Running in place?
Closing price August 21st 12.89
Price before open today 14.02
price increase of 1.30 or 10% in a little over a month.
While It does not match the nice run last year, it does not seem to be running in place to me.
Delinquencies and sales should be posted in 1st/2nd week of Sept. With all the great market news on everything from high existing home sales as well as better reported credit card delinquency, it should be an interesting start of next month for RDN.
Sentiment: Strong Buy
"Wells Fargo (WFC_) will eliminate 2,300 jobs in mortgage production, Bloomberg reported, citing people with knowledge of the matter. The bank is cutting the jobs because demand for refinancings has slumped and probably will drop even more as interest rates rise, Bloomberg noted. "
Expect that NIW numbers will drop significantly and propel RDN, MTG, GNW even lower.