Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
28,899
# of Forum Posts
Select a Date
Use the calendar to view news headlines from a specific date.
Today  |  Yesterday  |  Random
Bottom Right Default
State Name: Massachusetts
State Name underscore: Massachusetts
State Name dash: Massachusetts
State Name lower underscore: massachusetts
State Name lower dash: massachusetts
State Name lower: massachusetts
State Abbreviation: MA
State Abbreviation Lower: ma
Suggest a Story
Paste the URL of the story below to submit for editorial review and possible inclusion in ATW.
Please add 7 and 7 and type the answer here:
Leave this field blank.
What is Around the Web?
It is a continuously updated stream of news from around the web
Visit throughout the day for the latest breaking news.
» Click any link below to read more.
  • Wed, May 13 2020
  • 4:24 PM » Wall Street ends down on Powell's sober outlook, call to Congress for help
    Published Wed, May 13 2020 4:24 PM by Reuters
    The S&P 500 closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional fiscal support.
  • 4:06 PM » Freddie Mac Announces COVID-19 Payment Deferral
    Published Wed, May 13 2020 4:06 PM by freddiemac.gcs-web.com
    MCLEAN, Va., May 13, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced a solution for homeowners once they have resolved their COVID-19-related hardship that can quickly bring their mortgages current and put them back on track. The Freddie Mac COVID-19 Payment Deferral solution returns a homeowner's monthly mortgage payment to its pre-COVID amount by adding up to 12 months of missed payments, including escrow advances, to the end of the mortgage term without accruing any additional interest or late fees. This will help borrowers keep their mortgage payment current following their hardship when other options-such as reinstatement, or a repayment plan-are not viable.
    Click Here to Read the Full Article

    Source: freddiemac.gcs-web.com
  • 3:20 PM » Fannie and Freddie: REO inventory declined in Q1, Down 20% Year-over-year
    Published Wed, May 13 2020 3:20 PM by Calculated Risk Blog
    Fannie and Freddie earlier reported results earlier this month for Q1 2020. Here is some information on Real Estate Owned (REOs). Freddie Mac reported the number of REO declined to 4,168 at the end of Q1 2020, compared to 6,714 at the end of Q1 2019. For Freddie, this is down 94% from the 74,897 peak number of REOs in Q3 2010. Fannie Mae reported the number of REO declined to 16,289 at the end of Q1 2020 compared to 18,998 at the end of Q1 2019. For Fannie, this is down 90% from the 166,787 peak number of REOs in Q3 2010. Click on graph for larger image. Here is a graph of Fannie and Freddie Real Estate Owned (REO). REO inventory decreased in Q1 2020, and combined inventory is down 20% year-over-year. This is close to the normal level of REOs. It takes a long time to go from delinquency to foreclosure to REO.  So any increase in REOs from COVID-19 won't happen for a long time. Since underwriting has been fairly solid over the last decade, I don't expect a huge increase in COVID-19 related REOs unless the health crisis goes on for a long period.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:48 PM » Powell's gloomy outlook has investors predicting the Fed may make another big move soon
    Published Wed, May 13 2020 1:48 PM by CNBC
    Some strategists say the Fed could announce a new quantitative easing program before or at its June 9 and 10 meeting.
  • 1:48 PM » Houston Real Estate in April: Sales Down 21.6% YoY, Inventory Unchanged YoY
    Published Wed, May 13 2020 1:48 PM by Calculated Risk Blog
    From the HAR: Houston Housing Feels COVID-19'S Sting in April The Houston real estate market's strong start to the new year was abruptly interrupted in April as the full impact of the coronavirus outbreak was felt across Texas and the rest of the country. Stay-at-home directives and social distancing weighed on the market as Realtors® began transitioning to virtual open houses and virtual property showings that enabled consumers to safely and conveniently market and tour homes on HAR.com.... According to the latest monthly Market Update from the Houston Association of Realtors (HAR), 6,199 single-family homes sold in April compared to 7,666 a year earlier, representing a 19.1 percent decline and ending a nine-month run of positive sales. ... Sales of all property types totaled 7,192, down 21.6 percent from April 2019 . Total dollar volume for the month fell 20.4 percent to slightly more than $2.1 billion. "We were bracing for a rough report and we got it, and the numbers are likely to remain this way until more Realtors® and consumers adapt to the use of virtual technology through HAR.com to safely market, tour and purchase or rent homes," said HAR Chairman John Nugent with RE/MAX Space Center. "There is definitely no lack of consumer interest in real estate, as property listing views on HAR.com are up almost 60 percent from this time last year." ... Pending sales fell 17.6 percent due to market uncertainty, but total active listings, or the total number of available properties, were statistically unchanged at 41,151 . emphasis added Sales in Houston set a record in 2019 and were off to a strong start in 2020. However the impact of COVID-19 (and lower oil prices) will be significant. Note that the closed sales in April were for contracts that were mostly signed in February and March.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:01 PM » David Tepper says this is the second-most overvalued stock market he's ever seen behind only '99
    Published Wed, May 13 2020 1:01 PM by CNBC
    David Tepper says this is the second-most overvalued stock market he's ever seen behind only '99<br/>https://www.cnbc.com/2020/05/13/david-tepper-says-this-is-the-second-most-overvalued-stock-market-hes-ever-seen-behind-only-99.html
  • 10:47 AM » Equities slide, bonds rise, on Fed warning of prolonged recession
    Published Wed, May 13 2020 10:47 AM by Reuters
    Stock markets slid on Wednesday as fears about a second wave of coronavirus infections and as warnings from Federal Reserve Chairman Jerome Powell that the U.S. faces a "significantly worse" recession than any since World War II weighed on investor sentiment and boosted safe-haven bonds.
  • 10:01 AM » U.S. producer prices post biggest drop since 2009
    Published Wed, May 13 2020 10:01 AM by Reuters
    U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, which could bolster some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand.
  • 9:45 AM » Instant view: Powell: Brace for 'extended period' of economic woe
    Published Wed, May 13 2020 9:45 AM by Reuters
    Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.
  • 9:25 AM » Fed Chair Powell warns of prolonged U.S. recession after coronavirus
    Published Wed, May 13 2020 9:25 AM by Reuters
    Jerome Powell, chairman of the Federal Reserve board of governors, warned Wednesday that the long-term health of the U.S. economy may depend on more fiscal stimulus to fight the economic impacts of the coronavirus.
  • 9:25 AM » Powell says the Federal Reserve is not looking at negative interest rates
    Published Wed, May 13 2020 9:25 AM by CNBC
    Powell says the Federal Reserve is not looking at negative interest rates<br/>https://www.cnbc.com/2020/05/13/powell-says-the-federal-reserve-is-not-looking-at-negative-interest-rates.html
  • 8:05 AM » Fed's Powell to assess next phase of pandemic economy
    Published Wed, May 13 2020 8:05 AM by Reuters
    Federal Reserve Chair Jerome Powell, having overseen the rapid creation of the central bank's massive network of pandemic-era programs, turns his attention Wednesday morning to where things stand on the cusp of what may be a risky reopening occurring disparately across the 50 U.S. states.
  • 8:04 AM » What Home Buyers and Sellers Can Expect in 2020, as Pandemic Revises Forecast
    Published Wed, May 13 2020 8:04 AM by www.realtor.com
    Realtor.com has revised its 2020 housing forecast in light of the COVID-19 pandemic. Here's how home prices and new listings are expected to be affected. The post What Home Buyers and Sellers Can Expect in 2020, as Pandemic Revises Forecast appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • Tue, May 12 2020
  • 5:27 PM » Fed's Quarles defends decision to let banks maintain dividends
    Published Tue, May 12 2020 5:27 PM by Reuters
    A senior Federal Reserve official on Tuesday defended before Congress the central bank's decision to allow lenders to continue issuing dividends, even as the regulator seeks permission from lawmakers to further relax capital rules.
  • 4:55 PM » S&P 500 tumbles on fears of virus resurgence in economic reopening
    Published Tue, May 12 2020 4:55 PM by Reuters
    The S&P 500 dropped 2% on Tuesday as investors took profits following a warning from the top U.S. infectious disease expert that premature moves to reopen the nation's economy could lead to novel coronavirus outbreaks and set back economic recovery.
  • 4:47 PM » CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19
    Published Tue, May 12 2020 4:47 PM by www.cfpb.gov
    To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched the new mortgage and housing assistance website https://www.cfpb.gov/housing.
  • 1:58 PM » Bloomberg Interview on Housing and COVID-19
    Published Tue, May 12 2020 1:58 PM by Calculated Risk Blog
    From Timothy O'Brien at Bloomberg: A leading real-estate data junkie is now focused on the impact of the coronavirus My last quote in the article (something I've also written on this blog): "The course of the economy will be determined by the course of the virus. If it doesn't last a long time we'll be fine. If we're not out of this in just a few months we'll have a real problem," he tells me. "I'm the wrong guy in the wrong field to ask where housing will go. Infectious disease specialists will know."
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:43 PM » Some homeowners are getting mortgage bailouts by mistake, and it's keeping them from refinancing
    Published Tue, May 12 2020 12:43 PM by CNBC
    More than four million homeowners are now delaying their monthly mortgage payments as part of both government and private lender relief programs, but some are in them by mistake and are having a hard time getting out.
  • 12:11 PM » U.S. Congress presses bank regulators on coronavirus assistance, oversight
    Published Tue, May 12 2020 12:11 PM by Reuters
    Lawmakers pressed U.S. regulators on Tuesday on their efforts to help struggling consumers, oversight of massive federal bailout packages and regulatory easing as they appeared before Congress for the first time since the novel coronavirus outbreak.
  • 11:43 AM » Cleveland Fed: Key Measures Show Inflation Slowed in April
    Published Tue, May 12 2020 11:43 AM 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 0.1% (1.8% annualized rate) in April. The 16% trimmed-mean Consumer Price Index was unchanged (0.3% annualized rate) during the month. 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. Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers fell 0.8% (-9.1% annualized rate) in April. The CPI less food and energy fell 0.4% (-5.2% annualized rate) on a seasonally adjusted basis. Note: The Cleveland Fed released the median CPI details for April here . Motor fuel decreased at a 93.5% annualized rate in April! 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 2.2%, and the CPI less food and energy rose 1.4%. Core PCE is for March and increased 1.7% year-over-year. On a monthly basis, median CPI was at 1.8% annualized and trimmed-mean CPI was at 0.3% annualized. Inflation will not be a concern during the crisis.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:12 AM » Trump again urges Fed to adopt negative U.S. interest rates
    Published Tue, May 12 2020 11:12 AM by Reuters
    President Donald Trump on Tuesday again pushed the Federal Reserve to adopt negative interest rates, even as several members of the U.S. central bank have said they do not see a need for rates - now near zero - to move into negative territory.
  • 10:18 AM » In U.S. Senate testimony, Fauci seen warning against easing coronavirus restrictions
    Published Tue, May 12 2020 10:18 AM by Reuters
    Leading U.S. infectious disease expert Anthony Fauci was to appear before Congress on Tuesday where he was expected to warn that moving too quickly to ease restrictions on business and social life will put lives at risk from the coronavirus pandemic and hamper the economic recovery.
  • 9:45 AM » US grocery costs jump the most in 46 years, led by rising prices for meat and eggs
    Published Tue, May 12 2020 9:45 AM by CNBC
    Prices Americans paid for eggs, meat, cereal and milk shot higher in April as people flocked to grocery stores amid government lockdowns.
  • 8:44 AM » BLS: CPI decreased 0.8% in April, Core CPI decreased 0.4%
    Published Tue, May 12 2020 8:44 AM by Calculated Risk Blog
    From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.8 percent in April on a seasonally adjusted basis, the largest monthly decline since December 2008, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 0.3 percent before seasonal adjustment. A 20.6-percent decline in the gasoline index was the largest contributor to the monthly decrease in the seasonally adjusted all items index, but the indexes for apparel, motor vehicle insurance, airline fares, and lodging away from home all fell sharply as well. In contrast, food indexes rose in April, with the index for food at home posting its largest monthly increase since February 1974. The energy index declined mostly due to the decrease in the gasoline index, though some energy component indexes rose. The index for all items less food and energy fell 0.4 percent in April , the largest monthly decline in the history of the series, which dates to 1957. Along with the indexes mentioned above, the indexes for used cars and trucks and recreation also declined. The indexes for rent, owners' equivalent rent, medical care, and household furnishings and operations all increased in April. The all items index increased 0.3 percent for the 12 months ending April , the smallest 12-month increase since October 2015. The index for all items less food and energy increased 1.4 percent over the last 12 months , its smallest increase since April 2011. emphasis added Overall inflation was below expectations in April. 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
  • 8:10 AM » The Fed is starting up its program to purchase corporate bond ETFs
    Published Tue, May 12 2020 8:10 AM by CNBC
    The purchases are part of a history-making initiative that will be purchasing exchange-traded funds that track that part of the debt market
  • 8:04 AM » Homebuilders Are Now Offering Deals, Incentives on New Construction to Lure Buyers
    Published Tue, May 12 2020 8:04 AM by www.realtor.com
    Faced with a steep decline in buyers, homebuilders around the country are sweetening incentives and offering deals to attract buyers. The post Homebuilders Are Now Offering Deals, Incentives on New Construction to Lure Buyers appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:04 AM » U.S. Congress to quiz bank regulators on coronavirus rule-easing, assistance
    Published Tue, May 12 2020 8:04 AM by Reuters
    Lawmakers will quiz U.S. regulators this week on their efforts to help struggling consumers, oversight of massive federal bailout packages and regulatory easing when they appear before Congress this week for the first time since the novel coronavirus outbreak.
  • Mon, May 11 2020
  • 6:58 PM » The Fed thawed debt market and big companies built a $500 billion war chest to fight the virus
    Published Mon, May 11 2020 6:58 PM by CNBC
    A $2.25 billion United Airlines debt offering failed to fly last week, but that does not signal trouble for others issuing corporate debt.
  • 3:35 PM » 'Feels like we're at the bottom': Some executives see signs of recovery in April
    Published Mon, May 11 2020 3:35 PM by CNBC
    Some executives expressed cautious optimism on earnings calls, suggesting that things were starting to look up in April after an alarming drop-off in March. But all warned that it will be a long slog before their businesses return to normal.
  • 2:35 PM » As states reopen, homebuyers rush back out, but sellers are staying on the sidelines
    Published Mon, May 11 2020 2:35 PM by CNBC
    As states reopen, homebuyers rush back out, but sellers are staying on the sidelines
  • 2:21 PM » Education and Unemployment
    Published Mon, May 11 2020 2:21 PM by Calculated Risk Blog
    This graph shows the unemployment rate by four levels of education (all groups are 25 years and older) through Feb 2020. Unfortunately this data only goes back to 1992 and includes only two previous recessions (the stock / tech bust in 2001, and the 2007-2009 housing bust/financial crisis). Clearly education matters with regards to the unemployment rate. Although having more education helped, having a college degree didn't protect employees from significant layoffs. Click on graph for larger image. Note: This says nothing about the quality of jobs - as an example, a college graduate working at minimum wage would be considered "employed". The 'Less than a High School Diploma, 25 yrs. & over' unemployment rate increased from 5.7% in February to 6.8% in March to 21.2% in April. The 'High School Graduates, No College, 25 yrs. & over' unemployment rate increased from 3.6% in February to 4.4% in March to 17.3% in April. The 'Some College or Associate Degree, 25 yrs. & over' unemployment rate increased from 3.0% in February to 3.7% in March to 15.0% in April. The 'Bachelors degree and higher, 25 yrs. & over' unemployment rate increased from 1.9% in February to 3.9% in March to 14.8% in April.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:02 PM » Michigan factories begin humming again as U.S. lockdowns ease
    Published Mon, May 11 2020 2:02 PM by Reuters
    Factory workers began returning to assembly lines in Michigan on Monday, paving the way for major automakers to restore thousands of jobs across North America after more than six weeks of a coronavirus lockdown.
  • 1:45 PM » After trying for a decade, central banks might succeed at generating inflation
    Published Mon, May 11 2020 1:45 PM by CNBC
    "The forces that will bring about inflation are aligning," Chetan Ahya, chief Asia economist at Morgan Stanley, said in a note.
  • 1:10 PM » Fed's Evans says get ready for economic growth to look different
    Published Mon, May 11 2020 1:10 PM by Reuters
    Fed's Evans says get ready for economic growth to look different
  • 12:26 PM » Chinese investment in the U.S. drops to lowest level since global financial crisis
    Published Mon, May 11 2020 12:26 PM by Reuters
    Chinese investment in the United States dropped to $5 billion in 2019, a slight decrease from a year earlier and the lowest level since the global financial crisis a decade ago, according to a new analysis by the U.S.-China Investment Project.
  • 11:29 AM » U.S. has no need to buy back debt, will take advantage of low interest rates: Mnuchin
    Published Mon, May 11 2020 11:29 AM by Reuters
    U.S. Treasury Secretary Steven Mnuchin said on Monday he sees no need for the country to buy back debt and that he plans to borrow money long-term to lock in low interest rates, as the coronavirus pandemic rocks the economy.
  • 11:11 AM » Last Week: NY Fed Q1 Report: "Pre-COVID-19 Data Shows Total Household Debt Increased in Q1 2020"
    Published Mon, May 11 2020 11:11 AM by Calculated Risk Blog
    Note: This was released last week. From the NY Fed: Pre-COVID-19 Data Shows Total Household Debt Increased in Q1 2020, Though Growth in Non-Housing Debt Slows The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit , which shows that total household debt increased by $155 billion (1.1%) to $14.30 trillion in the first quarter of 2020. The total balance is now $1.6 trillion higher, in nominal terms, than the previous peak of $12.68 trillion in the third quarter of 2008. The Report is based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data. The latest report captures consumer credit data as of March 31, 2020. However, given that individual credit accounts are typically updated monthly, the data do not fully reflect the potential effects of COVID-19 that materialized in the second half of March 2020. "It is critical to note that the latest report reflects a time when many of the economic effects of the COVID-19 pandemic were only starting to be felt ," said Andrew Haughwout, senior vice president at the New York Fed. "We do see a larger-than-expected decline in credit card balances based on past seasonal patterns, but it is too soon to confidently assess its connection to the pandemic. We will continue to monitor these developments and the broader state of household balance sheets closely as key data are updated and the economic situation evolves." emphasis added Click on graph for larger image. Here are two graphs from the report : The first graph shows aggregate consumer debt increased in Q1.  Household debt previously peaked in 2008, and bottomed in Q2 2013. From the NY Fed: Aggregate household debt balances increased by $155 billion in the first quarter of 2020, a 1.1% increase, and now stand at $14.30 trillion...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:35 AM » Unaffordable Prices Hold Back Prospective Home Buyers
    Published Mon, May 11 2020 10:35 AM by eyeonhousing.org
    As revealed in a previous post, 56% of buyers who are actively engaged in the process of finding a home have spent upwards of 3 months searching unsuccessfully. What is holding them back? 40% say they can't find a home at a price they can afford and 32% each say they can't find a home with the features they want... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:25 AM » Four High Frequency Indicators for the Eventual Recovery
    Published Mon, May 11 2020 9:25 AM by Calculated Risk Blog
    These indicators are for travel and entertainment - some of the sectors that will probably recover very slowly. The TSA is providing daily travel numbers . Click on graph for larger image. This data shows the daily total traveler throughput from the TSA for 2019 (Blue) and 2020 (Red). On May 10th there were 200,815 travelers compared to 2,419,114 a year ago. That is a decline of over 91.7%. There has been some increase off the bottom, but it is pretty small compared to the normal level of travel. The second graph shows the year-over-year change in diners as tabulated by OpenTable for the US and several selected cities. Thanks to OpenTable for providing this restaurant data: This data is updated through May 10, 2020. The US was off 100% YoY as of March 21st. California and New York are still off 100%. Some states - like Texas and Georgia - have started to open up. In Texas, diner traffic was only down 83% YoY. This data shows domestic box office for each week (red) and the maximum and minimum for the previous four years.  Data is from BoxOfficeMojo. Note that the data is noisy and depends on when blockbusters are released. Movie ticket sales have been essentially at zero for seven weeks. Basically movie theaters are closed all across the country, and will probably reopen slowly (probably with limited seating at first). The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average . The red line is for 2020, dash light blue is 2019, blue is the median, and black is for 2009 (the worst year probably since the Great Depression for hotels). 2020 was off to a solid start, however, COVID-19 has crushed hotel occupancy. Note: Y-axis doesn't start at zero to better show the seasonal change. STR reported hotel occupancy was off 58.5% year-over-year last week.  Occupancy has increased slightly over the last few of weeks.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:25 AM » Fear and desperation on Main Street as small businesses struggle to survive despite PPP and other federal loan programs
    Published Mon, May 11 2020 9:25 AM by CNBC
    Millions of small business owners have not received government loans under the CARES Act. Many are bootstrapping, crowdfunding and deferring mortgage payments to stay afloat.
« First ... < Previous 2 3 4 5 6 Next > ... Last »
Did you know?
You can see a list of all comments on MND by clicking the 'Read the Latest Comments' option under the 'Community' menu.
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.08%
  • |
  • 15 Yr FRM 2.70%
  • |
  • Jumbo 30 Year Fixed 4.19%
MBS Prices:
  • 30YR FNMA 4.5 108-00 (0-00)
  • |
  • 30YR FNMA 5.0 109-06 (-0-02)
  • |
  • 30YR FNMA 5.5 110-07 (0-00)
Recent Housing Data:
  • Mortgage Apps 2.67%
  • |
  • Refinance Index -0.23%
  • |
  • Purchase Index 8.61%