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Stocks Lifted by Intel Earnings, Benign CPI, Decent IP
If the first hour of trading is any guide, markets will see their third day of gains this week following two weeks of declines. And stocks aren’t just up ― they’re soaring. Just before 11am, the Nasdaq is up 2.44% to 1844, its highest reading since July 1. rn
NAHB Applauds GSE Adjustments of Appraisal Guidelines
Freddie Mac made several "Best Practices" recommendations for selecting appraisers and reviewing their products. One of these contained the statement that Freddie does not require appraisers to use Real Estate Owned, foreclosures or short sales in selecting comparable sales but rather that appraisers must "certify that comparable sales chosen are those most similar to the subject property." These should include distressed sales if they are representative, something many industry professionals have been requesting since the Home Valuation Code of Conduct was enacted on May 1, 2009.
Drop in Industrial Production Doesn’t Match PessimisticExpectations
Industrial Production didn’t shrink as much as analysts had forecast in June, but revisions pushed the decline in May down slightly, tempering optimism that could be read into the report.rnrnThe Federal Reserve’s monthly survey said IP fell for the eighth straight month with a 0.4% dip in June, in contrast to expectations for a 0.7% decline. The previous month’s 1.1% decline was pushed to 1.2%.rn
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