ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:x="urn:schemas-microsoft-com:office:excel" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 14"> <meta name=Originator content="Microsoft Word 14"> <link rel=File-List href="FW%20Jonathan%20Bowen%20Here%20is%20your%20Weekly%20Newsletter_files/filelist.xml"> <link rel=Edit-Time-Data href="FW%20Jonathan%20Bowen%20Here%20is%20your%20Weekly%20Newsletter_files/editdata.mso"> <!--[if !mso]> <style> v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);} </style> <![endif]--> <title>MBSauthority.com Newsletter</title> <!--[if gte mso 9]><xml> 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mso-footer-margin:.5in; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='background:white;padding:11.25pt 11.25pt 11.25pt 11.25pt'> <div align=center> <table class=MsoNormalTable border=0 cellpadding=0 width=800 style='width:600.0pt;mso-cellspacing:1.5pt;background:#2B302D;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td valign=top style='background:white;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:82.5pt'> <td style='background:#164D65;padding:0in 7.5pt 0in 7.5pt;height:82.5pt'> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:9.0pt;font-family:"Georgia","serif";color:white'>December 12th, 2011<o:p></o:p></span></p> <div> <p class=MsoNormal><span style='font-size:30.0pt;font-family:"Georgia","serif"; color:white'>The Housing Market Update<o:p></o:p></span></p> </div> <p class=MsoNormal><span style='font-family:"Georgia","serif";color:white'>Envoy Mortgage<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=792 style='width:8.25in;mso-cellspacing:0in;mso-yfti-tbllook:1184; mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=182 valign=top style='width:136.5pt;background:#D2E7E0; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p style='margin-bottom:12.0pt'><b><span style='font-size:11.5pt; font-family:"Verdana","sans-serif";color:#006699'>Brought to you by:</span></b><br> <span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; color:#579B12'><img border=0 id="_x0000_i1026" src="http://www.isysholdings.com/mbsratewatch/nl/Bowen/Main.jpg"><u><br> </u></span><strong><span style='font-size:11.5pt;font-family:"Verdana","sans-serif"; color:#006699'>Jonathan Bowen</span></strong><b><br> </b><strong><span style='font-size:8.5pt;font-family:"Verdana","sans-serif"; color:#333333'>Branch Manager</span></strong><span style='font-size: 8.5pt;font-family:"Verdana","sans-serif";color:#333333'><br> Office: 800-394-5252<br> Cell: 401-829-1929<br> <a href="mailto:jbowen@envoymtg.com">jbowen@envoymtg.com</a><br> <br> 89 Mussey Road <br> <br> Scarborough, ME 04074<br> <a href="http://www.envoymortgagemaine.com">www.envoymortgagemaine.com</a></span></p> </td> <td width=610 style='width:457.5pt;padding:11.25pt 11.25pt 11.25pt 11.25pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:130%'><strong><span style='font-size:13.5pt;line-height:130%;font-family:"Verdana","sans-serif"; color:#006699'>Housing Industry Rebound:</span></strong><span style='font-size:8.5pt;line-height:130%;font-family:"Verdana","sans-serif"; color:#333333'><o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>After half a decade of withering sales and slumping prices, there are strong and diverse signs that the single-family housing market is poised for a rebound. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>In some metropolitan areas, the market has bottomed, with both sales and prices on the rise and foreclosures on the decline. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>This contrarian  and largely overlooked  thesis flies in the face of the persistent gloom that has nagged the industry since 2007, when the subprime crisis flared.<o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>Industry analysts and players cite a number of reasons  some traditional (employment), others unique to the post-credit bubble era (foreclosures) &nbsp; for the long-awaited sea change. An analysis of industry and government data also support the forecast. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'> It has become increasingly apparent to us that the pieces for a housing rebound next year are beginning to fall into place, declared Barclays Capital analyst Stephen Kim in a recent note to investors. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>Proponents admit that the nascent rebound could easily be derailed, but stress that after years of government efforts to support sales and prices as well as the volatile impact of foreclosures, the market has regained a measure of normalcy. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'> With the exception of really hard-hit markets, the vast majority is ready to turn around, adds Jerry Howard, president and CEO of the <strong><span style='font-family:"Verdana","sans-serif"'><a href="http://www.nahb.org/default.aspx">National Association of Home Builders</a>, NAHB</span></strong>. &quot;The Washington, D.C., area is not only ripe for recovery, they need to start building units. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>There s been little conventional, however, about this housing slump, which is one reason it's had so many false bottoms. Among its many firsts  housing starts fell through 1 million annual units, foreclosures topped 2 million in three consecutive years, and home prices declined on a national basis. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>The catalysts to recovery are mostly the same: for potential buyers, residential rents have now risen enough to consider buying; existing-home inventory is the lowest in five years, while that of new homes is at a 40-year low; affordability is at a record high; delinquencies have peaked; <strong><span style='font-family:"Verdana","sans-serif"'><a href="http://www.cnbc.com/id/45415641/?Consumer_Sentiment_Shows_Gains_but_Falls_Short_of_Views">consumer confidence is on the rise </a></span></strong>; and <strong><span style='font-family:"Verdana","sans-serif"'><a href="http://www.cnbc.com/id/45521793/?Economy_Creates_120_000_Jobs_Rate_Tumbles_to_8_6">job growth is accelerating. </a></span></strong><o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>For investors, with a continuation of the<strong><span style='font-family: "Verdana","sans-serif"'> <a href="http://data.cnbc.com/quotes/GCCV1">gold rally</a> </span></strong>in question, real estate is beginning to look like a viable inflation hedge alternative, while rising rents mean greater profits. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>Finally, there s the intangible fatigue with bad news, and a desire to end the negative feedback loop. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'> We believe there is sizable housing demand that could be released into the market,&quot; says Lawrence Yun, chief economist of the <strong><span style='font-family:"Verdana","sans-serif"'><a href="http://www.realtor.org/">National Association of Realtors</a></span></strong>, <strong><span style='font-family:"Verdana","sans-serif"'>NAR</span></strong>. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>The NAR is forecasting existing home sales will rise 5 percent in both 2012 and 2013; prices will edge up 2 percent in each of those two years, then 4 percent in 2014. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>The<strong><span style='font-family:"Verdana","sans-serif"'> </span></strong>NAHB is forecasting a 5.1-percent increase in new home sales and a 10-percent increase for new home starts in 2012. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><strong><span style='font-size:8.5pt;line-height:130%;font-family:"Verdana","sans-serif"; color:#333333'>Jobs, Jobs, Jobs </span></strong><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'><o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>A turnaround in the housing market will require continued improvement in the job market.<o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>The economy has created jobs 13 months in a row for a total of almost 1.9 million. Weekly jobless claims have been routinely below the key level of 400,000, and the national jobless rate is down to 8.6 percent. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>There are already signs in some markets that an improving employment picture is boosting housing demand and sale prices.<o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>In cities such as Tampa, Fla., South Bend, Ind., Grand Rapids, Mich., Raleigh, N.C., Wichita, Kan., and Green Bay, Wis.., the median sales price of an existing single family home increased 1-2 percent in the third quarter, during which time the <strong><span style='font-family: "Verdana","sans-serif"'><a href="http://www.bls.gov/news.release/metro.nr0.htm">jobless rate and/or payrolls growth improved dramatically. </a></span></strong><o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>Even in the Cape Coral-Fort Myers, Fla. metropolitan area  considered the epicenter of the foreclosure crisis a few years ago  prices were just 1.4 percent lower in the third quarter than the previous year.<o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>A new index by the<strong><span style='font-family:"Verdana","sans-serif"'> <a href="http://www.nahb.org/reference_list.aspx?sectionID=2223">NAHB and First American, the Improving Markets Index, IMI</a></span></strong>, launched in September, tracks housing markets throughout the country that are showing signs of improving economic health. Thirty cities  including San Jose, Pittsburgh, New Orleans and Winston-Salem, N.C.  are showing growth in permits, sales and employment. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>In San Diego  where in the last year the jobless rate has fallen from 10.4 percent to 9.7 percent and 24,000 jobs have been added  home inventory is down to two months; in some areas of San Francisco (9.4 vs. 10.3 percent), it is one month. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>More broadly, 40 percent of all states showed existing home sale increases on both a quarterly and annual basis in the third quarter, <strong><span style='font-family:"Verdana","sans-serif"'><a href="http://www.realtor.org/research/research/ehspage">according to National Association of Realtors data</a></span></strong>. That includes high foreclosure-rate states, such as California, Georgia, Michigan and Utah. All but six states showed double-digit gains year over year. <o:p></o:p></span></p> <p class=textbodyblack style='line-height:130%'><b><span style='font-size:13.5pt;line-height:130%;font-family:"Verdana","sans-serif"; color:#006699'>What Happened to Rates&nbsp;Last Week:</span></b><span style='font-size:8.5pt;line-height:130%;font-family:"Verdana","sans-serif"; color:#333333'><br> <img border=0 id="_x0000_i1027" src="http://www.isysholdings.com/mbsratewatch/nl/121211.jpg"><br> Mortgage backed securities (MBS) lost -20 basis points from last Friday to the prior Friday which moved mortgage rates higher. MBS traded in a very tight range for the week. We received much better than expected economic data which normally pressures mortgage rates. ISM Services, Initial Jobless Claims, Wholesale Inventories and Consumer Sentiment all came in stronger than market expectations.<br> MBS sold off on Friday (causing rates to increase) after the European Union Summit released details of their new agreement with Eurozone countries.&nbsp; This removed some of the &quot;flight to safety&quot; premium that has kept mortgage rates low.&nbsp;<br> <br> </span><b><span style='font-size:13.5pt;line-height:130%;font-family: "Verdana","sans-serif";color:#006699'>What to Watch Out For This Week:<br> </span></b><span style='font-size:8.5pt;line-height:130%;font-family: "Verdana","sans-serif";color:#333333'>The following are the major economic reports that will hit the market this week.&nbsp; They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.&nbsp; I will be watching these reports closely for you and let you know if there are any big surprises: <o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=400 style='width:300.0pt;border-collapse:collapse;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:11.25pt'> <td width=44 style='width:33.0pt;background:#BBC8D8;padding:0in 0in 0in 0in; height:11.25pt'> <p class=MsoNormal style='line-height:11.25pt'><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Date</span></p> </td> <td width=43 style='width:32.0pt;background:#BBC8D8;padding:0in 0in 0in 0in; height:11.25pt'> <p class=MsoNormal style='line-height:11.25pt'><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Time</span></p> </td> <td width=235 style='width:176.0pt;background:#BBC8D8;padding:0in 0in 0in 0in; height:11.25pt'> <p class=MsoNormal style='line-height:11.25pt'><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Economic Release</span></p> </td> </tr> <tr style='mso-yfti-irow:1;height:14.25pt' id="row_0594fa74-21b7-43dc-89a2-40f8519cefb4"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>12-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>14:00</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Monthly Budget Statement</span></p> </td> </tr> <tr style='mso-yfti-irow:2;height:14.25pt' id="row_beb8d7ef-679d-48af-a45c-4b448c96218d"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>13-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Retail Sales (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:3;height:14.25pt' id="row_3a34f6e6-f448-461f-b827-359073371407"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>13-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Retail Sales ex Autos (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:4;height:14.25pt' id="row_04cc6657-2148-4ada-913a-ae4e881b6bfd"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>13-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>10:00</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Business Inventories</span></p> </td> </tr> <tr style='mso-yfti-irow:5;height:14.25pt' id="row_683fccd8-5784-41a2-a4e8-ba2138a9e9b8"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>13-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>10:00</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>IBD/TIPP Economic Optimism (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:6;height:14.25pt' id="row_7747d850-47ba-46e5-aef8-9fc46a1b38c4"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>13-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>14:15</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Fed Interest Rate Decision</span></p> </td> </tr> <tr style='mso-yfti-irow:7;height:14.25pt' id="row_7766e1b4-f313-45b0-b5c7-f00a316443fe"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>14-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>7:00</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>MBA Mortgage Applications</span></p> </td> </tr> <tr style='mso-yfti-irow:8;height:14.25pt' id="row_617368ac-0955-4a06-8514-4a8457db25b3"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>14-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Import Price Index (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:9;height:14.25pt' id="row_018da18f-2ddc-4e0a-a7bd-36f93779383d"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>14-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Import Price Index (YoY)</span></p> </td> </tr> <tr style='mso-yfti-irow:10;height:14.25pt' id="row_79a3c12a-c13f-4921-8903-a2f34a9df968"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>14-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>10:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>EIA Crude Oil Stocks change</span></p> </td> </tr> <tr style='mso-yfti-irow:11;height:14.25pt' id="row_ef03d0a8-e791-4f11-ad4a-b10819fb35d6"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Continuing Jobless Claims</span></p> </td> </tr> <tr style='mso-yfti-irow:12;height:14.25pt' id="row_640d0c27-f324-4a56-9437-f6aad65b3c16"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Current Account</span></p> </td> </tr> <tr style='mso-yfti-irow:13;height:14.25pt' id="row_4c348804-fc16-495e-88c1-a13a3c6d971d"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Initial Jobless Claims</span></p> </td> </tr> <tr style='mso-yfti-irow:14;height:14.25pt' id="row_55440b3d-80fb-4513-8b4e-7adf44b4f7d3"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>NY Empire State Manufacturing Index</span></p> </td> </tr> <tr style='mso-yfti-irow:15;height:14.25pt' id="row_c86c9e7f-7a9a-469a-83ec-0fb73828bc77"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Producer Price Index (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:16;height:14.25pt' id="row_01357f53-0289-4d22-a110-390ec57fa61f"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Producer Price Index (YoY)</span></p> </td> </tr> <tr style='mso-yfti-irow:17;height:14.25pt' id="row_d3826cd8-a64b-472c-ba21-8ead560e4168"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Producer Price Index ex Food &amp; Energy (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:18;height:14.25pt' id="row_39b6d80c-852c-494b-8cb1-a32f7cb9102a"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Producer Price Index ex Food &amp; Energy (YoY)</span></p> </td> </tr> <tr style='mso-yfti-irow:19;height:14.25pt' id="row_05f894d5-bef1-42ce-ad23-19ab9d8c15a3"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>9:00</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Net Long-Term TIC Flows</span></p> </td> </tr> <tr style='mso-yfti-irow:20;height:14.25pt' id="row_8f1a89c2-0fef-4ac8-81ed-32d8f6565189"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>9:00</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Total Net TIC Flows</span></p> </td> </tr> <tr style='mso-yfti-irow:21;height:14.25pt' id="row_b9f625e8-3cda-4465-8dfa-37a4a288c612"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>9:15</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Capacity Utilization</span></p> </td> </tr> <tr style='mso-yfti-irow:22;height:14.25pt' id="row_aca776a9-0db9-4b97-b02e-df048355b3ba"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>9:15</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Industrial Production (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:23;height:14.25pt' id="row_0f2aecf8-b5aa-4252-94bd-e2017630ed97"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>15-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>10:00</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Philadelphia Fed Manufacturing Survey</span></p> </td> </tr> <tr style='mso-yfti-irow:24;height:14.25pt' id="row_4be7475e-7ce8-4aba-9057-047aa5f5a592"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>16-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Consumer Price Index (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:25;height:14.25pt' id="row_89be7cc5-25a7-4501-9522-ba2550bb2fd8"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>16-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Consumer Price Index (YoY)</span></p> </td> </tr> <tr style='mso-yfti-irow:26;height:14.25pt' id="row_4b92ea89-7147-4aad-afab-e2fc521174ef"> <td width=44 style='width:33.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>16-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#DDE4EB;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#DDE4EB;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Consumer Price Index Ex Food &amp; Energy (MoM)</span></p> </td> </tr> <tr style='mso-yfti-irow:27;mso-yfti-lastrow:yes;height:14.25pt' id="row_6cdc5fc4-6a09-40dc-b63e-18c7c6290457"> <td width=44 style='width:33.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><strong><span style='font-size:7.5pt;font-family: "Arial","sans-serif"'>16-Dec</span></strong></p> </td> <td width=43 style='width:32.0pt;background:#F1F4F7;padding:0in 0in 0in 0in; height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>8:30</span></p> </td> <td style='background:#F1F4F7;padding:0in 0in 0in 0in;height:14.25pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"'>Consumer Price Index Ex Food &amp; Energy (YoY)</span></p> </td> </tr> </table> <p class=textbodyblack style='line-height:130%'><span style='font-size: 8.5pt;line-height:130%;font-family:"Verdana","sans-serif";color:#333333'>It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets.&nbsp; Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.&nbsp; <br> <br> <img border=0 id="_x0000_i1028" src="http://www.isysholdings.com/mbsratewatch/nl/EHO.jpg">&nbsp;&nbsp; <o:p></o:p></span></p> <p style='line-height:130%'><span style='font-size:8.5pt;line-height: 130%;font-family:"Verdana","sans-serif";color:#333333'>&nbsp;<o:p></o:p></span></p> <p style='line-height:130%'><span style='font-size:8.5pt;line-height: 130%;font-family:"Verdana","sans-serif";color:#333333'>&nbsp;<o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td valign=top style='background:#2B302D;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td valign=top style='padding:1.5pt 1.5pt 1.5pt 1.5pt'> <p class=MsoNormal><strong><span style='font-size:8.5pt;font-family: "Verdana","sans-serif";color:white'>Envoy Mortgage</span></strong><span style='font-size:8.5pt;font-family:"Verdana","sans-serif";color:white'><br> 89 Mussey Road, Scarborough ME, 04074<br> Phone: 800-394-5252<br> To Unsubscribe, please click on the following email link: <a href="mailto:jbowen@envoymtg.com">jbowen@envoymtg.com</a> <br> Powered By <a href="http://www.MBSauthority.com">www.MBSauthority.com</a> <o:p></o:p></span></p> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </div> </td> </tr> </table> <p class=MsoNormal><img border=0 id="_x0000_i1029" src="http://officeclip.mbsauthority.com/crm/publish/trackEmailOpen.aspx?id=YXpzZGRlcXNhZGQ0Njg0Nzg="></p> </div> </body> </html>