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  • Tue, Jul 11 2017
  • 8:29 AM » CoreLogic Reports Mortgage Performance Continues Steady Improvement in April 2017
    Published Tue, Jul 11 2017 8:29 AM by
    Mortgage Delinquencies Continue to Decline Previously Declining Early-Stage Delinquency Transition Rates Are Finally Stabilizing Largest Regional Mortgage Performance Improvements Were In the Northeast CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.8 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in April 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with April 2016 when it was 5.3 percent. As of April 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent compared with 1 percent in April 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2 percent, down from 2.6 percent in April 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. Early-stage delinquencies, defined as 30-59 days past due, increased to 2.2 percent in April 2017 from 2 percent in April 2016. The share of mortgages that were 60-89 days past due in April 2017 was 0.63 percent, down slightly from 0.64 percent in April 2016. “Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases,“ said Dr. Frank Nothaft, chief economist for CoreLogic. “Regionally, with the exception of several energy industry intensive states – Alaska and North Dakota – the rest of the U.S. continues to see...
    Click Here to Read the Full Article

  • 8:29 AM » US Treasurys edge lower as bond investors eye data, Fed speeches
    Published Tue, Jul 11 2017 8:29 AM by CNBC
    U.S. government debt prices extended losses on Tuesday, as investors geared up for more data releases and awaited speeches from leading Fed officials.
  • Mon, Jul 10 2017
  • 4:13 PM » CFPB Releases Rule Making It Easier for Customers to Sue Banks
    Published Mon, Jul 10 2017 4:13 PM by Bloomberg
    Bloomberg CFPB Releases Rule Making It Easier for Customers to Sue Banks Bloomberg The U.S. Consumer Financial Protection Bureau has released long-anticipated rules that will make it easier for customers to sue their banks, which will likely breed even more ill will toward the watchdog from industry groups and Republican lawmakers. and more »
  • 3:44 PM » Wells Fargo To Pay $142 Million To Customers Hurt By Bogus Accounts
    Published Mon, Jul 10 2017 3:44 PM by
    The bank could pay customers more if an independent expert overseeing the compensation process deems it necessary.
  • 1:43 PM » CFPB issues policy guidance and technical corrections for mortgage servicing rule amendments
    Published Mon, Jul 10 2017 1:43 PM by
    The CFPB recently issued two updates for its Mortgage Servicing Rule amendments to Regulations X and Z. Issued on August 4, 2016, the Mortgage Servicing Final Rule amended various aspects of the existing Mortgage Servicing Rules. These changes will become effective either on October 19, 2017 or April 19, 2018. First, the CFPB issued non-substantive,... Continue Reading
    Click Here to Read the Full Article

  • 12:24 PM » Q2 Review: Ten Economic Questions for 2017
    Published Mon, Jul 10 2017 12:24 PM by Calculated Risk Blog
    At the end of last year, I posted Ten Economic Questions for 2017 . I followed up with a brief post on each question. The goal was to provide an overview of what I expected in 2017 (I don't have a crystal ball, but I think it helps to outline what I think will happen - and understand - and change my mind, when the outlook is wrong). By request, here is a quick Q2 review. I've linked to my posts from the beginning of the year, with a brief excerpt and a few comments: 10) Question #10 for 2017: Will housing inventory increase or decrease in 2017? I was wrong on inventory last year, but right now my guess is active inventory will increase in 2017 (inventory will decline seasonally in December and January, but I expect to see inventory up again year-over-year in December 2017).   My reasons for expecting more inventory are 1) inventory is historically low (lowest for November since 2000), 2) and the recent increase in interest rates. According to the May NAR report on existing home sales , inventory was down 8.4% year-over-year in May, and the months-of-supply was at 4.2 months. This was a smaller year-over-year decline than in April, but it appears inventory unlikely inventory will be up by year end.  This is a key metric to watch! 9) Question #9 for 2017: What will happen with house prices in 2017? Inventories will probably remain low in 2017, although I expect inventories to increase on a year-over-year basis by December of 2017.  Low inventories, and a decent economy suggests further price increases in 2017. Perhaps higher mortgage rates will slow price appreciation.  If we look back at the "taper tantrum" in 2013, price appreciation slowed somewhat over the next year - but that was from a high level.  In June 2013, the Case-Shiller National index was up 9.3% year-over-year.  By June 2014, the index was up 6.3% year-over-year. If inventory increases year-over-year as I expect by December...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:24 PM » Crisis Flashback: The Big Downgrade That Fueled a Subprime Crash
    Published Mon, Jul 10 2017 12:24 PM by Bloomberg
    Bloomberg Crisis Flashback: The Big Downgrade That Fueled a Subprime Crash Bloomberg "I'd like to know: Why now?" asked Steve Eisman. It was July 10, 2007, and the hedge fund manager was on a 10 a.m. conference call with analysts at Standard & Poor's, which had just decided to put $7.3 billion of subprime mortgage bonds on watch for ... and more »
  • 11:16 AM » U.S households see spending up, job prospects improving: New York Fed survey
    Published Mon, Jul 10 2017 11:16 AM by Reuters
    WASHINGTON (Reuters) - Consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market, the New York Federal Reserve reported Monday in its latest monthly survey of consumer expectations.
  • 10:03 AM » Average credit scores hit an all-time high
    Published Mon, Jul 10 2017 10:03 AM by CNBC
    For the first time, the average national credit score has hit 700.
  • 8:35 AM » Builders Starting to Report Shortages of Framing Lumber
    Published Mon, Jul 10 2017 8:35 AM by
    For several years now, the recovery in single-family home building has been hampered by shortages of labor and lots. Availability of building materials, meanwhile, has not been much of an issue. But that may be starting to change. In answer to questions on the May 2017 survey for the NAHB/Wells Fargo Housing Market Index, 21% of single-family builders reported a shortage... Read More ›
    Click Here to Read the Full Article

  • 8:35 AM » Yellen and other Fed speakers dominate this summer week on Wall Street
    Published Mon, Jul 10 2017 8:35 AM by CNBC
    U.S. stock futures were mixed this morning after a strong Friday rally. Investors looked past nagging concerns about softer wage growth.
  • 8:34 AM » US Treasurys edge higher as bond investors focus on data, auctions
    Published Mon, Jul 10 2017 8:34 AM by CNBC
    U.S. government debt prices were higher on Monday morning as investors awaited the release of economic data and eyed auctions.
  • 8:34 AM » Currencies: Dollar hits two-month high against yen as bond-yield gap exploited
    Published Mon, Jul 10 2017 8:34 AM by Market Watch
    The dollar traded at a two-month high against the yen Monday, helping to lift a broader dollar index, as the gap between U.S. rates and Japanese rates favored the U.S. currency for now.
  • Fri, Jul 7 2017
  • 4:25 PM » Forget conventional thinking: stock moves preclude bond moves, not the other way around
    Published Fri, Jul 07 2017 4:25 PM by Market Watch
    The thinking that higher interest rates eventually hurt stocks is common on Wall Street. But in the current environment, it will instead be a dramatic change in equities that will impacts rates, according to some analysts.
  • 4:24 PM » CFPB Finalizes TRID Rule Amendments, Punts on Black Hole Issue
    Published Fri, Jul 07 2017 4:24 PM by
    The CFPB finalized the long-awaited initial round of amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, also known as the Know Before Your Owe rule. However, instead of addressing the so-called "black hole" issue, which refers to situations in which a lender may not be able to use a Closing Disclosure to reset fee tolerances,... Continue Reading
    Click Here to Read the Full Article

  • 2:30 PM » Solid US jobs report to keep Fed in 'hike-once-a-quarter mindset': Gundlach
    Published Fri, Jul 07 2017 2:30 PM by CNBC
    Solid June payroll figures should keep the Fed in a "hike-once-a quarter mindset," said influential bond manager Jeffrey Gundlach.
  • 11:20 AM » Fed sees steady economy, only 'moderate' financial vulnerabilities
    Published Fri, Jul 07 2017 11:20 AM by Reuters
    WASHINGTON (Reuters) - The U.S. economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets, the U.S. Federal Reserve said on Friday in its semiannual report to Congress.
  • 11:10 AM » Strong jobs growth means full steam ahead for the Fed
    Published Fri, Jul 07 2017 11:10 AM by CNBC
    "I don't see anything in this report that I would expect would change the Fed's position," said one economist.
  • 11:00 AM » There's still one giant problem with the US jobs picture
    Published Fri, Jul 07 2017 11:00 AM by CNBC
    Even a 4.4 percent unemployment rate hasn't been able to put pressure on salaries, which are growing at just a 2.5 percent rate annually.
  • 10:30 AM » Volcker Says Trump Changes to Volcker Rule Won't Erode Principle
    Published Fri, Jul 07 2017 10:30 AM by Bloomberg
    Bloomberg Volcker Says Trump Changes to Volcker Rule Won't Erode Principle Bloomberg Paul Volcker said he isn't worried that the Trump administration will undermine the financial rule that bears his name. "If they can do it in a more efficient way, God bless them," the former Federal Reserve chairman said in a phone interview about ... and more »
  • 8:45 AM » Housing Sentiment at Record High as Consumers' ...
    Published Fri, Jul 07 2017 8:45 AM by Fannie Mae
    News Release. Share This: July 07, 2017. Housing Sentiment at Record High as Consumers' Confidence in Home-Selling Environment Strengthens ...
  • 8:45 AM » Job growth jumps to 222,000 in June; unemployment steady at 4.4%
    Published Fri, Jul 07 2017 8:45 AM by CNBC
    Nonfarm payrolls likely increased by 179,000 in June, and the unemployment rate was expected at 4.3 percent, according to a Reuters survey of economists.
  • 8:03 AM » How To See If Home Prices Are Rising Or Falling Where You Live
    Published Fri, Jul 07 2017 8:03 AM by
    In much of the U.S., the housing crash hangover lingers. New tabulation of home price data lets you zoom in on hundreds of metro areas and counties around the country.
  • 8:02 AM » Global bond yields continue their rise, prompting Bank of Japan to intensify intervention
    Published Fri, Jul 07 2017 8:02 AM by Market Watch
    Japan's benchmark 10-year government bond yield rose at one point Friday to 0.105%, its highest since Feb. 3, a market move that sparked fresh efforts by the Bank of Japan to stymie its climb. The yield move is part of a global-wide surge among market interest rates.
  • 8:02 AM » German Bonds Face Fresh Downside Risks After Technical Breakout
    Published Fri, Jul 07 2017 8:02 AM by Bloomberg
    Bloomberg German Bonds Face Fresh Downside Risks After Technical Breakout Bloomberg As markets adjust to a hawkish shift in policy rhetoric from the European Central Bank, Thursday's significant breakout saw 10-year yields break above their 18-month range top at 51 basis points. The bearish chart development has the potential of ... and more »
  • 8:02 AM » US Treasurys edge lower as bond investors await jobs data, wage growth
    Published Fri, Jul 07 2017 8:02 AM by CNBC
    U.S. government debt prices were lower on Friday morning as investors awaited the release of key economic data.
  • Thu, Jul 6 2017
  • 10:04 PM » Op-Ed: Here's the danger in Fed jawboning about the US mortgage market
    Published Thu, Jul 06 2017 10:04 PM by CNBC
    Fed Governor Powell did a lot of jawboning today about the US mortgage market. Michael Farr explains why that's risky business.
  • 2:53 PM » Industry groups ask FHFA to extend comment period for LEP RFI
    Published Thu, Jul 06 2017 2:53 PM by
    A group of eight trade associations has sent a letter to the Federal Housing Finance Agency (FHFA) asking the FHFA to extend by at least 45 days the comment period on the FHFA’s Request for Input (RFI) on improving language access in mortgage lending and servicing. Issued this past May, the RFI asks for input to... Continue Reading
    Click Here to Read the Full Article

  • 2:53 PM » Global interest rates rise as central banks signal an end to bond market party
    Published Thu, Jul 06 2017 2:53 PM by CNBC
    Central banks are moving toward ending a near decade-long bond market party that resulted in ultra-low yields.
  • 12:12 PM » Las Vegas Real Estate in June: Sales up 10% YoY, Inventory down Sharply
    Published Thu, Jul 06 2017 12:12 PM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Southern Nevada home prices and sales keep climbing amid tight supply, GLVAR Housing Statistics for June 2017 The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices and sales continued to climb as homes continue to sell faster amid a very tight housing supply. ... By the end of June, GLVAR reported 5,174 single-family homes listed for sale without any sort of offer . While up 4.1 percent from May, that's down 27.1 percent from one year ago . For condos and townhomes, the 639 properties listed without offers in June were up 1.4 percent from May, but still represented a 51.9 percent drop from one year ago. Meanwhile, local home sales continue to increase. The total number of existing local homes, condos and townhomes sold in June was 4,368, up from 3,957 in June 2016 . Compared to one year ago, sales were up 10.3 percent for homes and up 10.6 percent for condos and townhomes. According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more total sales than in 2014, but fewer than each year from 2009 through 2013. ... For several years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in June, when 3.4 percent of all local sales were short sales - which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That compares to 4.4 percent of all sales in June 2016. Another 2.9 percent of all June sales were bank-owned, down from 5.9 percent one year ago. emphasis added 1) Overall sales were up 10% year-over-year...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:38 AM » ECB opened door at June meeting to removing bond-buying pledge: minutes
    Published Thu, Jul 06 2017 10:38 AM by Reuters
    European Central Bank rate setters meeting last month opened the door to dropping a long-standing pledge to boost the ECB's bond-purchase program if necessary, minutes of the meeting showed on Thursday. ECB policymakers discussed already taking out that so-called "easing bias" from their policy message at the June 7-8 meeting but decided against it because the euro zone's economic recovery had yet to result in higher inflation - the bank's main policy objective.
  • 10:23 AM » U.S. stocks fall as central banks signal QE end
    Published Thu, Jul 06 2017 10:23 AM by Market Watch
    U.S. stocks opened firmly lower Thursday as central banks around the globe were indicating a desire to exit from ultra-easy monetary policies that prevailed during the heart of the 2008-'09 financial crisis. The Dow Jones Industrial Average fell 0.6% at 21,347, the S&P 500 index slipped 0.7% at 2,414, while the Nasdaq Composite Index tumbled 1.1% at 6,082, after posting Wednesday's best performance among the U.S. equity benchmarks. Wall Street has closely followed recent central bankers' comments about the strength of the global economy, with recent remarks from the European Central Bank lifting expectations that policy makers may be ready to close a chapter in longstanding monetary-easing programs, which have supported prices in bonds and stocks around the world. Minutes from the ECB released Thursday indicated that the central bank was worried about how best to communicate increasing confidence in the eurozone economy without roiling markets. Those minutes, coming after the Federal Reserve's minutes on Wednesday, helped to drive bond prices lower and yields higher. The 10-year German bond yield hit an 18-month high at 0.54%, while the 10-year Treasury note climbed to 2.38% on the day. On the economic front, a reading of private-sector employment showed that employers added a seasonally-adjusted 153,000 jobs during the month, below the 180,000 jobs that a consensus of economists had forecast. Meanwhile, initial jobless claims in the period between June 25 and July 1 increased 4,000 to a seasonally adjusted 248,000. Economists use these numbers to get a feel for the official nonfarm-payrolls report due on Friday, with the consensus estimate at 179,000 new jobs created in June. Later in the morning, the Institute for Supply Management report services was 57.4 in June, compared with 56.5 expected. A reading of 50 indicates expansion. In corporate news, shares of Tesla Inc. extended Wednesday's decline after the electric car maker's Model S failed...
  • 10:23 AM » ISM non-manufacturing index hits 57.4 in June, vs. 56.5 estimate
    Published Thu, Jul 06 2017 10:23 AM by CNBC
    A reading above 50 indicates expansion in the service sector, and a reading below 50 indicates contraction.
  • 10:22 AM » Mortgage Rates Jump
    Published Thu, Jul 06 2017 10:22 AM by
    Mortgage Rates Jump
    Click Here to Read the Full Article

  • 10:20 AM » Powell, The Case for Housing Finance Reform
    Published Thu, Jul 06 2017 10:20 AM by Federal Reserve
    Speech At the American Enterprise Institute, Washington, D.C.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 8:35 AM » How a Home Purchase Boosts Consumer Spending
    Published Thu, Jul 06 2017 8:35 AM by
    Using the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics (BLS), NAHB Economics research shows that a home purchase triggers additional spending on appliances, furnishings, and remodeling. NAHB's most recent estimates are based on the 2012-2014 data and show that during the first two years after closing on the house, a typical buyer of a newly-built single-family... Read More ›
    Click Here to Read the Full Article

  • 8:35 AM » Job creation slows in June as labor market gets tighter
    Published Thu, Jul 06 2017 8:35 AM by CNBC
    Job creation in the private sector tailed off significantly in June in another sign that the economy is getting closer to full employment.
  • 8:35 AM » Bond Report: Global bond yields turn higher as sovereign debt selloff resumes
    Published Thu, Jul 06 2017 8:35 AM by Market Watch
    U.S. Treasury yields rose on Thursday, joining a global selloff in government paper, as investors took a cautious stance amid fears that central banks were on the verge of halting easy-money policies.
  • 8:31 AM » Why a surge in bond yields could be around the corner
    Published Thu, Jul 06 2017 8:31 AM by CNBC
    Like Fed officials on interest rates, strategists are divided when it comes to the bond market's direction.
  • Wed, Jul 5 2017
  • 4:42 PM » Some Fed officials are concerned stock prices may be too 'high'
    Published Wed, Jul 05 2017 4:42 PM by CNBC
    "Equity prices were high when judged against standard valuation measures," policymakers said in Fed meeting minutes.
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