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  • Thu, Jun 16 2016
  • 9:54 AM » Fisher: 'A joint strangle' on growth
    Published Thu, Jun 16 2016 9:54 AM by CNBC
    The Fed is the only D.C. institution supporting growth, but its low-rate policy could be backfiring, Richard Fisher says.
  • 9:54 AM » Fed's clueless on economy: El-Erian
    Published Thu, Jun 16 2016 9:54 AM by CNBC
    Fed policymakers "don't have a vision" for the U.S. economy, Allianz Chief Economic Adviser Mohamed El-Erian tells CNBC.
  • 9:49 AM » U.S. consumer price gains slow; underlying inflation supported
    Published Thu, Jun 16 2016 9:49 AM by Reuters
    WASHINGTON, June 16 (Reuters) - - U.S. consumer prices moderated in May, but sustained increases in housing and healthcare costs kept underlying inflation supported, which could allow the Federal Reserve to raise interest rates this year.
  • 7:59 AM » Futures lower as Fed comments, Brexit vote spook investors
    Published Thu, Jun 16 2016 7:59 AM by Reuters
    (Reuters) - U.S. stock index futures were lower on Thursday, a day after the Federal Reserve kept interest rates unchanged but warned of slowing economic growth and the repercussions of Britain's possible exit from the European Union.
  • 7:59 AM » CoreLogic Reports 37,000 Completed Foreclosures in April 2016
    Published Thu, Jun 16 2016 7:59 AM by
    —National Foreclosure Inventory Down 23.4 Percent from April 2015— CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its April 2016 National Foreclosure Report which shows the foreclosure inventory declined by 23.4 percent and completed foreclosures declined by 15.8 percent compared with April 2015. The number of completed foreclosures nationwide decreased year over year from 43,000 in April 2015 to 37,000 in April 2016, representing a decrease of 68.9 percent from the peak of 117,813 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 8.3 million homes lost to foreclosure. As of April 2016, the national foreclosure inventory included approximately 406,000, or 1.1 percent, of all homes with a mortgage compared with 530,000 homes, or 1.4 percent, in April 2015. The April 2016 foreclosure inventory rate is the lowest for any month since September 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 21.6 percent from April 2015 to April 2016, with 1.1 million mortgages, or 3 percent, in this category. The April 2016 serious delinquency rate is the lowest in more than eight years, since October 2007. “The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent...
    Click Here to Read the Full Article

  • 7:59 AM » Lawler: The More Things Change ...
    Published Thu, Jun 16 2016 7:59 AM by Calculated Risk Blog
    From housing economist Tom Lawler: Below is an excerpt from a news story about mortgage credit standards. I've deleted the names of people quoted in the story, and I've left blank two references to the time periods being discussed (A and B). Read this excerpt, and before looking below, and try to guess what year "A" refers to and what period "B" refers to. If you have not been in a lender's office lately but plan to apply for a mortgage soon, brace yourself for surprises. Gone are the breezy days when some lenders routinely stretched debt-to-income ratios or overlooked past credit problems. Mortgage specialists say getting a home loan in ___A___ can be a lot rougher than it used to be. "Lenders are very concerned these days about the debt exposure of consumers. Someone out there with a shaky credit history may find it more difficult to get a mortgage than back in _____B_______ when the economy was rolling along," says Michael L. Wilson, deputy director of the U.S. League of Savings Institutions. "There's definitely a tightening up. Lenders are more aware of the risk involved in making mortgage loans." One signal of change is the decline of the "low doc" or "no doc" mortgage, which excused those with large down payments from the need to produce most documentation on their income or debt loads. These days most mortgages are traditional, full documentation loans. But there's more to the story than the near extinction of low or no doc loans. Even with traditional loans, lenders have become more demanding and nitpicky about paper work, mortgage specialists say. "Lenders are going into that dot the `i' and cross the `t' situation." "It's true that the whole lending environment has gotten more conservative. But for the average home buyer, it's not so conservative that they're being frozen out of the market. There are just more hoops to jump through." ________________________________________________...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 7:59 AM » Global bond yields tumble as Brexit retakes spotlight
    Published Thu, Jun 16 2016 7:59 AM by CNBC
    Developed market bond yields tumbled on Thursday amid rising concerns the U.K. may vote to exit the EU in its looming referendum.
  • Wed, Jun 15 2016
  • 4:35 PM » Bank rules not hindering U.S. economy: FDIC chief
    Published Wed, Jun 15 2016 4:35 PM by Reuters
    WASHINGTON (Reuters) - Banking rules meant to protect the U.S. financial system from collapse are not harming the economy or damaging financial markets, the chairman of the Federal Deposit Insurance Corp said on Wednesday, contrary to the views of industry groups.
  • 4:35 PM » Fed tells market: We're taking summer off
    Published Wed, Jun 15 2016 4:35 PM by CNBC
    The Federal Reserve sent a strong signal that it now expects just one rate hike this year, while the market now sees less than a 50 percent chance of even one hike by year end.
  • 3:25 PM » Treasury yields tumble to lowest level since November 2012 after Fed decision
    Published Wed, Jun 15 2016 3:25 PM by Market Watch
    Treasury yields fell to fresh 3.5-year lows Wednesday after Federal Reserve officials held interest rates steady while noting that economic data over the last six weeks had been mixed. Fed officials said job gains have diminished while market measures of inflation have declined, but economic growth "appears to have picked up." The statement didn't mention the U.K.'s referendum on membership in the European Union slated for June 23. The Fed's decision to keep rates unchanged lifted appetite for Treasurys, pushing prices higher and yields lower. The yield on the 10-year U.S. Treasury note the Treasury market's benchmark, lost 2.4 basis points to 1.586%, its lowest level since November 2012, according to Tradeweb. One basis point is equal to one-hundredth of a percentage point. Treasury yields fall when prices rise and vice versa. The yield on the 30-year bond known as the long bond, fell 1.4 basis point to 2.410%, its lowest level since January 2015, while the two-year Treasury yield lost 3.2 basis points to 0.686%, its lowest level since Feb. 11, the day the stock market reached its nadir.
  • 2:22 PM » Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting
    Published Wed, Jun 15 2016 2:22 PM by Federal Reserve
    Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:22 PM » Fed leaves rates unchanged in June meeting
    Published Wed, Jun 15 2016 2:22 PM by CNBC
    The Federal Open Market Committee's next regularly scheduled policy meeting starts July 26.
  • 2:22 PM » Odds for July rate hike drop after Fed
    Published Wed, Jun 15 2016 2:22 PM by CNBC
    The CME Group FedWatch probability for a July rate hike dropped after the Federal Reserve lowered its forecast for future rate projections.
  • 1:18 PM » Focus your concerns on Brexit: Boockvar
    Published Wed, Jun 15 2016 1:18 PM by CNBC
    Here's what Peter Boockvar is focused on ahead of Wednesday's Fed announcement.
  • 1:12 PM » Why Gundlach thinks central banks are ‘losing control'
    Published Wed, Jun 15 2016 1:12 PM by Market Watch
    DoubleLine's Jeff Gundlach is losing faith in central bankers. That's not to say the bond guru, who has maintained a fairly bearish outlook for markets, had much faith in them to start.
  • 11:49 AM » Pay Attention to These Words and Dots: Fed Decision-Day Guide
    Published Wed, Jun 15 2016 11:49 AM by Bloomberg
    Bloomberg Pay Attention to These Words and Dots: Fed Decision-Day Guide Bloomberg Chair Janet Yellen's Federal Reserve wraps up a two-day meeting on Wednesday in Washington. Officials are expected to debate whether the economy can handle another interest-rate increase after they hiked in December for the first time in almost a ... and more »
  • 9:28 AM » The Emotions Behind Home Buying
    Published Wed, Jun 15 2016 9:28 AM by
    A home is the biggest investment almost anyone will make, but often emotions get in the way of making the right choice.
    Click Here to Read the Full Article

  • 9:27 AM » London traders brace for biggest night since 'Black Wednesday'
    Published Wed, Jun 15 2016 9:27 AM by Reuters
    LONDON, June 15 (Reuters) - The world's biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain's referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century.
  • 9:26 AM » Bookies Are Still Pretty Sure Brexit Isn't Going to Happen
    Published Wed, Jun 15 2016 9:26 AM by Bloomberg
    While polls show the U.K.'s Brexit vote poised on a knife's edge, bookies remain fairly confident the nation will stay in the European Union. Most of the biggest betting firms and exchanges in the U.K., Ireland and beyond place a 60 percent or better chance on David Cameron averting a so-called Brexit. That's even after five polls published this week showed the "Leave" side ahead, with the latest survey giving it as much as a 7 percentage-point lead over "Remain."
  • 9:22 AM » Kuroda Faces Unhappy Banks as BOJ's Policy Decision Looms
    Published Wed, Jun 15 2016 9:22 AM by Bloomberg
    Bloomberg Kuroda Faces Unhappy Banks as BOJ's Policy Decision Looms Bloomberg As well as a surging yen, non-existent inflation and a weak economy, Bank of Japan Governor Haruhiko Kuroda has something else to think about when deciding monetary policy this week: unhappy banks. Japan's biggest lender, Bank of Tokyo-Mitsubishi ... and more »
  • 9:22 AM » Industrial output falls 0.4 percent in May
    Published Wed, Jun 15 2016 9:22 AM by CNBC
    U.S. industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said.
  • 9:22 AM » U.S. producer prices rise on gasoline; underlying inflation weak
    Published Wed, Jun 15 2016 9:22 AM by Reuters
    WASHINGTON, June 15 (Reuters) - - U.S. producer prices rose for a second straight month in May as the cost of energy products and services increased, but the lingering effects of a strong dollar and lower energy prices will likely keep inflation tame for a while.
  • 8:20 AM » Encore: Could the tide be turning on reverse mortgages?
    Published Wed, Jun 15 2016 8:20 AM by Market Watch
    Just in time, the product may be entering mainstream consciousness.
  • Tue, Jun 14 2016
  • 5:17 PM » DoubleLine's Gundlach says 'central banks are losing control'
    Published Tue, Jun 14 2016 5:17 PM by Reuters
    NEW YORK (Reuters) - Jeffrey Gundlach, the chief executive officer at DoubleLine Capital, said Tuesday that investors are dropping risky assets and turning to safer securities including Treasuries and gold because they are losing faith in central banks.
  • 5:17 PM » BlackRock's bond advice
    Published Tue, Jun 14 2016 5:17 PM by CNBC
    In a market marked by "extreme moves," here is what BlackRock's Rick Rieder would do in fixed income.
  • 5:17 PM » Review 4 Insurance Coverages before Seasonal Storms
    Published Tue, Jun 14 2016 5:17 PM by
    Hurricane season is here for coastal parts of the country. And while non-coastal areas may not be directly affected by hurricanes, everyone is susceptible to detrimental weather events, such as tornadoes, hail, severe thunderstorms and flooding. As a result, your property could suffer significant damage. Our team at Stewart Insurance and Risk Management wants to … Read more
    Click Here to Read the Full Article

  • 3:14 PM » Homebuilder stocks fall amid building materials sales decline
    Published Tue, Jun 14 2016 3:14 PM by CNBC
    Homebuilder stocks fell broadly as construction materials sales slipped for the second straight month.
  • 12:45 PM » Why negative rates are a big deal
    Published Tue, Jun 14 2016 12:45 PM by CNBC
    German bond yields just went negative. Here's why that's a big deal-and why the Fed's hands may be tied, explains Ron Insana.
  • 12:45 PM » IRS Spells Out Debt-Income Exclusions for Real Estate Developers
    Published Tue, Jun 14 2016 12:45 PM by NMHC
    The Internal Revenue Service (IRS) published guidance on June 10 clarifying when real estate developers may exclude cancelation of indebtedness from their gross income.
  • 12:45 PM » U.S. Population Distribution by Age, 1900 through 2060
    Published Tue, Jun 14 2016 12:45 PM by Calculated Risk Blog
    By request, here is a repeat of animations of the U.S population by age and distribution, from 1900 through 2060. The population data and estimates are from the Census Bureau (actual through 2010 and projections through 2060). Note: For distribution, here are the same graphs using a slider (the user can look at individual slides). There are many interesting points - the Depression baby bust, the baby boom, the 2nd smaller baby bust following the baby boom, the "echo" boom" and more. What jumps out at me are the improvements in health care. And also that the largest cohorts will all soon be under 40. Heck, in the last frame (2060), any remaining Boomers will be in those small (but growing) 95 to 99, and 100+ cohorts. The first graph is by distribution (updates every 2 seconds). The second graph is by age. Population is in thousands (not labeled) ! Prior to 1940, the oldest group in the Census data was "75+".  From 1940 through 1985, the oldest group was "85+".  Starting in 1990, the oldest group is 100+.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:45 PM » Fed is Too Concerned with Market Reactions to its Policy
    Published Tue, Jun 14 2016 12:45 PM by CNBC
    CNBC Fed Survey: CNBC's Steve Liesman: Fed is Too Concerned with Market Reactions to its Policy
  • 10:54 AM » Cash levels 'consistent with recession'
    Published Tue, Jun 14 2016 10:54 AM by CNBC
    Investors' cash levels are at their highest in nearly 15 years amid worries over a Brexit and monetary policy failure.
  • 10:52 AM » Wells Fargo Hosts National Housing Panel, Shares Annual Homeownership Survey Results
    Published Tue, Jun 14 2016 10:52 AM by
    Wells Fargo and national housing leaders will discuss sustainable homeownership, access to credit and survey results revealing consumer views on homebuying.
    Click Here to Read the Full Article

  • 10:22 AM » From Europe, fears the Fed is causing ‘monstrous' stress
    Published Tue, Jun 14 2016 10:22 AM by Market Watch
    The Federal Reserve is looking nowhere near raising interest rates this week, but by putting off another rate hike Chairwoman Janet Yellen and Co. risk setting the U.S. and the world up for another economic crisis, strategists warn.
  • 10:20 AM » NFIB: Small Business Optimism Index increased in May
    Published Tue, Jun 14 2016 10:20 AM by Calculated Risk Blog
    Earlier from the National Federation of Independent Business (NFIB): Small Business Optimism Rises Modestly in May The Index of Small Business Optimism rose two tenths of a point in May to 93.8 ... according to the National Federation of Independent Business' (NFIB) monthly economic survey released today. ... Fifty-six percent reported hiring or trying to hire (up 3 points), but 48 percent reported few or no qualified applicants for the positions they were trying to fill. Hiring activity increased substantially , but apparently the "failure rate" also rose as more owners found it hard to identify qualified applicants. ... Twenty-seven percent of all owners reported job openings they could not fill in the current period, down 2 points, but historically strong. emphasis added Click on graph for larger image. This graph shows the small business optimism index since 1986. The index increased to 93.8 in May.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:02 AM » What Germany's historic 10-year bund move tells us: Pimco
    Published Tue, Jun 14 2016 9:02 AM by CNBC
    The 10-year German bund's first-ever move below zero percent is a negative for markets overall, Pimco's Richard Clarida says.
  • 9:01 AM » Import prices post largest gain in four years in May
    Published Tue, Jun 14 2016 9:01 AM by Reuters
    WASHINGTON, June 14 (Reuters) - - U.S. import prices recorded their biggest increase in more than four years in May on rising costs of petroleum and other products, pointing to firming inflation as the drag from a strong dollar and lower oil prices fades.
  • 9:01 AM » May retail sales beat expectations; point to strong demand
    Published Tue, Jun 14 2016 9:01 AM by Reuters
    WASHINGTON, June 14 (Reuters) - - U.S. retail sales rose more than expected in May as Americans bought automobiles and a range of other goods, suggesting economic growth was gaining steam despite a sharp slowdown in job creation.
  • 8:13 AM » Brexit concerns pressure markets; German bond goes negative
    Published Tue, Jun 14 2016 8:13 AM by CNBC
    U.S. stock futures were under pressure this morning, swept up in a wider move lower in global markets.
  • 8:13 AM » Fed's Grip on $2.5 Trillion Treasuries Stash Seen Firm for Years
    Published Tue, Jun 14 2016 8:13 AM by Bloomberg
    Fed's Grip on $2.5 Trillion Treasuries Stash Seen Firm for Years Bloomberg The Federal Reserve's liftoff from near-zero interest rates in December sparked angst over how quickly the central bank would start whittling down its $2.5 trillion hoard of Treasuries. It turns out that investors in the world's biggest bond market had ...
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