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  • Thu, Apr 12 2018
  • 3:51 PM » Bank earnings are coming, and they're going to be huge
    Published Thu, Apr 12 2018 3:51 PM by CNBC
    As Wall Street's financial giants get set to report first-quarter earnings, profits are expected to rise 24 percent.
  • 1:33 PM » First-Ever Evictions Database Shows: 'We're In the Middle Of A Housing Crisis'
    Published Thu, Apr 12 2018 1:33 PM by www.npr.org
    Matthew Desmond estimates that about 2.3 million evictions were filed in the U.S. in 2016 - a rate of four every minute. "Eviction isn't just a condition of poverty; it's a cause of poverty," he says.
  • 1:33 PM » Forget Luxury Apartments; the Hottest Rentals Are Single-Family Homes
    Published Thu, Apr 12 2018 1:33 PM by www.realtor.com
    The hottest rentals around aren't those gleaming high-rises. Instead, single-family homes are seeing the biggest spike in popularity. The post Forget Luxury Apartments; the Hottest Rentals Are Single-Family Homes appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:33 PM » Opening Doors: Fair Housing Means Housing Choice without Discrimination
    Published Thu, Apr 12 2018 1:33 PM by blog.hud.gov
    This month, HUD celebrates the 50-year legacy of the Fair Housing Act, the landmark legislation that was signed into law on April 11, 1968, and has helped open doors for millions of Americans. . We know the key to one's home unlocks not just a door, but also provides a family access to a community, […]
  • 1:29 PM » House GOP pushes back plans to vote on making individual tax cuts permanent
    Published Thu, Apr 12 2018 1:29 PM by CNBC
    Rep. Rodney Davis, who introduced legislation to extend the individual tax cuts, said he had hoped for a vote around tax day next week. Now the timeline is unclear, but that he is speaking with leadership about bringing his bill to the floor.
  • 1:02 PM » A Small Fix for the Housing Crunch Is in Your Backyard
    Published Thu, Apr 12 2018 1:02 PM by Bloomberg
    Bloomberg A Small Fix for the Housing Crunch Is in Your Backyard Bloomberg Alexis Rivas opens his Mac laptop and zooms in on a 3D rendering of a house in Echo Park, a hip neighborhood in Los Angeles. Set off from the main house, there's a small, modern structure that his company, Cover Technologies Inc., hopes to build. "You ...
  • 12:36 PM » Acting Director Mulvaney appears before House Financial Services Committee
    Published Thu, Apr 12 2018 12:36 PM by www.consumerfinancemonitor.com
    Yesterday, Mick Mulvaney made his first appearance as CFPB Acting Director before the House Financial Services Committee to present the Bureau's Semi-Annual Report to Congress for the period beginning April 1, 2017, and ending September 30, 2017, a period of time when Richard Cordray was still the Director. In his message preceding the Semi-Annual Report,... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 12:11 PM » That Apartment Building Boom Is Slowing—So Rent Is About to Accelerate
    Published Thu, Apr 12 2018 12:11 PM by www.realtor.com
    In a research note out Tuesday, Goldman Sachs economists suggested a February slowdown in housing inflation was likely temporary. In the March consumer price index data released Wednesday, they were proved right. The post That Apartment Building Boom Is Slowing-So Rent Is About to Accelerate appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 11:41 AM » NY Fed now publishing LIBOR alternative index rate
    Published Thu, Apr 12 2018 11:41 AM by www.consumerfinancemonitor.com
    Creditors currently using the London Inter-Bank Offered Rate (LIBOR) as the index for variable-rate consumer loans should note that the Federal Reserve Bank of New York is now publishing a new index named the Secured Overnight Financing Rate (SOFR). SOFR is intended to take the place of LIBOR when LIBOR is discontinued (as the United... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 10:52 AM » Sub-prime mortgages make a comeback—with a new name and soaring demand
    Published Thu, Apr 12 2018 10:52 AM by CNBC
    Sub-prime mortgages disappeared following the financial crisis, but now they are coming back, with huge demand from both borrowers and investors.
  • 10:13 AM » Mortgage Rates Holding Steady
    Published Thu, Apr 12 2018 10:13 AM by www.freddiemac.mwnewsroom.com
    Mortgage Rates Holding Steady
    Click Here to Read the Full Article

    Source: www.freddiemac.mwnewsroom.com
  • 9:58 AM » Weekly Initial Unemployment Claims decrease to 233,000
    Published Thu, Apr 12 2018 9:58 AM by Calculated Risk Blog
    The DOL reported : In the week ending April 7, the advance figure for seasonally adjusted initial claims was 233,000 , a decrease of 9,000 from the previous week's unrevised level of 242,000. The 4-week moving average was 230,000, an increase of 1,750 from the previous week's unrevised average of 228,250. Claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal. emphasis added The previous week was unrevised. 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 230,000. This was slightly higher than the consensus forecast. The low level of claims suggest relatively few layoffs.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:19 AM » New Home Building Employment Estimates by Congressional District
    Published Thu, Apr 12 2018 9:19 AM by eyeonhousing.org
    The new NAHB estimates show that the average congressional district has more than 8,800 residents working in residential construction but that number is often significantly higher. In Montana's single Congressional district, close to 20,600 residents are in home building. The latest estimates of home building employment, including self-employed workers, by congressional district highlight the importance of home building to voting... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:40 AM » CEO of world's largest money manager: Investors should be 100% in stocks
    Published Thu, Apr 12 2018 8:40 AM by CNBC
    "The key for investors is to stay in the market," BlackRock's Larry Fink says.
  • 8:37 AM » We won't reach 3% on the 10-year Treasury yield until 2020, economist predicts
    Published Thu, Apr 12 2018 8:37 AM by CNBC
    Sovereign bonds will still prove popular for investors over the next two years and a sharp sell-off in fixed income will fail to materialize, an economist at UBS told CNBC Thursday.
  • 8:37 AM » CoreLogic on New Tax Law: "No material house price effect so far"
    Published Thu, Apr 12 2018 8:37 AM by Calculated Risk Blog
    From Frank Nothaft at CoreLogic: Tax Reform: Effect on Home Prices; No material price effect so far, though it is still early after reform The Tax Cuts and Jobs Act enacted in December was the largest change to the U.S. tax code in more than three decades. Tax reform has touched every person and industry. Let's examine how it affects housing decisions made by families. Overall, tax reform has lowered personal income taxes, not necessarily for each taxpayer but in the aggregate. An increase in after-tax income, at the margin, generally increases the amount of shelter consumed and the likelihood of being a homeowner. Economists refer to this as the 'income effect'. Thus, the increase in after-tax income should be a net plus for housing demand and homeownership, holding all else constant. But all else is not constant. Tax reform also lowered the maximum loan size for interest deductibility on new first-mortgage debt to $750,000, eliminated deductibility for some second liens, and capped the annual deduction for state and local income and property taxes at $10,000. Further, the hike in the standard deduction will substantially reduce the number of tax filers who itemize, and lower marginal tax rates reduce the value of deductions for those who do itemize. By raising the after-tax cost of homeownership, tax reform is expected, at the margin, to lower the amount of shelter consumed by owner-occupants and tilt tenure choice toward renting rather than owning. Economists refer to this as the 'price effect' because the relative cost of owning versus renting has changed. Whether the 'income' or the 'price' effect is stronger will determine whether demand for shelter and homeownership rates rise, fall, or are largely left unchanged. CR note: My view is there are certain segments of the housing market that might see a negative impact. I discussed this in Question #10 for 2018: Will the New Tax Law impact Home Sales, Inventory, and Price Growth in Certain States...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:37 AM » Fannie Mae DC Workplace Relocation | Fannie Mae
    Published Thu, Apr 12 2018 8:37 AM by Fannie Mae
    News Release. Share This: April 11, 2018. Fannie Mae DC Workplace Relocation Frequently Asked Questions. Pete Bakel. 202-752-2034. ...
  • Wed, Apr 11 2018
  • 5:35 PM » Few Investors Have Calculated Retirement Income, Expenses
    Published Wed, Apr 11 2018 5:35 PM by news.gallup.com
    Most nonretired investors haven't done much specific planning for retirement, including calculating expected income and expenses.
    Click Here to Read the Full Article

    Source: news.gallup.com
  • 5:30 PM » CFPB seeks comment on its consumer complaint and inquiry handling process
    Published Wed, Apr 11 2018 5:30 PM by www.consumerfinancemonitor.com
    The CFPB has issued a request for information that seeks comment on its handling of consumer complaints and inquiries. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal Register, which the CFPB expects to occur on approximately April 16, 2018. The CFPB... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 5:29 PM » Mulvaney Vows 'Humility and Moderation' From CFPB
    Published Wed, Apr 11 2018 5:29 PM by Bloomberg
    Bloomberg Mulvaney Vows 'Humility and Moderation' From CFPB Bloomberg Mick Mulvaney, the White House budget chief temporarily running the Consumer Financial Protection Bureau, defended his minimalist approach to leading the agency while delivering his first semiannual report to Congress on Wednesday. "Our job is to ... and more »
  • 3:12 PM » Housing Share of GDP
    Published Wed, Apr 11 2018 3:12 PM by eyeonhousing.org
    With the release of the final estimate of fourth quarter 2017 GDP growth (a 2.5% annual growth rate), housing's share of gross domestic product (GDP) rose slightly to 15.4%. The home building and remodeling component - residential fixed investment - also increased slightly, rising to 3.5%. Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is effectively the measure... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 2:22 PM » Fed minutes: 'All' members see higher GDP and inflation, and more rate hikes
    Published Wed, Apr 11 2018 2:22 PM by CNBC
    Fed minutes: 'All' members see higher GDP and inflation, and more rate hikes|| 105124056
  • 1:00 PM » Mulvaney pitches his revamp of consumer protection agency to Congress
    Published Wed, Apr 11 2018 1:00 PM by CNBC
    In congressional hearings on Wednesday and Thursday, Mick Mulvaney, the controversial acting head of the Consumer Financial Protection Bureau, gets the chance to advocate for new laws that would rein in the independence of the CFPB.
  • 12:21 PM » Yield Curve Spreads Are the Lowest Since 2007
    Published Wed, Apr 11 2018 12:21 PM by Bloomberg
    Bloomberg Yield Curve Spreads Are the Lowest Since 2007 Bloomberg The spread between 5- and 30-year Treasury yields, as well as the gap for 2- and 10-year maturities, tumbled Wednesday to the lowest levels since 2007, at 37.2 basis points and 45.7 basis points, respectively. The flattening accelerated after consumer ... and more »
  • 11:45 AM » Fed's Powell could sound more like Yellen if market turbulence gets too bad
    Published Wed, Apr 11 2018 11:45 AM by CNBC
    The Fed releases minutes from its last meeting Wednesday afternoon, and what many in markets are looking for is signs of a "Powell put."
  • 10:57 AM » Portugal Wants Next ECB Head to Stick With Draghi's Approach
    Published Wed, Apr 11 2018 10:57 AM by Bloomberg
    Bloomberg Portugal Wants Next ECB Head to Stick With Draghi's Approach Bloomberg Portuguese Prime Minister Antonio Costa wants the European Central Bank to continue with Mario Draghi's robust approach to policy after the ECB president steps down next year. Antonio Costa on April 11. Photographer: Chris Ratcliffe/Bloomberg. "We'd ... and more »
  • 9:53 AM » Fannie Mae Announces Offering of New Issue 3-Year ...
    Published Wed, Apr 11 2018 9:53 AM by Fannie Mae
    News Release. Share This: April 11, 2018. Benchmark Notes. Matthew Classick. 202-752-3662. Fannie Mae Announces Offering ...
  • 9:23 AM » BLS: CPI decreased 0.1% in March, Core CPI increased 0.2%
    Published Wed, Apr 11 2018 9:23 AM by Calculated Risk Blog
    From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.1 percent in March on a seasonally adjusted basis after rising 0.2 percent in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index rose 2.4 percent before seasonal adjustment. A decline in the gasoline index more than outweighed increases in the indexes for shelter, medical care, and food to result in the slight seasonally adjusted decline in the all items index. The energy index fell sharply due mainly to the 4.9-percent decrease in the gasoline index. The index for food rose 0.1 percent over the month, with the indexes for food at home and food away from home both increasing The index for all items less food and energy increased 0.2 percent in March , the same increase as in February. ... The all items index rose 2.4 percent for the 12 months ending March, the largest 12-month increase since the period ending March 2017 and higher than the 1.6-percent average annual rate over the past 10 years. The index for all items less food and energy rose 2.1 percent, its largest 12-month increase since the period ending February 2017. emphasis added I'll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI. This was close to the consensus forecast of no change for CPI, and a 0.2% increase in core CPI.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:14 AM » Tread very carefully when considering purchase of a home in a tax or foreclosure sale
    Published Wed, Apr 11 2018 8:14 AM by Washington Post
    REAL ESTATE MATTERS | You just don't know what condition the property is in or what it will take to make it habitable.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:14 AM » Futures drop on rising U.S.-Russia tensions over Syria
    Published Wed, Apr 11 2018 8:14 AM by Reuters
    (Reuters) - U.S. stock index futures fell sharply on Wednesday due to rising concerns over confrontation between the United States and Russia over military action in Syria.
  • 8:13 AM » House-Senate standoff imperils effort to roll back banking rules
    Published Wed, Apr 11 2018 8:13 AM by Washington Post
    The White House is looking to notch another victory - and top officials appear to be losing patience with the impasse.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:08 AM » Russia warns any U.S. missiles fired at Syria will be shot down
    Published Wed, Apr 11 2018 8:08 AM by Reuters
    BEIRUT (Reuters) - Russia has warned that any U.S. missiles fired at Syria over a suspected chemical weapons attack on a rebel enclave would be shot down and the launch sites targeted, raising the possibility of a U.S.-Russian confrontation.
  • 8:08 AM » Missiles 'will be coming' to Syria, Trump warns Russia
    Published Wed, Apr 11 2018 8:08 AM by Reuters
    WASHINGTON/BEIRUT (Reuters) - U.S. President Donald Trump warned Russia on Wednesday of imminent military action in Syria over a suspected poison gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar Assad.
  • 8:08 AM » Luxury Homes Are Taking Longer to Sell and That's Costing Owners
    Published Wed, Apr 11 2018 8:08 AM by Bloomberg
    Bloomberg Luxury Homes Are Taking Longer to Sell and That's Costing Owners Bloomberg Luxury homes aren't selling as fast as they used to. And their owners are paying a price for the slowness. Last year, 72 percent of the most-expensive properties in the U.S. took longer than 180 days to sell, a sharp jump from 2015, when 59 percent of ...
  • Tue, Apr 10 2018
  • 5:15 PM » Inflation could show more sizzle than expected
    Published Tue, Apr 10 2018 5:15 PM by CNBC
    Traders are watching to see if March consumer inflation data will run hotter than expected Wednesday, just as producer prices did Tuesday.
  • 5:14 PM » Port of Long Beach: Record Port Traffic in Q1 2018
    Published Tue, Apr 10 2018 5:14 PM by Calculated Risk Blog
    From the Port of Long Beach: Port of Long Beach Breaks 1st Quarter Record The Port of Long Beach has completed its best-ever first quarter, with marine terminals handling almost 1.9 million twenty-foot equivalent units (TEUs) January through March. The quick start is 19.4 percent more than the first quarter of 2017, the Port's busiest year ever. The previous first quarter record was set in 2007. March throughput reached 575,258 TEUs, an increase of 13.8 percent compared to the same month last year. "Our March cargo jumped despite the shipping slowdown during the Lunar New Year holiday in China," said Port of Long Beach Executive Director Mario Cordero. CR Notes: Exports were up sharply in March. I'll have more on the LA area port traffic once Los Angeles releases their March statistics.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:41 PM » CFPB issues annual complaint report
    Published Tue, Apr 10 2018 2:41 PM by www.consumerfinancemonitor.com
    The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017. (In 2016, the CFPB received approximately 291,400 complaints.) The report provides data on the most common types of complaints for each product and the handling of... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 2:40 PM » Q1 Review: Ten Economic Questions for 2018
    Published Tue, Apr 10 2018 2:40 PM by Calculated Risk Blog
    At the end of last year, I posted Ten Economic Questions for 2018 . I followed up with a brief post on each question. The goal was to provide an overview of what I expected in 2018 (I don't have a crystal ball, but I think it helps to outline what I think will happen - and understand - and change my mind, when the outlook is wrong). By request, here is a quick Q1 review (it is very early in the year). I've linked to my posts from the beginning of the year, with a brief excerpt and a few comments: 10) Question #10 for 2018: Will the New Tax Law impact Home Sales, Inventory, and Price Growth in Certain States? My sense is the low end of the housing market will be fine. The Mortgage Interest Deduction (MID) will be capped at interest on a mortgage up to $750,000 instead of $1,000,000, so the lower priced markets will not be hit by the reduction in the MID. There might be some additional taxes for these buyers due to the limits on SALT and property taxes, but this should be minor. I also expect the high end of the market to be fine. The high end is already doing well even with the MID capped at $1 million. For these buyers, the bigger impact will be the SALT and property tax limitations, but there will be offsets for these buyers due to the lower rates - and these buyers will likely benefit from the corporate tax cuts.  Many of these buyers will also benefit from the changes to the Alternative Minimum Tax (AMT). It is the upper-mid-range in the certain markets that will probably slow.  This might be in the $750,000 to $1.5 million price range.  These potential buyers probably don't benefit from the AMT or corporate changes, but they will likely be hit by the SALT and property tax limits.  It is still too early to determine the impact of the new tax law on housing. 9) Question #9 for 2018: Will housing inventory increase or decrease in 2018? I was wrong on inventory last year (and the previous year), but right now my guess is...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:37 PM » Philly Fed: State Coincident Indexes increased in 46 states in February
    Published Tue, Apr 10 2018 12:37 PM by Calculated Risk Blog
    From the Philly Fed : The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for February 2018. Over the past three months, the indexes increased in all 50 states, for a three-month diffusion index of 100. In the past month, the indexes increased in 46 states , decreased in two, and remained stable in two, for a one-month diffusion index of 88. emphasis added Note: These are coincident indexes constructed from state employment data. An explanation from the Philly Fed: The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables in each coincident index are nonfarm payroll employment, average hours worked in manufacturing by production workers, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). The trend for each state's index is set to the trend of its gross domestic product (GDP), so long-term growth in the state's index matches long-term growth in its GDP. Click on map for larger image. Here is a map of the three month change in the Philly Fed state coincident indicators. This map was all red during the worst of the recession, and all or mostly green during most of the recent expansion. Once again, the map is all green on a three month basis. Source: Philly Fed. Note: For complaints about red / green issues, please contact the Philly Fed . And here is a graph is of the number of states with one month increasing activity according to the Philly Fed. This graph includes states with minor increases (the Philly Fed lists as unchanged). In February, 47 states had increasing activity (including minor increases). The downturn in 2015 and 2016, in the number of states increasing, was mostly related to the decline in oil prices.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:19 PM » Rising Home Prices Push Borrowers Deeper Into Debt
    Published Tue, Apr 10 2018 12:19 PM by www.realtor.com
    More Americans are stretching to buy homes, the latest sign that rising prices are making homeownership more difficult for a broad swath of potential buyers. The post Rising Home Prices Push Borrowers Deeper Into Debt appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
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