starts, sales, etc are meaningless to the mis, the most important statistics are delinquency trends and house prices, delinquency trends are still extremely negative, house prices are flat, but expected to decline in the short term, as for new business, pmi in particular is not writing enough to make a difference, less than 2B a quarter.
It is good to have paidbasher bring up good points about the stock, even though his intention seems to be the opposite. Based on the Q3 conference call I am expecting PMI to loose a few dollars a share in Q4. Hopefully, there will be some negative publicity and hedgefunds will have a chance to cover some of the 10 million short shares when some patsy(s) sells them stock after Q4 results. I do not expect PMI to loose another additional $9 a share to bring the book value into line with the current low market price.