the price of a barrel is at 90 dollars. This level should be reached between the middle and the end of 2010," Algeria's Energy Minister Chakib Khelil said in Algiers, according to the APS news agency.

In China - Industrial production, a key gauge of activity in factories and plants across China, grew 8.9 percent in May, the National Bureau of Statistics said -- compared to a 7.3 percent increase in April and 8.3 percent in March. Retail sales meanwhile grew 15.2 percent in May Read More...

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