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  • Wed, Nov 12 2014
  • 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.
  • 4:21 PM » Millennials driving rental market: Pro
    Published Wed, Nov 12 2014 4:21 PM by CNBC
    A new report shows millennials are to blame for the strengthening apartment market and lackluster housing numbers.
  • 3:22 PM » Mortgage-Bond Recovery Needs Bigger Buyers, JPMorgan Says - Bloomberg
    Published Wed, Nov 12 2014 3:22 PM by Bloomberg
    Mortgage-Bond Recovery Needs Bigger Buyers, JPMorgan Says Bloomberg The 75 different investors that JPMorgan Chase & Co. (JPM) has seen purchase new home-loan securities without government backing since the financial crisis aren't enough to foster a recovery in the market because they haven't included many of the ...
  • 3:22 PM » Fed's Kocherlakota Says Raising Rates in 2015 Would Be a Mistake
    Published Wed, Nov 12 2014 3:22 PM by WSJ
    Federal Reserve Bank of Minneapolis President Narayana Kocherlakota on Wednesday repeated his belief that a U.S. central bank rate increase next year would be a mistake. Inflation is unlikely to reach the Fed's 2% target until 2018, and because of this outlook, "it would be inappropriate for the [Federal Open Market Committee] to raise the target range for the fed funds rate at any such meeting" occurring in 2015, Mr. Kocherlakota said.
  • 3:22 PM » The home improvement business is booming
    Published Wed, Nov 12 2014 3:22 PM by CNN
    If you're finally getting round to sprucing up your house with a fresh coat of paint or adding new fixtures, you're not alone.
  • 3:09 PM » October Southland Home Sales Press Release
    Published Wed, Nov 12 2014 3:09 PM by DataQuick
    Southern California Home Sales Dip To Three-Year Low; Smaller Year-Over-Year Gain for Median Sale Price November 12, 2014 CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its October Southern California homes sales report. Southland homes sold at the slowest pace for the month of October in three years as sales to investors and cash buyers continued to run well below October 2013 levels. Additionally, the median price paid for a home fell month-over-month again and the single-digit gain from a year earlier was the smallest in 28 months. A total of 19,271 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October 2014. That was down 0.4 percent from 19,348 sales in September, and down 4.4 percent from 20,150 sales in October 2013, according to CoreLogic DataQuick data. Last month's sales decline from September was not unusual. On average, Southern California sales have fallen 0.3 percent between September and October since 1988, when CoreLogic DataQuick data begin. October home sales have ranged from a low of 12,913 in 2007 to a high of 37,642 in 2003. October 2014 sales were 17.7 percent below the October average of 23,413 sales. "It was another sub-par month for Southern California home sales. We've yet to see traditional buyers fill the void left by the drop-off in investor and cash buyers, which began in spring last year," said Andrew LePage, data analyst for CoreLogic DataQuick. "Of course, there are multiple reasons for this year's lackluster sales. New-home transactions are still running at about half their normal level. The resale market is hampered by constrained inventory in many areas, in part because some people who want to put their homes up for sale still haven't regained enough equity to purchase their next home. Then there are the would-be buyers who continue to struggle...
  • 1:33 PM » Charlotte Seeing Spec Projects As Office Market Heats Up
    Published Wed, Nov 12 2014 1:33 PM by WSJ
    For the first time in years, office building developers are moving ahead with speculative projects in Charlotte, N.C., a sign of growing strength in second-tier cities.
  • 1:30 PM » Why Are So Many Workers Still Part Time? Seven Charts
    Published Wed, Nov 12 2014 1:30 PM by WSJ
    The unemployment rate has dropped sharply over the past year, but the share of Americans working part time because they can't find full-time work remains very high by historical standards.
  • 1:28 PM » Treasuries Pare Advance After $24 Billion Sale of 10-Year Notes - Bloomberg
    Published Wed, Nov 12 2014 1:28 PM by Bloomberg
    Treasuries Pare Advance After $24 Billion Sale of 10-Year Notes Bloomberg Treasuries pared gains after the government sold $24 billion in 10-year debt as global investors sought U.S. debt amid economic slumps in Europe and Japan, driving yields down. The securities yielded 2.365 percent, compared with a forecast of 2.356 ... and more »
  • 12:30 PM » Treasury Urges Issuers, Buyers to Make Benchmark MBS - Bloomberg
    Published Wed, Nov 12 2014 12:30 PM by Bloomberg
    Treasury Urges Issuers, Buyers to Make Benchmark MBS Bloomberg The U.S. Treasury is urging mortgage-bond sellers and large investors to come together to help jumpstart issuance with a sale of at least $1 billion of the securities without government backing. The potential deal, for which the agency wants to have multiple ...
  • 11:17 AM » Bank of America Won't Loosen Mortgage Standards, CEO Says - Bloomberg
    Published Wed, Nov 12 2014 11:17 AM by Bloomberg
    Bank of America Won't Loosen Mortgage Standards, CEO Says Bloomberg Bank of America Corp., which paid more in legal settlements tied to the U.S. housing collapse than any other company, will avoid easing mortgage standards even as regulators seek to expand lending, Chief Executive Officer Brian T. Moynihan said.
  • 10:40 AM » What happens when housing for the poor is remodeled for Millennials
    Published Wed, Nov 12 2014 10:40 AM by Washington Post
    CHICAGO - For years, this brown-brick building near Wrigley Field housed people who had nowhere else to go. It had peeling walls and broken smoke detectors. But its tiny one-room apartments offered homes to residents too poor for a one-bedroom, too risky to pass a credit check, too vulnerable - on the perpetual edge of homelessness - to sign a one-year lease. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:08 AM » Where Veterans Are — and Aren't — Living
    Published Wed, Nov 12 2014 10:08 AM by WSJ
    In anticipation of Veterans Day, real-estate-information site Trulia Inc. took a look at what metro areas have the highest and lowest concentrations of Americans who served in wars. Generally, Trulia chief economist Jed Kolko found that veterans tended to live in more rural areas. To the extent that veterans congregate in large cities, they tend to stick to places that have large military bases. The two large cities with the highest concentrations of veterans were Virginia Beach and Colorado Springs. On the other hand, the biggest metros--such as New York and Los Angeles--have an abnormally low share of veterans living there.
  • 10:08 AM » Fed's Plosser: Raise Rates Soon or Risk Falling Behind the Curve
    Published Wed, Nov 12 2014 10:08 AM by WSJ
    Federal Reserve Bank of Philadelphia President Charles Plosser said Wednesday the U.S. central bank needs to raise short-term interest rates "sooner rather than later," in a speech that praised the Fed's recent move closer toward ending its easy-money policy stance.
  • 10:07 AM » 23 Signs You Live in San Francisco, or Need to Move There
    Published Wed, Nov 12 2014 10:07 AM by
    It takes about a million bucks to buy a home in San Francisco and people are still moving there. So what is it like to live in The City by the Bay? Three Redfin agents who live within its seven-by-seven-mile boundary shed some light on that question. Read More The post 23 Signs You Live in San Francisco, or Need to Move There appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 10:05 AM » NFIB: Small Business Optimism Index Increases in October
    Published Wed, Nov 12 2014 10:05 AM by Calculated Risk Blog
    From the National Federation of Independent Business (NFIB): More owners plan to make capital expenditures, expect sales to increase The NFIB Small Business Optimism Index crept back to its August level of 96.1 with a gain of 0.8 points led by a modest increase in the net percent of owners who plan to increase capital spending and more who expect higher sales in the next 3 months. ... Job creation plans improved a point to a seasonally adjusted net 10 percent . emphasis added And in another positive sign, the percent of firms reporting "poor sales" as the single most important problem has fallen to 12, down from 17 last year - and "taxes" at 21 and "regulations" are the top problems at 22 (taxes are usually reported as the top problem during good times). Click on graph for larger image. This graph shows the small business optimism index since 1986. The index increased to 96.1 in October from 95.3 in September. Note: There is high percentage of real estate related businesses in the "small business" survey - and this has held down over all optimism.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:53 AM » 5 most expensive and 5 most affordable housing markets for an executive home
    Published Wed, Nov 12 2014 8:53 AM by Market Watch
    For the cost of a four-bedroom, two-bathroom home in the most expensive housing market, you could purchase 30 homes in the most affordable one, according to Coldwell Banker's annual home listing report.
  • 8:48 AM » Mortgage volume stalls with rates
    Published Wed, Nov 12 2014 8:48 AM by CNBC
    Total application volume fell 0.9 percent from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.
  • Tue, Nov 11 2014
  • 11:41 PM » Real Estate Companies Getting More Respect in Stock Market Index World
    Published Tue, Nov 11 2014 11:41 PM by WSJ
    After years of being classified with banks and money managers, mall-owners, office landlords and other property companies are getting their own sector in one of the most closely followed stock market indices in the world.
  • 11:41 PM » Big upside likely in real estate stocks: Pros
    Published Tue, Nov 11 2014 11:41 PM by CNBC
    Real estate stocks could offer the next leg up for the market, Triogem Asset Management's Tim Seymour says.
  • 11:41 PM » Explaining income inequality by household demographics
    Published Tue, Nov 11 2014 11:41 PM by
    Last December, President Obama called America's "dangerous and growing" income inequality the "defining challenge of our time,” and he said he planned to put the issue of income inequality at the center of his agenda during the remainder of his second term. More recently the World Economic Forum cited income inequality as the top threat [ ...]
  • 10:54 PM » Reverse mortgages: Are they worth it?
    Published Tue, Nov 11 2014 10:54 PM by CNN
    I've seen a lot of commercials on TV about reverse mortgages. How do they work and who should consider a reverse mortgage, if anyone? -- Judith Y., New York
  • 3:59 PM » Easier mortgage rules, stable rates bring back U.S. home buyers
    Published Tue, Nov 11 2014 3:59 PM by Reuters
    (Reuters) - Many U.S. home buyers are returning to the market after almost a year as interest rates stabilize and regulators propose more relaxed rules on mortgage lending.
  • 3:59 PM » Why more soldiers aren't using VA loans to buy a home
    Published Tue, Nov 11 2014 3:59 PM by Market Watch
    VA loans are supposed to make it easier for veterans to buy homes, but the program's red tape and other issues have crimped efforts to bring troops "home."
  • 11:42 AM » The 3 most expensive third-quarter home sales
    Published Tue, Nov 11 2014 11:42 AM by CNBC
    Even as the broader real estate market softened, luxury home sales surged in the third quarter, according to Redfin.
  • 11:24 AM » Housing Update: It Appears Inventory build is Slowing in Previous Distressed Markets
    Published Tue, Nov 11 2014 11:24 AM by Calculated Risk Blog
    Note: This is an update to an earlier post. Watching existing home "for sale" inventory is very helpful. As an example, the increase in inventory in late 2005 helped me call the top for housing. And the decrease in inventory eventually helped me correctly call the bottom for house prices in early 2012, see: The Housing Bottom is Here . And at the beginning of this year I argued house price increases would slow in 2014 because of the increase in inventory. I don't have a crystal ball, but watching inventory helps understand the housing market.   If inventory kept increasing rapidly in certain markets, then we would eventually see price declines.  However it now appears the inventory build is slowing in some former distressed markets.   The table below shows the year-over-year change for non-contingent inventory in Las Vegas, Phoenix and Sacramento.  Inventory declined sharply through early 2013, and then inventory started increasing sharply year-over-year. It now appears the inventory build is slowing in these markets - and might even flatten or decline year-over-year soon in Las Vegas and Phoenix . This makes sense.  Prices increased rapidly in these markets in 2012 and 2013 (bouncing off the bottom with low inventory).  Higher prices attracted more people to list their homes.  But now that prices have flattened out - and there is plenty of inventory - potential sellers aren't as motivated to list their homes.  Unlike following the housing bubble, most of these potential sellers probably don't need to sell, so listings will not grow to the moon! I still expect overall nationwide inventory to continue to increase, but this is something to watch. Year-over-year Change in Active Inventory Month Las Vegas Phoenix Sacramento Jan-13 -58.3% -11.7% -61.1% Feb-13 -53.4% -8.5% -51.1% Mar-13 -42.1% -5.2% -37.8% Apr-13 -24.1% -4.9% -10.3% May-13 -13.2% -2.1% 5.3% Jun-13 3.7% -1.6% 18.3...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:24 AM » Rosengren: Fed Should Remain ‘Patient' on Rates Until Inflation Begins to Rise
    Published Tue, Nov 11 2014 11:24 AM by WSJ
    Federal Reserve Bank of Boston President Eric Rosengren said Monday the U.S. central bank should refrain from raising short-term term interest rates until there is "stronger evidence" price pressures are beginning to rise.
  • 11:22 AM » D.R. Horton Fourth-Quarter Profit Misses Estimates - Bloomberg
    Published Tue, Nov 11 2014 11:22 AM by Bloomberg
    D.R. Horton Fourth-Quarter Profit Misses Estimates Bloomberg D.R. Horton Inc. (DHI), the largest U.S. homebuilder by revenue, reported fiscal fourth-quarter earnings that missed analysts' estimates. Net income was $166.3 million, or 45 cents a share, for the three months ended Sept. 30, compared with $139.5 million, ... and more »
  • 11:21 AM » Fed's Charles Plosser: There are many indicators that tell us rates are too low
    Published Tue, Nov 11 2014 11:21 AM by CNBC
    Please check back for further updates..
  • 11:20 AM » Full housing recovery delayed 'til 2018: Survey
    Published Tue, Nov 11 2014 11:20 AM by CNBC
    Home values may not exceed their prerecession levels until 2018, according to a Zillow survey of 100 experts.
  • Mon, Nov 10 2014
  • 3:57 PM » 4 charts that expose the invisible side of homelessness
    Published Mon, Nov 10 2014 3:57 PM by
    It's easy to stick to the guided tour when it comes to understanding homelessness. Whether it's a viral video of homeless people holding up cardboard signs or an act of generosity caught on camera, it's tempting to quickly move on to the next cause without digging deeper. The federal government recently reported a nationwide 7% reduction in homelessness since 2011. Instead of seeing this number and walking on by, it's time to break off from the guided tour.
  • 3:55 PM » Subprime credit card lending swells
    Published Mon, Nov 10 2014 3:55 PM by CNBC
    Credit card companies are boosting lending to people with dinged credit, though some are bracing for more bad debts
  • 2:59 PM » Builder Confidence in the 55+ Housing Market Shows Strong Growth in Third Quarter
    Published Mon, Nov 10 2014 2:59 PM by NAHB
    Press Release
  • 2:04 PM » Today's Financial Market Risk-Taking Looks a Lot Like 2006
    Published Mon, Nov 10 2014 2:04 PM by WSJ
    Is the global economy experiencing pre-crisis déjà vu? Almost, the International Monetary Fund's top financial adviser said recently.
  • 1:26 PM » Does Slower Growth Imply Lower Interest Rates?
    Published Mon, Nov 10 2014 1:26 PM by
    Over the past two years, both monetary and fiscal policy projections have been based on the view that declines in the long-run potential growth rate of the economy will in turn push down interest rates. In contrast, examination of private-sector professional forecasts and historical data provides little evidence of such a linkage. This suggests a greater risk that future interest rates may be higher than expected.
    Click Here to Read the Full Article

  • 1:24 PM » Fed Economists Say Long-Term Rates May Exceed Forecasts - Bloomberg
    Published Mon, Nov 10 2014 1:24 PM by Bloomberg
    Fed Economists Say Long-Term Rates May Exceed Forecasts Bloomberg The U.S. economy faces a risk that long-term interest rates may be higher than forecast because policy makers may be mistakenly linking the outlook with a reduction in the long-term trend for growth, according to Federal Reserve Bank of San Francisco ...
  • 11:00 AM » Fed's Labor Market Conditions Index Strengthens in October - Bloomberg
    Published Mon, Nov 10 2014 11:00 AM by Bloomberg
    Fed's Labor Market Conditions Index Strengthens in October Bloomberg A Federal Reserve benchmark showed the U.S. labor market improved in October. The Labor Market Conditions Index, derived from 19 indicators, rose by 4.0 points last month after gaining a revised 4.0 in September, according to data released today by the ... and more »
  • 10:54 AM » FNC: Residential Property Values increased 6.3% year-over-year in September
    Published Mon, Nov 10 2014 10:54 AM by Calculated Risk Blog
    In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes. FNC released their September index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values decreased 0.3% from August to September (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) decreased between 0.4% and 1.0% in September. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales). Notes: In addition to the composite indexes, FNC presents price indexes for 30 MSAs. FNC also provides seasonally adjusted data. The year-over-year (YoY) change was lower in September than in August, with the 100-MSA composite up 6.3% compared to September 2013.   In general, for FNC, the YoY increase has been slowing since peaking in February at 9.3%. The index is still down 19.3% from the peak in 2006. Click on graph for larger image. This graph shows the year-over-year change based on the FNC index (four composites) through September 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals. All of the price indexes had been showing a slowdown in price increases. The September Case-Shiller index will be released on Tuesday, November 25th, and I expect Case-Shiller to show a further slowdown in YoY price increases.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:43 AM » More refinancing borrowers cash out home equity
    Published Mon, Nov 10 2014 8:43 AM by Market Watch
    As home values have increased and mortgage rates have remained low, it appears that more borrowers are now tapping their home equity through refinancing - a way, perhaps, to use home equity to pay down higher-interest loan debt or fund home renovations.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.95%
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  • 15 Yr FRM 3.15%
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  • Jumbo 30 Year Fixed 3.80%
MBS Prices:
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  • 30YR FNMA 5.0 110-29 (0-02)
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Recent Housing Data:
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  • Refinance Index 0.90%
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  • FHFA Home Price Index 0.67%