Low new home sales figures released yesterday support the idea that the Fed's actions to keep inflation under control are finally having the desired effect.
More Quotes from Frank Nothaft:
The recent rise in the Consumer Price Index spooked the financial market, pushing interest rates a little higher this week, ... The decline in housing starts, however, mitigated concern that the economy is growing to fast and led to confidence that the Fed's actions are having the desired results.Frank Nothaft
We see no signs of a bursting bubble, but rather a return to a more normal pace of activity.
Frank Nothaft
This new millennium has proven to be very homeowner friendly. For instance, in the last four years we have set records in housing starts, housing sales, low mortgage rates, refinancing volumes and total mortgage originations,
Frank Nothaft
Mortgage rates moved up for the second week in a row on concerns about a pick up in inflation showing up in raw materials,
Frank Nothaft
Continued reaction to last week's Federal Reserve Committee statements about the threat of deflation has triggered a rally in the bond market, driving long-term yields to the lowest level since 1958,
Frank Nothaft
We estimate that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of 243 billion in 2005. However, equity extraction in 2006 will likely fall sharply, by a little more than half to about 117 billion, as we expect lower refinance activity and slower house-price appreciation.
Frank Nothaft
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