California Home Mortgage

In their monthly summary, Fannie Mae today said their retained portfolio was unchanged at $779.4 billion in August of 2009. This follows an 18.2% contraction in July and brings Fannie Mae's year to date portfolio growth to a rate of -1.5%. Last week Freddie Mac reported their retained portfolio contracted by almost 30% to $779.4 billion in August. Year over year Freddie Mac's portfolio has shrunk by 4.7%…(read more)

After an unexpected drop in consumer confidence spurred on a stock sell-off this morning, all three equity indexes are clawing their way back to unchanged. As of 1:30 eastern, the S&P 500 is up 0.09% to 1,063, the Dow is trading 0.01% lower at 9,779, and the NASDAQ is 0.04% lower at 2,129….(read more)

Home prices continued to stabilize in 18 of the 20 metropolitan areas surveyed in July, an industry survey showed Tuesday. Thirteen of the 20 metro areas have seen prices increase for three or more consecutive months, indicating that the deflationary spiral in the housing market has likely come to an end. (Well, assuming you don't live in Las Vegas…)…(read more)

Stock prices are trading lower this morning after yesterday’s blistering 1.78% gain. Commodity prices are mixed with oil slightly above $66, well below a recent peak of $74, but still almost a third higher than one year ago. The US$ is a tad higher on a trade-weighted basis, while the euro remains soft. Yields on the benchmark 10-year Treasury are down four basis points to 3.28%.

The Tuesday schedule brings a variety of flavors to the market’s menu. Second-tier retail reports should give a sense of how consumption is holding up as September comes to a close; a key look at home prices is expected to indicate that the long deflationary spiral has hit a bottom; the consumer confidence report will say present conditions remain soft but expectations are rising; and two officials from the Federal Reserve assess the economic outlook….(read more)

This morning’s employment report was called “terrible,” “dreary,” “bleak,” and “painful,” but halfway through the session equity markets are only modestly lower. It appears that yesterday’s 2.6% setback in the S&P 500 was deep enough to satisfy investors who believe the stock market had overheated.

As of 12:30, the S&P is down 0.23% to 1,027, the Dow is trading 0.11% lower at 9,498, and the NASDAQ is down 0.12% to 2,055….(read more)

Homes in New York, Paris and Chicago that are close to great opera houses.

Susan Decker paid $5.1 million for a waterfront home in Belvedere. Also, Packard Bell founder and real-estate investor Beny Alagem agreed to sell his NYC condo.

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Mixed data caused US equities to simply plummet yesterday, marking the third straight decline in markets. The benchmark S&P 500 fell 2.6% on the day, putting the week’s loss at -3.14%. Shares in the Nasdaq were even worse with a 3.06% nosedive.

The rapid sell-off spread overseas this morning. “Virtually every overseas equity market is down, with the notable exception of China,” said Sal Guatieri from BMO Capital Markets.

Treasuries are absorbing investors money, driving the 10-year yield down two basis points to a four-month low of 3.16%. That’s giving a boost to the housing market, as 30-year mortgage rates remain below 5% at the lowest rates in four months….(read more)