Stats for Monday June 2, 2008 And Scott's Report

Hi everyone.

Here are the stats for today:

3 New Listings
25 Price Reductions
2 On Deposit
5 Closed
7 Expired

Rates crept up most of last of week with a bit of good news at then end of trading on Friday giving a short reprieve and hopeful outlook going into early June. As mentioned last week shorten trading weeks often result in a very volatile market and one “large” investor can move the market up or down.

Continuing fears of inflation and possibility of the Fed “raising rates by end of the year” pushed much of the fears leading to the higher rates. With a full week of trading and Employment Report out on Friday, this week will give us a better outlook for the month ahead.

Newsletter-June 2nd, 2008

Provided by Scott Dana
Scott Dana NE Moves Mortgage Corporation 1601 Trapelo Road Suite 30 Waltham, MA 02451 Phone: 203 783-8709 Fax 781-663-6632 E-Mail: scott.dana@nemoves.com


Market Comment Mortgage bond prices fell pushing mortgage interest rates higher. Inflation fears were fanned by stronger than expected durable goods data. The Treasury auctions added extra supply amid terrible foreign demand. Unfortunately this pressured mortgage bonds lower and rates higher. Oil prices retreated but still remained high amid declining US reserves.
For the week, interest rates on government and conventional loans rose by about 7/8’s of a discount point.

The employment report Friday will be the most important event this week. The ADP employment release and revised productivity data will also be important. Expect oil and stocks to continue to dominate trading as inflation fears remain a concern.

LOOKING AHEAD

EconomicIndicator
ReleaseDate & Time
ConsensusEstimate
Analysis
Construction Spending

Monday, June 2,10:00 am, et
Down 0.6%
Low importance. An indication of economic strength. A significant decrease may lead to lower rates.
ISM Index
Monday, June 2,10:00 am, et
48.0
Important. A measure of manufacturer sentiment. A large decline may lead to lower mortgage rates.

Factory Orders
Tuesday, June 3,10:00 am, et
Up 0.1%
Important. A measure of manufacturing sector strength. A large decrease may lead to lower rates.

ADP Employment
Wednesday, June 4,8:30 am, et
-30k
Important. A measure of private employment. A larger decrease may lead to lower rates.
Revised Q1 Productivity
Wednesday, June 4,8:30 am, et
Up 2.5%
Important. A measure of output per hour. Improvement may lead to lower mortgage rates.

Employment
Friday, June 6,8:30 am, et
Unemp. @ 5.1%,Payrolls -52k
Very important. An increase in unemployment or a large decrease in payrolls may bring lower rates.

Consumer Credit
Friday, June 6,3:00 pm, et
Up $7.7 billion
Low importance. A significantly larger than expected increase may lead to lower mortgage interest rates.

ISM Report
The Institute for Supply Management (ISM), formerly the National Association of Purchasing Management (NAPM), releases the "Report on Business" on the first working day of each month. Part of this report is the "diffusion index," which tracks the economy’s ups and downs fairly well.

In conducting this survey, the ISM questions purchasing executives from over 250 industrial companies compiling data on production, orders, commodity prices, inventories, vendor performance, and employment. Each of the respondents is asked to rank the categories as "up" or "down." Various weights are applied to the individual components to form the composite index.

A composite index reading of 50 can be thought of as a "swing point." A reading above 50 implies an increase in economic activity, while a reading below 50 indicates a decline. As a general rule of thumb, when the index approaches 60, investors begin to worry about an overheated economy. A slide below 40 suggests that recession is at hand.

The ISM report is difficult for economists to forecast because there is little data upon which to base an educated guess. Economists often look to regional Purchasing Managers’ reports that are released prior to the full report, in a further effort to anticipate the results of the full report.
The ISM report has a large "surprise factor" and can often prompt a significant market reaction. Be cautious heading into the data this week.

Stats For Friday May 30, 2008

TGIF everyone.

Here are the stats for today.

5 New Listings
9 Price Reductions
1 Continue To Show
1 On Deposit
7 Closed

Have a great weekend!

Stats For Thursday May 29, 2008

Hi everybody.

Here are today's stats:

6 New Listings
3 Price Reductions
2 Continue to Show
1 On Deposit
4 Closed
1 Expired

Hope you're all enjoying the 3 hours of Lost tonight!
Have a good one.

Stats For Wednesday May28, 2008

Hi everyone.
Here are the stats for today:

4 New Listings
15 Price Reductions
3 On Deposit
2 Closed
1 Expired

Have a good night!

Stats For Tuesday May 27, 2008

Hi everybody.
This week is starting off with a bang.
Here are today's stats:

12 New Listings
6 Price Reductions
3 On Deposit
1 Closed
4 Expired

Have a good night!

Stats For Monday May 26, 2008

Not much happened today since it was a holiday. The only news it that there were 3 new listing that came on the market.


I made my way down to the parade. I had a great time handing out flags. Here are some pictures.




Guess who that is!






They're ready for the parade!




Sometimes it's hard to tell who the kids are!


Wait, I think I found them! :^)


Hope you all had a wonderful holiday!

Stats For Friday May 23, 2008

Well, another week has gone by. TGIF

Just want to remind you that Sunday May 25th is the Memorial Day Parade starting at 2pm.

Here are the stats for today:

9 New Listings $92,000 - $659,900
2 Price Reductions
1 Continue To Show
1 On Deposit
2 Closed
1 Expired.

Have a good night and I hope to see you at the parade!