The Day Ahead: Economic Data Focuses On Housing, But Will Markets Focus On Data?

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Posted To: MBS Commentary

To hear the story told by NAHB's index yesterday, the housing market is in the best shape since June 2006 --the major caveat being that sales EXPECTATIONS over the next six months accounted for a lion's share of the improvement. Today we'll have a chance to hear from 3 other reports on housing , as well as the weekly MBA Applications figures. Taken together (or even individually, with the exception of the MBA data), these reports certainly pack more market moving punch than yesterday's data, but whether or not they conjure up any market-based response is another story. Certainly, it's possible that today's Housing Starts, Building Permits, and Existing Home Sales data will move the needle more than we've seen it moved by economic data thus far this week. But any such movement will be muted...(read more)

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Source: www.mortgagenewsdaily.com

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