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  • Mon, Sep 19 2016
  • 8:32 AM » What happened to the ‘starter home?'
    Published Mon, Sep 19 2016 8:32 AM by Market Watch
    The concept of a "starter home" is quickly becoming a real estate relic, like track lighting and brass hardware.
  • 8:29 AM » Fed policy is gutting basic financial infrastructure, Richard Fisher says
    Published Mon, Sep 19 2016 8:29 AM by CNBC
    The Federal Reserve is focusing too narrowly on its dual mandate, the former Dallas Fed president says.
  • 8:29 AM » For Yellen, a September Fed surprise could close confidence gap
    Published Mon, Sep 19 2016 8:29 AM by CNBC
    If Fed Chair Janet Yellen wants to prove that policymakers are not being pulled along by investors, this week may offer a rare moment to do so.
  • 8:26 AM » US bonds rise ahead of Fed and BOJ meetings
    Published Mon, Sep 19 2016 8:26 AM by CNBC
    U.S. sovereign bond prices rose on Monday, as U.S. stock-index futures ticked higher and oil prices gained.
  • Fri, Sep 16 2016
  • 4:51 PM » The Smart Home Features That Are Really Taking Off
    Published Fri, Sep 16 2016 4:51 PM by www.realtor.com
    Nearly half of homeowners renovating their pads are adding smart home technology, says a recent survey. So which installations are the most popular? The post The Smart Home Features That Are Really Taking Off appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 4:50 PM » How the Wells Fargo case will impact the broader industry
    Published Fri, Sep 16 2016 4:50 PM by CNBC
    The action taken against Wells Fargo for opening unauthorized accounts is a "political gift" to regulators, analyst Edward Mills said Friday.
  • 2:50 PM » U.S. House committee to hold hearing on Wells Fargo sales practices
    Published Fri, Sep 16 2016 2:50 PM by Reuters
    WASHINGTON (Reuters) - The U.S. House Financial Services Committee has opened a probe into Wells Fargo's sales practices and plans to call the company's chief executive before lawmakers at a hearing later in September, the committee chairman said on Friday.
  • 2:47 PM » Mortgage Equity Withdrawal Slightly Positive in Q2
    Published Fri, Sep 16 2016 2:47 PM by Calculated Risk Blog
    Note: This is not Mortgage Equity Withdrawal (MEW) data from the Fed. The last MEW data from Fed economist Dr. Kennedy was for Q4 2008. The following data is calculated from the Fed's Flow of Funds data (released today) and the BEA supplement data on single family structure investment. This is an aggregate number, and is a combination of homeowners extracting equity - hence the name "MEW", but there is still little (but increasing) MEW right now - and normal principal payments and debt cancellation (modifications, short sales, and foreclosures). For Q2 2016, the Net Equity Extraction was a  positive  $7 billion, or a positive 0.2% of Disposable Personal Income (DPI) .  With revisions, this is the first positive MEW since Q1 2008 - and MEW will probably be positive in Q3 this year too (there is a seasonal pattern for MEW). Click on graph for larger image. This graph shows the net equity extraction, or mortgage equity withdrawal (MEW), results, using the Flow of Funds (and BEA data) compared to the Kennedy-Greenspan method. Note: This data is impacted by debt cancellation and foreclosures, but much less than a few years ago. The Fed's Flow of Funds report showed that the amount of mortgage debt outstanding increased by $56 billion in Q2. The Flow of Funds report also showed that Mortgage debt has declined by almost $1.3 trillion since the peak. This decline is mostly because of debt cancellation per foreclosures and short sales, and some from modifications. There has also been some reduction in mortgage debt as homeowners paid down their mortgages so they could refinance. With a slower rate of debt cancellation, MEW will likely stay positive. For reference: Dr. James Kennedy also has a simple method for calculating equity extraction: " A Simple Method for Estimating Gross Equity Extracted from Housing Wealth ". Here is a companion spread sheet (the above uses my simple method). For those interested in the...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:23 PM » Fed's Flow of Funds: Household Net Worth increased in Q2
    Published Fri, Sep 16 2016 1:23 PM by Calculated Risk Blog
    The Federal Reserve released the Q2 2016 Flow of Funds report today: Flow of Funds . According to the Fed, household net worth increased in Q2 compared to Q1: The net worth of households and nonprofits rose to $89.1 trillion during the second quarter of 2016. The value of directly and indirectly held corporate equities increased $452 billion and the value of real estate increased $474 billion. Household net worth was at $89.1 trillion in Q2 2016, up from $88.0 trillion in Q1 2016. The Fed estimated that the value of household real estate increased to $22.3 trillion in Q2. The value of household real estate is just below the bubble peak in early 2006 (not adjusted for inflation, and including new construction). Click on graph for larger image. The first graph shows Households and Nonprofit net worth as a percent of GDP.  Household net worth, as a percent of GDP, is higher than the peak in 2006 (housing bubble), and above the stock bubble peak. This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). Note that this does NOT include public debt obligations. This graph shows homeowner percent equity since 1952. Household percent equity (as measured by the Fed) collapsed when house prices fell sharply in 2007 and 2008. In Q2 2016, household percent equity (of household real estate) was at 57.1% - up from Q1, and the highest since Q2 2006. This was because of an increase in house prices in Q2 (the Fed uses CoreLogic). Note: about 30.3% of owner occupied households had no mortgage debt as of April 2010. So the approximately 50+ million households with mortgages have far less than 57.1% equity - and a few million homeowners still have negative equity. The third graph shows household real estate assets and mortgage debt as a percent of GDP. Mortgage debt increased by $56 billion in Q2. Mortgage debt has declined by $1.27 trillion from the peak. Studies suggest most of the decline in debt has...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:23 PM » Look for house price bumps in these metros
    Published Fri, Sep 16 2016 1:23 PM by CNBC
    Incomes are rising faster in some U.S. metro areas than others, which could bring house price bumps in those markets.
  • 11:31 AM » U.S. Households Make Long-Awaited Gains in Housing Recovery
    Published Fri, Sep 16 2016 11:31 AM by www.realtor.com
    Fewer households are paying too much for a place to live, according to new Census data. The post U.S. Households Make Long-Awaited Gains in Housing Recovery appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:56 AM » Lively debate and 'hawkish hold' seen from Fed
    Published Fri, Sep 16 2016 10:56 AM by Reuters
    BRUSSELS (Reuters) - The Federal Reserve is set for a lively debate in the coming week and could give a clear signal of an interest rate rise to come even if it follows market expectations for a pause this month.
  • 10:09 AM » Consumer sentiment steady in September
    Published Fri, Sep 16 2016 10:09 AM by CNBC
    A key measure of consumers' attitudes was unchanged this month, edging below expectations, according to preliminary data.
  • 9:37 AM » Friday Poll: Labor or Lots
    Published Fri, Sep 16 2016 9:37 AM by eyeonhousing.org
    Housing demand is in relatively solid shape, with a healthy labor market and low mortgage interest rates. However, lack of labor and lots are limiting the amount of new construction that can be added to inventory. In our first reader poll, tell us what you see in terms of supply-side headwinds. We’ll report the results next week.
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:37 AM » Black Knight Financial Services Introduces Tax for Loan Estimation to Help Lenders and Real Estate Professionals Quickly and Accurately Estimate Property Taxes
    Published Fri, Sep 16 2016 9:37 AM by www.bkfs.com
    Black Knight Financial Services Introduces Tax for Loan Estimation to Help Lenders and Real Estate Professionals Quickly and Accurately Estimate Property Taxes<br/>http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160916.aspx
  • 9:37 AM » Rising rents, health care costs boost US consumer prices
    Published Fri, Sep 16 2016 9:37 AM by CNBC
    Prices increased more than expected in August, pointing to a steady build-up of inflation that could allow the Fed to raise interest rates this year.
  • 8:18 AM » Real estate funds just clocked their best week of inflows ever
    Published Fri, Sep 16 2016 8:18 AM by CNBC
    Global real estate funds have seen their biggest week of inflows on record, according to new research, with U.S.-based funds taking the lion's share.
  • 8:17 AM » Deutsche Bank says U.S. DoJ asks it to pay $14 billion to settle mortgages case
    Published Fri, Sep 16 2016 8:17 AM by Reuters
    FRANKFURT (Reuters) - The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into its selling of mortgage-backed securities, Germany's flagship lender said on Friday.
  • Thu, Sep 15 2016
  • 4:07 PM » Why everyone needs to pay attention to the bond market
    Published Thu, Sep 15 2016 4:07 PM by CNBC
    Home mortgages and corporate borrowing just got a little more expensive this week, courtesy of central banks in Europe and Japan.
  • 3:06 PM » FNC: Residential Property Values increased 5.4% year-over-year in July
    Published Thu, Sep 15 2016 3:06 PM by Calculated Risk Blog
    In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes. FNC released their July 2016  index data .  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.8% from June to July (Composite 100 index, not seasonally adjusted).  The 10 city MSA increased 0.8% (NSA), the 20-MSA RPI increased 0.8%, and the 30-MSA RPI also increased 0.8% in July. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales). Notes: In addition to the composite indexes, FNC presents price indexes for 30 MSAs. FNC also provides seasonally adjusted data. The index is still down 10.0% from the peak in 2006 (not inflation adjusted). Click on graph for larger image. This graph shows the year-over-year change based on the FNC index (four composites) through July 2016. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals. Most of the other indexes are also showing the year-over-year change in the mid single digit range. Note: The July Case-Shiller index will be released on Tuesday, September 27th.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:23 PM » Even the CEO of Zillow thinks you should ask a real-estate agent what your home is worth
    Published Thu, Sep 15 2016 12:23 PM by Market Watch
    Zestimates are meant to be starting points, Spencer Rascoff says.
  • 12:22 PM » Op-Ed: The bond market is getting it wrong
    Published Thu, Sep 15 2016 12:22 PM by CNBC
    Interest rates are rising in anticipation of fiscal stimulus, but the bond market may be banking on false hopes, says Ron Insana.
  • 12:22 PM » House Committee approves Dodd-Frank replacement bill
    Published Thu, Sep 15 2016 12:22 PM by www.cfpbmonitor.com
    Barbara S. Mishkin By a vote of 30-26 earlier this week, the House Financial Services Committee approved the "The Financial CHOICE Act of 2016" (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the Dodd-Frank Act. All Democrats on the Committee voted against the bill as did one Republican member. No amendments... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 10:27 AM » Ally's 2016 Credit Card Study Reveals What Customers Really Want: Cash
    Published Thu, Sep 15 2016 10:27 AM by media.ally.com
    Study shows that consumers are interested in credit cards that offer a bonus on rewards placed in a bank account
    Click Here to Read the Full Article

    Source: media.ally.com
  • 10:27 AM » Mortgage Rates Head Up
    Published Thu, Sep 15 2016 10:27 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Head Up
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:59 AM » U.S. industrial output falls more than expected as utilities sag
    Published Thu, Sep 15 2016 9:59 AM by Reuters
    WASHINGTON (Reuters) - U.S. industrial production fell more than expected in August, hurt in part by a sharp decline in utilities output, the Federal Reserve said on Thursday.
  • 9:51 AM » US weekly jobless claims total 260,000 vs 265,000 estimate
    Published Thu, Sep 15 2016 9:51 AM by CNBC
    U.S. jobless claims totaled 260,000 last week, better than the expected 265,000.
  • 9:51 AM » US retail sales slumped 0.3 percent in August, ending four months of growth
    Published Thu, Sep 15 2016 9:51 AM by CNBC
    WASHINGTON- US producer prices were flat in August as food costs fell by the most in more than 3 years.
  • 9:51 AM » US producer prices unchanged, underlying inflation firming
    Published Thu, Sep 15 2016 9:51 AM by CNBC
    Producer prices were flat in August as the cost of energy products declined and trade services fell, but underlying producer inflation firmed.
  • 9:50 AM » Lender Profit Expectations More Positive as Compliance Cost ...
    Published Thu, Sep 15 2016 9:50 AM by Fannie Mae
    Mortgage lenders have reported a net positive profit margin outlook for a third consecutive quarter, according to Fannie Mae's third quarter 2016 Mortgage ...
  • 8:29 AM » CoreLogic Reports 548,000 US Homeowners Regained Equity in the Second Quarter of 2016
    Published Thu, Sep 15 2016 8:29 AM by www.corelogic.com
    —3.6 Million Properties Remain in Negative Equity— CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing 548,000 U.S. homeowners regained equity in Q2 2016 compared with the previous quarter, increasing the percentage of homes with positive equity to 92.9 percent of all mortgaged properties, or approximately 47.2 million homes. Nationwide, home equity grew year over year by $646 billion, representing an increase of 9.9 percent in Q2 2016 compared with Q2 2015. In Q2 2016, the total number of mortgaged residential properties with negative equity stood at 3.6 million, or 7.1 percent of all homes with a mortgage. This is a decrease of 13.2 percent quarter over quarter from 4.2 million homes, or 8.2 percent, in Q1 2016 and a decrease of 19 percent year over year from 4.5 million homes, or 8.9 percent, compared with Q2 2015. Negative equity, often referred to as “underwater” or “upside down,” applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or a combination of both. For homes in negative equity status, the national aggregate value of negative equity was $284 billion at the end of Q2 2016, decreasing approximately $20.4 billion, or 6.7 percent, from $305 billion in Q1 2016. On a year-over-year basis, the value of negative equity declined overall from $314 billion in Q2 2015, representing a decrease of 9.5 percent in 12 months. Of the more than 50 million homes with a mortgage, approximately 8.6 million, or 17 percent, have less than 20 percent equity (referred to as under-equitied) and approximately 965,000, or 1.9 percent, have less than 5 percent equity (referred to as near-negative equity). Borrowers who are under-equitied may have a difficult time refinancing their existing homes or obtaining...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • Wed, Sep 14 2016
  • 3:34 PM » Review of FOMC Projections
    Published Wed, Sep 14 2016 3:34 PM by Calculated Risk Blog
    Almost all analysts are expecting no change in Fed policy at the September FOMC meeting next week. So the focus this month will probably be on the wording of the statement, any changes to the projections, and on the press conference. Here are the June FOMC projections .  Since the release of those projections, Q2 GDP was reported at a 1.1% annual rate, after increasing 0.8% in Q1. Currently GDP is tracking around 3.3% annualized in Q3.  It seems likely the FOMC will revise down GDP for 2016. GDP projections of Federal Reserve Governors and Reserve Bank presidents Change in Real GDP 1 2016 2017 2018 Jun 2016  1.9 to 2.0 1.9 to 2.2 1.8 to 2.1 Mar 2016  2.1 to 2.3 2.0 to 2.3 1.8 to 2.1 1 Projections of change in real GDP and inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated. The unemployment rate was at 4.9% in August, so the unemployment rate projection for Q4 2016 will probably be mostly unchanged. Unemployment projections of Federal Reserve Governors and Reserve Bank presidents Unemployment Rate 2 2016 2017 2018 Jun 2016  4.6 to 4.8 4.5 to 4.7 4.4 to 4.8 Mar 2016  4.6 to 4.8 4.5 to 4.7 4.5 to 5.0 2 Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. As of July, PCE inflation was up only 0.8% from July 2015.   Inflation projections of Federal Reserve Governors and Reserve Bank presidents PCE Inflation 1 2016 2017 2018 Jun 2016  1.3 to 1.7 1.7 to 2.0 1.9 to 2.0 Mar 2016  1.0 to 1.6 1.7 to 2.0 1.9 to 2.0 PCE core inflation was up 1.6% in July year-over-year. Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents Core Inflation 1 2016 2017 2018 Jun 2016  1.6 to 1.8 1.7 to 2.0 1.9 to 2.0 Mar 2016  1.4 to 1.7 1.7 to 2.0 1.9 to 2.0 With the recent stabilization in oil prices, PCE inflation might pick up a little.  But...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:33 PM » Wells Fargo being investigated by federal prosecutors: DJ, citing sources
    Published Wed, Sep 14 2016 3:33 PM by CNBC
    Dow Jones, citing sources, reported that federal prosecutors are investigating Wells Fargo.
  • 2:18 PM » The Bond Market Is Flashing a Signal That Traders Haven't Seen Since 2012
    Published Wed, Sep 14 2016 2:18 PM by Bloomberg
    Bloomberg The Bond Market Is Flashing a Signal That Traders Haven't Seen Since 2012 Bloomberg The $13.6 trillion Treasuries market is sending a signal it hasn't flashed in more than four years. The extra yield that investors demand to own 30-year rather than five-year debt, a measure of the yield curve, increased for the ninth straight day ...
  • 12:33 PM » Affordability Concerns, Uncertainty about Down Payment Requirements Ensnaring Renters, Latest HOME Survey Shows
    Published Wed, Sep 14 2016 12:33 PM by Google News
    WASHINGTON (September 14, 2016) – Lofty home-price growth and tight supply are leading to softening confidence among renters about whether it’s a good time to buy a home, according to the latest installment of the National Association of Realtors® Housing Opportunities and Market Experience (HOME) survey 1 . The survey also found that a misconception about how much of a down payment is needed to buy could be unnecessarily delaying some... Read More
  • 12:32 PM » Ben Bernanke: 'Premature' to count out negative rates
    Published Wed, Sep 14 2016 12:32 PM by CNBC
    Of all the options the Fed has, going to negative rates may not be as drastic as it seems, Bernanke said in a blog post.
  • 10:33 AM » The American Dream of City Living Is Built on a Prayer
    Published Wed, Sep 14 2016 10:33 AM by Bloomberg
    Bloomberg The American Dream of City Living Is Built on a Prayer Bloomberg New York is the land of the $100 million penthouse, the land of more than 8.5 million people and of rents that are among the highest in the country. Detroit, which has lost 500,000 people over three decades, is a sea of abandoned homes that can be ...
  • 9:46 AM » Bond yields are on the rise - is this a return to normal?
    Published Wed, Sep 14 2016 9:46 AM by CNBC
    Yields on high-grade sovereign debt seem to be on the increase, a factor that may bring relief to investors, but could put governments under pressure.
  • 9:44 AM » U.S. import prices post first decline in six months
    Published Wed, Sep 14 2016 9:44 AM by Reuters
    WASHINGTON, Sept 14 (Reuters) - U.S. import prices fell for the first time in six months in August on declining petroleum and food costs, pointing to a tame inflation environment that could encourage the Federal Reserve to keep interest rates steady next week.
  • 8:18 AM » Global Yields Highest Since June as El-Erian Says Fed Should Act
    Published Wed, Sep 14 2016 8:18 AM by Bloomberg
    Global Yields Highest Since June as El-Erian Says Fed Should Act Bloomberg Sovereign bond yields rose to the highest level in almost three months as Mohamed El-Erian said the Federal Reserve should raise interest rates. The yield on the Bloomberg Global Developed Sovereign Bond Index climbed to 0.6 percent, the highest since ... and more »
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