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  • Wed, Aug 12 2015
  • 12:50 PM » McCulley to Fed: No more excuses
    Published Wed, Aug 12 2015 12:50 PM by CNBC
    The Fed needs to stop looking for reasons to avoid hiking rates, Paul McCulley, ex-Pimco chief economist, tells CNBC.
  • 11:27 AM » Here's the Recent History of the Chinese Yuan in One Big Chart
    Published Wed, Aug 12 2015 11:27 AM by Bloomberg
    Bloomberg Here's the Recent History of the Chinese Yuan in One Big Chart Bloomberg The big news over the last couple of days has the shock devaluation of the Chinese yuan, which has had ripple effects across global markets far and wide. Bloomberg Intelligence economist Tom Orlik has created the following chart that shows the history ... and more »
  • 11:24 AM » US job openings change little in June
    Published Wed, Aug 12 2015 11:24 AM by CNBC
    U.S. job openings were little changed at 5.2 million in June, the U.S. Bureau of Labor Statistics reported Wednesday.
  • 11:08 AM » Dudley: Policy can't fix labor market
    Published Wed, Aug 12 2015 11:08 AM by CNBC
    Dudley: Policy can't fix labor market<br/>http://www.cnbc.com/2015/08/12/feds-dudley-monetary-policy-can-help-labor-markets-but-cant-solve-skills-mismatch.html
  • 9:01 AM » Fed faces difficulty as yuan falls: Doll
    Published Wed, Aug 12 2015 9:01 AM by CNBC
    The Federal Reserve faces "great difficulty" raising interest rates following China's devaluation of the yuan, Bob Doll said.
  • 8:46 AM » Did the Mortgage-Fee Cut Help Borrowers?
    Published Wed, Aug 12 2015 8:46 AM by WSJ
    In January, President Barack Obama announced a major mortgage fee cut for some lower-wealth borrowers. The fee cut brought praise from the real-estate industry and affordable housing advocates but ire from conservatives who thought it would result in riskier mortgages and lower revenues for the cash-strapped agency. More than half a year from the cut, the number and mix of loans being backed by the Federal Housing Administration have changed markedly. Here's what happened and how the change affected the mortgage market.
  • 12:32 AM » Asia extends losses after shock yuan devaluation, dollar sought
    Published Wed, Aug 12 2015 12:32 AM by Reuters
    TOKYO (Reuters) - Asian stocks and commodities extended losses on Wednesday, feeling the aftershocks of China's surprise devaluation of the yuan, which hit U.S. equities overnight and pushed down already-weak emerging currencies.
  • 12:31 AM » China central bank yuan fix weakest since 2012
    Published Wed, Aug 12 2015 12:31 AM by CNBC
    The People's Bank of China fixed the yuan at 6.3306 against the U.S. dollar, up 1.6 percent on Tuesday's fix and close to matching yesterday's market closing rate.
  • 12:26 AM » Wednesday: Job Openings
    Published Wed, Aug 12 2015 12:26 AM by Calculated Risk Blog
    From the WSJ: U.S. Oil Falls to Six-Year Low Light, sweet crude for September delivery fell $1.88, or 4.2%, to settle at $43.08 a barrel on the New York Mercantile Exchange. ... U.S. oil to its lowest settlement since March 11, 2009, when the U.S. economy was still reeling from the financial crisis. Brent crude, the global benchmark, fell $1.23, or 2.4%, to $49.18 a barrel on ICE Futures Europe. It is within $3 of its six-year low set in January. Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.58 per gallon, well above the 6 year low of $2.02 per gallon set in January. There are several reasons why gasoline prices are still so high, including: 1) it takes time for declines in oil prices to reach the pump, 2) there is a seasonal component (this is the driving season), and 3) supply issues in California. However, gasoline prices should follow oil prices down over the next several weeks. Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 10:00 AM, Job Openings and Labor Turnover Survey for June from the BLS. Jobs openings increased in May to 5.363 million from 5.334 million in April. The number of job openings were up 16% year-over-year, and Quits were up 8% year-over-year. • At 2:00 PM, the Monthly Treasury Budget Statement for July.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Tue, Aug 11 2015
  • 4:27 PM » Only One in 10 San Franciscans Can Afford to Buy a House
    Published Tue, Aug 11 2015 4:27 PM by Bloomberg
    Only One in 10 San Franciscans Can Afford to Buy a House Bloomberg Home shoppers in San Francisco needed incomes of $267,780 to become owners of a typical house in the second quarter as prices soared to a record. Ten percent of San Franciscans could afford to buy a single-family home, down from 12 percent in the first ...
  • 2:40 PM » 'More damaging than Great Recession'
    Published Tue, Aug 11 2015 2:40 PM by CNBC
    It's been the economy's dirty little secret even as forecasters project breakout growth that never seems to come.
  • 2:13 PM » Insana: Is a Sept hike less likely now?
    Published Tue, Aug 11 2015 2:13 PM by CNBC
    Recent comments by the Fed's Stanley Fischer may have made a September hike less likely, says Ron Insana. Here's why.
  • 2:13 PM » Don't be distracted by China: Goldman's Kostin
    Published Tue, Aug 11 2015 2:13 PM by CNBC
    There are more important threats to the U.S. market than China's currency move according to Goldman Sachs' David Kostin.
  • 2:11 PM » 10-year yield falls 11 basis points
    Published Tue, Aug 11 2015 2:11 PM by CNBC
    U.S. sovereign bond yields took a sharp tumble on Tuesday after the People's Bank of China allowed the yuan to depreciate almost 2 percent.
  • 12:32 PM » Home Prices Soar in Some Metro Areas
    Published Tue, Aug 11 2015 12:32 PM by WSJ
    The National Association of Realtors on Tuesday said that home prices in the second quarter rose in 163 out of 176 metro areas, continuing their upward trajectory even as economists warn of looming affordability problems and a limited supply of homes for sale.
  • 11:16 AM » Economic Trends: Why Did China Devalue Its Currency? Two Big Reasons
    Published Tue, Aug 11 2015 11:16 AM by rss.nytimes.com
    The nation wanted to keep its economy on an even keel, but it is also looking to assert more leadership in the global economy.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 9:17 AM » U.S. productivity rebounds, but trend remains weak
    Published Tue, Aug 11 2015 9:17 AM by Reuters
    WASHINGTON, (Reuters) - U.S. non farm productivity rebounded in the second quarter, but a weak underlying trend suggested inflation could pick up more quickly than economists
  • 9:17 AM » Is crude oil driving inflation expectations?
    Published Tue, Aug 11 2015 9:17 AM by CNBC
    Could the crude oil plunge push back an interest rate hike? Andrew Burkly of Oppenheimer and Craig Johnson of Piper Jaffray discuss.
  • 8:56 AM » US Treasury yields sink after China currency move
    Published Tue, Aug 11 2015 8:56 AM by CNBC
    U.S. sovereign bond yields took a sharp tumble on Tuesday after the People's Bank of China allowed the yuan to depreciate almost 2 percent against the U.S. dollar, pushing the currency to suffer its biggest fall in over two decades.
  • Mon, Aug 10 2015
  • 11:45 PM » Greece, lenders locked in marathon talks for bailout deal
    Published Mon, Aug 10 2015 11:45 PM by Reuters
    ATHENS (Reuters) - Greece and its international lenders were locked in marathon overnight talks to seal a multibillion-euro bailout deal on Tuesday, racing against a countdown to European Central Bank debt repayments falling due in days.
  • 11:39 PM » BofA Sees Moody's Shift as Slippery Slope for Real Estate Bonds
    Published Mon, Aug 10 2015 11:39 PM by Bloomberg
    BofA Sees Moody's Shift as Slippery Slope for Real Estate Bonds Bloomberg At a time of increasingly risky lending in the commercial-mortgage market, Moody's Investors Service appears to be backtracking on its role as guardian of bond investors, according to Bank of America Corp. The credit-rating giant surprised the market ... and more »
  • 11:38 PM » Fannie and Freddie: REO inventory declined in Q2, Down 33% Year-over-year
    Published Mon, Aug 10 2015 11:38 PM by Calculated Risk Blog
    Fannie and Freddie reported results last week. Here is some information on Real Estate Owned (REOs). From Fannie Mae : The continued decrease in the number of our seriously delinquent single-family loans has resulted in a reduction in the number of REO acquisitions in the first half of 2015 as compared with the first half of 2014. We continue to manage our REO inventory to appropriately manage costs and maximize sales proceeds. However, we are unable to market and sell a large portion of our inventory, primarily due to occupancy and state or local redemption or confirmation periods, which extends the amount of time it takes to bring our properties to a marketable state and eventually dispose of them. This results in higher foreclosed property expenses, which include costs related to maintaining the property and ensuring that the property is vacant. Additionally, before we market our foreclosed properties, we may choose to repair them in order to maximize the sales price and increase the likelihood that an owner occupant will purchase. The percent of properties we repair prior to marketing has increased as a result of market demand and our continued focus on stabilizing neighborhoods and increasing opportunities for owner occupants to purchase. emphasis added Fannie is unable to currently market about 40% of their inventory. From Freddie Mac: In recent periods, third-party sales at foreclosure auction have comprised an increasing portion of foreclosure transfers. Third-party sales at foreclosure auction avoid the REO property expenses that we would have otherwise incurred if we held the property in our REO inventory until disposition. Fannie and Freddie are still working through the backlog of loans made during the housing bubble, mostly in judicial foreclosure states. Click on graph for larger image. Here is a graph of Fannie and Freddie Real Estate Owned (REO). REO inventory decreased in Q2 for both Fannie and Freddie, and combined inventory is down 33% year-over-year...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:49 PM » 5 things that could stop the Fed from a rate hike
    Published Mon, Aug 10 2015 4:49 PM by CNN
    America's central bank finally appears ready to hit the runway for takeoff in September.
  • 2:46 PM » There's a Teacher Shortage Looming—Is Real Estate to Blame?
    Published Mon, Aug 10 2015 2:46 PM by www.realtor.com
    As real estate prices continue to climb, fewer teachers can afford to live in the places where they work. What's the fallout? A teacher shortage. The post There’s a Teacher Shortage Looming-Is Real Estate to Blame? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 2:46 PM » Lockhart: Fed 'close' to hiking rates
    Published Mon, Aug 10 2015 2:46 PM by CNBC
    Economic conditions in the United States have largely returned to normal, a top Fed official said.
  • 2:45 PM » Why Risky Borrowers Still Aren't Getting Mortgages
    Published Mon, Aug 10 2015 2:45 PM by WSJ
    Fannie Mae, Freddie Mac, the Federal Housing Finance Agency and the Obama administration over the past year have tried mightily to expand mortgage access for riskier borrowers, but there's little evidence so far of borrowers with weaker credit making a strong return.
  • 11:21 AM » Residential Property Values increased 5.7% year-over-year in June
    Published Mon, Aug 10 2015 11:21 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 June 2015  index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 1.2% from May to June (Composite 100 index, not seasonally adjusted).  The 10 city MSA increased 1.7% in June, the 20-MSA RPI increased 1.6%, and the 30-MSA RPI increased 1.4%. 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 larger in June than in May, with the 100-MSA composite up 5.7% compared to June 2014. The index is still down 15.2% from the peak in 2006 (not inflation adjusted). Click on graph for larger image. This graph shows the year-over-year change based on the FNC index (four composites) through June 2015. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals. Most of the other indexes are also showing the year-over-year change around 5%, but increasing a little faster over the last several months. Note: The June Case-Shiller index will be released on Tuesday, August 25th.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:21 AM » Greenspan: Be Afraid of Pending Bubble in Bond Market
    Published Mon, Aug 10 2015 11:21 AM by Bloomberg
    Bloomberg Greenspan: Be Afraid of Pending Bubble in Bond Market Bloomberg Former Federal Reserve Chairman Alan Greenspan discusses the U.S. economy, bond market and Fed policy. He speaks with Bloomberg's Tom Keene." (Source: Bloomberg). Related. Fischer: U.S. Near Full Employment; Inflation 'Very Low'. Most Recent ...
  • 9:52 AM » U.S. inflation temporarily 'very low,' says Fed's Fischer
    Published Mon, Aug 10 2015 9:52 AM by Reuters
    NEW YORK (Reuters) - U.S. inflation is "very low" but only temporarily so, and the economy has nearly achieved full employment, Federal Reserve Vice Chairman Stanley Fischer said on Monday.
  • 9:43 AM » Las Vegas Real Estate in July: Sales Increased 15% YoY
    Published Mon, Aug 10 2015 9:43 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 local home sales, prices continue to climb steadily from last year According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in July was 3,815, up from 3,314 one year ago . Compared to July 2014, 20.4 percent more homes, but 5.5 percent fewer condos and townhomes, sold this July. ... For more than two years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In July, 7.1 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 11.5 percent one year ago. Another 7.7 percent of July sales were bank-owned, down from 9.1 percent one year ago. ... The total number of single-family homes listed for sale on GLVAR's Multiple Listing Service in July was 13,616, down 0.7 percent from one year ago. GLVAR tracked a total of 3,465 condos, high-rise condos and townhomes listed for sale on its MLS in July, down 4.4 percent from one year ago. By the end of July, GLVAR reported 7,636 single-family homes listed without any sort of offer. That's up 5.1 percent from one year ago . For condos and townhomes, the 2,320 properties listed without offers in July represented a 0.4 percent decrease from one year ago. emphasis added There are several key trends that we've been following: 1) Overall sales were up 15% year-over-year. 2) Conventional (equity, not distressed) sales were up 24% year-over-year.  In July 2014, 79.4% of all sales were conventional equity.  In July 2015, 85.2% were standard equity sales. 3) The percent of cash sales has declined year-over-year from 35.6% in July 2014 to 27.1% in July 2015. (investor buying...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 7:44 AM » The 'new maestro' will hike in September: Strategist
    Published Mon, Aug 10 2015 7:44 AM by CNBC
    Janet Yellen can raise rates in September without roiling markets, strategist Doug Cote predicted Monday.
  • 7:44 AM » Top 10 Cities With the Smallest—and Largest—Homes
    Published Mon, Aug 10 2015 7:44 AM by www.realtor.com
    We wanted to know where in the U.S. people live small-and large-so we reviewed our listings and mapped out the top 10 on either end of the scale. The post Top 10 Cities With the Smallest-and Largest-Homes appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 7:42 AM » Japanese Dump Most Treasuries in Two Years as Fed Liftoff Looms
    Published Mon, Aug 10 2015 7:42 AM by Bloomberg
    Japanese Dump Most Treasuries in Two Years as Fed Liftoff Looms Bloomberg Japanese dumped the most U.S. Treasuries in two years in June, as the Federal Reserve prepares to raise interest rates as soon as next month. Investors also sold German bunds for a fourth month, and offloaded the most French sovereign debt on record in ... and more »
  • 7:37 AM » After earning billions in profits, Fannie, Freddie reform further than ever
    Published Mon, Aug 10 2015 7:37 AM by Market Watch
    Despite years of hand wringing on Capitol Hill over the need to protect taxpayers by reforming the U.S. housing market, it may take a financial hit to mortgage giants Fannie Mae and Freddie Mac to spur decisive congressional action.
  • Fri, Aug 7 2015
  • 5:53 PM » Revere Attorney Ordered to Pay More Than $625,000 for Unfair and Deceptive Foreclosure Relief Services
    Published Fri, Aug 07 2015 5:53 PM by www.mass.gov
    Revere Attorney Ordered to Pay More Than $625,000 for Unfair and Deceptive Foreclosure Relief Services<br/>http://www.mass.gov/ago/news-and-updates/press-releases/2015/2015-08-07-david-zak-judgment.html
  • 5:38 PM » Are You Sick of Hearing About Rising Yields? So Are Debt Traders
    Published Fri, Aug 07 2015 5:38 PM by Bloomberg
    Bloomberg Are You Sick of Hearing About Rising Yields? So Are Debt Traders Bloomberg The Federal Reserve looks like it might finally raise interest rates next month after leaving them near zero since 2008. That should mean turmoil, with bond yields rising and their values falling, right? Apparently not. After Friday's jobs report ... and more »
  • 3:55 PM » Public and Private Sector Payroll Jobs: Carter, Reagan, Bush, Clinton, Bush, Obama
    Published Fri, Aug 07 2015 3:55 PM by Calculated Risk Blog
    By request, here is another update of an earlier post through the July employment report. NOTE: Several readers have asked if I could add a lag to these graphs (obviously a new President has zero impact on employment for the month they are elected). But that would open a debate on the proper length of the lag, so I'll just stick to the beginning of each term. Note: We frequently use Presidential terms as time markers - we could use Speaker of the House, or any other marker. Important: There are many differences between these periods. Overall employment was smaller in the '80s, however the participation rate was increasing in the '80s (younger population and women joining the labor force), and the participation rate is generally declining now.  But these graphs give an overview of employment changes. First, here is a table for private sector jobs. The top two private sector terms were both under President Clinton.  Reagan's 2nd term saw about the same job growth as during Carter's term.  Note: There was a severe recession at the beginning of Reagan's first term (when Volcker raised rates to slow inflation) and a recession near the end of Carter's term (gas prices increased sharply and there was an oil embargo). Term Private Sector Jobs Added (000s) Carter 9,041 Reagan 1 5,360 Reagan 2 9,357 GHW Bush 1,510 Clinton 1 10,884 Clinton 2 10,073 GW Bush 1 -844 GW Bush 2 381 Obama 1 2,018 Obama 2 6,732 1 1 30 months into 2nd term: 10,771 pace. The first graph shows the change in private sector payroll jobs from when each president took office until the end of their term(s). President George H.W. Bush only served one term, and President Obama is in the third year of his second term. Mr. G.W. Bush (red) took office following the bursting of the stock market bubble, and left during the bursting of the housing bubble. Mr. Obama (blue) took office during the financial crisis and great recession. There was also a significant recession...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:18 PM » Can Tiny Homes Become Big Business?
    Published Fri, Aug 07 2015 12:18 PM by www.realtor.com
    A slew of new companies are entering the world of tiny house design. How big can tiny house business get? The post Can Tiny Homes Become Big Business? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:15 PM » Americans' Outlook on the Home Selling Market Cools amid Economic and Financial Concerns
    Published Fri, Aug 07 2015 12:15 PM by Fannie Mae
    Consumer attitudes toward the home selling environment stumbled last month despite positive home price change expectations, according to results ...
  • 12:13 PM » Why long-term interest rates are falling
    Published Fri, Aug 07 2015 12:13 PM by CNBC
    The solid jobs report boosted expectations of a Sept. rate hike. Yet long-term rates are...falling? "Fast Money" trader Brian Kelly explains why.
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