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Daily Mortgage Stance

After dropping yesterday, Mortgage Bonds opened higher, but quickly gave up those gains after a much better than expected report from the Chicago PMI.

Over in housing, CoreLogic reported that completed foreclosures dropped nearly 40% in September compared to a year ago. However, the completed foreclosures in August were much higher than the average number completed in the months between 2000 and 20006.

We are recommending to float as we watch a key technical layer of support. 

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