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  • Tue, May 10 2016
  • 10:50 AM » U.S. Economic Confidence Index Stable at -14
    Published Tue, May 10 2016 10:50 AM by
    Americans' confidence in the U.S. economy has stabilized, with Gallup's U.S. Economic Confidence Index averaging -14 for the week ending May 8. This is similar to the scores of -15 and -16 recorded the previous two weeks.
    Click Here to Read the Full Article

  • 10:49 AM » March job openings rise slightly
    Published Tue, May 10 2016 10:49 AM by CNBC
    There were 5.8 million job openings in March, up from 5.4 million job openings in February.
  • 10:49 AM » Wholesale inventories up 0.1% in March, in line with expectations
    Published Tue, May 10 2016 10:49 AM by CNBC
    Wholesale inventories up 0.1% in March, in line with expectations<br/>
  • 10:49 AM » Big banks about to come under more fire
    Published Tue, May 10 2016 10:49 AM by CNBC
    Wall Street banks are hearing growing calls to think about doing deals. Will they heed it?
  • 10:49 AM » Wells Fargo launches FastFlexSM Small Business Loan
    Published Tue, May 10 2016 10:49 AM by
    Wells Fargo is announcing the launch of FastFlexSM Small Business Loan, an online, fast-decision loan that is funded as soon as the next business day.
    Click Here to Read the Full Article

  • 10:46 AM » LendingClub Is Turning Out to Be Anything But a 'Direct' Lender
    Published Tue, May 10 2016 10:46 AM by Bloomberg
    Bloomberg LendingClub Is Turning Out to Be Anything But a 'Direct' Lender Bloomberg In May of last year, Renaud Laplanche, the head of a fast-growing fintech company that had five months earlier listed on the New York Stock Exchange at a valuation of almost $9 billion, hosted a gaggle of clients and journalists aboard a state-of-the ... and more »
  • 10:46 AM » Median price of homes sold in D.C. area hits 10-year high for month of April
    Published Tue, May 10 2016 10:46 AM by Washington Post
    The median price of a home sold in the D.C. region climbed to $419,250 last month.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:32 AM » Citigroup Says 10-Year Yield May Drop to 1.5% as Treasuries Gain
    Published Tue, May 10 2016 8:32 AM by Bloomberg
    Citigroup Says 10-Year Yield May Drop to 1.5% as Treasuries Gain Bloomberg Treasury benchmark yields may fall toward record-low levels on slowing U.S. economic growth and demand from overseas investors, according to Citigroup Inc. The 10-year note yield may sink to 1.5 percent, U.S. rates strategist Jabaz Mathai wrote in a ... and more »
  • 8:26 AM » CoreLogic Reports 36,000 Completed Foreclosures in March 2016
    Published Tue, May 10 2016 8:26 AM by
    —National Foreclosure Inventory Down 23.2 Percent from March 2015— CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its  March 2016 National Foreclosure Report which shows the foreclosure inventory declined by 23.2 percent and completed foreclosures declined by 14.9 percent compared with March 2015. The number of completed foreclosures nationwide decreased year over year from 42,000 in March 2015 to 36,000 in March 2016, representing a decrease of 69.7 percent from the peak of 117,782 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.2 million homes lost to foreclosure. As of March 2016, the national foreclosure inventory included approximately 427,000, or 1.1 percent, of all homes with a mortgage compared with 556,000 homes, or 1.4 percent, in March 2015. The March 2016 foreclosure inventory rate is the lowest for any month since October 2007.   CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 19.1 percent from March 2015 to March 2016, with 1.2 million mortgages, or 3.1 percent, in this category. The March 2016 serious delinquency rate is the lowest in more than eight years, since November 2007. “Nationally, the economy added 609,000 jobs during the first three months of 2016, and average weekly earnings grew 2 percent over the past year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Job and earnings growth have helped bring...
    Click Here to Read the Full Article

  • Mon, May 9 2016
  • 4:05 PM » Home Prices Climbed in 87% of U.S. Metro Areas in First Quarter
    Published Mon, May 09 2016 4:05 PM by Bloomberg
    Home Prices Climbed in 87% of U.S. Metro Areas in First Quarter Bloomberg Home prices climbed in 87 percent of U.S. metropolitan areas in the first quarter as buyers competed for a tight supply of listings, the National Association of Realtors said. The median price of an existing single-family home rose from a year earlier ... and more »
  • 4:04 PM » Fed's Kashkari says accommodative policy needed to bring workers back
    Published Mon, May 09 2016 4:04 PM by Reuters
    MINNEAPOLIS (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari on Monday signaled his support for the cautious and patient approach to rate hikes laid out by Fed Chair Janet Yellen, saying the current stance of monetary policy is "about right."
  • 4:03 PM » Phoenix Real Estate in April: Sales up 1%, Inventory up YoY
    Published Mon, May 09 2016 4:03 PM by Calculated Risk Blog
    This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. Inventory was up year-over-year in April.  This is the second consecutive months with a YoY increase in inventory, following fifteen consecutive months of YoY declines in Phoenix.  This could be a significant change. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in April were up 0.8% year-over-year. 2) Cash Sales (frequently investors) were down to 23.8% of total sales. 3) Active inventory is now up 4.9% year-over-year.   More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014.  And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller. In 2015, with falling inventory, prices increased a little faster -  Prices were up 6.3% in 2015 according to Case-Shiller. Now inventory is increasing a little again, and - if this trend continues in Phoenix - price increases will probably slow. April Residential Sales and Inventory, Greater Phoenix Area, ARMLS Sales YoY Change Sales Cash Percent Cash Inventory YoY Change Apr-08 4,875 1 --- 986 20.2% 55,726 1 --- Apr-09 8,564 75.7% 3,464 40.4% 44,165 -20.7% Apr-10 9,261 8.1% 3,641 39.3% 41,756 -5.5% Apr-11 9,328 0.7% 4,489 48.1% 34,515 -17.3% Apr-12 8,438 -9.5% 4,013 47.6% 21,125 -38.8% Apr-13 8,744 3.6% 3,670 42.0% 20,083 -4.9% Apr-14 7,656 -12.4% 2,469 32.2% 29,889 48.8% Apr-15 8,368 9.3% 2,120 25.3% 25,950 -13.2% Apr-16 8,437 0.8% 2,008 23.8% 27,232 4.9% 1 April 2008 does not include manufactured homes, ~100 more
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:16 PM » ZIP codes with the biggest boom towns
    Published Mon, May 09 2016 12:16 PM by CNBC's ranking of booming ZIP codes is based on job growth, housing starts and household formation. Check it out.
  • 12:16 PM » Lending Club downgraded by several analysts after CEO resignation
    Published Mon, May 09 2016 12:16 PM by Market Watch
    Shares of Lending Club plunged 23% Monday morning after several analyst downgrades on news that the peer-to-peer lender's chief executive, Renaud Laplache, was resigning due to problems with a loan sale to a single investor. Stifel analysts downgraded Lending Club to hold from buy saying "our faith and trust is shaken by the events announced this morning" and that they await more company guidance. Sterne Agee analysts downgraded Lending Club to underperform from neutral and cut the price target to $5 from $8, but said their concern lies with the ability of the company to obtain future funding. William Blair analysts suspended their rating on Lending Club due to a lack of information available.
  • 12:13 PM » Quicken Loans CEO tells Justice Department to pound sand on mortgage allegations
    Published Mon, May 09 2016 12:13 PM by CNBC
    Quicken Loans CEO Bill Emerson tells CNBC the lender won't settle with the government over allegations of filing false claims on federally insured mortgages.
  • 12:13 PM » The top towns for real estate investors
    Published Mon, May 09 2016 12:13 PM by CNBC
    Forget Las Vegas and Phoenix, today's real estate investors are seeing more lucrative opportunities in less-obvious markets.
  • 10:29 AM » How millennials direct Fed rates
    Published Mon, May 09 2016 10:29 AM by CNBC
    Investors gunning for an rate hike by the Fed may be looking in the wrong direction, as millennials have more control of rates than the central bank.
  • 8:49 AM » Get your affairs in order because this rare technical signal is flashing red
    Published Mon, May 09 2016 8:49 AM by Market Watch
    The U.S. dollar, which has been under pressure since late last year, is coming off its best week of the 2016. While it wasn't exactly a huge move, it was enough to deliver a hit to currency traders, who had started the week loaded up on short positions to a degree not seen in almost two years. In other words, it was finally a great week to be a dollar contrarian.
  • 8:34 AM » Merrill on Fed: "See you in September"
    Published Mon, May 09 2016 8:34 AM by Calculated Risk Blog
    A few excerpts from a research piece by Michael Hanson at Merrill Lynch: See you in September Earlier this year we had expected that the Fed would shift away from risk management toward a more straight-forward data-dependent policy stance, and that the US macro data would improve enough to support a rate hike this summer. Following the soft April jobs report we have reassessed both parts of that view. Despite some Fed officials making the case for a "live" June FOMC meeting, we have been struck since early this year by Fed Chair Yellen's strongly dovish tone. Meanwhile there has been some loss of momentum in the data so far this year, even if we adjust for 1Q distortions. Thus we now expect the Fed will hike one more time this year, in September. This very gradual hiking pace continues in our view with two hikes for 2017, in March and September. Notably, we still see a greater chance for a hike at the June or July meeting than current market pricing . There is one more employment report before the 14-15 June FOMC meeting; the April jobs report could turn out to be a one-off disappointment or to get revised higher. We also will have a better idea of 2Q GDP tracking then as well, and somewhat stronger data could help support a summer hike. We don't think the threshold for another 25bp hike is nearly as high as market pricing implies, but the Fed does need to see signs that continued progress is being made toward its dual mandate objectives. That case is less compelling today. While September is now most likely in our view, the probability distribution for the timing of hikes remains fairly flat overall. emphasis added CR Note: I think a June rate hike is still possible, and that the main focus will be on inflation  - not employment.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:34 AM » First-Time Buyers Face Housing Crunch In Big Cities
    Published Mon, May 09 2016 8:34 AM by
    Despite low interest rates, it's a difficult time for people who want to buy a house for the first time. Skylar Olsen of Zillow explains why so few houses are available and why prices are so high.
  • 8:30 AM » LendingClub CEO Laplanche resigns after review of sale of near-prime loans
    Published Mon, May 09 2016 8:30 AM by Market Watch
    Lending Club Corp. said Monday that Chief Executive Renaud Laplanche is resigning after a review of sales of $22 million in near-prime loans to a single investor breached that investor's explicit instructions. "A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees. While the financial impact of this $22 million in loan sales was minor, a violation of the company's business practices along with a lack of full disclosure during the review was unacceptable to the board," board director Hans Morris, who has taken on the role of executive chairman, said in a statement. The online lender said it has named President Scott Sanborn as acting CEO, to be supported by Morris. The company said it will take stops to resolve the material weaknesses in its internal controls and improve its disclosure controls. Three senior managers have resigned after the review. The company said it had net income of $4.1 million, or 1 cent a share, in the first quarter, after a loss of $6.4 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, matching the FactSet consensus. Revenue rose to $151.3 million from $81.0 million, ahead of the FactSet consensus of $148 million. Shares are down 36% in the year so far, while the S&P 500 has gained 0.7%.
  • 8:28 AM » The worst may be over for Wall Street bond traders
    Published Mon, May 09 2016 8:28 AM by CNBC
    Credit Suisse thinks poor performance for a key metric has hit a low point and will bounce back.
  • 8:25 AM » HUD Secretary Julian Castro Issues New Guidance For Landlords
    Published Mon, May 09 2016 8:25 AM by
    Secretary of Housing and Urban Development Julian Castro says new guidance about fair housing will help people with an arrest record get a "second chance in life."
  • 8:24 AM » Single-Family Loan Repurchases Trending Down
    Published Mon, May 09 2016 8:24 AM by Freddie Mac
    By Chris Mock, VP Single-Family Quality Control One of the industry’s best-kept secrets is the steady decline in mortgage repurchase activity, at least for the mortgages Freddie Mac buys. Read More
  • Fri, May 6 2016
  • 5:32 PM » U.S. stocks gain but log second straight week of losses
    Published Fri, May 06 2016 5:32 PM by Market Watch
    U.S. stocks bounced back from earlier weakness to close higher on Friday but logged their second straight week of losses. Main indexes were pressured after data showed that the economy added only 160,000 new jobs in April while the unemployment rate remained flat at 5%. Economists polled by MarketWatch had expected a gain of 203,000. However, the market shrugged off the disappointing data as investors focused on the possibility that the Federal Reserve may refrain from raising interest rates in the near future. S&P 500 rose 7 points, or 0.3%, to close at 2,057 while the Dow Jones Industrial Average added 80 points, or 0.5%, to finish at 17,740 and the Nasdaq gained 19 points, or 0.4%, to close at 4,736.
  • 5:32 PM » Dudley: 2 hikes this year reasonable
    Published Fri, May 06 2016 5:32 PM by CNBC
    The Fed might still raise U.S. interest rates twice this year, New York Fed President William Dudley said on Friday.
  • 5:26 PM » Trump's Comments on U.S. Debt Seen as Non-Starter by Bond Market
    Published Fri, May 06 2016 5:26 PM by Bloomberg
    Bloomberg Trump's Comments on U.S. Debt Seen as Non-Starter by Bond Market Bloomberg When Donald Trump suggested he might renegotiate terms on more than $19 trillion of debt owed by the U.S., bond traders didn't blink. Trump, the presumptive Republican nominee for president, said in an interview with CNBC Thursday that if the economy ... and more »
  • 2:28 PM » Treasuries Poised for Second Weekly Advance as Fed Seen on Hold
    Published Fri, May 06 2016 2:28 PM by Bloomberg
    Bloomberg Treasuries Poised for Second Weekly Advance as Fed Seen on Hold Bloomberg Treasuries were on track for a second weekly gain after a report showed the U.S. economy added fewer jobs than forecast in April, bolstering views that the Federal Reserve is in no rush to raise interest rates. Benchmark 10-year note yields were little ... and more »
  • 12:44 PM » BlackRock sees no more than one U.S. rate hike in 2016
    Published Fri, May 06 2016 12:44 PM by Reuters
    NEW YORK (Reuters) - A top bond manager at BlackRock , the world's biggest asset manager, said on Friday he does not expect the Federal Reserve to raise U.S. interest rates more than once in 2016 following a disappointing April payrolls report.
  • 12:44 PM » Treasury yields tumble to nearly 1-month low after jobs report
    Published Fri, May 06 2016 12:44 PM by Market Watch
    Treasury prices soared, pushing yields to a nearly one-month low, after April's official jobs report came in well below Wall Street's expectations. The U.S. economy added just 160,000 new jobs in April, well below the 203,000 forecast, while the so-called participation rate fell for the first time in seven months. The yield on the benchmark 10-year U.S. Treasury note declined 2.6 basis points to 1.721%, hitting its lowest level since April 7, according to Tradeweb. Yields move in the opposite direction of prices. One basis point is a hundredth of a percentage point. The yield on the two-year Treasury note fell 2.4 basis point to 0.702%. Meanwhile, the yield on the 30-year bond fell 2 basis points to 2.584%.
  • 8:15 AM » AIG Said to Target $4B Valuation in Mortgage Unit IPO
    Published Fri, May 06 2016 8:15 AM by Bloomberg
    AIG Said to Target $4B Valuation in Mortgage Unit IPO Bloomberg American International Group's mortgage insurer, United Guaranty Corp is seeking to raise about $700M to $800M as it sells shares to the public in the initial public offering. Bloomberg's Alex Barinka reports on "Bloomberg Markets." (Source: Bloomberg) ...
  • 8:15 AM » Bond investors look to nonfarm payrolls data
    Published Fri, May 06 2016 8:15 AM by CNBC
    U.S. government debt prices were mixed on Friday morning as investors looked to the release of nonfarm payrolls.
  • Thu, May 5 2016
  • 3:22 PM » Fed's Williams: All the data pointing to the right direction in the labor market
    Published Thu, May 05 2016 3:22 PM by CNBC
    Fed's Williams: All the data pointing to the right direction in the labor market|| 103610931
  • 1:19 PM » Regulation: 24.3 Percent of the Average New Home Price
    Published Thu, May 05 2016 1:19 PM by
    A new NAHB study shows that, on average, regulations imposed by government at all levels account for 24.3 percent of the final price of a new single-family home built for sale. Three-fifths of this-14.6 percent of the final house price-is due to a higher price for a finished lot resulting from regulations imposed during the lot's development. The other two-fifths-9.7... Read More ›
    Click Here to Read the Full Article

  • 1:19 PM » Overall Builder Confidence in the 55+ Housing Market Remains Positive in the First Quarter of 2016
    Published Thu, May 05 2016 1:19 PM by
    According to the National Association of Home Builders, confidence in the single-family 55+ housing market remained in positive territory in the first quarter of 2016. The 55+ single-family HMI dropped five points to 56, but is still above the breakeven point of 50, which indicates that more builders view conditions as good than poor (Exhibit 1). The 55+ single-family HMI... Read More ›
    Click Here to Read the Full Article

  • 1:17 PM » Fannie Mae CEO says it's not sustainable to operate without capital
    Published Thu, May 05 2016 1:17 PM by Market Watch
    Fannie's CEO becomes just the latest housing official to point out that its business model isn't sustainable.
  • 1:17 PM » Las Vegas Real Estate in April: Sales Increased 4% YoY, Inventory Declines Slightly
    Published Thu, May 05 2016 1:17 PM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Southern Nevada Home Prices Holding Steady with Increasing Sales and Tight Supply According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in April was 3,518, up from 3,379 in April of 2015 . Compared to the same month one year ago, 2.4 percent more homes, but 0.7 percent fewer condos and townhomes, sold in April. ... By the end of April, GLVAR reported 7,357 single-family homes listed without any sort of offer. That's up 0.8 percent from one year ago. For condos and townhomes, the 2,231 properties listed without offers in April represented an 8.5 percent decrease from one year ago. GLVAR continued to report declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In April, 4.5 percent of all local sales were short sales - when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That's down from 7.2 percent of all sales one year ago. Another 7.1 percent of all April sales were bank-owned , the same as in March and down from 8.3 percent one year ago. emphasis added 1) Overall sales were up 4.1% year-over-year. 2) The percent of cash sales decreased year-over-year from 30.4% in April 2015 to 28.1% in April 2016. Cash buying peaked in February 2013 at 59.5%. This has been trending down. 3) Non-contingent inventory for single-family homes was up 0.8% year-over-year.  Inventory for condos was down 8.5%.    Inventory is important to watch - and inventory is still tight.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:35 AM » CFPB wants to let consumers sue banks, credit-card companies
    Published Thu, May 05 2016 10:35 AM by Market Watch
    The Consumer Financial Protection Bureau on Thursday proposed new rules to block credit card companies, banks and other companies to only settle disputes through arbitration.
  • 10:35 AM » Fed's Bullard says weak growth led him to ‘dial back' support of April rate hike
    Published Thu, May 05 2016 10:35 AM by Market Watch
    St. Louis Fed President James Bullard said slow economic growth forced him to 'dial back' his support for a rate hike in April.
  • 10:33 AM » Mortgage Rates Back Near 2016 Lows
    Published Thu, May 05 2016 10:33 AM by
    Mortgage Rates Back Near 2016 Lows
    Click Here to Read the Full Article

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