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  • Wed, Jul 8 2015
  • 12:22 PM » Google Hires Mortgage Strategist for Bonds
    Published Wed, Jul 08 2015 12:22 PM by Bloomberg
    Google Hires BNP Mortgage Strategist Ajibola for Bonds Bloomberg Google Inc. hired Timi Ajibola, a U.S. mortgage-bond strategist at BNP Paribas SA, to help manage its investments as technology giants deal with growing cash hoards. Winnie King, a spokeswoman for Mountain View, California-based Google, confirmed in ...
  • 12:21 PM » ECB Keeps Greek Bank Aid Unchanged Before Sunday Deal Deadline
    Published Wed, Jul 08 2015 12:21 PM by Bloomberg
    ECB Keeps Greek Bank Aid Unchanged Before Sunday Deal Deadline Bloomberg The European Central Bank maintained its emergency aid for Greek lenders, people familiar with the matter said, allowing politicians time for a last push to reach a deal on the country's bailout. The ECB's Governing Council agreed in a telephone ... and more »
  • 11:02 AM » Fannie Mae, Freddie Mac and Common Securitization ...
    Published Wed, Jul 08 2015 11:02 AM by Fannie Mae
    Fannie Mae, Freddie Mac and Common Securitization Solutions, LLC (CSS) today jointly announced an Industry Advisory Group.
  • 11:01 AM » These Are the 23 Cities Where Millennials Can't Afford to Rent a Home
    Published Wed, Jul 08 2015 11:01 AM by Bloomberg
    Bloomberg These Are the 23 Cities Where Millennials Can't Afford to Rent a Home Bloomberg For young Americans, the smallest step toward independence has begun to seem hopelessly out of reach, even if that step is simply to move out of their parents' home. In 23 of the largest 50 cities in the country, most rental homes are unaffordable for ...
  • 11:01 AM » Las Vegas Real Estate in June: Sales Increased 12.8% YoY
    Published Wed, Jul 08 2015 11:01 AM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported GLVAR reports home sales, prices post double-digit increases from one year ago According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in June was 3,693, up from 3,274 one year ago . Compared to June 2014, 14.2 percent more homes and 6.3 percent more condos and townhomes sold this June. ... Since 2013, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In June, 6.7 percent of all local sales were short sales - which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That's down from 10.8 percent one year ago. Another 7.6 percent of June sales were bank-owned, down from 10.1 percent one year ago. ... The total number of single-family homes listed for sale on GLVAR's Multiple Listing Service in June was 13,740, down 0.7 percent from one year ago. GLVAR tracked a total of 3,474 condos, high-rise condos and townhomes listed for sale on its MLS in June, down 6.5 percent from one year ago. By the end of June, GLVAR reported 7,432 single-family homes listed without any sort of offer. That's up 4.3 percent from one year ago . For condos and townhomes, the 2,329 properties listed without offers in June represented a 0.2 percent decrease from one year ago. emphasis added There are several key trends that we've been following: 1) Overall sales were up 12.8% year-over-year. 2) Conventional (equity, not distressed) sales were up 22% year-over-year.  In June 2014, 79.1% of all sales were conventional equity.  In June 2015, 85.7% were standard equity sales. 3) The percent of cash sales has declined year-over-year from 34.7% in June 2014 to 28.4% in June 2015. (investor buying appears to...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:28 AM » ECB Poised to Talk on Greek Bank Aid as Deadline Nears
    Published Wed, Jul 08 2015 9:28 AM by Bloomberg
    ECB Poised to Talk on Greek Bank Aid as Deadline Nears Bloomberg The European Central Bank will hold what could be one of its last conference calls on Greek funding on Wednesday, as a weekend deadline approaches for a make-or-break decision on the country's bailout. With lenders shuttered, capital controls in place ... and more »
  • 9:19 AM » Seattle as Next Silicon Valley Sparks Home-Sales Frenzy
    Published Wed, Jul 08 2015 9:19 AM by Bloomberg
    Bloomberg Seattle as Next Silicon Valley Sparks Home-Sales Frenzy Bloomberg Retired baseball pitcher Jamie Moyer sold his seven-bedroom Tudor mansion in Seattle, complete with a batting cage and saltwater pool, to a Chinese couple for $3.2 million in September. The new owners promptly rented it out to a group of Amazon.com Inc.
  • 8:49 AM » Mortgage application rise 4.6% on rate dip
    Published Wed, Jul 08 2015 8:49 AM by CNBC
    Mortgage volume regained almost exactly what it lost the previous week, as interest rates stopped climbing.
  • 12:35 AM » Euro zone gives Greece until Sunday for debt deal
    Published Wed, Jul 08 2015 12:35 AM by Reuters
    BRUSSELS (Reuters) - Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.
  • 12:34 AM » Greece will keep the Fed's hawks at bay
    Published Wed, Jul 08 2015 12:34 AM by CNBC
    The threat to the euro area from the Greek crisis and an increasing excess supply of the euro liquidity has driven the dollar up 20% against the euro.
  • 12:31 AM » Phoenix Real Estate in June: Sales Up 20.5%, Inventory DOWN 16% Year-over-year
    Published Wed, Jul 08 2015 12:31 AM by Calculated Risk Blog
    This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.  These key markets hopefully show us changes in trends for sales and inventory. For the seventh consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in June were up 20.5% year-over-year. 2) Cash Sales (frequently investors) were down to 23.0% of total sales. 3) Active inventory is now down 16.4% year-over-year.   More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014.  And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller. Now, with falling inventory, prices might increase a little faster in 2015 (something to watch if inventory continues to decline).   Prices are already up 1.8% through April (increasing faster than in 2014). June Residential Sales and Inventory, Greater Phoenix Area, ARMLS   Sales YoY Change Sales Cash Sales Percent Cash Active Inventory YoY Change Inventory June 2008 5,748 --- 1,093 19.0% 53,826 2 --- June 2009 9,325 62.2% 3,443 36.9% 38,358 --- 2 June 2010 9,278 -0.5% 3,498 37.7% 41,869 9.2% June 2011 11,134 20.0% 5,001 44.9% 29,203 -30.3% June 2012 9,133 -18.0% 4,272 46.8% 19,857 -32.0% June 2013 8,150 -10.8% 3,055 37.5% 19,541 -1.6% June 2014 7,239 -11.2% 1,854 25.6% 27,954 43.1% June 2015 8,273 20.5% 2,005 23.0% 23,377 -16.4% 1 June 2008 does not include manufactured homes, ~100 more 2 June 2008 Inventory includes pending
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:27 AM » China companies rush to suspend their shares; 40% all stocks now in halt
    Published Wed, Jul 08 2015 12:27 AM by Market Watch
    As Chinese stocks take another sharp turn lower, more listed companies are rushing to halt trading in their shares, with more than 40% of the country's stocks now reportedly suspended.
  • Tue, Jul 7 2015
  • 4:24 PM » Housing Program Expansion Would Encourage More Low-Income Families to Move Up
    Published Tue, Jul 07 2015 4:24 PM by rss.nytimes.com
    An experimental program that increases subsidies to families to move to more expensive areas is based on research showing that ZIP codes matter to future success.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 1:39 PM » MBS Can't Keep Up With Spreads at Widest in 11 Months
    Published Tue, Jul 07 2015 1:39 PM by Bloomberg
    Mortgage Bonds Can't Keep Up With Spreads at Widest in 11 Months Bloomberg Borrowing costs for U.S. homebuyers may be falling again, thanks to Greece's woes, but not as much as they could be. That's because, even as the potential unraveling of the European experiment drives investors toward safer debt, yield premiums on ...
  • 12:08 PM » How Tech Is Disrupting Real Estate
    Published Tue, Jul 07 2015 12:08 PM by Bloomberg
    Bloomberg How Tech Is Disrupting Real Estate Bloomberg Bloomberg's Cory Johnson reports on the impact tech is having on the price of real estate. He speaks on "Bloomberg Markets." (Source: Bloomberg). Related. Reddit Users Call for CEO Ellen Pao to Resign. Most Recent Videos. How Tech Is Disrupting Real ...
  • 12:08 PM » Consumer Attitudes on Housing May Signal Healthier Purchase Market Ahead
    Published Tue, Jul 07 2015 12:08 PM by Fannie Mae
    Americans outlook toward the current home selling market and the future of home rental prices may bode well for purchase activity this year, according ...
  • 12:08 PM » Home prices hit new highs in 10 states
    Published Tue, Jul 07 2015 12:08 PM by CNBC
    A limited supply of listings continues to push home prices higher-so much higher that 10 states and D.C. hit new home price peaks in May.
  • 12:07 PM » No Panic in Bond Market, Yields in Greece Rise
    Published Tue, Jul 07 2015 12:07 PM by Bloomberg
    No Panic in Bond Market, Yields in Greece Rise Bloomberg Bloomberg's Mark Barton reports on the stock and bond markets on "Bloomberg Markets." (Source: Bloomberg). Most Recent Videos. Global Markets Selloff: Where Can You Invest? Chinese Markets Are Pure Speculation, Gambling: Sethi · What's the Bond ...
  • 12:07 PM » CoreLogic: House Prices up 6.3% Year-over-year in May
    Published Tue, Jul 07 2015 12:07 PM by Calculated Risk Blog
    Notes: This CoreLogic House Price Index report is for May . The recent Case-Shiller index release was for April. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic Reports National Homes Prices Rose by 6.3 Percent Year Over Year in May 2015 CoreLogic® ... today released its May 2015 CoreLogic Home Price Index (HPI®) which shows that home prices nationwide, including distressed sales, increased by 6.3 percent in May 2015 compared with May 2014 . This change represents 39 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.7 percent in May 2015 compared with April 2015. Including distressed sales, 33 states and the District of Columbia were at or within 10 percent of their peak prices in May 2015. Ten states and the District of Columbia reached new price peaks not experienced since January 1976 when the CoreLogic HPI started. These states include Alaska, Colorado, Iowa, Nebraska, New York, North Carolina, Oklahoma, Tennessee, Texas and Vermont. Excluding distressed sales, home prices increased by 6.3 percent in May 2015 compared with May 2014 and increased by 1.4 percent month over month compared with April 2015. ... emphasis added Click on graph for larger image. This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100. The index was up 1.7% in May (NSA), and is up 6.3% over the last year. This index is not seasonally adjusted, and this was a solid month-to-month increase. The second graph is from CoreLogic. The year-over-year comparison has been positive for thirty nine consecutive months suggesting house prices bottomed early in 2012 on a national basis (the bump in 2010 was related to the tax credit). The YoY increase had been moving sideways over most of the last year, but has picked up a little recently.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:39 AM » Fed should wait to hike until 'clear signs' of inflation emerge: IMF
    Published Tue, Jul 07 2015 10:39 AM by Market Watch
    WASHINGTON (MarketWatch) - The Federal Reserve should hold off raising interest rates until there are "clear signs of wage and price inflation," the International Monetary Fund said Tuesday. In an assessment of the U.S. outlook, the IMF added more detail to its call that the Fed hold steady until the first half of 2016. A first move could tighten conditions so much and stall the economy, the IMF warned. A sudden outbreak in inflation appears "unlikely," as prices are declining at the moment, the IMF said. An important risk to growth is a further appreciation to the dollar, which is already slightly overvalued, the agency said.
  • 10:38 AM » Greece arrives at Eurogroup meeting without proposal: FT
    Published Tue, Jul 07 2015 10:38 AM by Market Watch
    Greece's negotiators didn't bring a new set of reform proposals to Tuesday's Eurogroup meeting and will instead present a new plan on Wednesday, the Financial Times reported. Greek officials in Brussels, including new Finance Minister Euclid Tsakalotos, were expected to discuss a range of economic overhauls with eurozone finance ministers after the "no" vote in Sunday's referendum. Eurogroup President Jeroen said ahead of the meeting that Athens' new reform package must be "credible" in order for the lenders to release more bailout aid.
  • 9:13 AM » What to expect from housing in the 2nd half
    Published Tue, Jul 07 2015 9:13 AM by CNBC
    The housing outlook for the second half of 2015 is all about affordability-for buying and renting.
  • 9:12 AM » Europe steadies before Greece summit, China stocks fall again
    Published Tue, Jul 07 2015 9:12 AM by Reuters
    LONDON (Reuters) - European stock and bond markets steadied on Tuesday before a euro zone leaders summit to discuss the Greek debt crisis while a further fall in Chinese shares reminded investors of other dark clouds on the horizon.
  • 9:10 AM » Monthly home prices rise 1.7% in May, annual growth fastest in 10 months: CoreLogic
    Published Tue, Jul 07 2015 9:10 AM by Market Watch
    WASHINGTON (MarketWatch) -- U.S. home prices rose 1.7% in May, with buyers during the key spring sales market bidding against each other for a relatively low supply of homes, according to a report released Tuesday by CoreLogic, an Irvine, Calif.-based analysis firm. Year-over-year growth for home prices hit 6.3% in May, the strongest result in 10 months. "Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity," said Frank Nothaft, CoreLogic's chief economist. "Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year." Gains were "fairly widely distributed across the country," while 10 states, including the likes of Texas and New York, hit record highs for home prices in May. In April eight states reached record highs.
  • 9:10 AM » Robert Shiller on stocks vs. bonds
    Published Tue, Jul 07 2015 9:10 AM by CNBC
    Robert Shiller discusses stocks and bonds with Amanda Drury.
  • Mon, Jul 6 2015
  • 11:56 PM » Germany, France press Greece to make fast, credible proposals
    Published Mon, Jul 06 2015 11:56 PM by Reuters
    PARIS/ATHENS (Reuters) - France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity.
  • 11:55 PM » Hedge Funds Who Called Treasuries Wrong Are Now Getting It Right
    Published Mon, Jul 06 2015 11:55 PM by Bloomberg
    Hedge Funds Who Called Treasuries Wrong Are Now Getting It Right Bloomberg Hedge funds, who proved to be experts on getting the Treasury market wrong earlier this year, are becoming better at getting it right. Large speculators including hedge funds trimmed their short positions in 10-year notes to almost zero last week ... and more »
  • 5:34 PM » Just How Stagnant Are Wages, Anyway?
    Published Mon, Jul 06 2015 5:34 PM by WSJ
    Rumors of the demise of American well-being may have been greatly exaggerated.
  • 5:33 PM » For ECB, Summertime Again Means Crisis Time
    Published Mon, Jul 06 2015 5:33 PM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Monday, July 6, 2015. Brian Blackstone sees Mario Draghi facing another challenging summer as a July 20 deadline looms for a Greek debt repayment.
  • 4:30 PM » Q2 Review: Ten Economic Questions for 2015
    Published Mon, Jul 06 2015 4:30 PM by Calculated Risk Blog
    At the end of each year, I post  Ten Economic Questions for the coming year. I followed up with a brief post on each question. The goal was to provide an overview of what I expected in 2015 (I don't have a crystal ball, but I think it helps to outline what I think will happen - and understand - and change my mind, when the outlook is wrong). By request, here is a quick Q2 review. I've linked to my posts from the beginning of the year, with a brief excerpt and a few comments: 10) Question #10 for 2015: How much will housing inventory increase in 2015? Right now my guess is active inventory will increase further in 2015 (inventory will decline seasonally in December and January, but I expect to see inventory up again year-over-year in 2015). I expect active inventory to move closer to 6 months supply this summer. According to the May NAR report on existing home sales , inventory was up 1.8% year-over-year in May, and the months-of-supply was at 5.1 months.  I still expect inventory to increase in 2015, and for supply to be close to 6 months sometime this summer. 9) Question #9 for 2015: What will happen with house prices in 2015? In 2015, inventories will probably remain low, but I expect inventories to continue to increase on a year-over-year basis. Low inventories, and a better economy (with more consumer confidence) suggests further price increases in 2015. I expect we will see prices up mid single digits (percentage) in 2015 as measured by these house price indexes. If is still early, but the Case Shiller data for April showed prices up 4.2% year-over-year. The year-over-year change seems to be moving mostly sideways recently. 8) Question #8 for 2015: How much will Residential Investment increase? My guess is growth of around 8% to 12% for new home sales, and about the same percentage growth for housing starts. Also I think the mix between multi-family and single family starts might shift a little more towards single family in 2015. Through...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:30 PM » U.S. banks post detailed crisis plans to avoid breakup threat
    Published Mon, Jul 06 2015 4:30 PM by Reuters
    WASHINGTON (Reuters) - The largest Wall Street banks on Monday published detailed manuals of how to shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
  • 2:40 PM » ECB maintains emergency liquidity to Greek banks, adjusts haircuts on collateral
    Published Mon, Jul 06 2015 2:40 PM by Market Watch
    The European Central Bank on Monday said it made no change to the level of emergency liquidity assistance available to Greek banks, but appeared to raise the haircuts on collateral the institutions must pledge in return for the emergency loans from the Bank of Greece. "The financial situation of the Hellenic Republic has an impact on Greek banks since the collateral they use in ELA relies to a significant extent on government-linked assets," the ECB said, in a statement on its website. "In this context, the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA." Tighter haircuts would effectively mean banks have to pledge more collateral than before in return for funding. The ECB said the Governing Council "is closely monitoring the situation in financial markets and the potential implications for the monetary-policy stance and for the balance of risks to price stability in the euro area. The Governing Council is determined to use all the instruments available within its mandate."
  • 2:37 PM » 2015-048: Monetary Policy, Hot Housing Markets and Leverage
    Published Mon, Jul 06 2015 2:37 PM by Federal Reserve
    Christoph T. Ungerer. Expansionary monetary policy can increase household leverage by stimulating housing liquidity. Low mortgage rates encourage buyers to enter the housing market, raising the speed at which properties can be sold. Because lenders can resell seized foreclosure inventory at lower cost in such a hot housing market, ex-ante they are comfortable financing a larger fraction of the house purchase. Consistent with this mechanism, this study documents empirically that both the housing sales rate and loan-to-value ratios increase after expansionary monetary policy. Calibrating a New Keynesian macroeconomic model to fit the response of housing liquidity to monetary policy, the interaction between credit frictions and housing market search frictions generates endogenous movements in the loan-to-value ratio which amplify the economy's response to monetary policy.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 11:46 AM » AIG ruling was helpful, says major Fannie, Freddie investor
    Published Mon, Jul 06 2015 11:46 AM by Market Watch
    The seventh anniversary of the federal conservatorship of housing-finance giants Fannie Mae and Freddie Mac is approaching, and the firms remain embroiled in uncertainty.
  • 11:46 AM » Director Cordray to appear before Senate Banking Committee on July 15
    Published Mon, Jul 06 2015 11:46 AM by www.cfpbmonitor.com
    Barbara S. Mishkin On July 15, 2015, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “The Consumer Financial Protection Bureau's Semi-Annual Report to Congress." Director Cordray is the only scheduled witness.  
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 10:08 AM » US service sector growth up in June
    Published Mon, Jul 06 2015 10:08 AM by CNBC
    The pace of growth in the U.S. services ticked higher in June after dropping to a 13-month low in May.
  • 8:43 AM » Muted Bond Reaction to 'No' Vote Limits Greek Negotiating Power
    Published Mon, Jul 06 2015 8:43 AM by Bloomberg
    Muted Bond Reaction to 'No' Vote Limits Greek Negotiating Power Bloomberg While Alexis Tsipras goes into fresh aid talks claiming Greece's "no" vote has boosted his negotiating position, the euro-zone government-bond market is telling a different story. Modest declines in Italian, Spanish and Portuguese debt in the wake of ...
  • Sun, Jul 5 2015
  • 10:46 PM » Treasuries Futures Surge as Greek Referendum Fuels Euro Anxiety
    Published Sun, Jul 05 2015 10:46 PM by Bloomberg
    Treasuries Futures Surge as Greek Referendum Fuels Euro Anxiety Bloomberg Treasuries futures surged along with those on Aussie bonds as concern Greece will exit the euro and trigger contagion across Europe bolstered demand for the safest securities. Contracts for benchmark 10-year U.S. notes rose to the highest since June 1.
  • 10:44 PM » Greek Crisis: Now Europe Must Decide Whether to Make an Example of Greece
    Published Sun, Jul 05 2015 10:44 PM by rss.nytimes.com
    The Greek public has said no to more of the same austerity, and Europe faces a difficult choice.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 10:38 PM » Greece's Big Decision
    Published Sun, Jul 05 2015 10:38 PM by The Atlantic
    On Sunday, citizens will vote on how to move forward in the country's financial crisis.
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Mortgage Rates:
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  • 15 Yr FRM 3.22%
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  • Jumbo 30 Year Fixed 3.80%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 0.13%
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  • Refinance Index -0.55%
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  • Purchase Index 0.97%