Radian (RDN), MBIA (MBI) Lower as Home Builder Sentiment Wanes
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Radian Group (NYSE: RDN) and MBIA, Inc. (NYSE: MBI) are both seeing some notable downside today following new data in the homebuilding segment released earlier.
The National Association of Home Builders (NAHB) sentiment index caem in at 42 for the month of March. The read is down from 44 reported the prior month and market expectations calling for a 45 reading. The index hasn't been above 50 -- the level between expansion and contraction -- since April 2006 and March was the third month of declines.
Single-family home sales expectations dropped from 47 to 45, but expectations over the next six-month time frame improved from 50 up to 53.
Along with the housing data, commercial mortgage-backed securities (CMBS) saw a 2 basis point uptick in March to 7.63 percent, according to Fitch Ratings.
Radian and MBIA are both down over 3percent on the session Monday. Also on watch is MGIC Investment Corp. (NYSE: MTG).
The National Association of Home Builders (NAHB) sentiment index caem in at 42 for the month of March. The read is down from 44 reported the prior month and market expectations calling for a 45 reading. The index hasn't been above 50 -- the level between expansion and contraction -- since April 2006 and March was the third month of declines.
Single-family home sales expectations dropped from 47 to 45, but expectations over the next six-month time frame improved from 50 up to 53.
Along with the housing data, commercial mortgage-backed securities (CMBS) saw a 2 basis point uptick in March to 7.63 percent, according to Fitch Ratings.
Radian and MBIA are both down over 3percent on the session Monday. Also on watch is MGIC Investment Corp. (NYSE: MTG).
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