Ah, Spring is here and existing home sales rose 4.4% in March.
First, we have the retail chain closings that adversely effected REITs and CMBS.
It was the Ides of March (best known as the assasination date of Julius Caesar) for housing. Housing starts dropped -6.75% month-over-month (MoM) in March.
I appeared on Fox News Radio today on the Tom Sullivan Show. He asked me about the non-existant inflation report today, the poor retail sales numbers and the 0 perfect wage growth report. We also got around to discussing positive bank profits. But I pointed out that bank lending is declining
The Atlanta Fed’s Q1 2017 GDP forecast has declined further to 0.5%.
Bloomberg has nice piece on the battle between JPMorganChase’s Jamie Dimon and the Minneapolis Fed’s Neel Kashkari.
It is reporting season for American banks and Wells Fargo’s came out today. first-quarter-earnings-supplement Of particular interest is the decline in residential mortgage applications for Wells Fargo, the lowest since 2005.
Like the old EF Hutton ads, when The Donald speaks, currency and bond traders listen.
As mortgage interest rates hit a new 2017 low, we now see mortgage purchase applications rising to its highest level since May 2010.
Yes, commercial mortgage originations suffered the first YoY decline since 2007.