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  • Fri, May 8 2020
  • 4:20 PM » Consumer Credit Posts Small Gains in First Quarter
    Published Fri, May 08 2020 4:20 PM by eyeonhousing.org
    The Federal Reserve's latest G.19 Consumer Credit Report shows rising trends in consumer credit, excluding loans secured by real estate, through March 2020. In March, consumer credit decreased at a seasonally adjusted annual rate of 3.4% from the previous month, with revolving debt1 decreasing by 30.9% and nonrevolving debt2 increasing by 6.2 percent. Consumer credit totaled $4.2 trillion on a... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 3:51 PM » What Will 15 Percent Unemployment Mean for the Housing Market?
    Published Fri, May 08 2020 3:51 PM by www.realtor.com
    Since the housing market is closely tied to the economy, the nation's nearly 15% unemployment will likely affect real estate sales, prices, and listings. The post What Will 15 Percent Unemployment Mean for the Housing Market? appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:31 PM » How the Fed's fighting to keep Covid-19 from causing an extended financial crisis
    Published Fri, May 08 2020 3:31 PM by CNBC
    The U.S. Federal Reserve is trying to keep the coronavirus crisis from becoming an extended financial crisis. And the Fed's measures go beyond anything the central bank did during the Great Recession of 2009.
  • 2:07 PM » NMHC: Rent Payment Tracker Finds 80.2 Percent of Apartment Households Paid Rent as of May 6
    Published Fri, May 08 2020 2:07 PM by Calculated Risk Blog
    CR Note: People are still paying their rent. In an email, NMHC analysts note that the rent " payment level represents a payment rate of 98.1 percent compared to May 1-6, 2019 " From the NMHC: NMHC Rent Payment Tracker Finds 80.2 Percent of Apartment Households Paid Rent as of May 6 The National Multifamily Housing Council (NMHC)'s Rent Payment Tracker found 80.2 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.4 million units of professionally managed apartment units across the country. This is a 1.5-percentage point decrease in the share who paid rent through May 6, 2019 and compares to 78.0 percent that had paid by April 6, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price. "Despite the fact that over twenty million people lost their jobs in April, for the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so," said Doug Bibby, NMHC President. "We expect May to largely mirror April, when the payment rate increased throughout the month as financial assistance worked its way to people's bank accounts." "However, we are in uncharted waters and will be watching this closely over the course of the month as millions of households will not be able to access unemployment benefits, and those who have may find that they are not enough to cover rent plus all the other financial pressures caused by this crisis," said Bibby. emphasis added
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:38 PM » U.S., China trade officials press ahead with 'Phase 1' deal as Trump mulls termination
    Published Fri, May 08 2020 1:38 PM by Reuters
    Top U.S. and Chinese trade representatives played down deep differences over the economic wreckage of the coronavirus pandemic and said they would press ahead with implementing their "Phase 1" trade deal after an overnight phone call.
  • 1:15 PM » More Tenants Paid Rent on Time in May, But Activists Press On With Strikes
    Published Fri, May 08 2020 1:15 PM by www.realtor.com
    Activist groups in New York, California and elsewhere say they will press ahead with rent strikes this month in the wake of the steep rise in unemployment. The post More Tenants Paid Rent on Time in May, But Activists Press On With Strikes appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:12 PM » How the Coronavirus Is Transforming the Housing Market: A Tale of Four Metros
    Published Fri, May 08 2020 12:12 PM by www.redfin.com
    We looked at how coronavirus has changed housing market behavior in places that have flattened the curve, places that haven't, and those where real estate isn't considered essential. The post How the Coronavirus Is Transforming the Housing Market: A Tale of Four Metros appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 11:49 AM » U.S. data deluge to underscore divide between roaring market, plunging economy
    Published Fri, May 08 2020 11:49 AM by Reuters
    A week packed with U.S. economic data is likely to provide investors with more evidence of the extent to which the coronavirus pandemic has hit growth, sharpening the debate on whether a rebound in stocks has been justified amid an unprecedented slowdown.
  • 10:19 AM » Mortgage bailout swells to 4.1 million borrowers, but demand is slowing
    Published Fri, May 08 2020 10:19 AM by CNBC
    In the past week, 225,000 more borrowers took advantage of government and bank mortgage forbearance programs, according to data firm Black Knight.
  • 9:43 AM » Why the market is up even with historic job losses
    Published Fri, May 08 2020 9:43 AM by CNBC
    The most Americans in history lost their job in April, but markets are moving higher. Here's why.
  • 8:37 AM » A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7%
    Published Fri, May 08 2020 8:37 AM by CNBC
    A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7%<br/>https://www.cnbc.com/2020/05/08/jobs-report-april-2020.html
  • 8:19 AM » Explainer: Why Friday's U.S. jobless figures won't capture the true state of the coronavirus economy
    Published Fri, May 08 2020 8:19 AM by Reuters
    The U.S. economy is expected to have shed 22 million jobs in April, tripling the nationwide unemployment rate to 16%, when new government data is published Friday morning.
  • 8:19 AM » 'There is no point' in the Fed going to negative interest rates, argues JPMorgan
    Published Fri, May 08 2020 8:19 AM by CNBC
    As markets begin pricing in the possibility of the Federal Reserve bringing interest rates to negative territory, JPMorgan Asset Management's David Kelly argues that such a policy move makes little sense.
  • 8:17 AM » Black Knight: Nearly 4.1 Million Homeowners Now in COVID-19-Related Forbearance Plans, 7.7% of Mortgages
    Published Fri, May 08 2020 8:17 AM by Calculated Risk Blog
    From Black Knight: Nearly 4.1 million homeowners are in forbearance plans • As of May 7, nearly 4.1 million homeowners are in forbearance plans, representing 7.7% of all active mortgages. • Together, they account for $890 billion in unpaid principal and includes 6.4% of all GSE-backed loans and 11% of all FHA/VA loans. • At today's level, mortgage servicers need to advance a combined $4.5 billion/month to holders of government-backed mortgage securities on COVID-19-related forbearances. Another $2.1 billion in lost funds will be faced each month by those with portfolio-held or privately securitized mortgages (some 7.2% of these loans are in forbearance as well).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:17 AM » German court ruling on ECB purchases is 'laughable,' Societe Generale chair says
    Published Fri, May 08 2020 8:17 AM by CNBC
    Germany's constitutional court threatened to block fresh purchases of German bonds through the European Central Bank's program.
  • Thu, May 7 2020
  • 5:05 PM » Fed's Harker warns about reopening the economy too quickly
    Published Thu, May 07 2020 5:05 PM by CNBC
    "Not only would this be a health catastrophe, but it would reverse the recovery as well," the central bank official said in a speech.
  • 3:05 PM » As U.S. states start to reopen, Fed official sees little sign of resurgence
    Published Thu, May 07 2020 3:05 PM by Reuters
    Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff's study of cellphone tracking data.
  • 3:04 PM » Loan Officer Survey Highlights Gaps In Mortgage and Construction Loan Demand
    Published Thu, May 07 2020 3:04 PM by eyeonhousing.org
    The theme of the latest Senior Loan Officer Opinion Survey reflecting banks' lending practices, in the first quarter of 2020, is one that is echoed in other reports produced by organizations in the financial services sector. Amid the continuing efforts to slow the spread of COVID-19, focusing on existing assets and clients is more important than expanding balance sheets to... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 11:55 AM » Consumer confidence in housing falls to lowest level since the subprime crash
    Published Thu, May 07 2020 11:55 AM by CNBC
    The economic free-fall from Covid-19 is taking its toll on what had been very strong housing demand and sentiment just a few months ago.
  • 11:24 AM » Hotels: Occupancy Rate Declined 58.5% Year-over-year, Slight Increase Week-over-week
    Published Thu, May 07 2020 11:24 AM by Calculated Risk Blog
    From HotelNewsNow.com: STR: US hotel results for week ending 2 May STR data for 26 April through 2 May 2020 showed slightly higher U.S. hotel occupancy compared with previous weeks, but the same significant level of year-over-year decline in the three key performance metrics. In comparison with the week of 28 April through 4 May 2019, the industry recorded the following: • Occupancy: -58.5% to 28.6% • Average daily rate (ADR): -44.0% to US$74.72 • Revenue per available room (RevPAR): -76.8% to US$21.39 " Week-to-week comparisons showed a third consecutive increase in room demand, which provides further hope that early-April was the performance bottom ," said Jan Freitag, STR's senior VP of lodging insights. "TSA checkpoint numbers, up for the second week in a row, aligned with this rise in hotel guest activity, which still remains incredibly low in the big picture. Overall, these last few weeks can be filed under the 'less bad' category. "At the same time, this past week was the first to show solid evidence of leisure demand as weekend occupancy grew in states that have significantly eased mitigation efforts . As we have noted throughout the pandemic, the leisure segment will be the first to show a demand bounce back. In weeks prior, the more reasonable conclusion was that hotels were selling mostly to essential worker types." emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average . Click on graph for larger image. The red line is for 2020, dash light blue is 2019, blue is the median, and black is for 2009 (the worst year probably since the Great Depression for hotels). 2020 was off to a solid start, however, COVID-19 has crushed hotel occupancy. Note: Y-axis doesn't start at zero to better show the seasonal change.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:48 AM » Housing Affordability Down Due to Economic Losses Stemming from COVID-19 Pandemic
    Published Thu, May 07 2020 10:48 AM by eyeonhousing.org
    Surging job losses in March stemming from the COVID-19 pandemic contributed to a decline in housing affordability in the first quarter of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 61.3 percent of new and existing homes sold between the beginning of January and end of March were affordable to families... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:47 AM » US plans to make 'millions' of 'easy-to-use' coronavirus tests by end of summer, top US health official says
    Published Thu, May 07 2020 10:47 AM by CNBC
    Americans need coronavirus tests "that do not require hours or days to determine results," the head of the NIH tells Congress.
  • 10:18 AM » Seattle Real Estate in April: Sales down 25% YoY, Inventory down 31% YoY
    Published Thu, May 07 2020 10:18 AM by Calculated Risk Blog
    The Northwest Multiple Listing Service reported Western Washington housing market adjusting to new ways of operating Residential real estate activity around Western Washington reflected expected declines during April with the impact of the coronavirus pandemic taking its toll. A new report from Northwest Multiple Listing Service shows year-over-year (YOY) drops system-wide in new listings, pending sales and closed sales, but prices increased nearly 6.4%. "With the first full month of post-COVID-19 data in hand, it's clear the Puget Sound housing market has been hit but not knocked out," stated Windermere Chief Economist Matthew Gardener. "The normally active spring market is significantly slower than normal due to COVID-19, but it has not come to a halt," he observed, adding, "In my opinion, it is responding to the current circumstances exactly as expected." The Northwest MLS report for April shows area-wide inventory fell nearly 21% from a year ago , dropping from 12,955 listings to 10,282. emphasis added There were 5,866 sales in April 2020, down from 7,578 sales in April 2019. The press release is for the Northwest. In King County, sales were down 22.6% year-over-year, and active inventory was down 20.6% year-over-year. In Seattle, sales were down 25.3% year-over-year, and inventory was down 30.8% year-over-year. .  This puts the months-of-supply in Seattle at just 1.7 months. The closed sales are for contracts mostly signed in February and March.   There will be a significant decline in sales in coming months.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:40 AM » So much money, so little oversight: Coronavirus bailout cash is a big target for fraud
    Published Thu, May 07 2020 9:40 AM by CNBC
    With so much money being issued so quickly, the potential for scams and misuse runs rampant.
  • 8:41 AM » 3.2 Million More Are Out Of Work As Jobless Claims Keep Piling Up
    Published Thu, May 07 2020 8:41 AM by www.npr.org
    Another 3.2 million people filed for benefits, bringing the total number of jobs lost during the pandemic to 33.5 million. The government is expected to report a huge jump in unemployment Friday.
  • 8:03 AM » BoE waiting to see how much lockdown lifted before QE decision: Bailey
    Published Thu, May 07 2020 8:03 AM by Reuters
    The Bank of England will consider what it needs to do with its 645 billion pound ($796 billion) bond-buying programme in June when it will have more clarity on how the government intends to lift its coronavirus lockdown, Governor Andrew Bailey said.
  • 8:03 AM » Home-Loan Applications Ticked Up for a Third Week. There's ‘Pent-Up Demand.'
    Published Thu, May 07 2020 8:03 AM by www.realtor.com
    The Mortgage Bankers Association's Purchase Index, which measures the weekly volume of applications for loans to buy a home, rose 6% on a seasonally-adjusted basis for the week ending May 1. The post Home-Loan Applications Ticked Up for a Third Week. There's 'Pent-Up Demand.' appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • Wed, May 6 2020
  • 2:36 PM » This is the jobs number that will show how fast the labor market can heal
    Published Wed, May 06 2020 2:36 PM by CNBC
    Economists are looking at continuing unemployment claims data as the best labor market barometer as states reopen.
  • 1:52 PM » Here's what you need to know about rent relief during the pandemic
    Published Wed, May 06 2020 1:52 PM by CNBC
    Many renters across the U.S. don't have to worry about being evicted during the pandemic. Yet they can find themselves in a lot of trouble when the relief expires.
  • 1:50 PM » Fed's lending programs aren't for insolvent oil drillers, Dallas Fed's Kaplan says
    Published Wed, May 06 2020 1:50 PM by Reuters
    Insolvent or overly leveraged firms, including oil drillers and oil services firms, won't be able to tap the Federal Reserve's emergency lending program for "Main Street," Dallas Federal Reserve Bank President Robert Kaplan said Wednesday.
  • 11:58 AM » WHO says 'there can be no going back to business as usual' after coronavirus pandemic
    Published Wed, May 06 2020 11:58 AM by CNBC
    WHO says 'there can be no going back to business as usual' after coronavirus pandemic<br/>https://www.cnbc.com/2020/05/06/coronavirus-who-says-there-can-be-no-going-back-to-business-as-usual.html
  • 11:34 AM » EU Faces 'Recession Of Historic Proportions,' Economic Forecast Warns
    Published Wed, May 06 2020 11:34 AM by www.npr.org
    The response to the COVID-19 pandemic lopped off roughly a third of the EU's economic activity "practically overnight," the European commissioner for the economy says.
  • 11:22 AM » Las Vegas Real Estate in April: Sales down 33% YoY, Inventory down 16% YoY
    Published Wed, May 06 2020 11:22 AM by Calculated Risk Blog
    Note: Las Vegas saw a significant decline in visitor and convention traffic due to COVID-19 in the 2nd half of March. This report is for closed sales in April; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in February and March . There will be further impacts from COVID-19 in future months. The Las Vegas Realtors reported Southern Nevada housing market feeling effects of coronavirus crisis, LVR housing statistics for April 2020 The total number of existing local homes, condos and townhomes sold during April was 2,411 . Compared to the same time last year, April sales were down 31.4% for homes and down 41.6% for condos and townhomes. ... By the end of April, LVR reported 6,043 single-family homes listed for sale without any sort of offer. That's down 18.7% from one year ago. For condos and townhomes, the 1,772 properties listed without offers in April represented a 3.0% drop from one year ago. Despite the coronavirus crisis, the number of so-called distressed sales in April remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 1.5% of all existing local property sales in April. That compares to 3.0% of all sales one year ago, 2.5% two years ago, and 8.4% three years ago. emphasis added 1) Overall sales were down 33.5% year-over-year to 2,411 in April 2020 from 3,625 in April 2019. 2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,261 in April 2019 to 7,815 in April 2020. Note: Total inventory was down 15.6% year-over-year.   And months of inventory is still low. 3) Low level of distressed sales.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:53 AM » Small businesses loans are not going proportionately to the hardest hit areas, Fed study shows
    Published Wed, May 06 2020 10:53 AM by CNBC
    States enduring the brunt of the Covid-19 crisis are receiving a smaller proportion of emergency small-business loans, a Fed study found.
  • 10:06 AM » As central banks break the junk debt barrier, investors will follow
    Published Wed, May 06 2020 10:06 AM by Reuters
    Recent central bank bond-buying to calm market turmoil has breached the wall dividing top-grade debt from so-called junk-rated issues, raising the likelihood of the investment industry and even regulators eventually dismantling the barrier.
  • 10:05 AM » Time Spent Searching for a Home Continues to Rise
    Published Wed, May 06 2020 10:05 AM by eyeonhousing.org
    Of the 10% of American adults considering a home purchase in the first quarter of 2020, about half (49%) have moved beyond just planning and are actively engaged in the process to buy a home. This "active buyers" share was slightly higher than in the first quarters of 2018 and 2019-both 46%, and a possible sign that low interest rates... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:49 AM » QUARTERLY REFUNDING STATEMENT OF DEPUTY ASSISTANT SECRETARY FOR FEDERAL FINANCE BRIAN SMITH
    Published Wed, May 06 2020 8:49 AM by home.treasury.gov
    QUARTERLY REFUNDING STATEMENT OF DEPUTY ASSISTANT SECRETARY FOR FEDERAL FINANCE BRIAN SMITH
    Click Here to Read the Full Article

    Source: home.treasury.gov
  • 8:48 AM » Fed's Bullard: Drop in U.S. payrolls 'not a surprise' given shutdowns - CNBC
    Published Wed, May 06 2020 8:48 AM by Reuters
    The massive drop in U.S. private payrolls for April, reported on Wednesday, is "not a surprise" but employment could recover dramatically in the second half of the year if the coronavirus pandemic is controlled, St. Louis Federal Reserve president James Bullard said.
  • 8:18 AM » US private payrolls drop by 20.2 million in April, the worst job loss in the history of ADP report
    Published Wed, May 06 2020 8:18 AM by CNBC
    Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP.
  • 8:06 AM » Fed policymakers see slow, uneven U.S. recovery after coronavirus downturn
    Published Wed, May 06 2020 8:06 AM by Reuters
    The U.S. economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday.
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Mortgage Rates:
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Recent Housing Data:
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  • Purchase Index 8.61%