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  • Thu, Jul 16 2015
  • 10:09 AM » Philly Fed index below expectations
    Published Thu, Jul 16 2015 10:09 AM by CNBC
    Manufacturing conditions in the region improved slightly in July, but well below expectations, the Philly Fed said.
  • 10:09 AM » Builder sentiment hits decade high, rising to 60
    Published Thu, Jul 16 2015 10:09 AM by CNBC
    A monthly home builder sentiment index rose to the highest level in July since November, 2005.
  • 10:09 AM » Treasury Seeks Public Comments on Marketplace Lending
    Published Thu, Jul 16 2015 10:09 AM by
    As we seek to make sure the benefits of our continuing economic recovery reach all Americans, it is important that more consumers and small businesses have broad access to safe and affordable credit. That is why Treasury is releasing a request for information (RFI) in the Federal Register on expanding access to credit for small businesses and consumers through online marketplace lending. Online marketplace lending refers to the segment of the financial services industry that uses data-driven online platforms and investment capital to lend to consumers and small businesses. While still a small component of the total consumer and small business lending market, it is a rapidly developing and fast-growing sector that is changing the way consumers and small businesses secure credit. For example, research conducted by Morgan Stanley found that in less than a decade, online marketplace lending has grown to an estimated $14 billion in new loan originations in 2014. [1] In light of the growth of this segment, Treasury is interested in learning more about the business models and product offerings of online marketplace lenders; the potential for online marketplace lending to expand access to credit to historically underserved market segments; and how the financial regulatory framework should evolve to support the safe growth of this industry. In addition to seeking public comment through the RFI, we look forward to hosting roundtables later this summer to advance our dialogue with participants and other key stakeholders in this industry. To kick off the conversation, we invite you to please share your perspectives on online marketplace lending through the RFI. The RFI will be posted in the Federal Register tomorrow, and the public may begin submitting comments on Monday, July 20, 2015. R ead the RFI Here: RFI Online Platform Lending notice w FR note.pdf [1] Source: Company data "Global Marketplace Lending: Disruptive Innovation in Financials," Morgan Stanley Research...
    Click Here to Read the Full Article

  • 8:43 AM » U.S. jobless claims resume downward trend
    Published Thu, Jul 16 2015 8:43 AM by Reuters
    WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits fell more than expected last week, pointing to a solid labor market.
  • 8:43 AM » Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best
    Published Thu, Jul 16 2015 8:43 AM by Bloomberg
    Bloomberg Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best Bloomberg German Finance Minister Wolfgang Schaeuble told Greece the only way it'll get a debt reduction is to leave the euro and cast doubt on the country's ability to even complete negotiations on a third bailout. Schaeuble, who led the charge for Greece to ... and more »
  • 8:42 AM » Thinking About Taking Out a Mortgage? Don't Obsess Over the Fed
    Published Thu, Jul 16 2015 8:42 AM by
    If you try to time your mortgage decision based on a hunch about future rates, you are betting that you have outsmarted the entire global bond market.
    Click Here to Read the Full Article

  • 8:42 AM » U.S. foreclosure activity in first half of 2015 fell to 10-year low
    Published Thu, Jul 16 2015 8:42 AM by Reuters
    WASHINGTON (Reuters) - Foreclosure activity across the United States dropped to its lowest in a decade during the first half of 2015, according to data released Thursday.
  • Wed, Jul 15 2015
  • 9:40 PM » Greek parliament approves bailout prior measures package
    Published Wed, Jul 15 2015 9:40 PM by Reuters
    ATHENS (Reuters) - The Greek parliament passed a sweeping package of austerity measures demanded by European partners as the price for opening talks on a multi-billion euro bailout package needed to keep the near-bankrupt country in the euro zone.
  • 5:21 PM » Real estate boom not over, expert says at 'Alpha'
    Published Wed, Jul 15 2015 5:21 PM by CNBC
    U.S. commercial real estate is the midst of a big foreign investment boom that is likely to continue, according to one prominent expert.
  • 5:20 PM » Commercial Real Estate prices increased in May
    Published Wed, Jul 15 2015 5:20 PM by Calculated Risk Blog
    Here is a price index for commercial real estate that I follow.  From CoStar: Commercial Property Price Indices Spring Forward In May FOLLOWING SLOWDOWN IN APRIL, CRE PRICES REBOUNDED IN MAY WITH STRONG SHOWING ACROSS THE BOARD. The two broadest measures of aggregate pricing for commercial properties within the CCRSI-the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index-gained 1.4% and 1.7%, respectively, in the month of May 2015. The value-weighted U.S. Composite Index advanced 12.2% in the trailing 12 months ended May 2015 , and now stands 12% above its prior peak, reflecting the strong recovery of larger, higher-value properties. The equal-weighted U.S. Composite Index began its recovery later in the cycle but has increased at a faster rate of 14.1% in the trailing 12 months ended May 201 5 as smaller commercial properties continued to gain favor with investors. ... CRE SPACE ABSORPTION SOARED TO HIGHEST LEVEL YET IN RECOVERY. For the 12 months ended as of the second quarter of 2015, net absorption across the three major commercial property types - office, retail, and industrial - totaled 575.5 million square feet, a 39.3% increase over the 12-month period ended as of the second quarter of 2014, and the highest annual total on record since 2008. emphasis added Click on graph for larger image. This graph from CoStar shows the the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index indexes. The value-weighted index declined 1.4% in May and is up 12.2% year-over-year. The equal-weighted index declined 1.7% in May and up 14.1% year-over-year. Note: These are repeat sales indexes - like Case-Shiller for residential - but this is based on far fewer pairs.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:16 PM » Freddie Mac Guideline Updates (financed properties, NOO Income, and more)
    Published Wed, Jul 15 2015 5:16 PM by Freddie Mac
    Updates to our credit and underwriting requirements pertaining to, among others, the following: The maximum number of financed properties that the Borrower may own or be obligated on when the transaction is a second home or an Investment Property Mortgage, The use of income from Investment Properties for qualification purposes, The minimum monthly payment amount required to be included in the debt payment-to-income ratio when a student loan is deferred or in forbearance.
  • 3:48 PM » Fed's Williams: Repeats View Rates Will Likely Rise This Year
    Published Wed, Jul 15 2015 3:48 PM by WSJ
    Federal Reserve Bank of San Francisco President John Williams reiterated Wednesday that continued growth in the U.S. economy will allow the central bank to boost short-term rates this year.
  • 3:47 PM » It's Going to Be a Long, Slow Trip Higher for U.S. Interest Rates
    Published Wed, Jul 15 2015 3:47 PM by Bloomberg
    Bloomberg It's Going to Be a Long, Slow Trip Higher for U.S. Interest Rates - Bloomberg ... Bloomberg The bond market is starting to agree with Janet Yellen that rates are likely to rise gradually during the next couple of years. Yellen, the Federal Reserve chair, said the central bank should be able to raise rates by the end of this year during her ... and more »
  • 12:41 PM » Fed Chairwoman Janet Yellen's Report to Congress — Live Analysis
    Published Wed, Jul 15 2015 12:41 PM by WSJ
    Federal Reserve Chairwoman Janet Yellen starts two days of hearings with lawmakers Wednesday to deliver the central bank's semiannual report to Congress.
  • 12:29 PM » Congressman screams at Yellen
    Published Wed, Jul 15 2015 12:29 PM by CNBC
    Rep. Sean Duffy accuses the Federal Reserve and Janet Yellen of willfully quashing a Congressional leak probe.
  • 12:29 PM » Greek Parliament to Vote on Plan
    Published Wed, Jul 15 2015 12:29 PM by Bloomberg
    Bloomberg Greek Parliament to Vote on Plan - Bloomberg Business Bloomberg Bloomberg's Pimm Fox reports on today's top news stories. (Source: Bloomberg). Most Recent Videos. Greek Parliament to Vote on Plan · Yellen: 2015 Rate Rise Likely on Improving Jobs · The Top 5 Business News Stories to Watch for Today.
  • 11:30 AM » Bank giants battle to be No. 2 for mortgage-customer satisfaction
    Published Wed, Jul 15 2015 11:30 AM by Market Watch
    In the competitive U.S. mortgage market, bank giants are battling to be runner up in customer satisfaction for mortgages.
  • 9:41 AM » US producer prices rise for 2nd month
    Published Wed, Jul 15 2015 9:41 AM by CNBC
    U.S. producer prices rose more than expected in June as the cost of gas rose, indicating the recent oil-driven downward spiral in prices was abating.
  • 9:41 AM » I.M.F.'s Insistence on Greek Debt Relief Adds to Complexity of Talks
    Published Wed, Jul 15 2015 9:41 AM by
    The fund's decision to go public with its concerns made clear that a draft agreement was only a starting point for further discussions.
    Click Here to Read the Full Article

  • 9:37 AM » Treasuries Fall as Yellen Says Fed Set to Raise Rates This Year
    Published Wed, Jul 15 2015 9:37 AM by Bloomberg
    Treasuries Fall as Yellen Says Fed Set to Raise Rates This Year Bloomberg Treasuries fell as Federal Reserve Chair Janet Yellen reiterated in congressional testimony the Fed is likely to raise interest rates this year. Shorter-term note yields led increases as Yellen said prospects are good for further improvement in the ...
  • 9:34 AM » BofA profit soars as expenses fall to lowest since 2008
    Published Wed, Jul 15 2015 9:34 AM by Reuters
    (Reuters) - Bank of America Corp , the No. 2 U.S. bank by assets, reported its biggest quarterly profit in nearly four years on Wednesday as mortgage banking revenue soared and expenses fell to their lowest since the financial crisis.
  • 9:34 AM » Ackman at Delivering Alpha: Most interesting investment is Fannie Mae, Freddie Mac
    Published Wed, Jul 15 2015 9:34 AM by CNBC
    Please check back for updates..
  • Tue, Jul 14 2015
  • 10:09 PM » China 2Q GDP grows 7.0%, slightly above expectations
    Published Tue, Jul 14 2015 10:09 PM by CNBC
    This is a breaking news story. Please check back for updates.. -By CNBC.Com' s Leslie Shaffer; Follow her on Twitter@ LeslieShaffer1.
  • 10:09 PM » Fed's George: Economy's Ready, ‘It's Time' To Raise Rates
    Published Tue, Jul 14 2015 10:09 PM by WSJ
    Federal Reserve Bank of Kansas City President Esther George said Tuesday "it's time" for the U.S. central bank to raise short-term interest rates to reflect solid improvements in the economy. The current level of near zero short-term rates, set at emergency levels to deal with deep economic problems, "do not seem needed anymore," Ms. George said. "We should now be beginning to think about a rise in
  • 10:08 PM » IMF calls for Greece debt relief ahead of bailout vote
    Published Tue, Jul 14 2015 10:08 PM by Reuters
    ATHENS/BRUSSELS (Reuters) - An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.
  • 10:08 PM » Wednesday may be end of an era for Fed testimony
    Published Tue, Jul 14 2015 10:08 PM by CNBC
    Fed Chair Janet Yellen's semiannual congressional testimony this week may be final hearing of its type in a zero-rate environment.
  • 10:07 PM » Wednesday: Yellen, Industrial Production, NY Fed Mfg Survey, Beige Book and more
    Published Tue, Jul 14 2015 10:07 PM by Calculated Risk Blog
    From the WSJ: White House Cuts Growth Forecast for 2015, 2016 The White House said it sees U.S. growth rising by just 2% this year before rebounding to 2.9% in 2016-down from its earlier forecast of 3% growth for both 2015 and 2016 released in February-after the economy stalled during the first quarter. ... The White House estimates that the annual budget deficit will fall to $455 billion this year, down 22% from its estimate of $583 billion in February. ... It sees the unemployment rate falling to 5.3% this year and 4.9% next year, down from forecasts of 5.4% and 5.1%, respectively, published in February. Due to demographics, 2% really is the new 4%.   But there is good news on the deficit and unemployment! Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 8:30 AM, the Producer Price Index for June from the BLS. The consensus is for a 0.3% increase in prices, and a 0.1% increase in core PPI. • Also at 8:30 AM, the NY Fed Empire State Manufacturing Survey for July. The consensus is for a reading of 3.5, up from -2.0 last month (above zero is expansion). • At 9:15 AM, the Fed will release Industrial Production and Capacity Utilization for June. The consensus is for a 0.2% increase in Industrial Production, and for Capacity Utilization to be unchanged at 78.1%. • At 10:00 AM, Testimony by Fed Chair Janet Yellen , Semiannual Monetary Policy Report to the Congress , Before the Committee on Financial Services, U.S. House of Representatives • At 2:00 PM, the Federal Reserve Beige Book , an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:15 PM » Are new homes special?
    Published Tue, Jul 14 2015 4:15 PM by
    Houses are idiosyncratic goods; no two houses are completely identical because the set of characteristics that are embodied in any particular unit are unique to that unit. The hedonic model of individual house prices maps the characteristics of houses to their transaction prices through a regression of sales price (or more often, its logarithm) on the vector of observable housing characteristics. In this way the implicit prices of those embodied characteristics can be estimated as the derivative of price on that characteristic (Rosen, 1974). One of those characteristics is the age of the dwelling. In their survey of the empirical literature on hedonic pricing, Sirmans, MacPherson and Zietz (2005) note that, among the 125 studies they survey, dwelling age was included 78 times, more often than any other housing characteristic with the exception of interior square footage. In some ways this is puzzling, since age in and of itself is not an indicator of the utility flow from a dwelling, or of the cost of habitation (Rubin, 1993). While age is certainly correlated with increased maintenance costs or outmoded style characteristics, direct measurement of those features would more closely measure the utility or cost characteristics that really matter. Nevertheless, dwelling age has demonstrated itself to be a useful proxy for both physical and stylistic deterioration. In a regression of log(sales price) on age, entering age in linear form maintains the assumption of a constant depreciation rate over the life of the property (and no vintage effects). But as an empirical matter the relationship between age and property value is seldom so simple; non(log)linear functional forms are usually observed. One reason is that the utility of ownership of a very old property may increase as the house gets very old. The cachet from owning (say) a 100 year old house may have so much value that the hedonic price of such a unit may turn positive. Certain style attributes, characteristic of...
    Click Here to Read the Full Article

  • 4:15 PM » Foreigners big in NY office leasing
    Published Tue, Jul 14 2015 4:15 PM by CNBC
    Manhattan commercial real estate leasing posted another solid quarter at the end of June, Colliers International said on Tuesday.
  • 2:28 PM » Boston Fed President Discusses Economic Uncertainty and its Implications for Monetary Policy
    Published Tue, Jul 14 2015 2:28 PM by Boston Fed
    Speaking today at the Rocky Mountain Economic Summit in Victor, Idaho, Boston Fed President Eric Rosengren discussed some of the uncertainties that affect forecasts as well as monetary policy decisions.
  • 2:27 PM » 5 Things to Watch in Janet Yellen's Congressional Testimony
    Published Tue, Jul 14 2015 2:27 PM by WSJ
    Fed Chairwoman Janet Yellen testifies this week before House and Senate committees.
  • 12:47 PM » Schaeuble Says Some in German Government Would Prefer Greek Exit
    Published Tue, Jul 14 2015 12:47 PM by Bloomberg
    Bloomberg Schaeuble Says Some in German Government Would Prefer Greek Exit ... Bloomberg Chancellor Angela Merkel's government is split on whether Greece's continued euro membership is the best way forward for the country, German Finance Minister Wolfgang Schaeuble told reporters in Brussels on Tuesday. "Some people in the government ... and more »
  • 12:43 PM » Nation's top two mortgage lenders see big jump in originations
    Published Tue, Jul 14 2015 12:43 PM by Market Watch
    The country's No. 1 and 2 mortgage lenders are posting solid annual growth for new home loans, a fresh sign of a housing market that's gaining steam.
  • 11:36 AM » Here's Where Americans Have Spent Their Gas Savings Over the Past Year
    Published Tue, Jul 14 2015 11:36 AM by Bloomberg
    Bloomberg Here's Where Americans Have Spent Their Gas Savings Over the Past Year ... Bloomberg Spending data released Tuesday portrayed a consumer that doesn't seem all that eager to shop - retail sales unexpectedly dropped 0.3 percent in June from the month before. Over the past year, however, consumers have seen a lot working in their favor.
  • 10:35 AM » The IMF May Twist Itself Again to Help Keep Greece Afloat
    Published Tue, Jul 14 2015 10:35 AM by WSJ
    To help keep Greece afloat, the International Monetary Fund may have turn back into a financial contortionist.
  • 10:34 AM » Luxury-Home Lottos Reconsidered in Boston Housing Squeeze
    Published Tue, Jul 14 2015 10:34 AM by Bloomberg
    Bloomberg Luxury-Home Lottos Reconsidered in Boston Housing Squeeze Bloomberg Carolyn Lane, on a salary of less than $50,000 a year, moved in May into one of Boston's most luxurious new rental complexes. She has access to a rooftop pool, two gyms and an indoor dog-relieving station -- and pays a third of what it costs her ...
  • 10:34 AM » US business inventories up modestly
    Published Tue, Jul 14 2015 10:34 AM by CNBC
    U.S. business inventories rose modestly in May, suggesting restocking will probably not contribute to economic growth in the second quarter.
  • 9:26 AM » Who was the boss in the Greek talks?
    Published Tue, Jul 14 2015 9:26 AM by CNBC
    Power, politics and ideology - they've all come into play in the Greek bailout talks with ramifications for how the euro zone is run in the future.
  • 8:39 AM » US retail sales surprise in June
    Published Tue, Jul 14 2015 8:39 AM by CNBC
    Sales unexpectedly fell in June as households cut back on auto purchases and other goods, which could raise concerns the economy is slowing again.
  • 8:37 AM » JPMorgan earnings beat on lower expenses, but...
    Published Tue, Jul 14 2015 8:37 AM by CNBC
    JPMorgan Chase delivered quarterly earnings that topped analysts' expectations on Tuesday.
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