Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

New Home Sales worse than expected, but still up 18% versus last year.
http://www.reuters.com/article/2015/07/24/us-usa-economy-idUSKCN0PY1OH20150724

IMH

Purchase application data also up 18% vs prior year.
http://www.mortgagenewsdaily.com/data/mortgageapplications.aspx


From Inside Mortgage Finance...
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MBA Feeling More Bullish on Purchase Lending; The Millennial Effect?
By Sherry Muolo

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The Mortgage Bankers Association this week hiked its forecast for purchase-money originations for 2015 as well as 2016, citing an array of factors.

The trade group now believes purchase originations will total $801 billion in 2015, compared to a prior forecast of $730 billion. In 2016, it’s looking for $885 billion. Previously, its estimate was $791 billion.

The revision was made in response to changing home sales, prices, and a decline in cash purchases, according to Mike Fratantoni, chief economist at MBA. “The housing market recovery has shifted to a higher gear,” the economist and his team write in a new analysis of the market.

Meanwhile, other groups are crediting the millennial generation for the boost in activity and future growth. Millennials will account for over two-thirds of growth in the housing market over the next five years, said Jonathan Smoke, chief economist at Realtor.com. At the moment, they “make up around 65 percent of first-time homebuyers,” said Smoke.

A study done by the National Conference on Citizenship reported that currently there are 82 million millennials and 77 million baby boomers.