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  • Fri, Dec 19 2014
  • 4:07 PM » Lawler Update: Read on November Existing Home Sales, Distressed Sales and Cash buyers for Selected Cities
    Published Fri, Dec 19 2014 4:07 PM by Calculated Risk Blog
    CR Note: The consensus is that on Monday, the NAR will report 5.20 million existing home sales for November, on a seasonally adjusted annual rate basis (SAAR). Housing economist Tom Lawler isn't always correct, but usually he is much closer than the consensus - so I expect a consensus miss on Monday. From Tom Lawler: "Based on local realtor/MLS reports released through this morning, I estimate that existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.90 million in November , down 6.8% from October's pace and up 1.4% from last November's pace. Unadjusted sales last month should be down slightly from a year ago." Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for a selected cities in November. On distressed: Total "distressed" share is down in these markets mostly due to a decline in short sales (the Mid-Atlantic and Orlando were unchanged). Short sales are down significantly in these areas. Foreclosures are up in several areas (working through the logjam). The All Cash Share (last two columns) is declining year-over-year. As investors pull back, the share of all cash buyers will probably continue to decline.   Short Sales Share Foreclosure Sales Share Total "Distressed" Share All Cash Share Nov-14 Nov-13 Nov-14 Nov-13 Nov-14 Nov-13 Nov-14 Nov-13 Las Vegas 9.5% 21.0% 8.7% 7.0% 18.2% 28.0% 32.8% 43.7% Reno** 6.0% 17.0% 6.0% 6.0% 12.0% 23.0%     Phoenix 4.1% 7.8% 5.7% 8.0% 9.7% 15.8% 28.0% 34.0% Sacramento 6.1% 11.0% 5.4% 4.6% 11.5% 15.6% 16.9% 25.0% Minneapolis 3.1% 5.0% 10.2% 16.9% 13.4% 21.9%     Mid-Atlantic 4.7% 7.5% 11.0% 8.1% 15.7% 15.7% 19.1% 19.6% Orlando 6.2% 13.7% 27.8% 20.3% 34.0% 34.0% 42.1% 46.2% California * 6.2% 10.2% 5.8% 6.8% 12.0% 17.0%     Bay Area CA* 4.3% 7.2% 2.8% 3.7% 7.1% 10.9% 18.9% 22.4% So. California* 6.2% 10...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:07 PM » Fed's Plosser Explains Dissent Vote, Says Policy Language Still Calendar-based
    Published Fri, Dec 19 2014 4:07 PM by WSJ
    Federal Reserve Bank of Philadelphia leader Charles Plosser said in a statement Friday the U.S. central bank is failing to make its monetary policy stance truly dependent on how the economy performs.
  • 2:41 PM » U.S. Home Values Continue to Rebound But at Slower Pace
    Published Fri, Dec 19 2014 2:41 PM by WSJ
    U.S. home values are on pace to conclude another year of strong growth, although the pace is easing up a bit, online real estate marketplace Zillow says.
  • 2:41 PM » Should you rent or buy? What to consider in housing decisions
    Published Fri, Dec 19 2014 2:41 PM by Google News
    One by-product of the housing boom and bust has been a re-examination by many of the real costs and benefits of the American dream of homeownership. And while some have looked to condense the complicated decision into a simple rule, every family must make a careful decision that takes many factors into account. That's why […]
  • 2:41 PM » How low gas prices fuel housing
    Published Fri, Dec 19 2014 2:41 PM by CNBC
    When it comes to housing, low gas prices not only help pad people's pocketbooks. They're boosting consumer confidence.
  • 12:52 PM » Zombie Credits Rise From Dead And That's Good for Stocks - Bloomberg
    Published Fri, Dec 19 2014 12:52 PM by Bloomberg
    Zombie Credits Rise From Dead And That's Good for Stocks Bloomberg This probably will be just a hypothetical question for most of you, given the audience. But it's an important one regardless, so let's ask it. Say you had a hard time keeping up with your credit card or mortgage payments during the last recession and ...
  • 12:48 PM » Fed's Williams: No Rate Increase Likely For a Couple of Meetings
    Published Fri, Dec 19 2014 12:48 PM by WSJ
    NEW YORK--Federal Reserve Bank of San Francisco President John Williams affirmed Friday that he believes any increase in short-term interest rates is unlikely to happen until the middle of next year.
  • 11:36 AM » Consensus Builds Against Eurozone's ‘Hardball' Strategy
    Published Fri, Dec 19 2014 11:36 AM by WSJ
    Call it the Washington/Paris consensus. The Peterson Institute for International Economics this week urged a fundamental rethink of the eurozone's strategy for confronting its mounting economic woes, adding its voice to those of the IMF and OECD.
  • 11:24 AM » The Next Challenge For Mortgage Lending?
    Published Fri, Dec 19 2014 11:24 AM by WSJ
    Regulators and lenders say that they've made major progress that should enable more Americans to get mortgages next year. But one major problem that could hold lending back has yet to be addressed, according to a research paper released by the Urban Institute this week.
  • 11:24 AM » U.S. ends TARP with $15.3 billion profit
    Published Fri, Dec 19 2014 11:24 AM by CNN
    The U.S. government essentially closed the books on TARP with a $15.3 billion profit.
  • 10:42 AM » Fed's Kocherlakota: Fed Policy Creating Downside Risks For Inflation
    Published Fri, Dec 19 2014 10:42 AM by WSJ
    Federal Reserve Bank of Minneapolis President Narayana Kocherlakota, who cast a dissenting vote at this week's Federal Reserve policy meeting, said Friday the U.S. central bank is playing an increasingly risky game that could lead to further declines in already weak inflation.
  • 10:41 AM » BLS: Forty-one States had Unemployment Rate Decreases in November
    Published Fri, Dec 19 2014 10:41 AM by Calculated Risk Blog
    From the BLS: Regional and State Employment and Unemployment Summary Regional and state unemployment rates were little changed in November. Forty-one states and the District of Columbia had unemployment rate decreases from October, three states had increases, and six states had no change, the U.S. Bureau of Labor Statistics reported today. ... Mississippi had the highest unemployment rate among the states in November, 7.3 percent. The District of Columbia had a rate of 7.4 percent. North Dakota again had the lowest jobless rate, 2.7 percent. 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 states are ranked by the highest current unemployment rate. Mississippi, at 7.3%, had the highest unemployment rate replacing Georgia with the highest 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 10 states with an unemployment rate at or above 11% (red). Currently no state has an unemployment rate at or above 8% (light blue); Five states and D.C. are still at or above 7% (dark blue).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:27 AM » OCC Reports Mortgage Performance Improvement Continues
    Published Fri, Dec 19 2014 10:27 AM by OCC
    The performance of first-lien mortgages serviced by seven national banks and one federal savings association improved in the third quarter of 2014, according to a report released today by the Office of the Comptroller of the Currency (OCC).
  • 9:43 AM » Homeowners get equity bonus
    Published Fri, Dec 19 2014 9:43 AM by CNBC
    Home price gains slowed in 2014, but were still enough to give homeowners $1.7 trillion in additional home equity.
  • 8:50 AM » Exclusive: ECB considers making weaker euro zone states bear more quantitative easing risk - sources
    Published Fri, Dec 19 2014 8:50 AM by Reuters
    FRANKFURT (Reuters) - European Central Bank officials are considering ways to ensure weak countries that stand to gain most from a fresh round of money printing bear more of the risk and cost.
  • 8:42 AM » Widest Spread Since 1999 Shows Reading on Fed: Chart of the Day - Bloomberg
    Published Fri, Dec 19 2014 8:42 AM by Bloomberg
    Bloomberg Widest Spread Since 1999 Shows Reading on Fed: Chart of the Day Bloomberg With leaders of the Federal Reserve and the European Central Bank facing splits in their respective policy committees, the yield difference between U.S. and German bonds shows investors have been quicker to make up their minds. The CHART OF THE DAY ...
  • Thu, Dec 18 2014
  • 10:33 PM » Blackrock: Bonds set to suffer
    Published Thu, Dec 18 2014 10:33 PM by CNBC
    Blackrock's Jeff Rosenberg contends that stocks will beat bonds once again in 2015.
  • 10:33 PM » U.S. to sell final $1.25 billion shares of Ally Financial from bailout
    Published Thu, Dec 18 2014 10:33 PM by Reuters
    (Reuters) - The U.S. Treasury Department will sell its remaining 54.9 million shares of Ally Financial Inc acquired under the government's bailout of the auto lender, Ally said on Thursday.
  • 10:25 PM » Mortgage Bankers Say FHA's Premium Increases Hurt Its Finances - Bloomberg
    Published Thu, Dec 18 2014 10:25 PM by Bloomberg
    Mortgage Bankers Say FHA's Premium Increases Hurt Its Finances Bloomberg The U.S. government's mortgage insurer has missed out on as much as $4.4 billion in revenue because of premium increases that have driven borrowers away, the Mortgage Bankers Association said. The Federal Housing Administration should cut the fees ...
  • 3:41 PM » Julián Castro shares his thoughts on leadership
    Published Thu, Dec 18 2014 3:41 PM by Washington Post
    Julián Castro became secretary of the Department of Housing and Urban Development (HUD) in July after serving as mayor of San Antonio, Texas. He now is responsible for overseeing 8,000 employees and a budget of $46 billion, as well as for promoting community development and housing opportunities nationwide.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:37 PM » U.S. Crude Output Rose to 28-Year High in November: API - Bloomberg
    Published Thu, Dec 18 2014 3:37 PM by Bloomberg
    U.S. Crude Output Rose to 28-Year High in November: API Bloomberg U.S. crude-oil production advanced above 9 million barrels a day last month for the first time in 28 years, the American Petroleum Institute said. The U.S. pumped 9.06 million barrels a day of crude in November, up 15 percent from a year earlier and the most ... and more »
  • 3:36 PM » Fed delays Volcker rule until 2017
    Published Thu, Dec 18 2014 3:36 PM by CNBC
    The Fed gave banks more time to meet a provision in the Volcker rule that bans them from betting with their own money through investments in risky hedge and private equity funds.
  • 3:35 PM » SEC charges Staten Island firm for defrauding $9 million from seniors
    Published Thu, Dec 18 2014 3:35 PM by Market Watch
    WASHINGTON (MarketWatch) -- A Staten-Island-based firm has been charged with running a "boiler-room" scheme to fraudulently entice seniors to invest in start-up companies. The Securities and Exchange Commission alleged that Premier Links Inc., its former president and two sales representatives cold-called seniors to persuade them to invest in companies supposedly about to conduct an initial public offering. The firm defrauded at least $9 million from more than 300 investors, the SEC alleged. In one instance, the SEC claims the defendants defrauded a veteran out of $300,000. The U.S. Attorney's Office for the Eastern District of New York also filed criminal charges.
  • 3:35 PM » Texas Could Be Headed for an Oil-Fueled Recession, J.P. Morgan Economist Says
    Published Thu, Dec 18 2014 3:35 PM by WSJ
    The global plunge in oil prices could lead to a painful economic downturn in Texas, J.P. Morgan Chase's chief U.S. economist said Thursday.
  • 1:33 PM » Wells Fargo NeighborhoodLIFT program invests $6 million to boost homeownership in San Antonio
    Published Thu, Dec 18 2014 1:33 PM by www.wellsfargo.com
    Wells Fargo & Company, NeighborWorks America and Alamo Community Group will join Mayor Taylor to announce the San Antonio Wells Fargo NeighborhoodLIFT® program, an initiative offering $6 MM to boost homeownership.
    Click Here to Read the Full Article

    Source: www.wellsfargo.com
  • 1:33 PM » Alternative lenders are hot -- especially among millennials
    Published Thu, Dec 18 2014 1:33 PM by CNN
    The future is looking bright for alternative lenders.
  • 1:32 PM » Deflation Warning Sounds as 2-Year Break-Even Rates Go Negative - Bloomberg
    Published Thu, Dec 18 2014 1:32 PM by Bloomberg
    Deflation Warning Sounds as 2-Year Break-Even Rates Go Negative Bloomberg Even with the Federal Reserve reminding investors that policy makers remain on course to raise interest rates next year, one corner of the bond market is warning of the risk of deflation. The difference in yields between Treasury two-year notes and ... and more »
  • 12:19 PM » CFPB soliciting suggestions for its amicus brief program
    Published Thu, Dec 18 2014 12:19 PM by www.cfpbmonitor.com
    Alan S. Kaplinsky The Consumer Law & Policy Blog has reproduced a copy of a letter sent yesterday by the CFPB seeking suggested cases for the CFPB’s amicus brief program. The letter indicates that the amicus program has so far filed 14 amicus briefs in the federal courts of appeals and has worked closely with the Solicitor General’s Office... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 12:15 PM » Bernanke Backs Pimco Forecast for Economic Acceleration - Bloomberg
    Published Thu, Dec 18 2014 12:15 PM by Bloomberg
    Bernanke Backs Pimco Forecast for Economic Acceleration Bloomberg Pacific Investment Management Co. tapped former Federal Reserve Chairman Ben S. Bernanke to help formulate an outlook for 2015 that projects higher growth, a stronger dollar and muted inflation. The manager of the world's largest bond mutual fund said ...
  • 11:27 AM » 5 Ways America's Newest Landlords Can Win the Public's Trust
    Published Thu, Dec 18 2014 11:27 AM by www.americanprogress.org
    Single-family rental companies can build trust by treating tenants fairly and investing in the communities surrounding their rental homes.
    Click Here to Read the Full Article

    Source: www.americanprogress.org
  • 11:26 AM » The Wall Street Journal: Wells Fargo fined for anti-money-laundering ‘failures'
    Published Thu, Dec 18 2014 11:26 AM by Market Watch
    Wells Fargo is fined by the Financial Industry Regulatory Authority, or "Finra," for its anti-money-laundering failures.
  • 10:25 AM » FDIC Publication Focuses on Interest Rate Risk
    Published Thu, Dec 18 2014 10:25 AM by content.govdelivery.com
    Press Release FDIC Publication Focuses on Interest Rate Risk FOR IMMEDIATE RELEASE December 18, 2014 Media Contact: David Barr (202) 898-6992 Email: dbarr@fdic.gov The Winter 2014 issue of Supervisory Insights , which was released today, looks at key aspects of interest rate risk (IRR) management, including the implementation of effective governance processes, the development of key assumptions for analyzing IRR, the development of an in-house independent review of IRR management systems, and what to expect during an IRR review. "Banks need to be prepared for a period of increasing interest rates," stated Doreen R. Eberley, Director, Division of Risk Management Supervision. "The articles in this issue of Supervisory Insights , which were prepared by FDIC field examiners who specialize in IRR reviews at community banks, can help banks identify the potential risks and take steps to mitigate the risks where needed." "Effective Governance Processes for Managing Interest Rate Risk" discusses supervisory expectations for a community bank's IRR governance process, identifies potential risks associated with a period of increasing interest rates, and discusses approaches for mitigating IRR as needed. "Developing the Key Assumptions for Analysis of Interest Rate Risk" describes common sense approaches for developing the assumptions necessary to analyze interest rate sensitivity in the current environment. "Developing an In-House Independent Review of Interest Rate Risk Management Systems" describes ways that smaller institutions may be able to effectively and economically perform an in-house IRR independent review. Finally, "What to Expect During an Interest Rate Risk Review" describes what examiners focus on during an IRR review, supervisory expectations with respect to IRR, and communication with the FDIC during an examination. Supervisory Insights provides a forum for discussing how bank regulation and policy are...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:22 AM » Mortgage Rates Find New Lows for 2014
    Published Thu, Dec 18 2014 10:22 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Find New Lows for 2014
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:41 AM » News Release - Economic Growth Ends Year With a Slower ...
    Published Thu, Dec 18 2014 9:41 AM by Fannie Mae
    Economic Growth Ends Year With a Slower Q4, but Poised to Strengthen in 2015.
  • 9:37 AM » Greystone Closes First Two Freddie Mac Small Balance Multifamily Loans
    Published Thu, Dec 18 2014 9:37 AM by freddiemac.mwnewsroom.com
    Greystone Closes First Two Freddie Mac Small Balance Multifamily Loans
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 8:42 AM » Wells Fargo Rides Retail Deposits to Be Most-Valuable Bank
    Published Thu, Dec 18 2014 8:42 AM by Bloomberg
    Wells Fargo Rides Retail Deposits to Be Most-Valuable Bank Bloomberg Behind Wells Fargo & Co. (WFC)'s ascent to the world's most valuable bank lies a cheap and reliable source of funds favored by regulators and less popular with its largest rivals: retail bank deposits. Wells Fargo gets 78 percent of its funding from deposits, ... and more »
  • 8:42 AM » Fewer Americans than expected file for benefits
    Published Thu, Dec 18 2014 8:42 AM by CNBC
    The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labor market continued to strengthen.
  • 8:38 AM » When a Mortgage Hinges on Home Values
    Published Thu, Dec 18 2014 8:38 AM by WSJ
    A home appraisal that comes in low can reduce the amount a home-buyer can borrow for a mortgage; why the loan-to-value ratio matters.
  • 8:37 AM » Ocwen Said to Have Stalled Home Sales by Underwater Borrowers - Bloomberg
    Published Thu, Dec 18 2014 8:37 AM by Bloomberg
    Ocwen Said to Have Stalled Home Sales by Underwater Borrowers Bloomberg Ocwen Financial Corp. is being examined over whether it improperly stalled short sales by borrowers who owe more than their homes are worth, according to two people briefed on the case, as troubles deepen for the mortgage servicer whose stock has ...
  • Wed, Dec 17 2014
  • 11:21 PM » This country is red hot for real-estate investors
    Published Wed, Dec 17 2014 11:21 PM by CNBC
    The idyllic islands of the Maldives are receiving a lot of attention from wealthy real-estate entrepreneurs, property investment firms told CNBC.
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