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  • Tue, Jan 16 2018
  • 12:58 PM » 'Explosion' in US Bond Supply Endangers Global Market Rally - Bloomberg
    Published Tue, Jan 16 2018 12:58 PM by Bloomberg
    Bloomberg 'Explosion' in US Bond Supply Endangers Global Market Rally Bloomberg A "dramatic" increase in U.S. bond supply over the next year risks unhinging global markets from their bullish foundations, warns Torsten Slok at Deutsche Bank AG. The supply of U.S. government debt will almost double to $1 trillion this year to ... and more »
  • 12:35 PM » Freddie Mac Leads Nation as Top Multifamily Lender for Third Straight Year
    Published Tue, Jan 16 2018 12:35 PM by freddiemac.mwnewsroom.com
    Freddie Mac Leads Nation as Top Multifamily Lender for Third Straight Year
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:41 AM » Building Materials Prices and Labor Access Top Challenges for 2018
    Published Tue, Jan 16 2018 10:41 AM by eyeonhousing.org
    The monthly NAHB/Wells Fargo Housing Market Index includes a set of "special" questions on a topic of current interest to the housing industry. In December 2017, the special questions asked builders about the problems they faced in 2017 and expect to face in 2018. Topping the list of problems builders faced in 2017 and expect to face in 2018 is... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:16 AM » Freddie Mac Prices $793 Million Multifamily K-Deal, K-1504
    Published Tue, Jan 16 2018 10:16 AM by www.freddiemac.mwnewsroom.com
    Freddie Mac Prices $793 Million Multifamily K-Deal, K-1504
    Click Here to Read the Full Article

    Source: www.freddiemac.mwnewsroom.com
  • 9:56 AM » Employment Rose in Most States
    Published Tue, Jan 16 2018 9:56 AM by eyeonhousing.org
    According to the Bureau of Labor Statistics, nonfarm payroll employment increased in 32 states and decreased in 17 states and the District of Columbia in November 2017 compared to October 2017 while the level of employment in Maine remained unchanged. Year-over-year, 47 states increased employment while four states lost payroll employment during this time. As a result payroll employment nationwide... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:40 AM » NY Fed: "Business activity continued to grow at a solid clip"
    Published Tue, Jan 16 2018 9:40 AM by Calculated Risk Blog
    From the NY Fed: Empire State Manufacturing Survey Manufacturing firms in New York State reported that business activity continued to expand strongly. The general business conditions index was little changed at 17.7 . ... The index for number of employees fell nineteen points to 3.8, a level suggesting only a small increase in employment levels. The average workweek index fell to a level near zero, indicating that hours worked were unchanged. Looking ahead, firms remained optimistic about the six-month outlook. The index for future business conditions edged up two points to 48.6. The index for future inventories rose to 20.3, a record high, indicating that firms expect to build up inventories significantly in the months ahead. The index for future number of employees rose three points to 26.9, a multiyear high. emphasis added This was slightly below expectations, but still a solid report.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:19 AM » Treasury to recommend CRA changes
    Published Tue, Jan 16 2018 9:19 AM by www.consumerfinancemonitor.com
    According to a Wall Street Journal article, the Treasury Department expects to make recommendations in early 2018 for changing Community Reinvestment Act regulations. The article quotes a Treasury spokesperson who is reported to have said that CRA modernization is needed to align the statute’s goals and ensure that banks’ investments better support community needs. The... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 8:32 AM » Citi reports $18.3 billion loss on tax law; adjusted profit rises 4 percent
    Published Tue, Jan 16 2018 8:32 AM by Reuters
    (Reuters) - Citigroup Inc on Tuesday posted an $18.3 billion quarterly net loss on one-time tax charges, but said adjusted income rose 4 percent from a year earlier as consumer businesses made up for lower revenue from bond and currency trading. The loss for the fourth quarter was due to a $19 billion write-down on the value of deferred tax assets left from losses in the financial crisis and $3 billion of expenses for the new U.S. tax on past profits earned and kept abroad.
  • 8:31 AM » ECB's Hansson Says Bond Purchases Could End After September
    Published Tue, Jan 16 2018 8:31 AM by Bloomberg
    Bloomberg ECB's Hansson Says Bond Purchases Could End After September Bloomberg The European Central Bank should adjust its policy guidance before the summer and shouldn't have any problems ending net asset purchases in one swoop after September, Governing Council member Ardo Hansson said on Monday. While the Estonian policy maker ... and more »
  • Fri, Jan 12 2018
  • 3:21 PM » Palm Beach Notches Big-Ticket Home Sales
    Published Fri, Jan 12 2018 3:21 PM by www.realtor.com
    Once viewed as a bastion of older high-society snowbirds, the Florida island is becoming hipper as younger families are drawn by low taxes, picturesque scenery and sunshine. The post Palm Beach Notches Big-Ticket Home Sales appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:56 PM » One former Fed governor is worried that no one is worried about the strong economy
    Published Fri, Jan 12 2018 1:56 PM by CNBC
    "There's a lot of enthusiasm in markets," and that's concerning, says professor Randy Kroszner.
  • 1:54 PM » Bonds entering the ‘danger zone,' market watcher says
    Published Fri, Jan 12 2018 1:54 PM by CNBC
    For decades, prices for U.S. bonds have generally gone higher. But, the long boom could be heading for a bust.
  • 12:37 PM » Death of Bond Bull Market Exaggerated as Volatility Signals Calm
    Published Fri, Jan 12 2018 12:37 PM by Bloomberg
    Bloomberg Death of Bond Bull Market Exaggerated as Volatility Signals Calm Bloomberg U.S. government bonds have slid this week, yet fears of a market rout seem overblown. The climb in Treasury yields has led Janus fund manager Bill Gross to declare the end of the bull market, but he doesn't foresee dramatic losses. Volatility remains ... and more »
  • 11:36 AM » Federal Reserve fines five banks to wrap up mortgage servicing charges
    Published Fri, Jan 12 2018 11:36 AM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve fined five large U.S. banks a combined $35.1 million to settle cases of mortgage servicing flaws dating back to 2011.
  • 11:00 AM » For Bond Investors, Low Expectations in a Low-Yield World
    Published Fri, Jan 12 2018 11:00 AM by www.nytimes.com
    Small portfolio tweaks, emerging markets and money market funds are options - but prospects for big profits are rare.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 10:24 AM » Markets getting increasingly comfortable with more rate hikes this year
    Published Fri, Jan 12 2018 10:24 AM by CNBC
    Markets now fully expect two rate hikes this year and have nearly priced in a third.
  • 10:05 AM » Business inventories up 0.4% in November vs expectation of 0.2% gain
    Published Fri, Jan 12 2018 10:05 AM by CNBC
    U.S. business inventories were anticipated to rise in November, after slipping the previous month.
  • 9:16 AM » 2-year Treasury yield tops 2% for the first time since 2008 as inflation rises
    Published Fri, Jan 12 2018 9:16 AM by CNBC
    U.S. government debt yields rose Friday after consumer pricing data posted its biggest gain in 11 months.
  • 8:50 AM » US retail sales rise, while core sales are revised sharply higher
    Published Fri, Jan 12 2018 8:50 AM by CNBC
    U.S. retail sales increased in December as households bought a range of goods and figures for the prior month were revised higher.
  • 8:49 AM » US core consumer prices post biggest gain in 11 months
    Published Fri, Jan 12 2018 8:49 AM by CNBC
    The U.S. Consumer Price Index was expected to rise 0.2 percent in December, down from the 0.4 percent increase a month earlier.
  • 8:10 AM » JPMorgan profit beats on higher interest rates; debt trading down
    Published Fri, Jan 12 2018 8:10 AM by Reuters
    (Reuters) - JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a higher-than-expected quarterly profit on Friday as gains in net interest income offset a slowdown in trading revenue.
  • 8:10 AM » There's Another Culprit for Treasury Rout Besides Japan and China
    Published Fri, Jan 12 2018 8:10 AM by Bloomberg
    Bloomberg There's Another Culprit for Treasury Rout Besides Japan and China Bloomberg Treasury traders assigning blame to Japanese monetary shifts and Chinese bond preferences for this week's selloff may be overlooking a longer-term threat: supply from European governments drunk on quantitative easing. Strategists at Bank of America ... and more »
  • 8:08 AM » Wells Fargo beats earnings estimates but just misses on revenue
    Published Fri, Jan 12 2018 8:08 AM by CNBC
    Wells Fargo was expected to report fourth-quarter earnings of $1.07 per share on revenue of $22.38 billion, according to analysts surveyed by Reuters.
  • Thu, Jan 11 2018
  • 4:10 PM » Fed's Dudley warns that tax cuts putting economy on an 'unsustainable path'
    Published Thu, Jan 11 2018 4:10 PM by CNBC
    New York Fed President Bill Dudley painted an unflattering picture for growth, saying that the recently passed tax cuts pose an ominous threat down the road.
  • 3:14 PM » Oil Prices Higher, Up 19% Year-over-year
    Published Thu, Jan 11 2018 3:14 PM by Calculated Risk Blog
    From Bloomberg: Crude Oil Prices Are Up 49%, and It's Not All Thanks to OPEC The bottom line: A 49 percent surge in benchmark North American crude futures since late June, putting prices at a three-year high. ... "We expect inventories are going to build this year -- slightly," said Michael Cohen, Barclays Head of Oil Markets Research, in an interview on Bloomberg TV. "You're going to see a bunch of new crude supply coming on to the market this year from the U.S. So all in all, on a balanced basis, we don't see the kind of shortage to bring us to $80 for a sustainable basis." Click on graph for larger image The first graph shows WTI and Brent spot oil prices from the EIA . (Prices today added). According to  Bloomberg , WTI is at $64.29 per barrel today, and Brent is at $69.66. Prices really collapsed at the end of 2014 - and then rebounded a little - and then collapsed again at the end of 2015 and in early 2016. Now, with the global economy stronger and less domestic production, oil prices are rising. The second graph shows the year-over-year change in WTI based on data from the EIA . Six times since 1987, oil prices have increased 100% or more YoY.  And several times prices have almost fallen in half YoY. Currently WTI is up about 19% year-over-year.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:13 PM » David Rosenberg: Fed taking on role of 'serial bubble blower' and it won't 'end well'
    Published Thu, Jan 11 2018 3:13 PM by CNBC
    The Fed's tendency will be toward safe decisions and away from anything likely to unsettle Wall Street, said David Rosenberg at Gluskin Sheff.
  • 3:10 PM » What Bond Rout? Let's Not Get Carried Away by the Hype and Noise
    Published Thu, Jan 11 2018 3:10 PM by Bloomberg
    Bloomberg What Bond Rout? Let's Not Get Carried Away by the Hype and Noise Bloomberg For all the talk of a bond-market collapse, U.S. interest-rate options suggest no such thing. More likely, long-dated securities are facing a gradual upward repricing in yields with the Federal Reserve determined to raise rates and U.S. tax reform ... and more »
  • 3:10 PM » 5 tips before you buy or sell a home in cryptocurrency
    Published Thu, Jan 11 2018 3:10 PM by CNBC
    High-end real estate agent Tony Giordano shares his expertise to make the most of an emergent trend.
  • 3:09 PM » One in Four US Homebuyers Paid Above Listing Price Last Year
    Published Thu, Jan 11 2018 3:09 PM by Bloomberg
    Bloomberg One in Four US Homebuyers Paid Above Listing Price Last Year Bloomberg A tight supply of U.S. homes for sale, coupled with low mortgage rates, led buyers to bid aggressively last year, with 24 percent paying more than the asking price, according to Zillow. That's the biggest share since the home-listing site began ... and more »
  • 12:38 PM » Citigroup warns New York and California homeowners could see tax bills go up about $3,000
    Published Thu, Jan 11 2018 12:38 PM by CNBC
    The reason comes down to a change in the Republican tax law having do to with the so-called SALT provision.
  • 12:33 PM » Court Denies English's Preliminary Injunction Motion; Mulvaney Continues to Exercise Acting CFPB Director Authority
    Published Thu, Jan 11 2018 12:33 PM by www.consumerfinancemonitor.com
    Yesterday, U.S. District Court Judge Timothy J. Kelly denied Leandra English's motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump's appointment of Mick Mulvaney to serve as the CFPB's Acting Director. The Court denied that request and held that English failed to satisfy any of the four elements... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 12:01 PM » Sacramento Housing in December: Sales down 8% YoY, Active Inventory up 8% YoY
    Published Thu, Jan 11 2018 12:01 PM by Calculated Risk Blog
    Note: I'm going to retire the graph below.  The purpose was to see when the market shifted from distressed sales to more conventional sales.  For several years, not much changed. But in 2012 and 2013, we saw some significant changes with a dramatic shift from distressed sales to more normal equity sales.  Now almost all of the sales are conventional equity sales. Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009. In December, total sales were down 8.0% from December 2016, and conventional equity sales were down 3.8% compared to the same month last year. In December, 2.9% of all resales were distressed sales. This was up from 2.3% last month, and down from 4.8% in December 2016. Sacramento Realtor Press Release: 2017 closes with less sales, less inventory, higher sales price December recorded 1,408 closed escrows, a .9% increase from November(1,396 sales) and an 8% decrease from last year (1,530 sales). ... Active Listing Inventory decreased, dropping 28.9% from 2,216 to 1,575. The Months of Inventory also decreased, dropping 31.3% from 1.6 Months to 1.1. A year ago the Months of inventory was 1 and Active Listing Inventory stood at 1,458 listings ( 7.4% below the current figure ). emphasis added Here are the statistics . Click on graph for larger image. This graph shows the percent of REO sales, short sales and conventional sales. There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply. Active Listing Inventory for single family homes increased 8.0% year-over-year (YoY) in November.  This is the third consecutive month with a YoY inventory increase , following 29 consecutive months with a YoY decrease in inventory in Sacramento. Cash buyers accounted for 12.9% of all sales - this has been generally declining (frequently investors). Summary: This data suggests a normal...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:08 AM » Mortgage Rates Bounce Back Up
    Published Thu, Jan 11 2018 10:08 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Bounce Back Up
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:57 AM » Why this homeowner will accept bitcoin for his $45 million mansion
    Published Thu, Jan 11 2018 9:57 AM by CNBC
    Cryptocurrencies have brought more potential buyers to the luxury home market.
  • 8:46 AM » US producer prices fall for first time in nearly 1-½ years
    Published Thu, Jan 11 2018 8:46 AM by CNBC
    The U.S. Producer Price Index slipped 0.1 percent in December, after a 0.4 percent increase a month earlier.
  • 8:46 AM » US jobless claims increase for fourth straight week
    Published Thu, Jan 11 2018 8:46 AM by CNBC
    First-time claims for state unemployment benefits were expected to total 248,000 for the most recent week.
  • 8:23 AM » China says diversifying FX reserves, warns report on US bonds may be 'fake'
    Published Thu, Jan 11 2018 8:23 AM by Reuters
    BEIJING, Jan 11 (Reuters) - China is diversifying its foreign exchange reserves in order to safeguard their value, the country's currency regulator said on Thursday, while dismissing a media report the government is halting or reducing its purchases of U.S. debt.
  • 8:22 AM » China shunning US debt is ‘not relevant' and will not happen, economist says
    Published Thu, Jan 11 2018 8:22 AM by CNBC
    Global investors should not be concerned by a report that China is looking to curb its purchases of U.S. bonds, one economist told CNBC.
  • 8:21 AM » Why falling bond prices are traditionally seen as bad for stocks
    Published Thu, Jan 11 2018 8:21 AM by CNBC
    A sharp sell-off in bond markets this week spilled over into global equities with jitters that a near 30-year run bull run for fixed income could be coming to an end.
  • Wed, Jan 10 2018
  • 4:05 PM » Kansas City Fed on Housing: "Pent-Up Demand and Continuing Price Increases"
    Published Wed, Jan 10 2018 4:05 PM by Calculated Risk Blog
    From Jordan Rappaport, Senior Economist at the Kansas City Fed: Pent-Up Demand and Continuing Price Increases: The Outlook for Housing in 2018 An excerpt on inventory: The low rate of residential construction has been contributing to the tight supply of existing homes listed for sale. New construction provides liquidity to local housing markets, where households are often both buyers and sellers. With fewer new homes from which to choose, many homeowners considering upgrading have instead chosen to remain in their current homes and so have not listed them for sale. As a result, the number of existing homes for sale has decreased as well, dissuading other homeowners from upgrading and further dampening sales listings. This "vicious circle" has limited the efficacy of rising sales prices in eliciting more listings. Since early 2015, the number of single-family homes listed for sale has steadily declined (Chart 2, blue line). Correspondingly, the ratio of listed homes to monthly sales, also known as "months supply," fell to 3.8 in November, its lowest value since 1982, the earliest date for which data are available (green line). Click on graph for larger image. Limited new construction and sales listings of low-end single-family homes have similarly dissuaded many younger households from leaving their apartments to purchase homes, thereby depressing the number of vacant apartments available for potential new households. There is much more in the Fed article. CR Note: Two of the key reasons inventory is low: 1) A large number of single family home and condos were converted to rental units. In 2015, housing economist Tom Lawler estimated there were 17.5 million renter occupied single family homes in the U.S., up from 10.7 million in 2000. Many of these houses were purchased by investors, and rents have increased substantially, and the investors are not selling (even though prices have increased too). Most of these rental conversions were at the lower end...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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