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  • Wed, Apr 29 2015
  • 10:46 AM » Cheaper oil should help economy? Wrong: BlackRock
    Published Wed, Apr 29 2015 10:46 AM by CNBC
    BlackRock bond guru Jeff Rosenberg blames oil for the recent economic weakness.
  • 10:46 AM » Consumers just say no to spending
    Published Wed, Apr 29 2015 10:46 AM by CNBC
    The first-quarter GDP report put several dents in popular economic narratives, none of which bode well for growth ahead.
  • 10:46 AM » US crude inventories rise by 1.9M barrels
    Published Wed, Apr 29 2015 10:46 AM by CNBC
    Oil traded higher as the dollar dropped after data showed the U.S. economy grew much more slowly than expected in the first quarter.
  • 9:28 AM » E.C.B. Says Loans to Private Sector Rose in March for First Time in 3 Years
    Published Wed, Apr 29 2015 9:28 AM by rss.nytimes.com
    The data published by the European Central Bank come amid other signs that eurozone banks are recovering from a crisis that began in 2008.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 9:28 AM » First-Quarter GDP – At A Glance
    Published Wed, Apr 29 2015 9:28 AM by WSJ
    U.S. economic output expanded at a 0.2% seasonally adjusted annual rate in the early months of 2015, the Commerce Department said Wednesday. Here's a quick look at the report.
  • 9:28 AM » US economy stalls as weather, low energy prices bite
    Published Wed, Apr 29 2015 9:28 AM by CNBC
    U.S. economic growth braked more sharply than expected in the first quarter, but there are signs activity is picking up.
  • 9:25 AM » Eurozone Inflation Expectations Rise
    Published Wed, Apr 29 2015 9:25 AM by WSJ
    The European Central Bank appears to be winning its battle to persuade households and consumers that inflation will pick up over coming months and years.
  • 9:25 AM » Treasury slapped over shoddy support for homeowners
    Published Wed, Apr 29 2015 9:25 AM by Market Watch
    In an oversight smackdown, a federal inspector says the U.S. Treasury Department has done far too little in certain states to help troubled homeowners.
  • 12:13 AM » Wednesday: GDP, FOMC
    Published Wed, Apr 29 2015 12:13 AM by Calculated Risk Blog
    From Bloomberg: Fed Decision Day Guide: From Cooling Economy to Forward Guidance Investors will scrutinize changes to the description of the economy for hints on the likely timing of liftoff after policy makers all but ruled out an interest-rate increase at this meeting. Expectations for the first increase since 2006 have shifted out to September from June as the economy weakened in the first quarter ... Inflation: Signs that consumer prices are stabilizing following a rebound in oil costs could encourage policy makers to tweak their language on inflation.  ... Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 8:30 AM, Gross Domestic Product, 1st quarter 2015 (advance estimate). The consensus is that real GDP increased 1.0% annualized in Q1. • At 10:00 AM, Pending Home Sales Index for March. The consensus is for a 1.0% increase in the index. • At 2:00 PM, FOMC Meeting Statement . No change to policy is expected.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:13 AM » A Comment on House Prices: Real Prices and Price-to-Rent Ratio in February
    Published Wed, Apr 29 2015 12:13 AM by Calculated Risk Blog
    The expected slowdown in year-over-year price increases has occurred. In October 2013, the National index was up 10.9% year-over-year (YoY). In February 2015, the index was up 4.2% YoY.  However the YoY change has only declined slightly over the last six months. Looking forward, I expect the YoY increases for the indexes to move more sideways (as opposed to down).   Two points: 1) I don't expect (as some) for the indexes to turn negative YoY (in 2015) , and 2) I think most of the slowdown on a YoY basis is now behind us. This slowdown in price increases was expected by several key analysts, and I think it was good news for housing and the economy. In the earlier post , I graphed nominal house prices, but it is also important to look at prices in real terms (inflation adjusted).  Case-Shiller, CoreLogic and others report nominal house prices.  As an example, if a house price was $200,000 in January 2000, the price would be close to $276,000 today adjusted for inflation (36%).  That is why the second graph below is important - this shows "real" prices (adjusted for inflation). It has been almost ten years since the bubble peak.  In the Case-Shiller release this morning, the National Index was reported as being 7.6% below the bubble peak.    However, in real terms, the National index is still about 21% below the bubble peak. Nominal House Prices The first graph shows the monthly Case-Shiller National Index SA, the monthly Case-Shiller Composite 20 SA, and the CoreLogic House Price Indexes (through January) in nominal terms as reported. In nominal terms, the Case-Shiller National index (SA) is back to May 2005 levels, and the Case-Shiller Composite 20 Index (SA) is back to December 2004 levels, and the CoreLogic index (NSA) is back to February 2005. Real House Prices The second graph shows the same three indexes in real terms (adjusted for inflation using CPI less Shelter). Note...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:12 AM » Spring Foreclosures in Bloom, Heatmapped by County
    Published Wed, Apr 29 2015 12:12 AM by www.builderonline.com
    RealtyTrac's Daren Blomquist updates his foreclosure heatmap with March's year-over-year numbers. And when it comes to foreclosures, March came in like a lamb and out like a lion.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • Tue, Apr 28 2015
  • 4:35 PM » Gundlach Considers 100-Times Levered Wager Against German Bonds
    Published Tue, Apr 28 2015 4:35 PM by Bloomberg
    Bloomberg Gundlach Considers 100-Times Levered Wager Against German Bonds Bloomberg Jeffrey Gundlach, founder and chief executive officer of DoubleLine Capital LP, pauses during a television appearance in New York, on May 17, 2012. Photographer: Scott Eells/Bloomberg. Recommended. MAP: Everest Rescue Operation 'No One's Going ... and more »
  • 3:31 PM » Is The Government Suing Banks Out Of The Mortgage Market?
    Published Tue, Apr 28 2015 3:31 PM by WSJ
    Last Thursday, the Department of Justice brought its latest high-profile mortgage-related lawsuit--this time against Quicken Loans Inc., a Detroit-based nonbank that's risen to become one of the largest mortgage originators in the country. Quicken Loans had brought its own lawsuit against the government the week before, alleging that the government had tried to get it to settle and admit to fraud charges it didn't commit. The lawsuit, and others like it, have implications far beyond any ultimate impact on companies' balance sheets. Many of the companies that have been targeted by the lawsuits have claimed that the Justice Department is going after them based on immaterial foot falls, rather than major errors. Some of them say that's led them to pull back from the mortgage market, especially in lending to borrowers with smaller down payments or worse credit scores. Here are some questions and answers on how the lawsuits could be impacting the mortgage market.
  • 3:31 PM » Oracle Joins Amgen in Planning $13.5 Billion of Bond Deals
    Published Tue, Apr 28 2015 3:31 PM by Bloomberg
    Oracle Joins Amgen in Planning $13.5 Billion of Bond Deals Bloomberg Oracle Corp. and Amgen Inc. are raising cash in the bond market to return capital to their equity investors. Apple Inc. may join them soon. Oracle may sell $10 billion of notes as soon Tuesday, including what would be the software maker's first bond that will ... and more »
  • 2:25 PM » Commercial real estate boosts United Bankshares
    Published Tue, Apr 28 2015 2:25 PM by Washington Post
    District-based United Bankshares Inc. on Tuesday reported first-quarter profit of $34.6 million on revenue of $112.9 million.The bank earned 50 cents per share, beating estimates of 49 cents.Bank executives said the quarter's result is due, in part, to last year's acquisition of Virginia Commerce Bankcorp in a deal valued at $490 million.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:25 PM » Money Market Rates Suggest Investors Are Complacent as Fed Meets
    Published Tue, Apr 28 2015 2:25 PM by Bloomberg
    Money Market Rates Suggest Investors Are Complacent as Fed Meets Bloomberg Bullish bets in the futures market suggest traders may be underestimating the risk of the Federal Reserve's two-day policy meeting buoying money-market rates. As the Fed debates the evolution of monetary policy in Washington, traders are projecting ...
  • 1:39 PM » ECB Dominates Greece Saga as Dijsselbloem Rejects Tsipras Charge
    Published Tue, Apr 28 2015 1:39 PM by Bloomberg
    ECB Dominates Greece Saga as Dijsselbloem Rejects Tsipras Charge Bloomberg The Greek-rescue drama descended into verbal volleys as Prime Minister Alexis Tsipras's government awaited the latest critical liquidity review of the country's lenders by the European Central Bank. Dutch Finance Minister Jeroen Dijsselbloem, who chairs ... and more »
  • 11:01 AM » Why New Homes Have Become More Expensive: They're Much Bigger
    Published Tue, Apr 28 2015 11:01 AM by WSJ
    Prices of new homes have zoomed higher over the past few years. One big driver: the growing size of the American home.
  • 11:01 AM » Homeownership Rate U.S. Falls to 63.7%, Lowest Since 1993
    Published Tue, Apr 28 2015 11:01 AM by Bloomberg
    Homeownership Rate U.S. Falls to 63.7%, Lowest Since 1993 Bloomberg The U.S. homeownership rate fell to the lowest level in more than two decades, extending a multiyear decline as rising prices and stagnant wages keep young families out of the property-buying market. The share of Americans who own their homes was 63.7 ... and more »
  • 11:00 AM » US Navy denies confrontation with Iranian military amid reports cargo vessel seized
    Published Tue, Apr 28 2015 11:00 AM by CNBC
    A U.S. vessel has been fired on and steered to the Bandar Abbas port by Iran on Tuesday, according to reports by the Saudi news network, Al Arabiya.
  • 10:31 AM » U.S. consumer confidence sinks in April
    Published Tue, Apr 28 2015 10:31 AM by Reuters
    NEW YORK (Reuters) - U.S. consumer confidence unexpectedly slumped in April, according to a private sector report released on Tuesday.
  • 9:48 AM » Ally Financial profit more than doubles
    Published Tue, Apr 28 2015 9:48 AM by Market Watch
    Ally Financial Inc. said its profit more than doubled in the first quarter on strength in its core auto-lending business. Ally's auto-finance franchise has driven results in recent quarters, and in its latest period originations in the segment rose 7% from a year earlier. The company's Ally Bank business, meanwhile, posted 12% growth in retail deposits to a total of $50.6 billion as of March 31.
  • 9:43 AM » Case-Shiller: National House Price Index increased 4.2% year-over-year in February
    Published Tue, Apr 28 2015 9:43 AM by Calculated Risk Blog
    S&P/Case-Shiller released the monthly Home Price Indices for February ("February" is a 3 month average of December, January and February prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data for the graphs. From S&P: Widespread Gains in Home Prices for February According to the S&P/Case-Shiller Home Price Indices Data released for February 2015 show that home prices continued their rise across the country over the last 12 months. ... Both the 10-City and 20-City Composites saw larger year-over-year increases in February compared to January. The 10-City Composite gained 4.8% year-over-year, up from 4.3% in January. The 20-City Composite gained 5.0% year-over-year, compared to a 4.5% increase in January. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.2% annual gain in February 2015, weaker than the 4.4% increase in January 2015. ... The National Index rebounded in February, reporting a 0.1% change for the month. Both the 10- and 20-City Composites reported significant month-over-month increases of 0.5%, their largest increase since July 2014. Of the sixteen cities that reported increases, San Francisco and Denver led all cities in February with increases of 2.0%and 1.4%. Cleveland reported the largest drop as prices fell 1.0%. Las Vegas and Boston reported declines of -0.3% and -0.2% respectively. ... "Home prices continue to rise and outpace both inflation and wage gains," said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "The S&P/Case-Shiller National Index has seen 34 consecutive months with positive year-over-year gains; all 20 cities have shown year-over-year gains every month since the end of 2012. While prices...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:36 AM » In U.S., Fewer Non-Homeowners Expect to Buy Home
    Published Tue, Apr 28 2015 1:36 AM by www.gallup.com
    In the U.S., 41% of non-homeowners do not expect to buy a home in "the foreseeable future," up from 31% two years ago. Gallup also finds that the homeownership rate in the U.S., at 61%, is the lowest in nearly 15 years.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 1:35 AM » Freddie Mac: Mortgage Serious Delinquency rate declined in March
    Published Tue, Apr 28 2015 1:35 AM by Calculated Risk Blog
    Freddie Mac reported that the Single-Family serious delinquency rate declined in March to 1.73%, down from 1.81% in February. Freddie's rate is down from 2.20% in March 2014, and the rate in March was the lowest level since December 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  Note: Fannie Mae will report their Single-Family Serious Delinquency rate for March in a few days. Click on graph for larger image Although the rate is declining, the "normal" serious delinquency rate is under 1%.  The serious delinquency rate has fallen 0.47 percentage points over the last year - and the rate of improvement has slowed recently - but at that rate of improvement, the serious delinquency rate will not be below 1% until late 2016. So even though distressed sales are declining, I expect an above normal level of Fannie and Freddie distressed sales through 2016 (mostly in judicial foreclosure states).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:35 AM » Back on Top: FHA Sees Biggest Mortgage Market Share in Two Years
    Published Tue, Apr 28 2015 1:35 AM by www.builderonline.com
    Mortgages backed by the Federal Housing Administration are making up a greater share of sales of new single-family homes, according to recent government data, in a sign that economic conditions and government actions may be expanding the pool of buyers in the housing market.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 1:35 AM » Freddie Mac Issues Monthly Volume Summary for March 2015
    Published Tue, Apr 28 2015 1:35 AM by freddiemac.mwnewsroom.com
    Freddie Mac Issues Monthly Volume Summary for March 2015
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • Mon, Apr 27 2015
  • 4:09 PM » Financial sector 'rooting' for rate hike: Diamond
    Published Mon, Apr 27 2015 4:09 PM by CNBC
    Financials are primed to break out from a sluggish run partly fueled by low interest rates, former Barclays CEO Bob Diamond said.
  • 2:04 PM » Home remodeling goes digital
    Published Mon, Apr 27 2015 2:04 PM by CNBC
    As the already $300 billion home remodeling industry begins a new boom, the space is getting even more competitive.
  • 2:04 PM » Blackstone CEO: Housing a smart play
    Published Mon, Apr 27 2015 2:04 PM by CNBC
    Steve Schwarzman says housing makes a "good investment," even though prices aren't rising as much as he'd like.
  • 2:04 PM » Capitol Report: FHA's share of new-home sales on the rise
    Published Mon, Apr 27 2015 2:04 PM by Market Watch
    Mortgages backed by the Federal Housing Administration are making up a greater share of sales of new single-family homes, according to recent government data, in a sign that economic conditions and government actions may be expanding the pool of buyers in the housing market.
  • 12:27 PM » Real estate in these 'energy cities' is about to get hit
    Published Mon, Apr 27 2015 12:27 PM by CNBC
    Prime office real estate in some of the world's leading cities is about to take a hit from the falling price of oil, a new report has found.
  • 10:24 AM » The market in a minute: 500 earnings reports ahead
    Published Mon, Apr 27 2015 10:24 AM by Market Watch
    While this earnings season has gone much better than many, myself included, expected, this week has 500 earnings reports which should tip the scales one way or the other with regard to how this season is viewed.
  • 10:24 AM » D.R. Horton to Buy Pacific Ridge Homes for $72 Million
    Published Mon, Apr 27 2015 10:24 AM by Bloomberg
    D.R. Horton to Buy Pacific Ridge Homes for $72 Million Bloomberg D.R. Horton Inc. agreed to buy the homebuilding operations of Seattle-based Pacific Ridge Homes for about $72 million in cash to expand in the U.S. Northwest. The purchase includes about 350 lots, 90 homes in inventory and 40 homes in order backlog, ... and more »
  • 10:24 AM » Green Homes Are So 2010: The Future Is Wellness Communities
    Published Mon, Apr 27 2015 10:24 AM by www.realtor.com
    While green homes promote the health of the planet, wellness communities promote the health of their residents. See four communities, from Texas to Seattle. The post Green Homes Are So 2010: The Future Is Wellness Communities appeared first on Real Estate News .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:08 AM » Freddie Mac Reaches the $100 Billion Milestone in Multifamily K-Deal Securitizations
    Published Mon, Apr 27 2015 10:08 AM by freddiemac.mwnewsroom.com
    Freddie Mac Reaches the $100 Billion Milestone in Multifamily K-Deal Securitizations
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:21 AM » Black Knight: House Price Index up 0.7% in February, 4.6% year-over-year
    Published Mon, Apr 27 2015 9:21 AM by Calculated Risk Blog
    Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted . From Black Knight: Black Knight Home Price Index Report: February Transactions - U.S. Home Prices Up 0.7 Percent for the Month; Up 4.6 Percent Year-Over-Year Today, the Data and Analytics division of Black Knight Financial Services released its latest Home Price Index (HPI) report, based on February 2015 residential real estate transactions. The Black Knight HPI combines the company's extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales. For a more in-depth review of this month's home price trends, including detailed looks at the 20 largest states and 40 largest metros, please download the full Black Knight HPI Report at http://www.bkfs.com/Data/DataReports/BKFS_HPI_Feb2015_Report.pdf The Black Knight HPI increased 0.7% percent in February, and is off 9.5% from the peak in June 2006 (not adjusted for inflation). The year-over-year increase in the index has been about the same for the last six months. The press release has data for the 20 largest states, and 40 MSAs. Black Knight shows prices off 40.7% from the peak in Las Vegas, off 34.8% in Orlando, and 31.7% off from the peak in Riverside-San Bernardino, CA (Inland Empire). Prices are at new highs in Colorado, New York and Texas (Denver, Austin, Dallas, Houston) and several other cities around the country. Note: Case-Shiller for February will be released tomorrow.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:59 AM » Views of Home Buying Climate Slightly Less Positive in U.S.
    Published Mon, Apr 27 2015 8:59 AM by www.gallup.com
    Most Americans continue to say it is a good time to buy a home, but the 69% holding this view is down slightly from the past two years. Meanwhile, 59% expect home values in their local area to increase, the highest since 2006.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 8:58 AM » Greek government reshuffles EU/IMF negotiating team
    Published Mon, Apr 27 2015 8:58 AM by Reuters
    ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras on Monday reshuffled his team handling talks with European and IMF lenders, after his finance minister was sharply criticized for his performance at a euro zone meeting last week.
  • 8:57 AM » ECB Paper Takes Stab at Measuring 2012 Euro Break-up Fears
    Published Mon, Apr 27 2015 8:57 AM by WSJ
    The risk that eurozone countries would be forced to abandon the euro and go back to their old, devalued currencies was a major factor pushing up Spanish, Italian and French bond yield spreads at the height of the euro debt crisis in 2012, according to a paper published Monday by the European Central Bank.
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