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What is Around the Web?
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  • Thu, Nov 30 2017
  • 4:42 PM » Mester Joins Powell Seeing Case Building for December Fed Hike
    Published Thu, Nov 30 2017 4:42 PM by Bloomberg
    Bloomberg Mester Joins Powell Seeing Case Building for December Fed Hike Bloomberg Federal Reserve Bank of Cleveland President Loretta Mester said she agrees with Fed chair nominee Jerome Powell that the case for a December interest-rate increase is coming together and reiterated the central bank needs to keep tightening gradually to ... and more »
  • 4:41 PM » Fannie Mae Releases October 2017 Monthly Summary ...
    Published Thu, Nov 30 2017 4:41 PM by Fannie Mae
    News Release. Share This: November 30, 2017. Fannie Mae Releases October 2017 Monthly Summary. Matthew Classick. 202-752-3662. ...
  • 3:54 PM » Senate tax bill would pay for less than half of proposed cuts, congressional analysis says
    Published Thu, Nov 30 2017 3:54 PM by CNBC
    The Senate tax plan would add more than $1 trillion to federal deficits even after the effects of economic growth.
  • 2:54 PM » House resorting to series of temporary funding bills
    Published Thu, Nov 30 2017 2:54 PM by Reuters
    WASHINGTON (Reuters) - The U.S. House of Representatives, still struggling to reach a deal with the Senate on funding the government for the fiscal year that began last Oct. 1, will push another stop-gap bill next week that would go until Dec. 22, a senior House aide said on Thursday.
  • 1:35 PM » Dow tops 24,000 as tax bill garners crucial support
    Published Thu, Nov 30 2017 1:35 PM by Reuters
    (Reuters) - The Dow Jones Industrial Average broke the 24,000 mark for the first time on Thursday and other Wall Street indexes rallied on strong indications that President Donald Trump's tax-cut plan may get enough support to pass.
  • 12:36 PM » Fed's Quarles warns of 'serious financial stability issues' from cryptocurrencies
    Published Thu, Nov 30 2017 12:36 PM by CNBC
    Fed's Quarles warns of 'serious financial stability issues' from cryptocurrencies<br/>https://www.cnbc.com/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html
  • 11:58 AM » Hotel Occupancy Rate Increased Year-over-Year, On Pace for Record Year
    Published Thu, Nov 30 2017 11:58 AM by Calculated Risk Blog
    From HotelNewsNow.com: STR: US hotel results for week ending 25 November The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 19-25 November 2017, according to data from STR. In comparison with the week of 20-26 November 2016, the industry recorded the following: • Occupancy: +1.4% to 51.4% • Average daily rate (ADR): +2.0% to US$109.99 • Revenue per available room (RevPAR): +3.4% to US$56.52 Among the Top 25 Markets, Houston, Texas, reported the largest increase in all three key performance metrics : occupancy (+32.8% to 56.0%), ADR (+16.0% to US$92.58) and RevPAR (+54.1% to US$51.86). emphasis added Note: The hurricanes continue to drive demand in Texas and Florida, especially in Houston. The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average. The red line is for 2017, dash light blue is 2016, dashed orange is 2015 (best year on record), blue is the median, and black is for 2009 (the worst year since the Great Depression for hotels). Currently the occupancy rate, to date, is ahead of the record year in 2015.  The hurricanes will push the annual occupancy rate to a new record in 2017 . Data Source: STR, Courtesy of HotelNewsNow.com
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:29 AM » Hutchins Roundup: Student loan nudges, slow productivity growth and interest rates, and more
    Published Thu, Nov 30 2017 11:29 AM by webfeeds.brookings.edu
    Studies in this week's Hutchins Roundup find that a nudge increased student borrowing and raised educational attainment, slow productivity growth is not the driver of persistently negative real interest rates, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Student loan nudge…                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:06 AM » McCain will support Senate tax bill, boosting its chances of passage
    Published Thu, Nov 30 2017 11:06 AM by CNBC
    Sen. John McCain will back the Senate tax bill, increasing the plan's chances of clearing the Senate by Friday.
  • 10:03 AM » Mortgage Rates Inch Lower
    Published Thu, Nov 30 2017 10:03 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Inch Lower
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:47 AM » US weekly jobless claims total 238,000, vs 240,000 expected
    Published Thu, Nov 30 2017 9:47 AM by CNBC
    The number of Americans filing for unemployment benefits fell last week, dropping for a second straight week as labor market conditions tightened further.
  • 9:38 AM » Growth Rate for Residential Construction Loans Picks Up
    Published Thu, Nov 30 2017 9:38 AM by eyeonhousing.org
    The volume of residential construction loans increased by 2.4% during the third quarter of 2017, marking 18 consecutive quarters of growth. While the year-over-year growth rate has slowed, the uptick in the quarterly growth rate is good news for home building. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan base have helped expand... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:38 AM » Personal Income increased 0.4% in October, Spending increased 0.3%
    Published Thu, Nov 30 2017 9:38 AM by Calculated Risk Blog
    The BEA released the Personal Income and Outlays report for October: Personal income increased $65.1 billion (0.4 percent) in October according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $66.1 billion (0.5 percent) and personal consumption expenditures (PCE) increased $34.4 billion (0.3 percent). ... Real DPI increased 0.3 percent in October and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. The October PCE price index increased 1.6 percent year-over-year and the October PCE price index, excluding food and energy, increased 1.4 percent year-over-year. The following graph shows real Personal Consumption Expenditures (PCE) through October 2017 (2009 dollars). Note that the y-axis doesn't start at zero to better show the change . Click on graph for larger image. The dashed red lines are the quarterly levels for real PCE. The increase in personal income was slightly above expectations,  and the increase in PCE was at expectations.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:27 AM » Mortgage Industry Panics Over Obscure Provision in Senate Tax Bill
    Published Thu, Nov 30 2017 8:27 AM by Bloomberg
    Bloomberg Mortgage Industry Panics Over Obscure Provision in Senate Tax Bill Bloomberg The mortgage industry is panicking over a provision in the Senate tax bill that some analysts and trade groups say may drive small lenders out of the business. The Mortgage Bankers Association and other bank and mortgage trade groups scrambled over ... and more »
  • 8:25 AM » Senate takes step toward passage of tax bill, vote likely this week
    Published Thu, Nov 30 2017 8:25 AM by Reuters
    WASHINGTON (Reuters) - The U.S. Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority, setting up a likely decisive vote later this week even though it was unclear if the bill has enough Republican support to become law.Congressional Republicans spent the day scrambling to reformulate their tax bill to satisfy lawmakers worried about how much it would balloon the U.S. budget deficit.
  • 8:25 AM » Policy Mistakes
    Published Thu, Nov 30 2017 8:25 AM by Calculated Risk Blog
    Over the last 20 years or so, we've seen several policy mistakes. The worst, of course, was the decision to invade Iraq (I opposed the Iraq war, and was shouted down and called names like "Saddam lover" for questioning the veracity of the information). Note: I started this blog in January 2005, and one of my earliest non-housing posts was " A Desolation called Peace " (I'm still angry). From an economic perspective, the errors include the failure to properly regulate the banks and mortgage lenders, the Bush tax cuts, the original TARP proposal, and some minor mistakes in 2009 like the homebuyers tax credit and " cash-for-clunkers ". Also the premature pivot to austerity in 2010, and the failure to pass infrastructure spending programs in the following years, were clear policy mistakes. We'd better off if we hadn't made these mistakes, but we survived. The current tax cut bill is another clear policy mistake. First, if we look at the business cycle and the deficit, economic theory suggests that the government should increase the deficit during economic downturns, and work down the deficit during expansions.  The economy is currently in the mid-to-late stage of a recovery, so decreasing the deficit makes sense now - not increasing the deficit. Are there any fiscal conservatives left in the GOP?  There are definitely no deficit hawks ! Also, a key problem in the US is income and wealth inequality.   How does this bill address these issues?   It does the opposite.  Oh well, it looks like the US is about to make another policy mistake that will have to be reversed in a few years.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:24 AM » Cash Will Be King Again in 2018, Dethroning Government Bonds
    Published Thu, Nov 30 2017 8:24 AM by Bloomberg
    Bloomberg Cash Will Be King Again in 2018, Dethroning Government Bonds Bloomberg Cash around the world is set to outperform government bonds from the U.S., Europe and Japan next year, posting its best return since 2012, according to JPMorgan Chase & Co. As the Federal Reserve and Bank of England tighten the monetary screw, rates ... and more »
  • Wed, Nov 29 2017
  • 3:40 PM » Corker's 'trigger' plan risks chopping tax cut in half — analyst
    Published Wed, Nov 29 2017 3:40 PM by CNBC
    Strategas said the "trigger" proposed by Sen. Bob Corker to limit deficits from the tax bill could reduce the tax cut.
  • 3:39 PM » Redfin Housing Demand Index Dipped 1.7 Percent from September to October; Still 26.6 Percent Higher Than Last Year
    Published Wed, Nov 29 2017 3:39 PM by www.redfin.com
    The Redfin Housing Demand Index fell 1.7 percent from 137 in September to 134 in October. Still, the Demand Index increased 26.6 percent year over year in October. The post Redfin Housing Demand Index Dipped 1.7 Percent from September to October; Still 26.6 Percent Higher Than Last Year appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 3:39 PM » Senate tax bill will reportedly raise pass-through deduction to 20%
    Published Wed, Nov 29 2017 3:39 PM by CNBC
    The change appears to be designed to earn support from Sens. Ron Johnson, R-Wis., and Steve Daines, R-Mont.
  • 2:23 PM » Fed should continue to raise rates slowly, Williams says
    Published Wed, Nov 29 2017 2:23 PM by Reuters
    PHOENIX (Reuters) - With falling U.S. unemployment expected to put upward pressure on inflation, the Federal Reserve should keep raising interest rates gradually, San Francisco Federal Reserve President John Williams said on Wednesday.
  • 2:23 PM » Fed says economic activity continues to increase at modest pace, with slight improvement in outlook
    Published Wed, Nov 29 2017 2:23 PM by CNBC
    The U.S. central bank released its periodic report on the health of the US economy Wednesday.
  • 2:20 PM » New Mortgages Allow Renters to Buy With Tiny Down Payments
    Published Wed, Nov 29 2017 2:20 PM by www.realtor.com
    A new mortgage offering aims to help renters looking to buy their first homes and struggling to come up with a down payment. The post New Mortgages Allow Renters to Buy With Tiny Down Payments appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:59 PM » Rents Consume Increasingly Larger Percentage of Incomes
    Published Wed, Nov 29 2017 12:59 PM by www.builderonline.com
    Rents Consume Increasingly Larger Percentage of Incomes
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 12:47 PM » Senate to vote Wednesday on opening debate on tax bill
    Published Wed, Nov 29 2017 12:47 PM by Reuters
    WASHINGTON (Reuters) - The U.S. Senate will vote later Wednesday on whether to begin debate on a Republican tax bill, Senate Majority Leader Mitch McConnell told the chamber.
  • 12:07 PM » Yellen Says US Expansion Widening as Financial Risks Muted
    Published Wed, Nov 29 2017 12:07 PM by Bloomberg
    Yellen Says US Expansion Widening as Financial Risks Muted Bloomberg Federal Reserve Chair Janet Yellen, in what may be her last appearance before Congress as head of the central bank, described a steadily brightening picture for the U.S. economy while downplaying the risks of financial instability. and more »
  • 11:32 AM » Yellen: $20 trillion national debt 'should keep people awake at night'
    Published Wed, Nov 29 2017 11:32 AM by CNBC
    With Congress wrestling over a tax reform plan, Federal Reserve Chair Janet Yellen said also is concerned over the surging level of public debt.
  • 10:38 AM » Fed Chair Janet Yellen: Rates have to raise to prevent 'boom-bust' economy
    Published Wed, Nov 29 2017 10:38 AM by CNBC
    Federal Reserve Chair Janet Yellen said the central bank is concerned with letting growth get out of hand so is committed to continuing to raise rates in a gradual manner.
  • 10:03 AM » Federal Reserve starting to think about its own digital currency, Dudley says
    Published Wed, Nov 29 2017 10:03 AM by CNBC
    New York Fed President William Dudley said that the Fed is exploring the idea of its own digital currency, according to reports from Dow Jones.
  • 9:46 AM » Yellen Says Economic Expansion Has Gained Strength
    Published Wed, Nov 29 2017 9:46 AM by www.nytimes.com
    Janet L. Yellen, the Federal Reserve chairwoman, told Congress that economic growth broadened in recent months, but could be doing better.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 8:40 AM » Peak California? Golden State's Housing Markets Begin to Stall
    Published Wed, Nov 29 2017 8:40 AM by www.builderonline.com
    Peak California? Golden State's Housing Markets Begin to Stall
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 8:40 AM » What Janet Yellen's testimony on Wednesday means for the market
    Published Wed, Nov 29 2017 8:40 AM by CNBC
    One foreign exchange strategist is watching Yellen's remarks for their implications across asset classes.
  • 8:40 AM » Fed Chair Janet Yellen calls on Congress to adopt policies to stimulate economic growth
    Published Wed, Nov 29 2017 8:40 AM by CNBC
    Fed Chair Janet Yellen called on Congress to adopt policies that will get U.S. economic growth out of its "disappointingly slow" post-recession pattern.
  • 8:40 AM » These Real Estate Trends Will Be Game-Changers in 2018
    Published Wed, Nov 29 2017 8:40 AM by www.realtor.com
    From housing inventory to price appreciation to generational and regional shifts, these are the top trends that will shape real estate markets in 2018. The post These Real Estate Trends Will Be Game-Changers in 2018 appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:40 AM » Freddie Mac Issues Monthly Volume Summary for October 2017
    Published Wed, Nov 29 2017 8:40 AM by www.freddiemac.mwnewsroom.com
    Freddie Mac Issues Monthly Volume Summary for October 2017
    Click Here to Read the Full Article

    Source: www.freddiemac.mwnewsroom.com
  • Tue, Nov 28 2017
  • 4:45 PM » Home Depot shares hit all-time high as housing momentum swells, company advances mobile initiatives
    Published Tue, Nov 28 2017 4:45 PM by CNBC
    Home Depot shares reached an all-time high of $176.77 by Tuesday afternoon.
  • 4:45 PM » Zillow Case-Shiller Forecast: More Solid House Price Gains in October
    Published Tue, Nov 28 2017 4:45 PM by Calculated Risk Blog
    The Case-Shiller house price indexes for September were released this morning. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Svenja Gudell at Zillow: Case-Shiller September Results and October Forecast: Underbuilding Continues to Take a Toll The primary Case-Shiller indices paint a picture of a national housing market that's largely stable and maybe even a bit boring from 50,000 feet, with home prices growing at roughly the same pace for the past year or more. The U.S. National Index for September showed an annual increase in home prices of 6.2 percent. The month-over-month increase from August was 0.7 percent. The 10-city composite gained 5.7 percent annually and 0.6 percent from August to September, while the 20-city composite grew 6.2 percent annually and 0.5 percent month-over-month. Seattle, Las Vegas, and San Diego continued to post the largest annual gains among the 20-city composite, climbing 12.9 percent, 9 percent and 8.2 percent, respectively. But the real action is on the sidelines. Demand is coming first and foremost from buyers in the entry-level and mid-market segments, but available inventory is largely concentrated at the high end - causing the nation's most affordable homes to grow in value at more than twice the pace of homes at the top of the market. The past two months have shown promising signs of life from builders who have had difficulty meeting intense demand in the face of rising land, lumber and labor prices - but it's going to take a lot more than two good months to erase a housing deficit accumulated from years of underbuilding. The year-over-year change for the Case-Shiller National index will be about the same in October as in September.   Zillow is forecasting larger year-over-year increases for both the 10-city and 20-city indexes in October.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:03 PM » A Third of Homebuyers Will Consider Moving to Another State if SALT Deductions Are Eliminated
    Published Tue, Nov 28 2017 4:03 PM by www.redfin.com
    Redfin surveyed nearly 900 homebuyers to understand how tax reform could impact their homebuying plans. The post A Third of Homebuyers Will Consider Moving to Another State if SALT Deductions Are Eliminated appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 4:03 PM » Senate tax drama intensifies; Democrats pull out of Trump meeting
    Published Tue, Nov 28 2017 4:03 PM by Reuters
    WASHINGTON (Reuters) - President Donald Trump's push for tax cuts hit new turbulence on Tuesday, with Democrats abruptly pulling out of a planned White House meeting with him after he sent a tweet attacking them, while some Senate Republicans were demanding changes to the tax bill.
  • 2:36 PM » U.S. budget chief Mulvaney says CFPB staff should 'disregard' deputy director: memo
    Published Tue, Nov 28 2017 2:36 PM by Reuters
    WASHINGTON (Reuters) - U.S. budget chief Mick Mulvaney on Tuesday told staff at the Consumer Financial Protection Bureau to "disregard" instructions from Leandra English, the deputy director, according to a memo.
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Mortgage Rates:
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  • 15 Yr FRM 3.31%
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  • Jumbo 30 Year Fixed 4.13%
MBS Prices:
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Recent Housing Data:
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  • Refinance Index 5.05%
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  • Purchase Index 1.43%