2008-03-26 MBAVPRCH Index

MBAVPRCH Index (Mar 21)

Survey n/a
Actual 403.7
Prior 365.0
Revised n/a

More evidence of a turn in housing:

Mortgage applications spike after Fed action

(Reuters) The Mortgage Bankers Association’s mortgage applications index jumped 48.1 percent to a seasonally adjusted 965.9 in the week ended March 21, its highest level since early February.

An 82 percent surge in refinancing applications overshadowed a 10.6 percent rise in home purchase loan requests, lifting total applications from the previous week, when home loan demand sank to the lowest since end-December.

On a four-week moving average, which adjusts for volatility, total applications rose 11.3 percent, while the purchase index gained 3.1 percent and the refinancing index climbed 18.3 percent.

Crude oil creeping back up. One thing the Fed knows for sure is demand is strong enough to support food and energy price increases at dangerous levels, and they have also commented that they are being passed through to core measures.


2008-03-26 MBAVREFI Index

MBAVREFI Index (Mar 21)

Survey n/a
Actual 4255.1
Prior 2335.2
Revised n/a

Another good sign for ‘market functioning’.


2008-03-26 Durable Goods Orders

Durable Goods Orders (Feb)

Survey 0.7%
Actual -1.7%
Prior -5.3%
Revised -4.7%

2008-03-26 Durable Goods YoY

Durable Goods YoY (Feb)

Survey n/a
Actual 4.3%
Prior 4.2%
Revised n/a

Looking weak month over month, but ok year over year.

Tax advantages that begin in May could be delaying reported investments.


2008-03-26 Durables Ex Transportation

Durables Ex Transportation (Feb)

Survey -0.3%
Actual -2.6%
Prior -1.6%
Revised -1.0%

2008-03-26 New Home Sales

New Home Sales (Feb)

Survey 578K
Actual 590K
Prior 588K
Revised 601K

Looks like a possible bottom. Last month revised up and this month’s number a bit higher than last month’s original reported number.


2008-03-26 New Home Sales MoM

New Home Sales MoM (Feb)

Survey -1.7%
Actual -1.8%
Prior -2.8%
Revised -1.6%

Not strong but, as above, not a continuing collapse

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