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  • Fri, Nov 14 2014
  • 2:39 PM » MBA National Delinquency Survey: Judicial vs. Non-Judicial Foreclosure States in Q3 2014
    Published Fri, Nov 14 2014 2:39 PM by Calculated Risk Blog
    Earlier I posted the MBA National Delinquency Survey press release and a graph that showed mortgage delinquencies and foreclosures by period past due. There is a clear downward trend for mortgage delinquencies, however some states are further along than others. From the press release : "On an aggregated basis, both judicial and non-judicial states saw decreases in loans in foreclosure, although the judicial states continue to have a combined foreclosure inventory rate that is around three times that of non-judicial states. New Jersey continues to lead the nation in loans in foreclosure, although it saw another decrease from the previous quarter. Florida, once with the highest percentage of loans in foreclosure, experienced a significant decrease in the third quarter. The foreclosure inventory in Florida has declined steadily for over two years now, and the percentage of loans in foreclosure is currently less than half of its peak in 2011. State level trends continue to be driven by local economic factors and state law. For example, a change in DC foreclosure mediation requirements was the likely cause of a shift of loans from the 90 days or more past due status to having the foreclosure process initiated," [Mike Fratantoni, MBA's chief economist] said. Click on graph for larger image. This graph is from the MBA and shows the percent of loans in the foreclosure process by state. Posted with permission.  Blue is for judicial foreclosure states, and red for non-judicial foreclosure states. The top states are New Jersey (7.96% in foreclosure, down from 8.10% in Q2), Florida (6.12%, down from 6.81%), New York (5.72%, down from 5.89%), and Maine (4.29% down from 4.51%).  Nevada is the only non-judicial state in the top 10, and this is partially due to state laws that slow foreclosures (D.C added some new foreclosure mediation requirements). Former bubble states California (1.05% down from 1.10%) and Arizona (0.85%, unchanged from Q2...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:45 PM » 10 things: 10 things real estate appraisers won't tell you
    Published Fri, Nov 14 2014 12:45 PM by Market Watch
    The aftermath of real estate bust has made life tougher for home appraisers-and their customers are feeling the impact.
  • 12:27 PM » Barclays Said to Suspend Two Mortgage Traders Amid Review - Bloomberg
    Published Fri, Nov 14 2014 12:27 PM by Bloomberg
    Barclays Said to Suspend Two Mortgage Traders Amid Review Bloomberg Barclays Plc put two mortgage-bond traders on paid leave amid an internal review of the valuations assigned to their positions, according to two people with knowledge of the decision. The employees, Patrick Chan and Michael Hu, trade government-backed ...
  • 11:30 AM » U.S. Economy's Job Creators Aren't Growth Engines
    Published Fri, Nov 14 2014 11:30 AM by WSJ
    The mystery around why the U.S. produces consistent job gains but uneven economic growth could be explained by a simple fact: The sectors leading recent hiring don't add much to output.
  • 10:58 AM » Preowned vehicle sales fuel economy
    Published Fri, Nov 14 2014 10:58 AM by CNBC
    The auto market is doing better than thought. Why? Untracked certified preowned vehicle sales.
  • 10:57 AM » Buy a penthouse, get a Lamborghini
    Published Fri, Nov 14 2014 10:57 AM by CNBC
    Phil Maloof's $38 million Palms Casino Resort Penthouse has been on the market without a potential buyer for five months, and its listing agents have added an additional perk: a 2015 Lamborghini Huracán, Vegasinc.com reports.
  • 10:08 AM » Bullard Says Low Inflation Doesn't Justify Zero Rates - Bloomberg
    Published Fri, Nov 14 2014 10:08 AM by Bloomberg
    Bullard Says Low Inflation Doesn't Justify Zero Rates Bloomberg Federal Reserve Bank of St. Louis President James Bullard said low inflation is not enough to justify keeping rates near zero. "The FOMC has indicated that the policy rate is likely to rise next year, with the exact timing dependent on macroeconomic data in ... and more »
  • 10:07 AM » 5 Tips for Homebuyers Who Work from Home
    Published Fri, Nov 14 2014 10:07 AM by blog.redfin.com
    As you choose your new abode, you can opt for features that make working from home easier and more enjoyable. Here are five tips to remember if you're a homebuyer who also works from home Read More The post 5 Tips for Homebuyers Who Work from Home appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

    Source: blog.redfin.com
  • 10:07 AM » US consumer sentiment at more than 7-year high
    Published Fri, Nov 14 2014 10:07 AM by CNBC
    U.S. consumer sentiment rose in November to a more than seven-year high with falling unemployment and lower gas prices.
  • 10:07 AM » September business inventories up 0.3 percent vs. 0.2 percent estimate
    Published Fri, Nov 14 2014 10:07 AM by CNBC
    This is a breaking news story. Please check back for more updates.. In early trading, Wall Street stocks were modestly lower.
  • 9:09 AM » Retail sales point to more consumer spending zeal
    Published Fri, Nov 14 2014 9:09 AM by CNBC
    U.S. retailers reported strong sales in October, a sign American consumers were spending with more gusto.
  • 9:09 AM » Import prices fall in September
    Published Fri, Nov 14 2014 9:09 AM by CNBC
    U.S. import prices fell in September by the most in more than two years as the cost of petroleum products declined and a strong dollar made it cheaper for Americans to buy goods from abroad.
  • 9:05 AM » Falling Mortgage Rates Not Enough to Entice New Homebuyers in October
    Published Fri, Nov 14 2014 9:05 AM by blog.redfin.com
    In October, 30-year fixed mortgage rates dipped below 4 percent for the first time since June 2013. Read More The post Falling Mortgage Rates Not Enough to Entice New Homebuyers in October appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

    Source: blog.redfin.com
  • Thu, Nov 13 2014
  • 9:49 PM » Cleveland's plan to destroy nearly 6,000 homes
    Published Thu, Nov 13 2014 9:49 PM by CNN
    In and around Cleveland, nearly 6,000 foreclosed and abandoned homes are being destroyed in an effort to save neighborhoods from blight, crime and sinking home prices.
  • 9:45 PM » Wells Fargo Scraps Sale of Mortgage-Servicing Rights to Ocwen - Bloomberg
    Published Thu, Nov 13 2014 9:45 PM by Bloomberg
    Wells Fargo Scraps Sale of Mortgage-Servicing Rights to Ocwen Bloomberg Wells Fargo & Co. (WFC)'s deal to sell $39 billion of residential mortgage-servicing rights to Ocwen Financial Corp. (OCN) has been canceled by mutual agreement after New York's top financial regulator had delayed the transaction. The termination isn't ... and more »
  • 5:12 PM » October California Home Sales Press Release
    Published Thu, Nov 13 2014 5:12 PM by DataQuick
    California October Home Sales November 13, 2014 An estimated 36,830 new and resale houses and condos sold statewide in October 2014. That was up 1.4 percent from 36,316 in September, and up 1.0 percent from 36,468 sales in October 2013. Statewide sales have increased slightly on a year-over-year basis for two consecutive months. The October sales tally was the highest for that month in two years. October sales have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003. The October 2014 sales were 14.1 percent below the average of 42,860 sales for the month of October since 1988, when CoreLogic DataQuick data begin. California sales haven't been above average for any particular month in more than eight years. The median price paid for a home in California in October was $382,000, down 1.8 percent from $389,000 in September and up 7.0 percent from $357,000 in October 2013. The median sale price has declined slightly month-over-month over the past two months. However, October marked the 32nd consecutive month in which the state's median price has been higher than a year earlier. Those year-over-year price increases peaked at 29.2 percent in July last year and since then they have gradually ratcheted down, with single-digit annual gains since July this year. The October 2014 median was 21.1 percent lower than California's peak $484,000 median reached in March/April/May 2007, and it was nearly 73 percent higher than the post-peak trough of $221,000 in April 2009. (That trough was reached during a period when distressed property sales were at unusually high levels and sales of mid- to high-end homes were at relatively low levels.) Of the existing homes sold statewide in October, 5.3 percent were properties that had been foreclosed on during the past year. That was down from a revised 5.4 percent in September and down from 6.7 percent in October 2013. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales - transactions where the sale...
  • 4:00 PM » WSJ Survey: Economists Are Less Worried Fed Will Fall Behind the Curve
    Published Thu, Nov 13 2014 4:00 PM by WSJ
    Economists are a little less worried that the Federal Reserve will wait too long to tighten monetary policy as the economy improves, according to The Wall Street Journal's latest survey.
  • 3:59 PM » Why more homes are being sold at foreclosure auctions even though the foreclosure crisis is over
    Published Thu, Nov 13 2014 3:59 PM by Washington Post
    Six years after the housing bust, lenders are still offloading homes that have been in foreclosure limbo. And they're stepping up their efforts. In October alone, nearly 60,000 of those homes were scheduled to be auctioned off by several banks, up 24 percent from the previous month and seven percent from a year ago, according to RealtyTrac, a housing data firm. That's the highest level since May 2013. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:59 PM » Kocherlakota Says Low Inflation Should Keep Fed on Hold
    Published Thu, Nov 13 2014 3:59 PM by WSJ
    The Federal Reserve could move further away from its 2% inflation target if it decides to raise interest rates next year, as many Fed officials have suggested and market participants expect, Minneapolis Fed President Narayana Kocherlakota said Thursday.
  • 2:29 PM » Yellen Says Fed Can't Ignore World Economy
    Published Thu, Nov 13 2014 2:29 PM by WSJ
    U.S. Federal Reserve Chair Janet Yellen at a conference of central bankers hosted by the Bank of France in Paris on Friday. Reuters The Federal Reserve must keep a close eye on developments overseas and their impact on the U.S. economy as they set the future course of interest rates, Fed Chairwoman Janet Yellen said Thursday.
  • 2:29 PM » Wells Fargo NeighborhoodLIFT program invests $5 million to boost homeownership in Salt Lake City
    Published Thu, Nov 13 2014 2:29 PM by www.wellsfargo.com
    Salt Lake City Wells Fargo NeighborhoodLIFT® program, an initiative offering $5 MM to boost homeownership
    Click Here to Read the Full Article

    Source: www.wellsfargo.com
  • 2:25 PM » The 15-year mortgage is not a silver bullet for low-income borrowers
    Published Thu, Nov 13 2014 2:25 PM by Google News
    The 30-year fixed rate mortgage is America's most popular mortgage product and the foundation of today's mortgage market. The lower monthly payment makes the loan affordable to lower and middle income borrowers. But most of the payments made in the early years of a 30-year mortgage only pay off interest, making it hard for borrowers […]
  • 2:25 PM » October Bay Area Home Sales Press Release
    Published Thu, Nov 13 2014 2:25 PM by DataQuick
    San Francisco Bay Area Home Sales Edge Higher; Price Growth Ratchets Down Again November 13, 2014 CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its October San Francisco Bay Area homes sales report. The Bay Area housing market posted another modest uptick in sales during October but activity remained below average as cash purchases continued to taper off and buyers faced a limited inventory as well as affordability and mortgage availability challenges. Home prices appear to have plateaued in recent months, although the October median sale price was still about 11 percent higher than a year earlier. A total of 7,693 new and resale houses and condos sold in the nine-county San Francisco Bay Area in October 2014. That was up 3.4 percent from 7,443 in September and up 1.3 percent from 7,595 in October 2013, according to CoreLogic DataQuick data.. A small gain in sales from September to October is normal for the season. The October sales count was the highest for that month since 7,902 homes sold in October 2012. October sales have ranged from a low of 5,486 in 2007 to a high of 13,392 in 2003. October 2014 sales were 9.7 percent below the October average of 8,521 sales since 1988, when CoreLogic DataQuick's data began. The median price paid for a home in the nine-county Bay Area in October 2014 was $601,000. That was down 0.5 percent from $604,000 in September, and up 11.3 percent from $539,750 in October 2013. The median sale price lurched above $600,000 in April this year, when it was $610,000, and then reached a 2014 high of $618,000 in June. Since June the median price has declined on a month-over-month basis and the October median was the lowest since March, when it was $579,000. The 11.3 percent year-over-year gain in the October median price was the second-lowest, behind this July's 9.8 percent increase, since June 2012, when the median rose 10.4 percent compared with June...
  • 12:56 PM » Fed's Plosser: Too Soon to Say There's a ‘New Normal' for Economy
    Published Thu, Nov 13 2014 12:56 PM by WSJ
    Federal Reserve Bank of Philadelphia President Charles Plosser said Thursday those who believe changes in the economy argue for an easier setting for central bank policy over the long run are getting ahead of themselves.
  • 12:56 PM » Blackstone's Gray Expects Moderate Growth in Real Estate - Bloomberg
    Published Thu, Nov 13 2014 12:56 PM by Bloomberg
    Bloomberg Blackstone's Gray Expects Moderate Growth in Real Estate Bloomberg Commercial property is moving into a "moderate growth phase" amid limited construction and favorable demand, said Jon Gray, Blackstone Group LP (BX)'s global head of real estate. While the rate of growth for commercial real estate isn't as strong as in the ... and more »
  • 12:56 PM » Will Cleveland housing get an assist from LeBron?
    Published Thu, Nov 13 2014 12:56 PM by CNBC
    It has LeBron back and will get the GOP convention in 2016. Here's how Cleveland's housing will fare with a rising economy.
  • 12:55 PM » Human Bond Traders to Coexist With Machines at One Firm - Bloomberg
    Published Thu, Nov 13 2014 12:55 PM by Bloomberg
    Bloomberg Human Bond Traders to Coexist With Machines at One Firm Bloomberg Liquidity Finance LLP argues that in the struggle between man and machines in the bond market, both can win. The London-based firm pitches clients on the opportunity to trade both over the phone or on its electronic-trading system and has doubled its sales ...
  • 12:52 PM » RBS Shutting Mortgage Group Previously Targeted for Cuts - Bloomberg
    Published Thu, Nov 13 2014 12:52 PM by Bloomberg
    RBS Shutting Mortgage Group Previously Targeted for Cuts Bloomberg Royal Bank of Scotland Group Plc (RBS)'s securities arm is completely shutting down parts of its U.S. mortgage business that it previously said it would only scale back. Exiting commercial real estate, commercial-mortgage bond trading and ...
  • 11:43 AM » Being a renter doesn't make you a financial failure
    Published Thu, Nov 13 2014 11:43 AM by Washington Post
    I was part of a panel discussion for NPR, which has been going to various cities to talk to folks about their finances. At one of the community events in Los Angeles, a young woman in her 30s trying to jump-start another career in occupational therapy after being laid off said she had more than $200,000 in student loan debt. She's worried about it, of course. But something else struck me. She and her husband are also worried the debt will prevent them from being homeowners. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:39 AM » BLS: Jobs Openings at 4.7 million in September, Up 20% Year-over-year
    Published Thu, Nov 13 2014 10:39 AM by Calculated Risk Blog
    From the BLS: Job Openings and Labor Turnover Summary There were 4.7 million job openings on the last business day of September, little changed from 4.9 million in August, the U.S. Bureau of Labor Statistics reported today. ... ... Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers' willingness or ability to leave jobs. ... The number of quits increased from 2.5 million in August to 2.8 million in September. This was the highest level of quits since April 2008. The following graph shows job openings (yellow line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS. This series started in December 2000. Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) net jobs headline numbers. This report is for September, the most recent employment report was for October. Click on graph for larger image. Note that hires (dark blue) and total separations (red and light blue columns stacked) are pretty close each month. This is a measure of labor market turnover.  When the blue line is above the two stacked columns, the economy is adding net jobs - when it is below the columns, the economy is losing jobs. Jobs openings decreased in September to 4.735 million from 4.853 million in August. The number of job openings (yellow) are up 20% year-over-year compared to September 2013. Quits are up 16% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits"). This is a very positive report.  It is a good sign that job openings are over 4 million for the eight consecutive month, and that quits are increasing year-over-year - and at the highest level since April 2008.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:37 AM » Credit scores marred by cleared debt
    Published Thu, Nov 13 2014 10:37 AM by CNBC
    Banks are alleged to keep debt cancelled by bankruptcy in consumers' credit scores, reports the New York Times.
  • 10:07 AM » Housing Affordability Slightly Lower in Third Quarter
    Published Thu, Nov 13 2014 10:07 AM by NAHB
    Press Release
  • 10:06 AM » Fixed Mortgage Rates Hovering Near 2014 Lows
    Published Thu, Nov 13 2014 10:06 AM by freddiemac.mwnewsroom.com
    Fixed Mortgage Rates Hovering Near 2014 Lows
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:04 AM » Regulators to Curb Financial Risks at U.S. Servicers - Bloomberg
    Published Thu, Nov 13 2014 9:04 AM by Bloomberg
    Regulators to Curb Financial Risks at U.S. Servicers Bloomberg Regulators are preparing rules to curb financial risks of expanding nonbank mortgage companies after investigating homeowner complaints that include improper foreclosures and unauthorized fees. Authorities are taking action after the three largest nonbank ...
  • 8:51 AM » Jobless claims rise, but stays below 300,000 level
    Published Thu, Nov 13 2014 8:51 AM by CNBC
    Jobless claims for the first week of November hit 290,000, above estimates for 280,000.
  • 8:51 AM » Foreclosures spike as banks ramp up repossessions
    Published Thu, Nov 13 2014 8:51 AM by CNBC
    More than five years after the foreclosure crisis began, the number of borrowers losing their homes is rising again.
  • Wed, Nov 12 2014
  • 9:20 PM » Can't get any work done? Blame your crowded, noisy office
    Published Wed, Nov 12 2014 9:20 PM by CNN
    This story took way too long to finish.
  • 9:20 PM » Tax rates are finally on the rise for the top 1 percent, CBO says
    Published Wed, Nov 12 2014 9:20 PM by Washington Post
    The rich are still getting richer, and income inequality is still on the rise. But President Obama appears to have achieved at least one of his goals for the nation's pocketbook: The very richest Americans are finally shelling out a bit more in federal taxes. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:18 PM » Pimco Total Return Fund decreases U.S. government holdings in October
    Published Wed, Nov 12 2014 9:18 PM by Reuters
    NEW YORK (Reuters) - The Pimco Total Return Fund, whose long-time manager Bill Gross unexpectedly departed on Sept. 26, ended October with a slight decrease in U.S. government-related holdings and a slight increase in mortgages, the first full month under the portfolio's new three-person management team.
  • 5:27 PM » The 10 most expensive US real estate markets
    Published Wed, Nov 12 2014 5:27 PM by CNBC
    If you think Apple or Facebook stock is expensive, look at the price of real estate near their headquarters.
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