Housing construction increased in September to the highest level in seven months according to the Commerce Department's most recent data. Construction of new homes and apartments rose by 3.4 percent last month to a seasonally adjusted annual rate of 2.11 million units, the fastest pace since last February. Analysts had been forecasting that housing construction would decline by 1.7 percent in September, believing that increases in mortgage rates would finally start to cool the red-hot housing market. We will soon find out if September was one last hurrah or if the party continues. New Residential Construction data for October 2005 will be released on Thursday, November 17, 2005, at 8:30 A. M. EST. Previously we reported The party is over in Boston but optimism still abounds in many market. City by city the party light will go out but the name of the game right now seems to be 'Build or Die'.Following is the Weekly Mortgage Applications Survey for the week ending October 21.
BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Ambac Financial Group Inc., struggling to avoid the crippling loss of its AAA credit rating, took out insurance on $29 billion in securities it guarantees. The world's second-biggest bond insurer agreed to transfer the risk that the securities will default to Assured Guaranty Ltd., according to a statement today. Reinsuring the debt will free up capital backing those bonds, Ambac said. Ambac guarantees $556 billion of securities and the loss of its AAA rating jeopardizes the rankings on that debt as well as threatens the New York-based company's biggest source of revenue. 'Reinsurance is a valuable, capital-efficient and shareholder-friendly tool for managing risk and capital,' Ambac Chief Executive Officer, Robert Genader said in the statement. My Comment: Reinsurance on $29 billion out of $556 billion is unlikely to do anything but waste mone...
Комментарии
Отправить комментарий