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Friday, July 25, 2008

We Just Report the News...

The housing market rescue bill passed the House on Thursday and will be voted on by the Senate on Saturday. Besides bolstering Fannie & Freddie, the bill is designed to help 400,000 distressed borrowers into more affordable loans. [AP]

New home sales for June reported at 530,000, far better than expected at 505,000. [AP]

Rates on average 30-year mortgages rise again this week to 6.63%. [CNNMoney]

FDIC takes over 2 more banks, closing 28 branches in Nevada, Arizona and California. [AP]

June existing home sales fell to 2.6% from May, according to the National Association of Realtors. [Wall Street Journal]

Orders for Durable Goods came in well above expectations, foreclosures rise. [Bloomberg]

Consumer Sentiment Index shocked the markets at very robust reading. [MarketWatch]

Oil prices hit a 7-week low as demand for fuel in the US and industrialized nations began to slide. [Reuters]

The Federal Open Market Committee is meeting August 5th, rates are not anticipated to rise. However, there is a strong chance for a quarter-percent (.25%) rate hike on the September 16th meeting. [Reuters]

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