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  • Thu, May 26 2016
  • 9:02 AM » US durable goods surge on transportation, but business spending weak
    Published Thu, May 26 2016 9:02 AM by CNBC
    Orders for long-lasting U.S. manufactured goods surged in April on strong demand for transportation equipment.
  • 8:08 AM » Fed's Bullard: tight U.S. labor market may put upward pressure on inflation
    Published Thu, May 26 2016 8:08 AM by Reuters
    SINGAPORE (Reuters) - U.S. labor markets are relatively tight and may put upward pressure on inflation, St. Louis Federal Reserve President James Bullard said on Thursday.
  • 8:08 AM » New York financial regulator gearing up to probe online lenders - source
    Published Thu, May 26 2016 8:08 AM by Reuters
    (Reuters) - New York state's financial regulator, which recently launched a probe into LendingClub Corp, is preparing to look into the activities at other online lenders and whether they should be licensed in New York, a person familiar with the matter said on Wednesday.
  • 8:05 AM » Wells Fargo launches 3% down payment mortgage
    Published Thu, May 26 2016 8:05 AM by CNBC
    The nation's largest lender, Wells Fargo, is offering a new mortgage with a 3 percent down payment requirement. What gives?
  • Wed, May 25 2016
  • 4:21 PM » Wells Fargo Pays $70 Million for Failures in Foreclosure Accord
    Published Wed, May 25 2016 4:21 PM by Bloomberg
    Bloomberg Wells Fargo Pays $70 Million for Failures in Foreclosure Accord Bloomberg Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank's five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis. U.S. regulators announced the fine for the San Francisco-based bank on Wednesday ... and more »
  • 4:21 PM » Freddie Mac Completes First Credit Risk Transaction With 15-Year Mortgages
    Published Wed, May 25 2016 4:21 PM by freddiemac.mwnewsroom.com
    Freddie Mac Completes First Credit Risk Transaction With 15-Year Mortgages
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 1:45 PM » Mortgage Debt Outstanding Expands On Growing Originations
    Published Wed, May 25 2016 1:45 PM by eyeonhousing.org
    According to the Household Debt and Credit Report released by the Federal Reserve Bank of New York, aggregate household debt outstanding totaled $12.252 trillion in the first quarter of 2016, 2.4%, $401 billion, greater than its level of one year ago. The report found that non-housing related debt outstanding (auto loans, credit cards, student loans and other debt) increased year-over-year... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 1:45 PM » NAHB Releases Remodeling by Zip Code Estimates for 2016
    Published Wed, May 25 2016 1:45 PM by eyeonhousing.org
    NAHB has released its latest projections of spending on improvements to owner-occupied housing by zip code. The projections show total spending on improvements, the number of owner-occupied homes, as well as average spending per improvement, in each zip code for calendar year 2016. Also shown for each zip are 2016 projections for the five key variables NAHB uses to estimate home improvement... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 1:45 PM » Lawler: Table of Distressed Sales and All Cash Sales for Selected Cities in April
    Published Wed, May 25 2016 1:45 PM by Calculated Risk Blog
    Economist Tom Lawler sent me the table below of short sales, foreclosures and all cash sales for selected cities in April. On distressed: Total "distressed" share is down in all of these markets. Short sales and foreclosures are down in all of these areas. The All Cash Share (last two columns) is mostly declining year-over-year. As investors continue to pull back, the share of all cash buyers continues to decline.   Short Sales Share Foreclosure Sales Share Total "Distressed" Share All Cash Share Apr- 2016 Apr- 2015 Apr- 2016 Apr- 2015 Apr- 2016 Apr- 2015 Apr- 2016 Apr- 2015 Las Vegas 4.5% 7.2% 7.1% 8.3% 11.6% 15.5% 28.1% 30.4% Reno     8
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:01 PM » SIFMA Publishes Quarterly Research Report for 1Q 2016
    Published Wed, May 25 2016 12:01 PM by SIFMA
    SIFMA Publishes Quarterly Research Report for 1Q 2016<br/>http://www.sifma.org/newsroom/2016/sifma-publishes-quarterly-research-report-for-1q-2016/
  • 12:00 PM » How Fed Rate Hike Messaging Impacts the Economy
    Published Wed, May 25 2016 12:00 PM by Bloomberg
    Bloomberg How Fed Rate Hike Messaging Impacts the Economy Bloomberg Pantheon Macroeconomics Chief Economist Ian Shepherdson discusses how the Fed is handling its interest rate hike messaging. He speaks on "Bloomberg ‹GO›." (Source: Bloomberg). Related. Full Show: Surveillance (05/24). Most Recent Videos. How Fed ...
  • 10:19 AM » FHFA: House Prices increased 0.7% in March, New Zip Code HPI Data
    Published Wed, May 25 2016 10:19 AM by Calculated Risk Blog
    From the FHFA: U.S. House Prices Rise 1.3 Percent in First Quarter; 19 Consecutive Quarterly Increases U.S. house prices rose 1.3 percent in the first quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the nineteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. House prices rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016 . This is the fourth consecutive year in which prices grew more than 5 percent. FHFA's seasonally adjusted monthly index for March was up 0.7 percent from February . The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. ... "While the overall appreciation rate was robust in the first quarter, home price appreciation was somewhat less widespread than in recent quarters," said FHFA Supervisory Economist Andrew Leventis. "Twelve states and the District of Columbia saw price declines in the quarter-the most areas to see price depreciation since the fourth quarter of 2013. Although most declines were modest, such declines are notable given the pervasive and extraordinary appreciation we have been observing for many years." While the purchase-only HPI rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes rose approximately 5.6 percent over the latest year. emphasis added And on local HPIs: With this quarter's release, FHFA is publishing a set of experimental annual house price indexes for five-digit ZIP codes across the country from 1975?2015 .? The indexes are constructed using the typical "repeat-transactions" methodology. Unlike FHFA's other price indexes, however, the five-digit ZIP code measures are annual price measures , meaning that a single index value is produced for each year. As discussed in FHFA...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:19 AM » OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty
    Published Wed, May 25 2016 10:19 AM by OCC
    The Office of the Comptroller of the Currency (OCC) today terminated its mortgage servicing-related order against Wells Fargo Bank, N.A. (Wells Fargo), and assessed a $70 million civil money penalty against the bank for previous violations of the order.
  • 10:19 AM » Can the Fed Control the US Yield Curve?
    Published Wed, May 25 2016 10:19 AM by Bloomberg
    Can the Fed Control the US Yield Curve? Bloomberg May 25 (Bloomberg) -- Bank of America Merrill Lynch Director of G10 FX Strategy Kamal Sharma discusses Treasuries and Fed policy. He speaks on "Bloomberg Surveillance." (Source: Bloomberg) ...
  • 10:19 AM » More U.S. Housing Markets Improving
    Published Wed, May 25 2016 10:19 AM by freddiemac.mwnewsroom.com
    More U.S. Housing Markets Improving
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:19 AM » Over 20% of Home Builders Have Already Used Aerial Drones
    Published Wed, May 25 2016 10:19 AM by eyeonhousing.org
    Results from a recent NAHB survey of single-family builders show that a majority of them (66 percent) are aware that unmanned aerial vehicles (i.e., drones) have been used on construction sites, and 22 percent have already used a drone in their own construction business at least once (including cases where they may have hired a third party to do so).... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:05 AM » Fed just amassing ammo for next recession with summer hike: Forester
    Published Wed, May 25 2016 8:05 AM by CNBC
    In preparing the market for a summer interest rate hike, the Fed is girding itself for an economic downturn, Tom Forester says.
  • Tue, May 24 2016
  • 4:22 PM » Clinton accuses Trump of cheering housing crisis for profit
    Published Tue, May 24 2016 4:22 PM by Reuters
    WASHINGTON (Reuters) - Democrat Hillary Clinton, seeking to dampen Republican presidential candidate Donald Trump's growing appeal with working-class voters, on Tuesday accused him of having cheered on the 2008 housing market crash.
  • 4:22 PM » Comments on April New Home Sales
    Published Tue, May 24 2016 4:22 PM by Calculated Risk Blog
    The new home sales report for April was very strong at 619,000 on a seasonally adjusted annual rate basis (SAAR), and combined sales for January, February and March were revised up by 44 thousand SAAR. This was the highest sales rate since January 2008. Sales were up 23.8% year-over-year (YoY) compared to April 2015. And sales are up 9.0% year-to-date compared to the same period in 2015. Earlier: New Home Sales increased sharply to 619,000 Annual Rate in April . Click on graph for larger image. This graph shows new home sales for 2015 and 2016 by month (Seasonally Adjusted Annual Rate).  Sales to date are up 9.0% year-over-year, mostly because of the strong sales in April. Overall   I expect lower growth this year , probably in the 4% to 8% range.  Slower growth is likely this year because  Houston (and other oil producing areas) will have a problem this year . Inventory of existing homes is increasing quickly and prices will probably decline in those areas. And that means new home construction will slow in those areas too. And here is another update to the "distressing gap" graph that I first started posting a number of years ago to show the emerging gap caused by distressed sales.  Now I'm looking for the gap to close over the next several years. The "distressing gap" graph shows existing home sales (left axis) and new home sales (right axis) through April 2016. This graph starts in 1994, but the relationship had been fairly steady back to the '60s. Following the housing bubble and bust, the "distressing gap" appeared mostly because of distressed sales. I expect existing home sales to move more sideways, and I expect this gap to slowly close, mostly from an increase in new home sales. However, this assumes that the builders will offer some smaller, less expensive homes. If not, then the gap will persist. Another way to look at this is a ratio of existing...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:19 PM » Bond auction may signal something darker
    Published Tue, May 24 2016 4:19 PM by CNBC
    Buyers swarmed the two-year Treasury auction, at the same time market expectations for a Fed rate hike were building.
  • 12:39 PM » Rosenberg: Rate hike 'reckless'
    Published Tue, May 24 2016 12:39 PM by CNBC
    A slow economy, weak market and deflation hardly add up to ideal conditions to raise rates, David Rosenberg says.
  • 12:38 PM » U.S. Households' Mortgage Debt Rises to Four-Year High, Fed Says
    Published Tue, May 24 2016 12:38 PM by Bloomberg
    Bloomberg U.S. Households' Mortgage Debt Rises to Four-Year High, Fed Says Bloomberg Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York. Total mortgage debt ... and more »
  • 11:14 AM » Household debt climbs in first quarter
    Published Tue, May 24 2016 11:14 AM by CNBC
    The first quarter saw increases in auto and student loans, but credit card and home equity debts declined.
  • 10:11 AM » New home sales race to 8-year high, prices soar
    Published Tue, May 24 2016 10:11 AM by CNBC
    Prices hit a record high, offering further evidence of a pick-up in economic growth early in the second quarter.
  • 9:59 AM » Black Knight Financial Services' "First Look" at April 2016 Mortgage Data
    Published Tue, May 24 2016 9:59 AM by www.bkfs.com
    Black Knight Financial Services' "First Look" at April 2016 Mortgage Data<br/>http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160524.aspx
  • 9:59 AM » Low supply plagues spring housing: Here's where it is worst
    Published Tue, May 24 2016 9:59 AM by CNBC
    The number of listings continues to drop as demand outstrips supply and potential sellers bow out, fearing they won't find something else to buy.
  • 9:59 AM » Higher home sales, prices drive Toll Brothers revenue beat
    Published Tue, May 24 2016 9:59 AM by Reuters
    (Reuters) - Toll Brothers Inc's quarterly revenue jumped nearly 31 percent, beating analysts' estimates, as the company sold more luxury homes at higher prices, mainly in California.
  • 7:40 AM » Has the US Economy Resuscitated Enough for a Rate Rise?
    Published Tue, May 24 2016 7:40 AM by Bloomberg
    Bloomberg Has the US Economy Resuscitated Enough for a Rate Rise? Bloomberg Two-year Treasuries are barely eking out a gain in 2016, lagging behind every other U.S. bond and note, as investors prepared to bid at an auction of the securities Tuesday. The Treasury Department is scheduled to sell $26 billion of the securities ... and more »
  • Mon, May 23 2016
  • 3:41 PM » Deutsche Bank Post-Crisis Mortgage Positions Probed by SEC
    Published Mon, May 23 2016 3:41 PM by Bloomberg
    Deutsche Bank Post-Crisis Mortgage Positions Probed by SEC Bloomberg The U.S. Securities and Exchange Commission is investigating whether Deutsche Bank AG inflated the value of securities in its mortgage-bond trading business and masked losses around 2013, according to people with knowledge of the matter. Investigators ... and more »
  • 12:31 PM » Goldman Sachs on Rate Hike Odds: 35% in June, 35% in July
    Published Mon, May 23 2016 12:31 PM by Calculated Risk Blog
    In a research note released this morning, Goldman Sachs chief economist Jan Hatzius wrote: Superforecasting Fed Policy "... 35% probability for a hike in June, a 35% probability for July, a 20% probability for September-our previous modal forecast-and a 10% probability for either a later hike or a cut." This suggests a cumulative forecast probability of 70% by the July meeting, and 90% by September. The Fed has definitely changed expectations. For amusement ... early in my career, as a scientist at SAIC in San Diego (my undergraduate degree is in chemistry), I was invited to a sales meeting to discuss potential new contracts.  A senior salesperson discussed one potential contract, and he was asked the probability of obtaining the contract.  He said it was 50%. Asked how he came up with the odds, he said: "Either we get it or we don't." The Fed is more data dependent than that salesperson.  A pickup in inflation and a decent jobs report will increase the odds of a June rate hike.  But I suspect that sales guy would put the odds at 50%: Either they hike or they don't!
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:30 PM » Fed shouldn't focus on market tantrum
    Published Mon, May 23 2016 12:30 PM by CNBC
    A former Federal Reserve governor says the central bank shouldn't bend over backward to avoid upsetting the market.
  • 10:27 AM » Fed's Bullard: rates too low for too long could be risky
    Published Mon, May 23 2016 10:27 AM by Reuters
    BEIJING (Reuters) - U.S. interest rates being kept too low for too long could cause financial instability in future and stronger market expectations for a rate rise are "probably good", St. Louis Federal Reserve President James Bullard said on Monday.
  • 10:24 AM » Gateway to real estate: 'House hacking'
    Published Mon, May 23 2016 10:24 AM by CNBC
    If you've always wanted to invest in real estate, consider "house hacking" as a first step.
  • 10:22 AM » How Long Does It Take Buyers With Student Loans to Afford a Home?
    Published Mon, May 23 2016 10:22 AM by www.realtor.com
    College grads who took out student loans are estimated to spend more than 10 years saving up for a 20% down payment on a home. The post How Long Does It Take Buyers With Student Loans to Afford a Home? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:21 AM » CoreLogic: Far Fewer Low Credit Score Applicants Than Before Housing Crisis
    Published Mon, May 23 2016 10:21 AM by Calculated Risk Blog
    An interesting post from Archana Pradhan at CoreLogic Far Fewer Low Credit Score Applicants Than Before Housing Crisis . An excerpt: One of the key factors used in mortgage underwriting as well as in our Housing Credit Index is the credit score. The average borrower credit score for home-purchase originations has increased from roughly 700 in 2005 to almost 750 in 2015 (Figure 2). In 2005, the credit score for the first percentile ranged from 520 to 540 and showed a dramatic rise during the Great Recession, and is currently running in a range of 620 to 630. By just gazing at the borrowers' credit scores, one could conclude that mortgage originations were constrained as a result of tight underwriting standards. But how has loan demand changed, particularly for the borrowers with relatively low credit scores? The origination volume is the end result of an interplay between loan applicants' demand and lenders' risk tolerances. Is there a way to disentangle mortgage credit supply conditions from mortgage demand? Click on graph for larger image This graph from CoreLogic shows the significant increase in credit scores for the first percentile of borrowers. At first glance, this would appear to be due to tighter underwriting standards, but Pradhan looks at denial rates and asks: If Credit Underwriting Has Tightened, Why Have Denial Rates Fallen? The data shows that demand has fallen for low credit score borrowers; either they are more cautious, or - more likely - they are discouraged from even applying. Interesting data.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:41 AM » Mohamed El-Erian: Market underestimating chance of Fed rate hike
    Published Mon, May 23 2016 8:41 AM by CNBC
    The Fed has a "small window to start normalizing, and I think they intend to take advantage of it," he told CNBC's "Squawk Box."
  • 8:40 AM » The New Hot Spots Where Americans Are Moving Right Now
    Published Mon, May 23 2016 8:40 AM by www.realtor.com
    It's that time of year when Americans get their move on. We scouted out which big cities they're fleeing in droves-and where they're heading instead. The post The New Hot Spots Where Americans Are Moving Right Now appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:40 AM » Rooftop solar: Net metering is a net benefit
    Published Mon, May 23 2016 8:40 AM by webfeeds.brookings.edu
    Rooftop solar is booming in U.S. cities . One of the most exciting infrastructure developments within metropolitan America, the installation of over a million solar photovoltaic (PV) systems in recent years, represents nothing less than a breakthrough for urban sustainability — and the climate. Prices for solar panels have fallen dramatically . Residential solar installations surged by 66 percent between 2014 and 2015 helping to ensure that solar accounted for 30 percent of all new U.S. electric generating capacity. And for that matter, recent analyses conclude that the cost of residential solar is often comparable to the average price of power on the utility grid, a threshold known as grid parity. So, what’s not to like? Rooftop solar is a total winner, right? Well, not quite: The spread of rooftop solar has raised tricky issues for utilities and the public utilities commissions (PUCs) that regulate them.  Specifically, the proliferation of rooftop solar installations is challenging the traditional utility business model by altering the relationship of household and utility—and not just by reducing electricity sales. In this respect, the solar boom has prompted significant debates in states like New York and California about the best rates and policies to ensure that state utility rules and rates provide a way for distributed solar to flourish even as utilities are rewarded for meeting customer demands. Increasingly, this ferment is leading to  thoughtful dialogues aimed at devising new forms of policy and rate design that can—as in New York—encourage distributed energy resources (DERs) while allowing for distribution utilities to adapt to the new era. However, in some states, the ferment has prompted a cruder set of backlashes . Most pointedly, some utilities contend that the “net-metering” fees paid to homeowners with rooftop installations for excess solar power they send back...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 8:39 AM » Fed 'Policy Mistake' Trade Seen Making Comeback in Bond Market
    Published Mon, May 23 2016 8:39 AM by Bloomberg
    Bloomberg Fed 'Policy Mistake' Trade Seen Making Comeback in Bond Market Bloomberg Wall Street is pushing back against the Federal Reserve's tougher tone on raising interest rates, as strategists see the bond market warning of potential consequences. Treasuries staged their biggest weekly decline since November after minutes from the ... and more »
  • 8:37 AM » A Decade Out From The Mortgage Crisis, Former Homeowners Still Grasp For Stability
    Published Mon, May 23 2016 8:37 AM by www.npr.org
    With ruined credit ratings atop financial loss, two ex-homeowners tell their story in the mortgage meltdown aftermath. They're wary of jumping back into the market, even if that likelihood is far off.
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Mortgage Rates:
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