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  • Fri, Jun 24 2016
  • 9:27 AM » Dozens of homes burned in new California wildfire
    Published Fri, Jun 24 2016 9:27 AM by Reuters
    (Reuters) - Hundreds of firefighters were headed to the communities around Isabella Lake in central California on Friday to battle a fast-growing wildfire that has destroyed 80 homes and threatens over 1,000 more, officials said.
  • 9:27 AM » Brexit shock triggers race to salvage EU
    Published Fri, Jun 24 2016 9:27 AM by Reuters
    BRUSSELS (Reuters) - Britain's shock vote to leave the European Union - the first time a member state has chosen to pull out - sends the post-World War Two unification process that has underpinned peace and prosperity on the continent into reverse.
  • 7:48 AM » Britain just voted out of the EU ... What's that mean for America?
    Published Fri, Jun 24 2016 7:48 AM by Reuters
    NEW YORK (Reuters) - Britons have voted to leave the European Union, an outcome that has shocked global financial markets, sending stocks plunging and sovereign bonds and the U.S. dollar sharply higher.
  • Thu, Jun 23 2016
  • 2:44 PM » Table of Distressed Sales and All Cash Sales for Selected Cities in May
    Published Thu, Jun 23 2016 2:44 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 May. On distressed: Total "distressed" share is down year-over-year 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 May- 2016 May- 2015 May- 2016 May- 2015 May- 2016 May- 2015 May- 2016 May- 2015 Las Vegas 4.5% 7.3% 6.1% 8.0% 10.6% 15.3% 28.2% 29.1% Reno*             20.8% 20.3% Omaha             13.2% 15.9% Pensacola             29.9% 31.3% Rhode Island         9.5% 11.5%     Richmond VA     7.5% 8.5%     15.1% 14.9% Memphis
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:43 PM » New warning lights for rising home prices
    Published Thu, Jun 23 2016 12:43 PM by CNBC
    After an epic housing crash, where values plummeted nationally by almost 35 percent, the nation is seeing new highs again.
  • 11:56 AM » Fulfilling HUD's Commitment to Creating Economic Opportunities
    Published Thu, Jun 23 2016 11:56 AM by blog.hud.gov
    A few years ago in New Orleans, Dwayne Shelley, a former resident of the Housing Authority of New Orleans (HANO), recalled how he systemically watched as HUD rehabilitated and rebuilt homes in his development after Hurricane Katrina. He complained that he and his neighbors were relegated to watching the progress while others came in and […]
  • 10:35 AM » Mortgage Rates Remain Near Three-Year Low
    Published Thu, Jun 23 2016 10:35 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Remain Near Three-Year Low
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:17 AM » U.S. jobless claims fall to near 43-year low
    Published Thu, Jun 23 2016 9:17 AM by Reuters
    WASHINGTON, (Reuters) - The number of Americans filing for unemployment benefits fell last week to near a 43-year low, suggesting labor market resilience even though hiring slowed sharply in May.
  • 9:15 AM » Dodd-Frank has failed. Here's why our plan is better: GOP rep
    Published Thu, Jun 23 2016 9:15 AM by CNBC
    Dodd-Frank's regulatory burdens are devastating the economy. Here's how our plan will fix that, says Congressman Blaine Luetkemeyer.
  • 8:00 AM » Architecture Billings Index increased "Sharply" in May
    Published Thu, Jun 23 2016 8:00 AM by Calculated Risk Blog
    Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Healthy demand for all building types signaled in Architecture Billings Index Led by a still active multi-family housing market and sustained by solid levels of demand for new commercial and retail properties, the Architecture Billings Index has accelerated to its highest score in nearly a year. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the May ABI score was 53.1, up sharply from the mark of 50.6 in the previous month . This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 60.1, up from a reading of 56.9 the previous month. "Business conditions at design firms have hovered around the break-even rate for the better part of this year," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "Demand levels are solid across the board for all project types at the moment. Of particular note, the recent surge in design activity for institutional projects could be a harbinger of a new round of growth in the broader construction industry in the months ahead ." ... • Regional averages: West (53.8), South (53.7), Northeast (51.2), Midwest (49.9) • Sector index breakdown: multi-family residential (53.7), institutional (53.0), commercial / industrial (51.0), mixed practice (51.0) emphasis added Click on graph for larger image. This graph shows the Architecture Billings Index since 1996. The index was at 53.1 in May, up from 50.6 in April. Anything above 50 indicates expansion in demand for architects' services. Note: This includes commercial and industrial facilities like hotels and office buildings, multi-family residential, as well as schools, hospitals and other institutions...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 7:57 AM » America's 20 Hottest Real Estate Markets for June 2016
    Published Thu, Jun 23 2016 7:57 AM by www.realtor.com
    Residential real estate markets kicked off the summer with the hottest June in a decade. However, there were signs of a slight slowdown at the top. The post America’s 20 Hottest Real Estate Markets for June 2016 appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 7:49 AM » Some mortgage servicers break U.S. rules, mostly due to technology: consumer bureau
    Published Thu, Jun 23 2016 7:49 AM by Reuters
    WASHINGTON (Reuters) - Some mortgage servicers are failing to follow federal rules intended to help struggling borrowers avoid foreclosure, often because they use faulty technology, the U.S. agency charged with protecting consumers' finances said on Wednesday.
  • Wed, Jun 22 2016
  • 3:52 PM » Yellen agrees it is too soon to take her ‘foot off the pedal' to help labor market
    Published Wed, Jun 22 2016 3:52 PM by Market Watch
    Federal Reserve Chairwoman Janet Yellen on Wednesday agreed with a congressman who said it was too soon to let up on stimulus needed to help the labor market.
  • 3:13 PM » The IMF's Warning to the U.S.
    Published Wed, Jun 22 2016 3:13 PM by The Atlantic
    <p>The International Monetary Fund on Wednesday cut its estimate for U.S. economic growth for this year from 2.4 percent to 2.2 percent, and urged several measures to reduce growing poverty in the country.</p><blockquote class="twitter-video" data-lang="en"> <p dir="ltr" lang="en">.<a href="https://twitter.com/Lagarde">@Lagarde</a> flags the 4 forces undermining future US growth. <a href="https://t.co/MJLxbGsdRj">https://t.co/MJLxbGsdRj</a> <a href="https://t.co/jy1KbVLQ8O">pic.twitter.com/jy1KbVLQ8O</a></p> - IMF (@IMFNews) <a href="https://twitter.com/IMFNews/status/745665248447856645">June 22, 2016</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>Christine Lagarde, the IMF's managing director, said the U.S. economy was "<a href="http://www.imf.org/external/np/speeches/2016/062216.htm?hootPostID=49ad1a46618407cb3c2fac5f0e97cf0b">overall, in good shape</a>," but she highlighted four areas of concern: declining labor-force participation, lower productivity growth, income inequality, and "very high levels" of poverty. Here's more from her news conference:</p><blockquote> <p>Policies need to help lower income households - including through a higher federal minimum wage, more generous earned income tax credit, and upgraded social programs for the nonworking poor.</p> <p>There is a need to deepen and improve the provision of reasonable benefits to households to give incentives for work, raise the labor supply, and to support families. This should include paid...
  • 1:39 PM » Fed's Yellen says no special meetings scheduled over Brexit
    Published Wed, Jun 22 2016 1:39 PM by Reuters
    WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said she has not scheduled special meetings for Friday or Saturday in order to respond to the "Brexit" vote in Britain over its membership in the European Union.
  • 1:38 PM » NY Fed may do 'enhanced monitoring' of SWIFT money transfers: Yellen
    Published Wed, Jun 22 2016 1:38 PM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve Bank of New York might begin taking closer looks at international money transfers using the SWIFT network, Fed Chair Janet Yellen said on Wednesday in response to questions over a recent theft by cyber criminals.
  • 11:48 AM » Rents Are Booming, But for How Long?
    Published Wed, Jun 22 2016 11:48 AM by www.realtor.com
    Landlords begin to see slower increases in rent growth in big cities as more apartments come onto the market. The post Rents Are Booming, But for How Long? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 11:42 AM » Americans on the Brexit vote: Never heard of it
    Published Wed, Jun 22 2016 11:42 AM by CNBC
    American can't be bothered by the upcoming Brexit referendum on whether the U.K. should leave the European Union, according to new research.
  • 10:32 AM » US existing home sales hit 9-year high
    Published Wed, Jun 22 2016 10:32 AM by CNBC
    Improving supply increased choice for buyers, suggesting the economy remains on solid footing.
  • 10:31 AM » Black Knight Financial Services' First Look at May 2016 Mortgage Data
    Published Wed, Jun 22 2016 10:31 AM by www.bkfs.com
    Black Knight Financial Services' First Look at May 2016 Mortgage Data<br/>http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160622.aspx
  • 8:08 AM » Mortgage applications up 3% on lowest rates in three years
    Published Wed, Jun 22 2016 8:08 AM by CNBC
    Another drop in mortgage interest rates sent borrowers back to the bank to refinance home loans.
  • 8:07 AM » US Treasurys flat as Yellen preps for second testimony
    Published Wed, Jun 22 2016 8:07 AM by CNBC
    U.S. sovereign bond prices were relatively flat Wednesday as investors awaited a second day of testimony by Federal Reserve Chair Janet Yellen and Thursday's U.K. referendum on its EU membership.
  • 8:06 AM » Renters Are Making More, And Landlords Get It All
    Published Wed, Jun 22 2016 8:06 AM by Bloomberg
    Bloomberg Renters Are Making More, And Landlords Get It All Bloomberg A popular narrative of the U.S. housing market has been that big city prices are locking out young buyers, feeding a cycle in which a growing number of people are forced to rent at ever higher rates as demand overwhelms supply. Throw in the fact that ... and more »
  • Tue, Jun 21 2016
  • 3:09 PM » Freddie Mac Sells $706 Million of Seriously Delinquent Loans
    Published Tue, Jun 21 2016 3:09 PM by freddiemac.mwnewsroom.com
    Freddie Mac Sells $706 Million of Seriously Delinquent Loans
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 3:08 PM » Janet Yellen's Senate Testimony in Two Minutes
    Published Tue, Jun 21 2016 3:08 PM by Bloomberg
    Bloomberg Janet Yellen's Senate Testimony in Two Minutes Bloomberg Federal Reserve Chair Janet Yellen discussed Fed policy and economic conditions before the Senate Banking Committee in Washington on Tuesday. Here are excerpts. (Source: Bloomberg). Most Recent Videos. Yellen Testifies: Fed Policy, Economy, Brexit ...
  • 1:55 PM » Why the Fed keeps getting it wrong
    Published Tue, Jun 21 2016 1:55 PM by CNBC
    The real problem with the Fed and its policies could be that economists just don't understand the economy, says Jared Bernstein.
  • 1:07 PM » Draghi Says ECB Is Ready to Respond to Any Brexit Turmoil
    Published Tue, Jun 21 2016 1:07 PM by Bloomberg
    Bloomberg Draghi Says ECB Is Ready to Respond to Any Brexit Turmoil Bloomberg Mario Draghi said the European Central Bank has plans in place in case this week's U.K. referendum on European Union membership sparks turmoil that threatens the outlook for the euro region. At a hearing of lawmakers in Brussels, Draghi said policy ... and more »
  • 11:53 AM » The next recession is already here—and there isn't much the Fed can do
    Published Tue, Jun 21 2016 11:53 AM by CNBC
    The next recession is probably already here and since there isn't much the Fed can co, it may last longer than the last one, says Michael Pento.
  • 10:11 AM » Amid uneven economic growth, Fed's Yellen says cautious approach still appropriate
    Published Tue, Jun 21 2016 10:11 AM by CNBC
    Global risks and a hiring slowdown warrant a cautious approach to raising interest rates, Fed Chair Janet Yellen said.
  • 10:11 AM » What Building 1,000 Homes Means to the U.S. Economy
    Published Tue, Jun 21 2016 10:11 AM by eyeonhousing.org
    According to NAHB's National Impact of Home Building model, building 1,000 average single-family homes generates 2,975 jobs and $111.0 million in taxes and fees for all levels of government. Similarly, building 1,000 average rental apartments generates 1,133 jobs and $42.4 million in taxes. The jobs are measured in full-time equivalents (enough work to keep one worker employed full-time for a... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:11 AM » Trulia: Inventory Drops Again, But Demand For Starter Homes Also Falling In Many Markets
    Published Tue, Jun 21 2016 10:11 AM by info.trulia.com
    Inventory continues to drop for all homebuyers, but there are signs demand is waning for the few starter homes out there.
    Click Here to Read the Full Article

    Source: info.trulia.com
  • 8:01 AM » Soros warns of Brexit 'Black Friday'
    Published Tue, Jun 21 2016 8:01 AM by CNBC
    A Brexit would trigger a sell-off in the pound and a decline in household income, according to the billionaire investor.
  • 7:59 AM » Don't blame lack of good homes for all housing's woes
    Published Tue, Jun 21 2016 7:59 AM by CNBC
    The strain on housing supply has put strong upward pressure on home prices in most markets, but apparently not all markets, says Trulia.
  • 7:54 AM » Moneyism: Why a 30-year home mortgage may leave you house poor
    Published Tue, Jun 21 2016 7:54 AM by Market Watch
    Your first instinct to finance a house purchase isn't always right, says Philip van Doorn.
  • 7:54 AM » Tuesday: Fed Chair Yellen
    Published Tue, Jun 21 2016 7:54 AM by Calculated Risk Blog
    From Kate Davidson at the WSJ: What to Watch for in Janet Yellen's Congressional Testimony Central bank watchers will hear from the Fed chief for the fourth time in as many weeks on Tuesday when she appears before the Senate Banking Committee for her semiannual monetary policy testimony. Ms. Yellen will return to the Hill on Wednesday for round two before the House Financial Services Committee. The timing of these so-called Humphrey-Hawkins hearings is of note. They come just days after the Fed's latest policy meeting and before a U.K. referendum on whether to the leave the European Union. They also are the last scheduled chance lawmakers ... will have to publicly question the Fed chief before voters head to the polls in November. Tuesday: • At 10:00 AM ET, Testimony, Fed Chair Janet Yellen , Semiannual Monetary Policy Report to the Congress , Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. From Matthew Graham at Mortgage News Daily: Mortgage Rates Continue Higher to Begin Volatile Week Mortgage rates continued higher today, and at a quicker pace than the modest increase seen at the end of last week. Financial markets are undergoing a change of heart regarding their approach to Brexit (market shorthand for a "British exit" from the European Union). Brexit fears had helped drive interest rates to long-term lows in the US and to all-time lows in Europe. ... The bonds that underlie mortgage rates are somewhat more insulated from this global market drama, but were still noticeably affected (meaning rates moved higher). The most prevalent conventional 30yr fixed rate quotes are now back into a relatively balanced range between 3.5% and 3.625% on top tier scenarios . emphasis added
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Mon, Jun 20 2016
  • 4:03 PM » Yellen's Got Data on Her Side If Congress Quizzes on the Economy
    Published Mon, Jun 20 2016 4:03 PM by Bloomberg
    Bloomberg Yellen's Got Data on Her Side If Congress Quizzes on the Economy Bloomberg In an election year when dissatisfaction about the economy has been at the heart of presidential campaigns, Federal Reserve Chair Janet Yellen will probably face a grilling about the shortcomings of monetary policy when she testifies before Senate and ... and more »
  • 1:55 PM » Rich People Are Buying Secret Luxury Apartments for the Help
    Published Mon, Jun 20 2016 1:55 PM by www.realtor.com
    Rich homeowners are buying second homes for their staff-butlers, nannies, and personal assistants. The post Rich People Are Buying Secret Luxury Apartments for the Help appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:54 PM » Too-tough capital rules may stifle U.S. lending: Fed's Kashkari
    Published Mon, Jun 20 2016 1:54 PM by Reuters
    WASHINGTON (Reuters) - Regulators may hurt the economy and push borrowers toward non-bank lenders if they set too-high capital standards for Wall Street, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on Monday.
  • 1:54 PM » The ‘Brexit' Campaign: A Cheat Sheet
    Published Mon, Jun 20 2016 1:54 PM by The Atlantic
    <p><small><em>Updated on June 20 26 at 1:22 p.m. ET</em></small></p><p>British voters will decide this week whether their country should remain in the European Union, the 28-country political and economic bloc that represents Europe's most ambitious post-World War II experiment as well as one of the world's largest economies. The intensity of debate is clear in recent remarks from U.K. politicians on opposing sides of the debate, who have invoked not only that exemplar of high-intensity rhetoric, <a href="http://www.telegraph.co.uk/news/2016/05/14/boris-johnson-the-eu-wants-a-superstate-just-as-hitler-did/">Hitler</a> (on behalf of the "leave" side), but his murderous, present-day ideological descendant, ISIS "caliph" <a href="http://www.telegraph.co.uk/news/2016/05/17/eu-referendum-boris-johnson-loch-ness-monster-brexit/">Abu Bakr al-Baghdadi</a> (in defense of staying).</p><p>There have been <a href="http://www.bbc.co.uk/news/business-36273448">dire warnings</a> about the consequences, economic and otherwise, of leaving the EU, <a href="http://www.express.co.uk/news/uk/668401/Jean-Claude-Juncker-Brexit-EU-referendum-European-Union-Brussels">pleas for the U.K. to remain</a>, and <a href="http://blogs.spectator.co.uk/2016/02/michael-gove-why-im-backing-leave/">impassioned arguments</a> as well as <a href="http://www.telegraph.co.uk/business/2016/04/29/eu-red-tape-is-suffocating-uk-economy-and-brexit-can-set-us-free/">practical ones</a> for it to get out. But what exactly is at issue and who is saying what? What follows is an updating guide to the state of the debate ahead of the June 23 vote...
  • 1:53 PM » Phoenix Real Estate in May: Sales up 6%, Inventory up YoY
    Published Mon, Jun 20 2016 1:53 PM by Calculated Risk Blog
    This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. Inventory was up 5.5% year-over-year in May.  This is the third consecutive months with a YoY increase in inventory, following fifteen consecutive months of YoY declines in Phoenix.  This could be a significant change. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in May were up 6.4% year-over-year. 2) Cash Sales (frequently investors) were down to 21.8% of total sales. 3) Active inventory is now up 5.5% 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. In 2015, with falling inventory, prices increased a little faster -  Prices were up 6.3% in 2015 according to Case-Shiller. Now inventory is increasing a little again, and - if this trend continues in Phoenix - price increases will probably slow. May Residential Sales and Inventory, Greater Phoenix Area, ARMLS Sales YoY Change Sales Cash Sales Percent Cash Inventory YoY Change Inventory May-08 5,637 1 --- 1,062 18.8% 54,161 1 --- May-09 9,284 64.7% 3,592 38.7% 39,902 -26.3% May-10 9,067 -2.3% 3,341 36.8% 41,326 3.6% May-11 9,811 8.2% 4,523 46.1% 31,661 -23.4% May-12 8,445 13.5% 3,907 46.3% 20,162 -36.3% May-13 9,440 11.8% 3,669 38.9% 19,734 -2.1% May-14 7,442 -21.2% 2,193 29.5% 29,091 47.4% May-15 8,293 11.4% 1,988 24.0% 24,616 -15.4% May-16 8,820 6.4% 1,931 21.9% 25,980 5.5% 1 May 2008 does not include manufactured homes, ~100 more
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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