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  • Fri, Sep 11 2020
  • 4:33 PM » Major wildfires tear through California, Oregon and Washington as death toll rises
    Published Fri, Sep 11 2020 4:33 PM by CNBC
    Dozens of major wildfires are burning through the U.S. West Coast, destroying hundreds of homes and wiping out entire neighborhoods in two towns in Oregon.
  • 4:32 PM » Apartment Construction Took Longer in 2019
    Published Fri, Sep 11 2020 4:32 PM by eyeonhousing.org
    The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.3 months, according to the 2019 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013, as regulatory challenges expanded and the skilled labor shortage challenged the industry. The average time to build multifamily homes... Read More › The post Apartment Construction Took Longer in 2019 first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 4:31 PM » Home Prices Up 13%, Biggest Increase Since 2013
    Published Fri, Sep 11 2020 4:31 PM by www.redfin.com
    For the four-week period ending September 6, home prices were up 13%, pending sales rose 28%, and new listings were 9% higher than the same period in 2019. The post Home Prices Up 13%, Biggest Increase Since 2013 appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 4:30 PM » Covid-19 mortgage bailouts decline slightly, but a new foreclosure crisis could be brewing
    Published Fri, Sep 11 2020 4:30 PM by CNBC
    After a substantial decline last week, the number of borrowers in coronavirus-related mortgage bailout programs dropped by a lot less this week.
  • 2:55 PM » Investors will look to the Fed to soothe the market next week, but that may be a tall order
    Published Fri, Sep 11 2020 2:55 PM by CNBC
    Markets are looking to the Fed as a soothing force when it meets in the week ahead, but there's a risk it could disappoint.
  • 1:25 PM » Hiring kicks off to fill hundreds of thousands of roles for the holiday shopping season
    Published Fri, Sep 11 2020 1:25 PM by CNBC
    Employers are hiring to meet demand for more online shopping and delivery this holiday season.
  • 12:01 PM » Cleveland Fed: Key Measures Show Inflation increased Year-over-year in August
    Published Fri, Sep 11 2020 12:01 PM by Calculated Risk Blog
    The Cleveland Fed released the median CPI and the trimmed-mean CPI this morning: According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.3% August. The 16% trimmed-mean Consumer Price Index rose 0.3% in August. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics' (BLS) monthly CPI report". Note: The Cleveland Fed released the median CPI details for August here . Used cars and trucks increased at a 88% annualized rate in August. Click on graph for larger image. This graph shows the year-over-year change for these four key measures of inflation. On a year-over-year basis, the median CPI rose 2.7%, the trimmed-mean CPI rose 2.5%, and the CPI less food and energy rose 1.7%. Core PCE is for July and increased 1.3% year-over-year. Even with the increases in inflation in July and August, overall inflation will not be a concern during the crisis.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:43 AM » BLS: CPI increased 0.4% in August, Core CPI increased 0.4%
    Published Fri, Sep 11 2020 8:43 AM by Calculated Risk Blog
    From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis after rising 0.6 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.3 percent before seasonal adjustment. The monthly increase in the seasonally adjusted all items index was broad-based; a sharp rise in the used cars and trucks index was the largest factor, but the indexes for gasoline, shelter, recreation, and household furnishings and operations also contributed. ... The index for all items less food and energy rose 0.4 percent in August after increasing 0.6 percent in July. ... The all items index increased 1.3 percent for the 12 months ending August; this figure has been rising since the period ending May 2020, when the 12-month increase was 0.1 percent. The index for all items less food and energy increased 1.7 percent over the last 12 months . emphasis added Overall inflation was above expectations in August. I'll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:03 AM » Stocks are back in sell-off mode. Former Fed Chairman Alan Greenspan and two others on what could be next
    Published Fri, Sep 11 2020 8:03 AM by CNBC
    The stock market's mixed messages suggest it's still dealing with some critical issues that could weigh on its prospects, top market watchers say.
  • Thu, Sep 10 2020
  • 2:18 PM » Manhattan rental market plunges, leaving 15,000 empty apartments in August
    Published Thu, Sep 10 2020 2:18 PM by CNBC
    Hopes for a rebound in the fall or the end of 2020 look increasingly unlikely. Although rental prices have come down, the discounts are not steep enough yet to lure new renters back to the city.
  • 2:00 PM » At least 19 states start paying the extra $300 weekly unemployment benefit
    Published Thu, Sep 10 2020 2:00 PM by CNBC
    Roughly a third of states have started issuing aid to jobless workers through the Lost Wages Assistance program, more than a month after a $600 federal supplement to unemployment benefits expired.
  • 1:54 PM » Pandemic Financially Imperils Nearly Half of American Households, Poll Finds
    Published Thu, Sep 10 2020 1:54 PM by www.npr.org
    There are dividing lines when it comes to how families are weathering the pandemic: Those living in big cities, those making less than $100,000 a year, and Latino and Black families are faring worst.
  • 1:53 PM » Houston Real Estate in August: Sales Up 7% YoY, Inventory Down 23% YoY
    Published Thu, Sep 10 2020 1:53 PM by Calculated Risk Blog
    From the HAR: Houston Real Estate Registers Another Strong Performance in August Following a July that vaulted Houston real estate into the record books, August proved to be another healthy month for home sales despite the lingering coronavirus pandemic. The high end of the market staged the strongest performance, pulling up overall pricing along the way. However, with a decline in the number of listings for sale coming on the market, inventory has now fallen to its lowest level in five years, setting the stage for moderating sales in the weeks ahead despite historically low interest rates. According to the latest Houston Association of Realtors (HAR) Market Update, 9,195 single-family homes sold in August compared to 8,673 a year earlier. That accounted for a 6.0 percent increase and marked the third consecutive month of positive sales. ... Sales of all property types totaled 11,121 - up 7.3 percent from August 2019 . Total dollar volume for the month increased 13.4 percent to $3.5 billion. After strong consumer interest in July, the lease market retreated in August, with declines in both the single-family and townhouse/condo markets. emphasis added Inventory declined 23.0% year-over-year from 44,369 in August 2019 to 34,181 in August 2020. Note that the closed sales in August were for contracts that were mostly signed in June and July.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:45 AM » The CDC banned evictions, but some renters are still vulnerable
    Published Thu, Sep 10 2020 9:45 AM by CNBC
    The Centers for Disease Control and Prevention has made it illegal for landlords across the U.S. to evict tenants who can't afford to pay their rent. But housing advocates say the measure is incomplete and still leaves renters at risk of losing their homes.
  • 8:36 AM » U.S. weekly jobless claims total 884,000, vs 850,000 expected
    Published Thu, Sep 10 2020 8:36 AM by CNBC
    First-time filings for unemployment claims were expected to total 850,000 last week, according to economists surveyed by Dow Jones.
  • 8:05 AM » European Central Bank keeps rates and stimulus program unchanged, despite stronger euro
    Published Thu, Sep 10 2020 8:05 AM by CNBC
    The European Central Bank announced Thursday it was keeping its interest rates and coronavirus-stimulus program unchanged.
  • 8:04 AM » Refinance Poised for Further Rate Declines
    Published Thu, Sep 10 2020 8:04 AM by eyeonhousing.org
    The latest results from the Mortgage Bankers Association's (MBA) Weekly Application Survey for the week ending September 4 show an increase of 2.9% in the Market Composite Index from the previous week on a seasonally adjusted basis. Purchasing and refinancing activity increased from the previous week by 2.6% and 3%, respectively. MBA's tracked contract rate of the 30-year fixed-rate mortgage... Read More › The post Refinance Poised for Further Rate Declines first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • Wed, Sep 9 2020
  • 2:20 PM » Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years as Pending Sales Surge 21%
    Published Wed, Sep 09 2020 2:20 PM by www.redfin.com
    Home prices continued to rise-new listings increased slightly, but gains were dwarfed by rise in pending sales. The post Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years as Pending Sales Surge 21% appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 2:19 PM » Open-Ended Credit Slowly Recovers in July
    Published Wed, Sep 09 2020 2:19 PM by eyeonhousing.org
    The Federal Reserve's latest G.19 Consumer Credit Report shows trends in consumer credit, excluding loans secured by real estate, through July 2020. Consumer credit increased at a seasonally adjusted annual rate of 2.6% from the previous month, with revolving debt1 decreasing by slightly less than 0.5% and nonrevolving debt2 increasing by 4.8 percent. Consumer credit totaled $4.1 trillion on a... Read More › The post Open-Ended Credit Slowly Recovers in July first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 12:40 PM » Las Vegas Real Estate in August: Sales down 9% YoY, Inventory down 36% YoY
    Published Wed, Sep 09 2020 12:40 PM by Calculated Risk Blog
    This report is for closed sales in August; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in June and July. The Las Vegas Realtors reported Southern Nevada home prices rise again, though fewer homes are selling; LVR housing statistics for August 2020 LVR reported a total of 3,594 existing local homes, condos and townhomes were sold during August . Compared to the same time last year, August sales were down 8.1% for homes and down 10.8% for condos and townhomes. ... By the end of August, LVR reported 4,639 single-family homes listed for sale without any sort of offer. That's down 40.3% from one year ago. For condos and townhomes, the 1,544 properties listed without offers in August represented a 17.0% drop from one year ago. Despite the coronavirus crisis, the number of so-called distressed sales in August remained near historically low levels. The association reported that short sales and foreclosures combined accounted for just 1.2% of all existing local property sales in August. That compares to 2.1% of all sales one year ago, 2.5% two years ago and 6.1% three years ago. emphasis added 1) Overall sales were down 8.7% year-over-year to 3,594 in August 2020 from 3,935 in August 2019. 2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,626 in August 2019 to 6,183 in August 2020. Note: Total inventory was down 35.8% year-over-year.   And months of inventory is low. 3) Low level of distressed sales.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:00 PM » NMHC: Rent Payment Tracker Shows Decline in Households Paying Rent in September
    Published Wed, Sep 09 2020 12:00 PM by Calculated Risk Blog
    From the NMHC: NMHC Rent Payment Tracker Finds 76.4 Percent of Apartment Households Paid Rent as of September 6 The National Multifamily Housing Council (NMHC)'s Rent Payment Tracker found 76.4 percent of apartment households made a full or partial rent payment by September 6 in its survey of 11.4 million units of professionally managed apartment units across the country. This is a 4.8-percentage point, or 552,796-household decrease from the share who paid rent through September 6, 2019 and compares to 79.3 percent that had paid by August 6, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price. "The initial rent payment figures from September have begun to demonstrate the increasing challenges apartment residents are facing. Falling rent payments mean that apartment owners and operators will increasingly have difficulty meeting their mortgages, paying their taxes and utilities and meeting payroll," said Doug Bibby, NMHC President. "The enactment of a nationwide eviction moratorium last week did nothing to help renters or alleviate the financial distress they are facing. Instead, it only is a stopgap measure that puts the entire housing finance system at jeopardy and saddles apartment residents with untenable levels of debt. Federal policymakers would have been better advised to continue to provide support as they successfully did through the CARES Act." ... " It is worth noting that the Labor Day weekend, which occurred a week later than in 2019, may have impacted the collections data for the first week of the month , just as our data showed a comparable dip the first week of July because of the Fourth of July holiday," said Bibby. "Next week's Rent Payment Tracker numbers will help indicate the degree to which the drop in payments was a result of the holiday weekend or decreased ability of residents to pay their rent."...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:26 AM » Job openings top expectations even as rate of hiring slows
    Published Wed, Sep 09 2020 11:26 AM by CNBC
    Job openings rose 10% in July to a pandemic high though the rate of hiring saw a sharp slump, according to a Labor Department report Wednesday.
  • 10:39 AM » Construction Job Openings Rise in July as Recovery Advances
    Published Wed, Sep 09 2020 10:39 AM by eyeonhousing.org
    After an accelerated pace of layoffs in March and April, construction hiring roared back in May, increasing the count of open jobs in July per data from the BLS Job Openings and Labor Turnover Survey (JOLTS). The rebound for construction is concentrated in the residential building sector. The pace of construction rehiring increased the open jobs rate to 4.4% in... Read More › The post Construction Job Openings Rise in July as Recovery Advances first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:34 AM » Ron Insana: Trump's threatened divorce from China unlikely to be amicable
    Published Wed, Sep 09 2020 9:34 AM by CNBC
    A unilateral break with China means more than just "conscious uncoupling, where the two countries have an amicable split with joint custody over the world economy.
  • 8:13 AM » European Central Bank could announce policy tweaks this week after shock inflation data
    Published Wed, Sep 09 2020 8:13 AM by CNBC
    The ECB's Governing Council will convene on Wednesday and Thursday to discuss its monetary policy stance and its assessment of the euro zone economy.
  • 8:03 AM » Bond king Jeffrey Gundlach says the surge in retail investor activity is 'downright terrifying'
    Published Wed, Sep 09 2020 8:03 AM by CNBC
    "Of course retail investor activity is downright terrifying," Gundlach said during an investor webcast on Tuesday.
  • Tue, Sep 8 2020
  • 2:17 PM » Zoom Towns And The New Housing Market For The 2 Americas
    Published Tue, Sep 08 2020 2:17 PM by www.npr.org
    One America is living in a housing boom. The other needs support from the government or family for an affordable place to live.
  • 2:17 PM » Examining Rental Housing in the US: Debt & Financing Characteristics
    Published Tue, Sep 08 2020 2:17 PM by eyeonhousing.org
    The Rental Housing Finance Survey (RHFS) released by the U.S. Census Bureau contains useful information on rental housing in the US. The RHFS provides measures of financial, mortgage, and property characteristics of rental properties in the US on a current and continuous basis. This post specifically looks at the debt and financing characteristics of rental housing from the 2018 RHFS... Read More › The post Examining Rental Housing in the US: Debt & Financing Characteristics first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 2:16 PM » Mitch McConnell says Senate will vote on coronavirus stimulus plan as soon as this week
    Published Tue, Sep 08 2020 2:16 PM by CNBC
    Mitch McConnell called the coronavirus stimulus bill the Senate plans to vote on "targeted," but did not give details about what it includes.
  • 11:35 AM » Seattle Real Estate in August: Sales up 15% YoY, Inventory UP 8% YoY
    Published Tue, Sep 08 2020 11:35 AM by Calculated Risk Blog
    The Northwest Multiple Listing Service reported Would-be homebuyers have more buying power, but also more competition for meager inventory Extremely low interest rates mean would-be home buyers have more buying power, but sparse inventory and increasing home prices in many parts of Washington state are leaving many buyers unable to take advantage of these attractive rates, reported broker Frank Wilson upon reviewing the latest statistical report from Northwest Multiple Listing Service. Member-brokers reported 9,847 closed sales, up more than 4.8% from a year ago . That volume was the highest since June 2018 when there were 10,072 completed transactions. emphasis added There were 9,847 sales in August 2020, up 4.8% from 9,392 sales in August 2019. The press release is for the Northwest. In King County, sales were up 9.6% year-over-year, and active inventory was down 27% year-over-year. In Seattle, sales were up 14.6% year-over-year, and inventory was up 7.7% year-over-year. .  This puts the months-of-supply in Seattle at just 1.8 months.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:35 AM » Labor Day weekend air travel hits nearly 6-month high, but holiday caps dismal summer season
    Published Tue, Sep 08 2020 10:35 AM by CNBC
    Air travel hit a nearly six-month high during Labor Day weekend but pandemic kept many would-be travelers out of the skies
  • 9:52 AM » Black Knight Mortgage Monitor for July: "Record-Low Rates, Largest Quarterly Volume on Record"
    Published Tue, Sep 08 2020 9:52 AM by Calculated Risk Blog
    Black Knight released their Mortgage Monitor report for July today. According to Black Knight, 6.91% of mortgages were delinquent in July, down from 7.59% in June, and up from 3.46% in July 2019. Black Knight also reported that 0.36% of mortgages were in the foreclosure process, down from 0.49% a year ago. This gives a total of 7.40% delinquent or in foreclosure. Press Release: Black Knight: Surge in Refinance Lending Driven by Record-Low Rates Leads to Largest Quarterly Volume on Record; Just 18% of All Refinancing Borrowers Retained by Servicers Today, the Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report, based upon the company's industry-leading mortgage performance, housing and public records datasets. This month, Black Knight looked at both Q2 2020 origination data as well as interest rate locks thus far in Q3 2020 to get a sense of how the lending market has fared in the era of COVID-19. As Black Knight Data & Analytics President Ben Graboske explained, a period of record-low interest rates has provided a much-needed backstop to the impact of shutdowns, unemployment and economic uncertainty. "Despite the nation being under pandemic-related lockdowns for much of the quarter, a record-breaking surge in mortgage originations occurred in Q2 2020, driven by the record-low interest rate environment," said Graboske. "Nearly $1.1 trillion in first lien mortgages were originated in Q2 2020, which is the largest quarterly origination volume we've seen since first reporting on the metric in January 2000. Refinance lending grew more than 60% from the previous quarter and more than 200% from the same time last year, accounting for nearly 70% of all Q2 originations by dollar value. At the same time, purchase lending declined 8% year-over-year as the traditional spring homebuying season was impacted by COVID-19-related restrictions. However, mortgage loan rate lock data - a leading indicator of...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:43 AM » U.S. economy faces $15 trillion hit as a result of school closures, OECD says
    Published Tue, Sep 08 2020 9:43 AM by CNBC
    The Organization for Economic Cooperation and Development has warned the interruption to children's schooling in the wake of the coronavirus pandemic could mean global economic growth is 1.5% lower on average for the rest of the century.
  • 8:55 AM » No-deal Brexit is the most likely outcome of trade talks, former EU chief says
    Published Tue, Sep 08 2020 8:55 AM by CNBC
    The U.K. and EU are unlikely to reach a trade deal, Jean-Claude Juncker, the former president of the European Commission, said, as both sides start a new round of talks.
  • 8:05 AM » U.S. Treasury yields move lower as investors monitor economic data, auctions
    Published Tue, Sep 08 2020 8:05 AM by CNBC
    U.S. government debt prices were higher on Tuesday, as investors awaited a fresh batch of economic data after the long Labor Day weekend.
  • Fri, Sep 4 2020
  • 3:29 PM » Fed's Jerome Powell: Jobless Rate Better Than Expected; Recovery To Take A Long Time
    Published Fri, Sep 04 2020 3:29 PM by www.npr.org
    In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.
  • 3:11 PM » U.S. is still in a 'very significant recession' despite job gains, Fed's Rosengren says
    Published Fri, Sep 04 2020 3:11 PM by CNBC
    We have a long way to go before we are fully recovered, but I will say this employment report was a very positive one," Boston Fed President Eric Rosengren told CNBC's Steve Liesman during an interview on "The Exchange."
  • 12:31 PM » Most people likely won't get a coronavirus vaccine until the middle of 2021
    Published Fri, Sep 04 2020 12:31 PM by CNBC
    Whichever vaccine wins regulatory authorization, it will likely be in short supply once it's cleared for public distribution, officials and experts warn.
  • 12:00 PM » Examining Rental Housing in the US
    Published Fri, Sep 04 2020 12:00 PM by eyeonhousing.org
    Using the 2018 Rental Housing Finance Survey (RHFS) published by the US Census Bureau, this post examines the characteristics of rental housing in the United States. The RHFS provides measures of financial, mortgage, and property characteristics of rental properties in the US on a current and continuous basis.[1] General Characteristics The 2018 RHFS survey shows that there are 19,955,000 rental... Read More › The post Examining Rental Housing in the US first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:36 AM » Comments on August Employment Report
    Published Fri, Sep 04 2020 9:36 AM by Calculated Risk Blog
    The labor market swings have been huge, and the August employment report was at expectations of 1.4 million jobs added, although private employment was below expectations. Leisure and hospitality added another 174 thousand jobs in August, following 4 million jobs added in May, June and July. Leisure and hospitality lost 8.3 million jobs in March and April, so about 50% of those jobs were added back in May, June, July and August. Earlier: August Employment Report: 1.4 Million Jobs Added, 8.4% Unemployment Rate In August, the year-over-year employment change was minus 10.25 million jobs. As expected, there were 238 thousand temporary Decennial Census workers hired (and included in this report). These jobs will be lost in a few months. "A job gain in federal government (+251,000) reflected the hiring of 238,000 temporary 2020 Census workers." Permanent Job Losers Click on graph for larger image. This graph shows permanent job losers as a percent of the pre-recession peak in employment through the August report. (ht Joe Weisenthal at Bloomberg) This data is only available back to 1994, so there is only data for three recessions. In August, the number of permanent job losers increased sharply to 3.411 million from 2.877 million in July. Prime (25 to 54 Years Old) Participation Since the overall participation rate has declined due to cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old. The prime working age will be key in the eventual recovery. The 25 to 54 participation rate increased slightly in August to 81.4%, and the 25 to 54 employment population ratio increased to 75.3%. Part Time for Economic Reasons From the BLS report : " The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) declined by 871,000 to 7.6 million in August, reflecting a decrease in the number...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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Mortgage Rates:
  • 30 Yr FRM 3.00%
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  • Jumbo 30 Year Fixed 3.35%
MBS Prices:
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Recent Housing Data:
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  • Refinance Index 8.83%
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  • Purchase Index 3.42%