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  • Thu, Mar 23 2017
  • 3:56 PM » This is what's behind the severe housing drought
    Published Thu, Mar 23 2017 3:56 PM by CNBC
    The supply of homes for sale is at the lowest level since the Realtors began tracking inventory 18 years ago.
  • 3:39 PM » CFPB previews 5-year review of mortgage rules
    Published Thu, Mar 23 2017 3:39 PM by www.cfpbmonitor.com
    Pavitra Bacon Dovetailing with President Trump's recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule. The Dodd-Frank Act requires the CFPB... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 3:39 PM » A few Comments on February New Home Sales
    Published Thu, Mar 23 2017 3:39 PM by Calculated Risk Blog
    New home sales for February were reported at 592,000 on a seasonally adjusted annual rate basis (SAAR).  This was well above the consensus forecast, however the three previous months combined were revised down slightly.  Overall this was a solid report. Note: February 2017 was warmer than normal in most of the country, and since new home sales are counted when the contract is signed, the nice weather might have had a positive impact on sales in February. Sales were up 12.8% year-over-year in February.  However, January and February were the weakest months last year on a seasonally adjusted annual rate basis - so this was an easy comparison. It will take several months of data to see the impact of higher mortgage rates - and this is the seasonally weak period - so we might have to wait for the March and April data to see if there was any impact. Earlier: New Home Sales increase to 592,000 Annual Rate in February . Click on graph for larger image. This graph shows new home sales for 2016 and 2017 by month (Seasonally Adjusted Annual Rate).  Sales were up 12.8% year-over-year in January. For the first two months of 2017, new home sales are up 7.1% compared to the same period in 2016. And here is another update to the "distressing gap" graph that I first started posting a number of years ago to show the emerging gap caused by distressed sales.  Now I'm looking for the gap to close over the next several years. The "distressing gap" graph shows existing home sales (left axis) and new home sales (right axis) through February 2017. This graph starts in 1994, but the relationship had been fairly steady back to the '60s. Following the housing bubble and bust, the "distressing gap" appeared mostly because of distressed sales.   The gap has persisted even though distressed sales are...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:34 PM » Freddie Mac Statement on Single Security and Common Securitization Platform
    Published Thu, Mar 23 2017 12:34 PM by freddiemac.mwnewsroom.com
    Freddie Mac Statement on Single Security and Common Securitization Platform
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 12:34 PM » Wells Fargo/Gallup Survey: U.S. Investor Optimism Rises to Highest Level in 16 Years
    Published Thu, Mar 23 2017 12:34 PM by www.wellsfargo.com
    Wells Fargo/Gallup Survey: U.S. Investor Optimism Rises to Highest Level in 16 Years<br/>https://www.wellsfargo.com/about/press/2017/investor-optimism_0323.content
    Click Here to Read the Full Article

    Source: www.wellsfargo.com
  • 12:34 PM » Expert: Here's what happens if House fails to pass health-care bill
    Published Thu, Mar 23 2017 12:34 PM by CNBC
    Former HHS Deputy Secretary, Tevi Troy, shares his thoughts on what may happen to the legislative process if the Republican health care bill fails to pass the House.
  • 11:41 AM » House Ways and Means chair: There's 95% agreement on GOP health-care bill, but ...
    Published Thu, Mar 23 2017 11:41 AM by CNBC
    But in Washington, the other 5 percent really matters, Rep. Kevin Brady tells CNBC.
  • 11:40 AM » Here's how the markets will react to the health-care vote, according to Art Cashin
    Published Thu, Mar 23 2017 11:40 AM by CNBC
    Cashin says most presume that the vote will happen after the close, which will allow investors to "rethink and mute."
  • 10:59 AM » Mortgage Rates Drop Signals Continued Uncertainty
    Published Thu, Mar 23 2017 10:59 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Drop Signals Continued Uncertainty
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:51 AM » Banks and tech firms battle over something akin to gold: Your data
    Published Thu, Mar 23 2017 9:51 AM by CNBC
    The clash points to recognition that personal digital records are among the most valuable currencies in the digital economy, The New York Times reports.
  • 9:20 AM » Weekly Initial Unemployment Claims increase to 258,000
    Published Thu, Mar 23 2017 9:20 AM by Calculated Risk Blog
    The DOL reported : In the week ending March 18, the advance figure for seasonally adjusted initial claims was 258,000 , an increase of 15,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 241,000 to 243,000. The 4-week moving average was 240,000, an increase of 1,000 from the previous week's revised average. The previous week's average was revised up by 1,750 from 237,250 to 239,000. emphasis added The previous week was revised up. The following graph shows the 4-week moving average of weekly claims since 1971. Click on graph for larger image. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 240,000. This was above the consensus forecast. The low level of claims suggests relatively few layoffs.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:17 AM » Fed's Yellen does not comment on monetary policy
    Published Thu, Mar 23 2017 9:17 AM by Reuters
    WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen did not address monetary policy or the economic outlook in prepared remarks for a childhood education conference in Washington on Thursday.
  • 9:17 AM » 8 GOP House members whose votes on health care will be crucial
    Published Thu, Mar 23 2017 9:17 AM by CNBC
    Pressure on undecided members has been intense, with President Trump, Paul Ryan, and other GOP leaders, USA Today reports.
  • 8:04 AM » Trump and GOP leaders face big test as Wall Street waits
    Published Thu, Mar 23 2017 8:04 AM by CNBC
    U.S. stock futures were modestly higher ahead of today's razor-thin House vote on the GOP's Obamacare replacement bill.
  • 8:04 AM » Renters Now Rule Half of US Cities - Bloomberg
    Published Thu, Mar 23 2017 8:04 AM by Bloomberg
    Bloomberg Renters Now Rule Half of US Cities Bloomberg Detroit was once known as a city where a working-class family could afford to own a home. Now it's a city of renters. Just 49 percent of Motor City households were homeowners in 2015, down from 55 percent in 2009 and the lowest percentage in more than ... and more »
  • 8:04 AM » Black Knight: Mortgage Delinquencies Declined in February
    Published Thu, Mar 23 2017 8:04 AM by Calculated Risk Blog
    From Black Knight: Black Knight Financial Services' First Look at February Mortgage Data: Prepayment Activity Continues to Decline, Down 40 Percent So Far in 2017 • Prepayment speeds (historically a good indicator of refinance activity) declined 15 percent in February, marking a 40 percent overall year-to-date decline and the lowest monthly rate in three years   • Delinquencies continued their seasonal decline, ticking down .98 percent from January   • Foreclosure starts fell 18 percent from last month to 31 percent below last year's levels   • Active foreclosure inventory now stands at 470,000, the lowest such level since June 2007 According to Black Knight's First Look report for February, the percent of loans delinquent decreased 1.0% in February compared to January, and declined 5.5% year-over-year. The percent of loans in the foreclosure process declined 1.9% in February and were down 28.5% over the last year. Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.21% in February, down from 4.25% in January. The percent of loans in the foreclosure process declined in February to 0.93%. The number of delinquent properties, but not in foreclosure, is down 117,000 properties year-over-year, and the number of properties in the foreclosure process is down 185,000 properties year-over-year. Still improving, but the improvement has slowed. Black Knight: Percent Loans Delinquent and in Foreclosure Process   Feb 2017 Jan 2017 Feb 2016 Feb 2015 Delinquent 4.21% 4.25% 4.45% 5.30% In Foreclosure 0.93% 0.94% 1.30% 1.72% Number of properties: Number of properties that are delinquent, but not in foreclosure: 2,135,000 2,162,000 2,252,000 2,671,000 Number of properties in foreclosure pre-sale inventory: 470,000 481,000 655,000 866,000 Total Properties 2,605,000 2,643,000 2,907,000 3,537,000
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:04 AM » In Final Hours, GOP Leaders Scramble For Votes On Bill To Gut 'Obamacare'
    Published Thu, Mar 23 2017 8:04 AM by www.npr.org
    House Republicans are poised to vote on legislation to repeal and replace key parts of the Affordable Care Act, despite ongoing opposition from hard-line conservatives.
  • Wed, Mar 22 2017
  • 2:44 PM » A Donald Trump vs. Janet Yellen clash is getting closer to happening
    Published Wed, Mar 22 2017 2:44 PM by CNBC
    Tightening monetary policy against fiscal gridlock does not paint a pretty picture.
  • 2:44 PM » House Freedom caucus chairman says Obamacare replacement bill still short of votes
    Published Wed, Mar 22 2017 2:44 PM by CNBC
    House Freedom caucus chairman says Obamacare replacement bill still short of votes|| 104357749
  • 2:43 PM » This Common Mistake Can Kill Your Mortgage
    Published Wed, Mar 22 2017 2:43 PM by www.redfin.com
    In order to qualify for a mortgage, you need to show your lender that you have a down payment and access to funds for closing. This money needs to come from documentable sources. The post This Common Mistake Can Kill Your Mortgage appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 2:43 PM » When this is happening in the bond market, you don't want to own stocks
    Published Wed, Mar 22 2017 2:43 PM by CNBC
    The difference between the yields on the 10-year and 2-year Treasuries hit its lowest point since the election. History says that's not good for stocks.
  • 1:07 PM » Selling your home this spring? 50 tips to sell it faster and at a better price
    Published Wed, Mar 22 2017 1:07 PM by Market Watch
    There's plenty a seller must do if they want to get the best price.
  • 1:07 PM » AIA: Architecture Billings Index increased in February
    Published Wed, Mar 22 2017 1:07 PM by Calculated Risk Blog
    Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Architecture Billings Index rebounds into positive territory The Architecture Billings Index (ABI) returned to growth mode in February, after a weak showing in January. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the February ABI score was 50.7 , up from a score of 49.5 in the previous month. This score reflects a minor increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 61.5, up from a reading of 60.0 the previous month, while the new design contracts index climbed from 52.1 to 54.7. "The sluggish start to the year in architecture firm billings should give way to stronger design activity as the year progresses," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "New project inquiries have been very strong through the first two months of the year, and in February new design contracts at architecture firms posted their largest  monthly gain in over two years."   ... • Regional averages: Midwest (52.4), South (50.5), Northeast (50.0), West (47.5) • Sector index breakdown: institutional (51.8), multi-family residential (49.3), mixed practice (49.2), commercial / industrial (48.9) emphasis added Click on graph for larger image. This graph shows the Architecture Billings Index since 1996. The index was at 50.7 in February, up from 49.5 in January. Anything above 50 indicates expansion in demand for architects' services. Note: This includes commercial and industrial facilities like hotels and office buildings, multi-family residential, as well as schools, hospitals and other institutions. According to the AIA, there is an "approximate...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:19 PM » Key House lawmaker: Dodd-Frank overhaul remains a 2016 priority
    Published Wed, Mar 22 2017 12:19 PM by Reuters
    WASHINGTON (Reuters) - The Republican chairman of a powerful House of Representatives committee said on Wednesday that he remains confident Congress will act to overhaul financial regulations "this year."
  • 10:56 AM » 'Bond king' Jeff Gundlach is all-in on this rising market
    Published Wed, Mar 22 2017 10:56 AM by CNBC
    DoubleLine's Jeff Gundlach likes to talk on TV. Here's what his bond ETF is actually investing in.
  • 10:55 AM » Bank lobbyists temper expectations for Dodd-Frank overhaul
    Published Wed, Mar 22 2017 10:55 AM by CNBC
    Lobbyists say they are facing the reality that bank deregulation legislation will have to wait behind healthcare reform and taxes.
  • 10:54 AM » Crude Slides Near $50 as US Supplies Keep Expanding
    Published Wed, Mar 22 2017 10:54 AM by Bloomberg
    Bloomberg Brent Crude Slides Near $50 as US Supplies Keep Expanding Bloomberg Brent oil extended losses toward $50 a barrel, a level it's held above since November, as continued growth in U.S. crude stockpiles frustrated OPEC's efforts to clear a global surplus. Futures slid as much as 1.8 percent in London after falling 1.3 ... and more »
  • 8:25 AM » Trulia: U.S. Home Inventory Hits Record Low Since Housing Market Began Turnaround In 2012
    Published Wed, Mar 22 2017 8:25 AM by info.trulia.com
    Housing Markets Where Home Values Recovered Most Have Experienced Largest Drops in Inventory
    Click Here to Read the Full Article

    Source: info.trulia.com
  • 8:24 AM » Fannie, Freddie revamp plan unlikely this year, dividends in focus
    Published Wed, Mar 22 2017 8:24 AM by Reuters
    WASHINGTON (Reuters) - An overhaul of Fannie Mae and Freddie Mac is highly unlikely to make it into this year's legislative calendar, Congressional staffers say, possibly shifting the new administration's immediate focus to allowing the mortgage financing institutions' to rebuild depleted capital.
  • 8:24 AM » Market Snapshot: Selloff in U.S. stocks set to pick up again as ‘Trump trade' dwindles
    Published Wed, Mar 22 2017 8:24 AM by Market Watch
    Wall Street is set for another day in red on Wednesday, building on the prior day's sharp selloff as investors grew concerned the Donald Trump administration will fail to deliver on its pro-business promises.
  • Tue, Mar 21 2017
  • 4:11 PM » Markets fret as Trump agenda shows signs of cracks
    Published Tue, Mar 21 2017 4:11 PM by Reuters
    NEW YORK (Reuters) - The steepest pullback in stocks since the U.S. presidential election reveals investor angst about President Donald Trump's ability to push through major reforms, leaving stocks vulnerable to a long-anticipated correction.
  • 2:34 PM » Can the Country Survive Without a Strong Middle Class?
    Published Tue, Mar 21 2017 2:34 PM by The Atlantic
    The U.S. Constitution, it is fair to say, is normally thought of as a political document. It lays out the American system of government and the relationships among the various institutions. But in a powerful new book The Crisis of the Middle-Class Constitution , the Vanderbilt legal scholar Ganesh Sitaraman argues that the Constitution doesn't merely require a particular political system but also a particular economic one, one characterized by a strong middle class and relatively mild inequality. A strong middle class, Sitaraman writes, inspires a sense of shared purpose and shared fate, without which the system of government will fall apart. I spoke with Sitaraman about his book last week at The Atlantic 's offices in Washington, D.C. A transcript of our conversation, edited for clarity, follows. Rebecca J. Rosen: Your new book, The Crisis of the Middle-Class Constitution , is premised on the idea that the American Constitution is what you call a middle-class constitution. What does that mean? Ganesh Sitaraman: The idea of the middle-class constitution is that it's a constitutional system that requires and is conditioned on the assumption that there is a large middle class, and no big differences between rich and poor in a society. Prior to the American Constitution, most countries and most people who thought about designing governments were very concerned about the problem of inequality, and the fear was that, in a society that was deeply unequal, the rich would oppress the poor and the poor would revolt and confiscate the wealth of the rich. The answer to this problem, the way to create stability out of what would have been revolution and strife, was to build economic class right into the structure of government. In England, you have the House of Lords for the wealthy, the House of Commons for everyone else. Our Constitution isn't like that. We don't have a House of Lords, we don't have a House of Commons, we don't have a tribune of the...
  • 2:32 PM » Mnuchin pal in line to head key banking agency; Fed post also could be filled: Sources
    Published Tue, Mar 21 2017 2:32 PM by CNBC
    The White House is expected to name former OneWest executive Joseph Otting as comptroller of the currency and Thomas Vartanian to be a key bank regulator.
  • 12:14 PM » World stocks seen as most overvalued in 17 years: BAML survey
    Published Tue, Mar 21 2017 12:14 PM by Reuters
    World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday. Bank of America Merrill Lynch's (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street's recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates.
  • 12:11 PM » S&P 500's selloff on track for biggest 4-day decline since before the election
    Published Tue, Mar 21 2017 12:11 PM by Market Watch
    The S&P 500 slumped 0.8% in morning trade, putting the large-cap benchmark index on track for its biggest one-day point and percentage decline so far this year, with 393 of 505 components losing ground. The index was also headed for a fourth-straight loss, matching the four-session losing streak ending Jan. 31. The S&P 500 has lost 30.57 points, or 1.28%, during its current streak, which would be the biggest four-day point and percentage loss since before the election, when it lost 40.97 points, or 1.93%, over the four sessions ending Nov. 4. Tuesday's selloff is also in danger of snapping a 109-session streak without a 1% decline.
  • 12:09 PM » Financial ETFs tumble as stock market pivots lower, led by Goldman, financials
    Published Tue, Mar 21 2017 12:09 PM by Market Watch
    Exchange-traded funds that track financials on Tuesday were helping to drag the stock market firmly lower in late-morning trade, with the three main benchmarks shaking off early opening gains. The Financial Select Sector SPDR ETF was off 1.5%, led by nearly losses of at least 3% from Bank of America Corp. , KeyCorp , and Fifth Third Bancorp . The exchange-traded SPDR S&P Bank ETF, which tracks smaller banks, was off nearly 3%, topped by a nearly 5% slide in shares of SVB Financial Group and Bank of the Ozarks Inc. . A 2% tumble in shares of Goldman Sachs Group was cutting more than 30 points from the Dow Jones Industrial Average , which was off about 128 points. Meanwhile, the S&P 500 index was down 0.6% at 2,358 led by financials losses. The Nasdaq Composite Index was down 0.8% at 5,854. The slide came as the yield in the 10-year Treasury note [BX:TMUBMUSD10Y] were at 2.44%. Bond prices and yields move in opposite directions. Lower yields tend to be bad news for banks because it the money they can make from borrowing short-term and lending on a long-term basis.
  • 11:14 AM » It's do-or-die time on health care for Trump and GOP
    Published Tue, Mar 21 2017 11:14 AM by CNBC
    Amid investigations by the FBI on his ties to Russia, President Trump needs to sell Americans on the GOP's health care bill, NBC News reports.
  • 11:10 AM » Lennar Earnings Beat Estimates on Renewed Economic Optimism
    Published Tue, Mar 21 2017 11:10 AM by Bloomberg
    Lennar Earnings Beat Estimates on Renewed Economic Optimism Bloomberg Lennar Corp., the second-largest U.S. homebuilder, reported fiscal first-quarter earnings that beat analysts' estimates and said new orders increased, signaling the start to a strong spring selling season. Your cheat sheet on life, in one weekly email ... and more »
  • 11:10 AM » Rental Apartment Absorption Flat While Condominium Absorption Jumps
    Published Tue, Mar 21 2017 11:10 AM by eyeonhousing.org
    The US Census Bureau, in collaboration with the US Department of Housing and Urban Development, releases data on completions and absorption rates for multifamily buildings with at least 5 apartments. The most recent release shows that completions of nonsubsidized, unfurnished, rental apartments amounted to 73,800 in the third quarter of 2016. This is 11,700 more than the second quarter of 2016, but... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:30 AM » Why bonds are still a good bet in a rising rate environment
    Published Tue, Mar 21 2017 9:30 AM by CNBC
    It is typically a mistake to sell bonds when rates rise, says the director of credit at asset manager AllianceBernstein.
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