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Do Shorts Suggest End to Refi Boom?(mortage stocks performance)
After two years of record-breaking loan production, publicly-traded mortgage firms could be in for a shellacking, right?
Not exactly, but that hasn't stopped speculators from increasing their bets against residential finance-related firms.
According to data compiled by Dow Jones & Co. and Mortgage Servicing News, short positions in mortgage stocks increased significantly this fall.
From mid-September to mid-October, shorts in subprime giant New Century Financial, Irvine, Calif., jumped 84%.
Meanwhile, speculators are targeting another subprime lender, NovaStar Financial, Westwood, Kan. Shorts in NovaStar jumped by 67% from September to October.
Other mortgage related firms that experienced an increase in short positions: Freddie Mac (up 27%), Fannie Mae (up 26%) and Household International (up 16%).
These figures were posted as Mortgage Servicing News went to press with its December/January edition. It's possible that short sellers might take into account the 50 basis point cut in rates by the Federal Reserve in November and begin "covering" or reversing their positions.
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Source: HighBeam Research, Do Shorts Suggest End to Refi Boom?(mortage stocks performance)