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  • Mon, Feb 13 2017
  • 5:02 PM » Who Claims the Home Office Deduction?
    Published Mon, Feb 13 2017 5:02 PM by eyeonhousing.org
    With tax preparation season well underway, it is a good time to examine the use of the home office deduction. Often cited as a "red flag" for tax audits, the home office deduction is a legitimate business deduction particularly important for certain professionals and small business owners. Moreover - from the housing economics perspective - IRS data concerning the deduction,... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 5:02 PM » Lawler: Some Data on Institutional Holdings of Single-Family Properties
    Published Mon, Feb 13 2017 5:02 PM by Calculated Risk Blog
    From housing economist Tom Lawler: Some Data on Institutional Holdings of Single-Family Properties Invitation Homes, Blackstone Group's single-family rental operator, recently went public, and its prospectus included some information on its portfolio of single-family rental properties. Other publicly-traded entities in the single-family rental business also provide such information, and I figured I'd compile some data. Here is a table showing the number of single-family homes owned by selected publicly-traded companies (or subsidiaries of such companies). These totals include homes held for sale. Single-Family Homes Owned by Selected Institutions, 9/30/2016   Number Avg. Sq. Ft. Invitation Homes 48,431 1,844 American Homes 4 Rent 48,158 1,959 Colony Starwood Homes 31,557 1,849 Silver Bay Realty Trust Corp.* 8,974 1,645 Tricon American Homes 8,006 1,521 Total 145,126 1,853 *Silver Bay reported 8,837 SF homes, but the total excluded homes for sale, which I have estimated American Homes 4 Rent merged with American Residential Properties, Inc. in 2006, and that merger involved the "acquisition" of about 8,938 homes, bringing AH4R's total property holdings to about the same as Invitation Homes. Below is a table showing the geographic distribution of single-family homes held by these institutions. Note that reporting by "geographic market" in some cases varies by institution. E.g., one institution combines Charlotte and Raleigh, NC into one market, while another breaks those markets out separately. Also, two institutions have an "other" category - American Homes 4 Rent (a significant number of homes owned are in this category) and Colony Starwood Homes. Single Family Property Holdings of Certain Institions by Market, 9/30/2016 Invitation Homes American Homes 4 Rent Colony Starwood Homes Silver Bay Realty Trust Tricom American Homes Total West   Southern CA 4,633 2,794 280 7,707 Northern CA 2,892 972 382 631 4,877...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:01 PM » Classic pattern points to bond rally
    Published Mon, Feb 13 2017 5:01 PM by CNBC
    Paul Ciana of Bank of America Merrill Lynch spots a telling pattern on the chart of the 5-year Treasury yield.
  • 3:18 PM » Lawler: Selected Operating Statistics, Large Publicly-Traded Home Builders
    Published Mon, Feb 13 2017 3:18 PM by Calculated Risk Blog
    From housing economist Tom Lawler. Below is a table from Tom Lawler showing selected operating results of large publicly-traded builders for the quarter ended December 31, 2016.   Net Orders Settlements Average Closing Price (000s) Qtr. Ended: 12/16 12/15 % Chg 12/16 12/15 % Chg 12/16 12/15 % Chg D.R. Horton 9,241 8,064 14.6% 9,404 8,061 16.7% 298 290 2.4% Pulte Group 4,202 3,659 14.8% 6,197 5,662 9.4% 396 353 12.3% NVR 3,645 3,100 17.6% 4,419 4,010 10.2% 389 382 1.9% Cal Atlantic 2,848 2,699 5.5% 4,338 3,795 14.3% 450 437 3.0% Beazer Homes 1,005 923 8.9% 995 1,049 -5.1% 338 321 5.3% Meritage Homes 1,493 1,568 -4.8% 2,117 1,919 10.3% 414 397 4.3% MDC Holdings 1,018 1,020 -0.2% 1,582 1,275 24.1% 453 435 4.1% M/I Homes 999 897 11.4% 1,416 1,253 13.0% 356 360 -1.1% Total 24,451 21,930 11.5% 30,468 27,024 12.7% 373 356 4.6%
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:17 PM » Why Yellen will hold her interest-rate cards close in front of Congress
    Published Mon, Feb 13 2017 3:17 PM by Market Watch
    Fed Chairwoman Janet Yellen will remain cautious about the outlook for interest rates during her testimony before Congress this week.
  • 12:42 PM » U.S. inflation expectations at highest level since 2015: NY Fed
    Published Mon, Feb 13 2017 12:42 PM by Reuters
    NEW YORK (Reuters) - A measure of U.S. inflation expectations rose for a second straight month in January to its highest level since mid-2015, according to a Federal Reserve Bank of New York survey released on Monday that reinforced the view that interest rates would keep climbing.
  • 12:41 PM » Groups seek reconsideration en banc of motions to intervene in PHH case
    Published Mon, Feb 13 2017 12:41 PM by www.cfpbmonitor.com
    Barbara S. Mishkin After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on the CFPB’s petition for rehearing en banc. Instead, the next development has... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 12:40 PM » Gary Cohn and the Participation Rate
    Published Mon, Feb 13 2017 12:40 PM by Calculated Risk Blog
    A Bloomberg article from December had some comments from Gary Cohn, the White House National Economic Council Director: Cohn in His Own Words The published U.S. unemployment rate "is a very, very fictitious rate. It's only that low because the participation rate has gone downward..." "The participation rate really measures people out in the U.S. population that are looking for jobs. There are so many people who are frustrated looking for jobs that they've just stopped. If the participation rate normalized -- this is a fun fact -- if it normalized to Day 1 of the Obama administration, we'd still be at an 11 percent plus unemployment rate." -- July 2015 This is not a "fun fact", it is complete nonsense. First, Cohn obviously ignored his own economic research at Goldman Sachs. In March 2016, Goldman Sachs economist David Mericle wrote:  "At this point, we see the cyclical "participation gap" as nearly closed."  If most of the cyclical gap is closed, then the remaining decline was due to demographics and long term trends. Second, as I've been discussing for years , the reason the recent decline in the overall participation rate (for those 16+ years old) is mostly due to demographics and long term trends.  The two main drivers of the lower participation rate have been aging baby boomers, and younger people staying in school.  There are also other long term trends that have pushed down the participation rate. Lets look at the participation rate trend for two young male cohorts, those 16 to 19 years old, and those 20 to 24 years old. Click on graph for larger image. Note: For simplification, I used men only for this graph.  It is more complicated for women because there was a significant increase in women participating in the labor force in the '60s, '70s, and '80s due to changing societal norms. There has been a down trend that for both the "16 to...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:53 AM » When Buying, Selling and Renovating, it's an Animal House, Say Realtors®
    Published Mon, Feb 13 2017 10:53 AM by Google News
    WASHINGTON (February 13, 2017) — When making decisions about buying, selling or renovating their homes, Americans, by and large, take their pets' needs into account, according to a new report from the National Association of Realtors®. The 2017 Animal House: Remodeling Impact report found that 81 percent of respondents said that animal-related considerations play a role when deciding on their next living situation. "In 2016, 61 percent of U.S. households either have a pet or plan to get one in the future, so it is important to understand the unique needs... Read More
  • 10:17 AM » Is Trump's White House headed for its first shakeup?
    Published Mon, Feb 13 2017 10:17 AM by CNBC
    Several officials are skating on thin ice and may be fired, NBC News reports.
  • 9:22 AM » Yellen outlook 'irrelevant' because Trump will reshape Fed, strategist who called Brexit vote says
    Published Mon, Feb 13 2017 9:22 AM by CNBC
    The Federal Reserve's 2017 plans may not pan out if the president appoints three of his own members, Mark Grant says.
  • 8:30 AM » Treasury Leadership Vacuum Leaves US Open to Policy Mix-Ups
    Published Mon, Feb 13 2017 8:30 AM by Bloomberg
    Bloomberg Treasury Leadership Vacuum Leaves US Open to Policy Mix-Ups Bloomberg A leadership vacuum at the Treasury Department is beginning to weigh on key areas of American economic policy, such as currency, sanctions and budget issues. Three weeks after President Donald Trump took office, the Senate is still debating his pick ... and more »
  • 8:30 AM » Senate heads toward confirmation of Trump pick for Treasury
    Published Mon, Feb 13 2017 8:30 AM by CNBC
    The Senate is poised to confirm President Donald Trump's pick for Treasury secretary.
  • 8:24 AM » Wall Street looks to extend its record run
    Published Mon, Feb 13 2017 8:24 AM by CNBC
    U.S. stock futures were higher this morning after record closes for the Dow, S&P 500, Nasdaq, and Russell 2000.
  • 8:21 AM » Yellen Unlikely to Rule Out March Hike in Capitol Hill Testimony
    Published Mon, Feb 13 2017 8:21 AM by Bloomberg
    Bloomberg Yellen Unlikely to Rule Out March Hike in Capitol Hill Testimony Bloomberg Federal Reserve Chair Janet Yellen probably won't drop a heavy hint on the timing of the next interest-rate increase when she speaks to Congress this week, but expect her to defend post-crisis banking rules the Trump administration has sworn to undo. and more »
  • 8:20 AM » The 10 U.S. Cities With the Fastest-Growing Suburbs
    Published Mon, Feb 13 2017 8:20 AM by www.realtor.com
    In many metropolitan markets across the United States, the suburbs are where the real real estate action can be found. The post The 10 U.S. Cities With the Fastest-Growing Suburbs appeared first on Real Estate News & Advice | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • Fri, Feb 10 2017
  • 2:17 PM » Trump And Japan's Shinzo Abe Talk Diplomacy At White House News Conference
    Published Fri, Feb 10 2017 2:17 PM by www.npr.org
    The U.S. president and the Japanese prime minister met at the White House on Friday. Before they resume talks at Trump's Florida golf course Saturday, they're addressing the media together.
  • 2:17 PM » Fed's Tarullo to resign, creating opening at central bank
    Published Fri, Feb 10 2017 2:17 PM by Reuters
    WASHINGTON (Reuters) - Federal Reserve Governor Daniel Tarullo will resign from the U.S. central bank where he helped lead financial regulation, creating further room for President Donald Trump to reshape the Fed's policymaking staff.
  • 12:59 PM » Fitch: Trump's economic plans represent a threat to the world
    Published Fri, Feb 10 2017 12:59 PM by CNBC
    Fitch fired a warning shot about Trump's economic policies, saying hard-line stances on trade and immigration pose serious problems for the world.
  • 12:59 PM » OPEC achieves record compliance with oil output cuts. Experts ask if it can last
    Published Fri, Feb 10 2017 12:59 PM by CNBC
    Saudi Arabia over-delivered, but OPEC cut about 90 percent of the oil supplies it committed to take off the market.
  • 10:24 AM » US consumer sentiment hits 95.7 in mid-February vs estimate of 98.5
    Published Fri, Feb 10 2017 10:24 AM by CNBC
    US consumer sentiment hits 95.7 in mid-February vs estimate of 98.5<br/>http://www.cnbc.com/2017/02/10/us-consumer-sentiment-hits-957-in-january-vs-estimate-of-985.html
  • 10:23 AM » Bonds Slump as Dollar Boosted by Trump Tax Pledge: Markets Wrap
    Published Fri, Feb 10 2017 10:23 AM by Bloomberg
    Bloomberg Bonds Slump as Dollar Boosted by Trump Tax Pledge: Markets Wrap Bloomberg Bonds fell and the dollar rose against most of its peers as reflation trades came back into focus after a promise by U.S. President Donald Trump to overhaul business taxes. Banking stocks led European equities lower as political risk plagued the region.
  • 10:21 AM » Serial house sitters shed the shackles of a mortgage
    Published Fri, Feb 10 2017 10:21 AM by CNBC
    Some retired couples are finding home ownership overrated as free options multiply.
  • 8:54 AM » Energy products boost U.S. import prices in January
    Published Fri, Feb 10 2017 8:54 AM by Reuters
    WASHINGTON (Reuters) - U.S. import prices rose more than expected in January amid further gains in the cost of energy products, but a strong dollar continued to dampen underlying imported inflation.
  • Thu, Feb 9 2017
  • 5:26 PM » Fannie Mae exec with ties to Mnuchin is among candidates for consumer protection job
    Published Thu, Feb 09 2017 5:26 PM by CNBC
    White House is considering Brian Brooks, a top official at Fannie Mae, to head the Consumer Financial Protection Bureau.
  • 3:29 PM » Three Fed rate hikes reasonable for 2017, Evans says
    Published Thu, Feb 09 2017 3:29 PM by CNBC
    It is reasonable to expect the Federal Reserve to raise interest rates three times because the early direction of U.S. fiscal policies appear to be positive.
  • 3:22 PM » Attention First-Time Buyers: Here's the Key Stuff You Don't Know About Mortgages
    Published Thu, Feb 09 2017 3:22 PM by www.realtor.com
    When it comes to what might be the biggest purchase of your life, it's nice to know real facts. A lot of mortgage "facts" are not what people think. The post Attention First-Time Buyers: Here’s the Key Stuff You Don’t Know About Mortgages appeared first on Real Estate News & Advice | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:16 PM » Fed's Evans: Inflation has to hit 2% for central bank to maintain credibility
    Published Thu, Feb 09 2017 1:16 PM by Market Watch
    The Federal Reserve has to it 2% inflation to earn credibility with investors, said Chicago Fed President Charles Evans on Thursday.
  • 11:11 AM » Mortgage Rates in Holding Pattern
    Published Thu, Feb 09 2017 11:11 AM by freddiemac.mwnewsroom.com
    Mortgage Rates in Holding Pattern
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 11:11 AM » Fed's Bullard says rates can remain low through 2017
    Published Thu, Feb 09 2017 11:11 AM by Reuters
    ST. LOUIS (Reuters) - U.S. interest rates can likely remain low through at least 2017, with no clear sense yet of whether the new Trump administration's policies will touch off higher inflation or growth, St. Louis Federal Reserve Bank President James Bullard said on Thursday.
  • 11:10 AM » Capitol Report: It's premature to worry about a currency war, IMF says
    Published Thu, Feb 09 2017 11:10 AM by Market Watch
    The International Monetary Fund said Thursday talk of a currency war is premature.
  • 11:10 AM » CFPB January 2017 complaint report highlights mortgage complaints
    Published Thu, Feb 09 2017 11:10 AM by www.cfpbmonitor.com
    Barbara S. Mishkin The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas. General findings include the following: As of January 1, 2017, the CFPB handled approximately 1,080,700 complaints nationally, including approximately 22,900 complaints in December 2016. Debt collection... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 11:09 AM » More unmarried couples say 'I do' to a mortgage
    Published Thu, Feb 09 2017 11:09 AM by CNBC
    Zillow says more unmarried couples are diving into the real estate market. Here's how to protect your interest.
  • 8:46 AM » Trader Talk: 5 reasons for the mini-rally in bonds
    Published Thu, Feb 09 2017 8:46 AM by CNBC
    Bob Pisani finds the reasons behind the mini-rally in bonds and bond funds.
  • 8:46 AM » U.S. jobless claims drop to near 43-year low
    Published Thu, Feb 09 2017 8:46 AM by Reuters
    for unemployment benefits unexpectedly fell last week to near a
  • 8:44 AM » Housing advocacy needs a coordinated approach
    Published Thu, Feb 09 2017 8:44 AM by National Housing Conference
    by Chris Estes, National Housing Conference The affordable housing community must address the question of how we navigate federal housing policy when so many issues are in play: funding for HUD and USDA Rural Development programs; the impact of tax reform, particularly on the Low Income Housing Tax Credit and New Markets Tax Credit; reform of the flood insurance program with major implications for affordability and potential changes to regulations on lending rules, CRA, broadband and fair housing, just to name a few. Given this, NHC is working proactively to build relationships with the new administration, advocate for housing in the federal budget and provide resources members like you can use as you engage in this work yourself. Having been approved by the Senate Banking Committee, we now await the final vote to confirm Dr. Ben Carson as Secretary of Housing and Urban Development. This will allow appointments of the HUD senior leadership team to begin, giving the housing community a better sense of the direction of the agency under the new administration. A similar process is also in play at USDA as we wait to learn who will lead the Rural Development division. As NHC and the rest of the housing community establish relationships at HUD and USDA and learns more about agendas and priorities, we will also move into education and advocacy on the budget process itself. Coordinating our efforts will be key, as no single organization has the capacity work across all issues simultaneously. We believe the budget and in particular the budget caps for non-defense discretionary programs are the first place for us to focus. Right now the assumption is that the budget for non-defense discretionary programs (which include housing and other non-entitlement programs that support low and moderate income households) will face pressure if defense spending is increased. Previous bipartisan budget agreements held that if non-defense spending was cut, defense would be cut also and the same...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • Wed, Feb 8 2017
  • 3:39 PM » Record $2 trillion of U.S. corporate debt comes due in the next 5 years
    Published Wed, Feb 08 2017 3:39 PM by Market Watch
    A record $2 trillion of U.S. corporate debt comes due in the next five years, Moody's Investors Service says. That's potentially challenging for industries with the heaviest debt loads, including telecom and energy, but is softened by relatively high credit ratings overall.
  • 1:35 PM » How Home Automation Can Increase Your Property Value
    Published Wed, Feb 08 2017 1:35 PM by www.redfin.com
    Smart home features are not a passing fad. By 2020 more than 30 billion devices will be connected. The post How Home Automation Can Increase Your Property Value appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 12:08 PM » Exclusive: DOJ probing people who worked in DB's mortgage unit
    Published Wed, Feb 08 2017 12:08 PM by Reuters
    NEW YORK (IFR) - The US Department of Justice is investigating potential wrongdoing by individuals who worked in Deutsche Bank's mortgage unit in the run-up to the financial crisis, according to two sources familiar with the matter.
  • 12:08 PM » Lawler on Household Projections
    Published Wed, Feb 08 2017 12:08 PM by Calculated Risk Blog
    From housing economist Tom Lawler: Household Projections: New Population Estimates + New Administration = Time for an Update When the Census Bureau released its estimates for the U.S. population in December, most press coverage focused on which states saw the fastest population growth last year. What many missed, however, was that the Census Bureau significantly reduced its population estimates for each of the past several years, with the major reason for the downward revisions stemming from reduced estimates of net international migration. The latter reductions were the result up an updated methodology used to estimate foreign-born emigration, as discussed in the following excerpt from the 2016 vintage "release notes." "The Vintage 2016 net international migration estimates reflect the following changes to the methodology since the release of the Vintage 2015 estimates: "We updated the foreign-born emigration subcomponent in two ways: 1) we modified the emigrant group definitions used to calculate estimates of foreign-born emigration; 2) we applied averaged rates from multiple 5-year ACS files for non-recent arrivals (Mexican born who arrived more than 10 years ago, Asian born who arrived more than five years ago, and Non-Mexican born who arrived more than 10 years ago). These changes resolve negative rates produced by the previous residual method, which had resulted in zero emigration for certain emigrant groups. Consequently, foreign-born emigration will be higher and net international migration will be lower than the previous vintage." Here are some summary statistics on "Vintage 2016" population estimates (resident population" compared to "Vintage 2015" population estimates. I'm including Census projections for 2016 that had been based on Vintage 2015 estimates (used for CPS-based data for 2016) as well as a December 1, 2016 estimate based on Vintage 2016. U.S. Resident Population, Vintage 2015 vs. Vintage 2016...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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