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  • Tue, Sep 19 2017
  • 4:21 PM » U.S. stocks gain as all three main indexes close at records
    Published Tue, Sep 19 2017 4:21 PM by Market Watch
    U.S. stocks extended gains Tuesday with all three main benchmarks closing at records as the Federal Reserve began its two-day policy meeting where they are expected to finalize the details on the unwinding of its $4.5 trillion balance sheet. The Dow Jones Industrial Average rose 42 points, or 0.2%, to end at 22,373, its sixth straight record finish, while the S&P 500 added 2 points, or 0.1%, to 2,506, logging its fourth record close in a row. The Nasdaq Composite Index also ended at an all-time high, gaining 6 points, or 0.1%, to close at 6,461.
  • 2:21 PM » Irma may have caused $42.5 billion to $65 billion in property damage, report says
    Published Tue, Sep 19 2017 2:21 PM by CNBC
    Hurricane Irma may have caused $42.5 billion to $65 billion in wind and flood damage, according to CoreLogic.
  • 1:43 PM » Don't Give Up, Buyers: More Newly Constructed Homes Are On the Way
    Published Tue, Sep 19 2017 1:43 PM by www.realtor.com
    Permits, the best indicator of how many newly built homes will rise over the next few months, were up in August, according to a recent report. The post Don’t Give Up, Buyers: More Newly Constructed Homes Are On the Way appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:18 PM » Yellen reappointment as Fed chair seen as more likely: Survey
    Published Tue, Sep 19 2017 12:18 PM by CNBC
    About 60 percent in the CNBC Fed Survey say Trump should reappoint Yellen.
  • 10:40 AM » Fed economist: 'No evidence that QE works' as central bank starts unwinding program
    Published Tue, Sep 19 2017 10:40 AM by CNBC
    The Fed is reversing the most ambitious monetary stimulus program in history amid questions over how much it delivered.
  • 10:21 AM » Additional guidance from HUD/Freddie/Fannie/Ginnie/VA on mortgage-related disaster relief for hurricane victims
    Published Tue, Sep 19 2017 10:21 AM by www.consumerfinancemonitor.com
    In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane Harvey and Hurricane Irma in Presidentially-declared disaster areas. Click here for a summary of these announcements. Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 9:55 AM » U.S. housing starts fall for second straight month; outlook murky
    Published Tue, Sep 19 2017 9:55 AM by Reuters
    WASHINGTON (Reuters) - U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment.
  • 9:32 AM » Severe labor shortage has Houston homeowners 'begging' for help
    Published Tue, Sep 19 2017 9:32 AM by CNBC
    One contractor laments that as their phone keeps ringing, "You have to tell them it will likely be a couple years."
  • 9:00 AM » Housing Starts decreased to 1.180 Million Annual Rate in August
    Published Tue, Sep 19 2017 9:00 AM by Calculated Risk Blog
    From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,180,000 . This is 0.8 percent below the revised July estimate of 1,190,000, but is 1.4 percent above the August 2016 rate of 1,164,000. Single-family housing starts in August were at a rate of 851,000; this is 1.6 percent above the revised July figure of 838,000. The August rate for units in buildings with five units or more was 323,000. Building Permits: Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,300,000. This is 5.7 percent above the revised July rate of 1,230,000 and is 8.3 percent above the August 2016 rate of 1,200,000. Single-family authorizations in August were at a rate of 800,000; this is 1.5 percent below the revised July figure of 812,000. Authorizations of units in buildings with five units or more were at a rate of 464,000 in August. emphasis added Click on graph for larger image. The first graph shows single and multi-family housing starts for the last several years. Multi-family starts (red, 2+ units) decreased in August compared to July.  Multi-family starts are down 23% year-over-year. Multi-family is volatile month-to-month, but has been mostly moving sideways over the last few years. Single-family starts (blue) increased in August, and are up 17.1% year-over-year. The second graph shows total and single unit starts since 1968.  The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low), Total housing starts in August were above expectations, And starts for June and July were revised up.    Also permits were strong in August.  I'll have more later ...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:22 AM » Yellen Sees QE as a Tool of the Future But Her Successor May Not
    Published Tue, Sep 19 2017 8:22 AM by Bloomberg
    Bloomberg Yellen Sees QE as a Tool of the Future But Her Successor May Not Bloomberg A decade after the financial crisis first flickered, the U.S. is set this week to lead the developed world in exiting unconventional policies that central banks unleashed to save the global economy. And while it will take years to complete, dismantling ...
  • 8:21 AM » Fannie Mae Announces Enhanced Hybrid Adjustable-Rate ...
    Published Tue, Sep 19 2017 8:21 AM by Fannie Mae
    News Release. Share This: September 18, 2017. Fannie Mae Announces Enhanced Hybrid Adjustable-Rate Mortgage for ...
  • 8:20 AM » CORELOGIC REPORTS A 16.9 PERCENT YEAR-OVER-YEAR INCREASE IN MORTGAGE FRAUD RISK IN THE SECOND QUARTER OF 2017
    Published Tue, Sep 19 2017 8:20 AM by www.corelogic.com
    New York Overtakes Florida as the State with the Highest Overall Fraud Risk Florida Dropped to Number 3 State Rank Because of 3 Percent Decrease in Application Fraud Risk Year Over Year Iowa Had the Largest Year-Over-Year Increase in Fraud Risk CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its latest Mortgage Fraud Report . As of the end of the second quarter of 2017, the report shows a 16.9 percent year-over-year increase in fraud risk, as measured by the CoreLogic Mortgage Application Fraud Risk Index. The analysis found that during the second quarter of 2017, an estimated 13,404 mortgage applications, or 0.82 percent of all mortgage applications, contained indications of fraud, as compared with the reported 12,718, or 0.70 percent in the second quarter of 2016. The CoreLogic Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter. CoreLogic develops the index based on residential mortgage loan applications processed by CoreLogic LoanSafe Fraud Manager ™ , a predictive scoring technology. The report includes detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction, and undisclosed real estate debt. “This past year we saw a relatively large increase in the CoreLogic National Mortgage Application Fraud Index,” said Bridget Berg, principal, Fraud Solutions for CoreLogic. “If the factors that influenced the increase continue, including a shift to purchase transactions and growing wholesale channel origination activity, it is likely that mortgage application fraud risk will continue to rise as well. Fraud on cash-out refinance transactions and home equity loans may become more of a factor in the coming years as home values and equity rise.” Report Highlights: New York is the state with...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • Mon, Sep 18 2017
  • 3:55 PM » Commentary: Why interest rates now matter even more than you think
    Published Mon, Sep 18 2017 3:55 PM by CNBC
    Changes in consumer behavior have made short-term rates critical to the overall economy.
  • 3:55 PM » Hey Fed boss Janet Yellen, inflation is still low and stocks are soaring. What say you?
    Published Mon, Sep 18 2017 3:55 PM by Market Watch
    Federal Reserve Chairwoman Janet Yellen has some explaining to do: Inflation is still quite tame despite very low unemployment and stocks keep hitting fresh records even though the U.S. economy has shown little improvement.
  • 2:39 PM » Homes Built to Stricter Standards Fared Better in Storm
    Published Mon, Sep 18 2017 2:39 PM by www.realtor.com
    Florida owners benefit from homes built to more-stringent codes: "Tree branches bounced off of our roof. But the house is fine." The post Homes Built to Stricter Standards Fared Better in Storm appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 2:37 PM » HUD Announces Disaster Assistance for Georgia Storm Victims
    Published Mon, Sep 18 2017 2:37 PM by HUD
    WASHINGTON - U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the State of Georgia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.
  • 1:27 PM » Traders are getting ready for another Fed hike
    Published Mon, Sep 18 2017 1:27 PM by CNBC
    The chances of an interest rate hike announcement in December have increased in recent days, according to a new report.
  • 11:06 AM » Ballard attorneys author article on CFPB arbitration rule
    Published Mon, Sep 18 2017 11:06 AM by www.consumerfinancemonitor.com
    The CFPB’s final arbitration rule was the subject of an article by Ballard Spahr partners Alan Kaplinsky and Mark Levin recently published by The Regulatory Review, a publication of the University of Pennsylvania Law School’s Penn Program on Regulation. The article, The CFPB's Final Arbitration Rule Run Amok, discusses the final rule’s failure to satisfy... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 10:15 AM » Student Debt Delaying Millennial Homeownership by 7 Years
    Published Mon, Sep 18 2017 10:15 AM by Google News
    WASHINGTON (September 18, 2017) – Despite being in the prime years to buy their first home, an overwhelming majority of millennials with student debt currently do not own a home and believe this debt is to blame for what they typically expect to be a seven-year delay from buying. This is according to a new joint study on millennial student loan debt released today by the National Association of Realtors ® and nonprofit American Student Assistance ® . The survey additionally revealed that student debt is holding back millennials from financial... Read More
  • 10:04 AM » New York governor says Equifax, other credit reporting companies must register with state
    Published Mon, Sep 18 2017 10:04 AM by Reuters
    WASHINGTON (Reuters) - New York Governor Andrew Cuomo said in a statement on Monday that all credit reporting agencies must register with the state and comply with its cyber security rules.
  • 10:02 AM » Hurricanes hit homebuilder confidence hard in September
    Published Mon, Sep 18 2017 10:02 AM by CNBC
    There was already a labor shortage in the construction industry, and two severely damaging hurricanes only made matters worse.
  • 8:16 AM » Housing Market Evolves as Fewer Families Have Children
    Published Mon, Sep 18 2017 8:16 AM by www.builderonline.com
    The continued downward trend of fewer children, smaller families, and delayed marriages in the United States is accompanied by a growing demand for smaller homes close to urban centers, The Denver Post reports.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 8:15 AM » In shedding bonds, Fed aims for boring end to crisis-era measures
    Published Mon, Sep 18 2017 8:15 AM by Reuters
    NEW YORK/SAN FRANCISCO (Reuters) - The U.S. Federal Reserve is set on Wednesday to announce the start of a plan to trim its $4.5-trillion (3.31 trillion pounds) portfolio of assets, much of it amassed in response to the 2007-2009 financial collapse, marking another milestone in bringing to an end the crisis-era measures.
  • Fri, Sep 15 2017
  • 4:22 PM » Unusual procedural development in CFPB/NY AG lawsuit against RD Legal Funding
    Published Fri, Sep 15 2017 4:22 PM by www.consumerfinancemonitor.com
    In an unusual procedural move last week in the RD Legal Funding case about which we have previously blogged, SDNY Judge Loretta Preska (the judge presiding over the CFPB’s lawsuit against RD Legal Funding) has referred to EDPA Judge Anita Brody the question of whether the NFL Concussion Litigation settlement agreement forbids assignments of settlement... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 4:02 PM » Kudlow: Chances for significant tax cuts have 'risen sharply'
    Published Fri, Sep 15 2017 4:02 PM by CNBC
    Trump's latest shrewd political moves have increased chances that tax reform will get done in the next 10 weeks, says Larry Kudlow.
  • 3:55 PM » UK Yields Jump as Investors See Two BOE Rate Increases
    Published Fri, Sep 15 2017 3:55 PM by Bloomberg
    Bloomberg UK Yields Jump as Investors See Two BOE Rate Increases Bloomberg Yields on the U.K. government's two-year debt climbed to levels last seen before the nation voted to leave the European Union. Bank of England policy maker Gertjan Vlieghe stoked speculation of an interest-rate increase within months, prompting ...
  • 3:19 PM » Morgan Stanley to handle mortgage originations in home-loan push: sources
    Published Fri, Sep 15 2017 3:19 PM by Reuters
    (Reuters) - Morgan Stanley plans to bring its mortgage origination business in-house to improve customer service and generate more business, two people familiar with the matter told Reuters on Friday.
  • 3:16 PM » Cash demand doubled for Fed in hurricane-hit Florida
    Published Fri, Sep 15 2017 3:16 PM by Reuters
    (Reuters) - U.S. lenders in the path of Hurricane Irma scrambled to acquire twice as much cash as usual last week, a surge that left two Federal Reserve branches in Florida working around the clock to meet the demand before floods and power outages struck.
  • 2:56 PM » These charts show recession odds may be higher than you think
    Published Fri, Sep 15 2017 2:56 PM by CNBC
    Two important forward-looking measures are signaling not just a slowdown but a very strong possibility of recession in 2018
  • 2:23 PM » Why the Equifax Breach Might Make It Harder to Buy a Home—and What You Can Do
    Published Fri, Sep 15 2017 2:23 PM by www.realtor.com
    The Equifax data breach could have long-term repercussions for those trying to open up a credit card, pass a security check for a new job-or get a mortgage. The post Why the Equifax Breach Might Make It Harder to Buy a Home-and What You Can Do appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:53 PM » Economists slash GDP estimates after weak sales hit even before storms
    Published Fri, Sep 15 2017 1:53 PM by CNBC
    Taking out the red pen as weak retail sales and industrial production numbers point to lower than expected 3Q growth
  • 1:42 PM » Concern About Hurricane Fallout Dents US Consumer Sentiment
    Published Fri, Sep 15 2017 1:42 PM by Bloomberg
    Bloomberg Concern About Hurricane Fallout Dents US Consumer Sentiment Bloomberg U.S. consumer sentiment dipped in September as Americans expressed concern about the economic and inflationary impact of Hurricanes Harvey and Irma, University of Michigan survey data showed Friday. and more »
  • 1:34 PM » Employers stepped up hiring in 6 US states last month
    Published Fri, Sep 15 2017 1:34 PM by CNBC
    Georgia added the most jobs, with 19,800, followed by Maryland with 14,200 and Massachusetts with 10,800.
  • 1:23 PM » Rising credit card delinquencies to add to U.S. banks' worries
    Published Fri, Sep 15 2017 1:23 PM by Reuters
    (Reuters) - U.S. banks, already under pressure from slower loan growth and low interest rates, could be facing yet another challenge as a rising number of Americans fall behind on their credit card payments.
  • 1:16 PM » Next week's Fed meeting will be all about the 'dots'
    Published Fri, Sep 15 2017 1:16 PM by CNBC
    At next week's Fed meeting, one factor could stand out: The dot plot of members' expectations for interest rates.
  • 12:30 PM » Q3 GDP Forecasts: Moving Down
    Published Fri, Sep 15 2017 12:30 PM by Calculated Risk Blog
    From Merrill Lynch: The data [today] sliced 0.8pp from 3Q GDP tracking, down to 1.7% . emphasis added From the Altanta Fed: GDPNow The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 2.2 percent on September 15 , down from 3.0 percent on September 8. The forecasts of real consumer spending growth and real private fixed investment growth fell from 2.7 percent and 2.6 percent, respectively, to 2.0 percent and 1.4 percent, respectively, after this morning's retail sales release from the U.S. Census Bureau and this morning's report on industrial production and capacity utilization from the Federal Reserve Board of Governors. From the NY Fed Nowcasting Report The New York Fed Staff Nowcast stands at 1.3% for 2017:Q3 and 1.8% for 2017:Q4. CR Note: Looks like weak real GDP growth in Q3, some due to the impact of the hurricanes.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:26 PM » 10 years after the Great Recession, why aren't more Americans working?
    Published Fri, Sep 15 2017 12:26 PM by webfeeds.brookings.edu
    10 years after the Great Recession, new research from the Hamilton Project at Brookings scholars Jay Shambaughand Ryan Nunn demonstrates that although the 'jobs gap' from the recession is now closed, millions of American men and women of prime working age remain out of the labor force. http://directory.libsyn.com/episode/index/id/5743591 Also in this episode, Molly Reynolds explains what's happening in Congress and John Villasenor discusses new…                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:37 AM » Housing Ends Summer Strong; Only Slight Inventory Relief
    Published Fri, Sep 15 2017 11:37 AM by PR Newswire
    DENVER, Sept. 15, 2017 /PRNewswire/ -- U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on...
  • 11:18 AM » Senator Warren's Numbers Don't Add Up
    Published Fri, Sep 15 2017 11:18 AM by www.consumerfinancemonitor.com
    In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB's arbitration rule should not be repealed under the Congressional Review Act because consumers recovered "in only 9 percent of the disputes that arbitrators resolved" and the average award "is only 12 cents for every dollar they claimed." Senator Warren attributed... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 10:42 AM » BLS: Unemployment Rates Unchanged in 41 states in August, Tennessee at New Series Low
    Published Fri, Sep 15 2017 10:42 AM by Calculated Risk Blog
    From the BLS: Regional and State Employment and Unemployment Summary Unemployment rates were higher in August in 8 states, lower in 1 state, and stable in 41 states and the District of Columbia , the U.S. Bureau of Labor Statistics reported today. Twenty-one states had jobless rate decreases from a year earlier, 1 state had an increase, and 28 states and the District had little or no change. The national unemployment rate, 4.4 percent, was little changed from July but was 0.5 percentage point lower than in August 2016. ... North Dakota and Colorado had the lowest unemployment rates in August, 2.3 percent and 2.4 percent, respectively. The rate in Tennessee (3.3 percent) set a new series low . (All state series begin in 1976.) Alaska had the highest jobless rate, 7.2 percent. emphasis added Click on graph for larger image. This graph shows the current unemployment rate for each state (red), and the max during the recession (blue). All states are well below the maximum unemployment rate for the recession. The size of the blue bar indicates the amount of improvement.   The yellow squares are the lowest unemployment rate per state since 1976. Eleven states have reached new all time lows since the end of the 2007 recession.  These eleven states are: Arkansas, California, Colorado, Idaho, Maine, Mississippi, North Dakota, Oregon, Tennessee, Washington, and Wisconsin. The states are ranked by the highest current unemployment rate. Alaska, at 7.2%, had the highest state unemployment rate. The second graph shows the number of states (and D.C.) with unemployment rates at or above certain levels since January 2006. At the worst of the employment recession, there were 11 states with an unemployment rate at or above 11% (red). Currently one state has an unemployment rate at or above 7% (light blue); Only two states and D.C. are at or above 6% (dark blue). The states are Alaska (7.2%) and New Mexico (6.3%).  D.C. is at 6.4%.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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