government shutdown notes for October 11th; Mortgage Monitor covering August

Economic reports that were scheduled to be released last week but not prepared due to the government shutdown included the August report on our International Trade from the Commerce Dept, and the August report on Wholesale Trade, Sales and Inventories from the Census Bureau…reports scheduled for next week which will be delayed since no one has been working on the details include the September Consumer Price Index and the September Producer Price Index, both from the Bureau of Labor Statistics, and the Retail Sales report for September from the Census Bureau…as of today, the tenth day of the shutdown, i have not yet seen any indication as to when this will end; the Senate has held at least 7 votes on the competing Democrat and Republican proposals to at least temporarily fund government operations, and with voting largely along party lines, neither proposal has come close to getting the 60 votes that the Senate would need to move forward…in fact, not one of the 100 Senators has changed their vote​ on either proposal since September...

The major privately issued report released during the week was the Mortgage Monitor for October, which now comes from the Mortgage Technology unit of ICE, and which indicated that 3.43% of all mortgages were delinquent in August, up from the 3.27% of mortgages that were delinquent in July, and up from the 3.34% delinquency rate of August 2024, and that 0.38% of all mortgages were in the foreclosure process in August, up 1.32% from the number of mortgages in foreclosure in July, and up from the 0.35% foreclosure rate of August a year ago….the report advises that a 5% increase in short-term mortgage delinquencies is typical for such a month ending on a Sunday, as mortgage payments received over the last weekend of the month are not processed until the following month, resulting in a technical short-term delinquency….the full Mortgage Monitor for October (pdf), which covers August data, is a comprehensive 22 pages of tables and graphics, with explanatory text…

 

 

(the above is the synopsis that accompanied my regular sunday morning news links emailing, which in turn was mostly selected from my weekly blog post on the global glass onion…if you’d be interested in receiving my weekly emailing of selected links, most of which are chosen from the aforementioned GGO posts, contact me…)   

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