Mortgage Housing series update
Though housing construction make up 3% of US economy, but acts as a economic bellwether. So what does housing start jump in May 2009 reflect. To understand more about it read the article "Are housing starts a sign of the bottom? "
Bloomberg report that U.S. MBA Mortgage Applications Index Fell 16 Percent Last Week - Mortgage applications in the U.S. fell last week to the lowest level since November as the jump in borrowing costs over the last month caused refinancing to plunge further. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped 16 percent to 514.4 in the week ended June 12, from 611 the prior week. The group’s refinancing gauge declined 23 percent, while the purchase index fell 3.5 percent.
Futures & CPI
Marketwatch reports U.S. stock futures were trading in a tight range Wednesday, with FedEx's gloomy outlook keeping markets under pressure after two sessions of heavy losses. U.S. consumer prices increased a below-forecast 0.1% in May as higher gasoline prices were largely offset by falling food prices, the Labor Department reported Wednesday.It was the first increase in the consumer price index in three months. The core CPI - which excludes often-volatile food and energy prices -- also rose a seasonally adjusted 0.1% in May. The CPI has fallen 1.3% in the past year, the sharpest decline in prices since April 1950. (Bestbuy bellwether for the retial stock as per marketplace article)