Morning Report – Housing starts increase 8/16/13

Posted on August 16, 2013 by Brent Nyitray

Vital Statistics:

 

  Last Change Percent
S&P Futures  1659.4 3.7 0.22%
Eurostoxx Index 2837.6 1.8 0.06%
Oil (WTI) 107.6 0.2 0.21%
LIBOR 0.264 0.001 0.34%
US Dollar Index (DXY) 81.26 0.076 0.09%
10 Year Govt Bond Yield 2.79% 0.02%  
Current Coupon Ginnie Mae TBA 103.9 -0.2  
Current Coupon Fannie Mae TBA 102.9 -0.2  
RPX Composite Real Estate Index 200.7 -0.2  
BankRate 30 Year Fixed Rate Mortgage 4.52    

 

Markets are stronger after yesterday’s bloodbath, although bonds / MBS are still heavy.
 
Housing starts came in at 896k, slightly below the 900k estimate. Building permits increased to 943k. Multi-fam construction drove the increase. Single Family starts actually fell. I am having a tough time reconciling the housing starts numbers with the order growth being reported by the homebuilders. We should be seeing faster housing start growth than we are. Maybe it is just that lead times are longer.
 
Productivity and Unit Labor costs both rose more than expected. Employee hours increased, as did compensation. 
 
CFPB Monitor has its take on the new QRM rule, along with speculation that the CFPB may raise the required downpayment to 30%. 
 
The MR will be spotty the next two weeks as I will be on the West Coast.

Filed under: Morning Report |

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14 Responses

  2. Michigoose's avatar
    Michigoose, on August 16, 2013 at 8:37 am said:

    OT: Loaders are here putting my stuff on a truck. Here we go!

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  4. Brent Nyitray's avatar
    Brent Nyitray, on August 16, 2013 at 9:15 am said:

    Thou shalt not mock thy first Black President

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  6. Michigoose's avatar
    Michigoose, on August 16, 2013 at 9:22 am said:

    The driver just informed me that he’s loaded about half of my books on the truck and it’s up to 1,000 lbs. I really do own a ton of books!

    That is a scary thought. . .

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  7. Brent Nyitray's avatar
    Brent Nyitray, on August 16, 2013 at 9:25 am said:

    So 18-22 year olds in the late 70s were more likely to smoke pot than the average American is now?

    STOP THE PRESSES!!!!

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  8. Let the mutherfuker burn!'s avatar
    Troll McWingnut or George, whichever, on August 16, 2013 at 9:36 am said:

    Who is more racist, rodeo clowns or entrepreneurs?

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  9. yellojkt's avatar
    yellojkt, on August 16, 2013 at 9:44 am said:

    The real fault of the rodeo clown was that he was punching down.

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  10. novahockey's avatar
    novahockey, on August 16, 2013 at 9:54 am said:

    I’d be willing to bet that vast majority those offended by the rodeo clown wouldn’t be caught dead at one. people who shop at wal-mart probabaly go to such events. ewww.

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    • yellojkt's avatar
      yellojkt, on August 16, 2013 at 10:03 am said:

      I’d be willing to bet that vast majority those offended by the rodeo clown wouldn’t be caught dead at one.

      I’m planning a trip to Alberta next summer and I get evenly divided opinions on whether I should time it to be during the Calgary Stampede or not.

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  11. Let the mutherfuker burn!'s avatar
    Troll McWingnut or George, whichever, on August 16, 2013 at 10:06 am said:

    I’d be willing to bet that vast majority those offended by the rodeo clown wouldn’t be caught dead at one. people who shop at wal-mart probabaly go to such events. ewww.

    Gross! I just threw up a little!

    Give a little warning first!

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  12. Let the mutherfuker burn!'s avatar
    Troll McWingnut or George, whichever, on August 16, 2013 at 10:43 am said:

    Because the results are irrelevant. Obamacare is not about health or about saving money, it’s about power.

    http://mobile.bloomberg.com/news/2013-08-15/will-obamacare-save-taxpayer-money-that-s-classified.html

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