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  • Thu, Jun 14 2018
  • 12:35 PM » Ex-Trump advisor Gary Cohn says trade deficits don't matter, contradicting the president
    Published Thu, Jun 14 2018 12:35 PM by CNBC
    Cohn's comments illuminate in part why he left a White House insistent on shifting the trade balance with key partners.
  • 12:34 PM » Freddie Mac Announces New Employment Initiative for Homeowners in High-Needs Areas
    Published Thu, Jun 14 2018 12:34 PM by freddiemac.mwnewsroom.com
    Freddie Mac Announces New Employment Initiative for Homeowners in High-Needs Areas
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 11:54 AM » EU nations back retaliating against U.S. steel tariffs
    Published Thu, Jun 14 2018 11:54 AM by Reuters
    BRUSSELS (Reuters) - European Union countries on Thursday unanimously backed a plan to impose import duties on 2.8 billion euros ($3.3 billion) worth of U.S. products after Washington hit EU steel and aluminum with tariffs at the start of June, EU sources said.
  • 11:26 AM » Hutchins Roundup: Multinational profit shifting, competitive EU markets, and more
    Published Thu, Jun 14 2018 11:26 AM by webfeeds.brookings.edu
    Studies in this week's Hutchins Roundup find that close to 40 percent of multinational profits are shifted to tax havens each year, supra-national institutions make EU markets more competitive than their U.S. counterparts, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.…                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:26 AM » Duy: FOMC Recap
    Published Thu, Jun 14 2018 11:26 AM by Calculated Risk Blog
    A few excerpts from Tim Duy at Fed Watch: FOMC Recap The Federal Open Market Committee (FOMC) completed their June meeting with a 25 basis point rate hike, bringing the target range for the federal funds rate to 1.75-2.0 percent. The accompanying Summary of Economic Projections (SEP) revealed a modestly more optimistic outlook, as expected. The improving outlook prompted an upward revision to rate hike expectations with the median policymaker anticipating four rate hikes this year, up from three in March. The Fed dropped the explicit forward guidance language in the statement as they work to encourage market participants to undertake a more nuanced, data-driven approach to assessing the future path of rate hikes. With the economy chugging along at a respectable clip that could exceed 4 percent in the second quarter, the Federal Reserve upgraded its assessment of growth from "moderate" to "solid." Expected growth for 2018 as a whole rose from 2.7 to 2.8 percent while the unemployment forecast fell from 3.8 percent to 3.6 percent. If history is any guide, that forecast remains too pessimistic given the expected pace of growth this year. Bottom Line: Pay attention to the interplay of the rate and economic forecasts and the flow of data. The pace of data will almost certainly not slow sufficiently to prevent the Fed from hiking in September and probably December. I would say September is essentially a lock at this point. I also think you need to pencil in rate hikes in March and June of 2019. Recognize though that by mid-2019 the data might reflect the lagged impact of past tightening and the yield curve is likely to be fairly flat; both factors would slow the pace of rate hikes. The Fed will face a more difficult choice if the data holds strong while the yield curve inverts.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:41 AM » In this red-hot housing market, if a 'for sale' sign goes up, don't blink—you might miss it
    Published Thu, Jun 14 2018 10:41 AM by CNBC
    Of the homes that sold in May, 27.6 percent went above their list price - another record, according to Redfin.
  • 10:05 AM » Mortgage Rates Back on the Rise
    Published Thu, Jun 14 2018 10:05 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Back on the Rise
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:46 AM » A fourth Fed hike this year could trigger economic slowdown, strategist warns
    Published Thu, Jun 14 2018 9:46 AM by CNBC
    A fourth rate hike this year could bring about an inverted yield curve and economic slowdown, Principal Global Investors CEO Jim McCaughan believes.
  • 9:24 AM » Homeowners Are Rushing to Get HELOCs—Should You Do It, Too?
    Published Thu, Jun 14 2018 9:24 AM by www.realtor.com
    Homeowners who want to get a home equity line of credit shouldn't dawdle. We explain why they may want to get a HELOC quick. The post Homeowners Are Rushing to Get HELOCs-Should You Do It, Too? appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 9:12 AM » Retail Sales increased 0.8% in May
    Published Thu, Jun 14 2018 9:12 AM by Calculated Risk Blog
    On a monthly basis, retail sales increased 0.8 percent from April to May (seasonally adjusted), and sales were up 5.9 percent from May 2017. From the Census Bureau report : Advance estimates of U.S. retail and food services sales for May 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $502.0 billion, an increase of 0.8 percent from the previous month, and 5.9 percent above May 2017 . ... The March 2018 to April 2018 percent change was revised from up 0.2 percent to up 0.4 percent. Click on graph for larger image. This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline). Retail sales ex-gasoline were up 0.7% in May. The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993. Retail and Food service sales, ex-gasoline, increased by 4.9% on a YoY basis. The increase in May was above expectations, and sales in March and April, combined, were revised up.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:38 AM » US weekly jobless claims total 218,000, vs 224,000 expected
    Published Thu, Jun 14 2018 8:38 AM by CNBC
    First-time claims for state unemployment benefits were expected to total 224,000, compared with the 222,000 claims reported for the previous week.
  • 8:14 AM » Redfin Report: May Real Estate Market the Fastest on Record; Prices Up 6.3%
    Published Thu, Jun 14 2018 8:14 AM by PR Newswire
    SEATTLE, June 14, 2018 /PRNewswire/ -- (NASDAQ: RDFN)--The typical home that sold in May went under contract in 34 days, according to Redfin (www.redfin.com), the next-generation real estate brokerage. May broke April's record of 36 days, which was the fastest month Redfin had recorded...
  • 8:01 AM » ECB says it will reduce its massive bond-buying program from September, dependent on data
    Published Thu, Jun 14 2018 8:01 AM by CNBC
    The ECB kept interest rates unchanged Thursday, but traders will closely monitor upcoming remarks from President Mario Draghi for hints on the potential end of the bank's massive stimulus program.
  • 8:00 AM » ECB says its massive bond-buying program will likely end in December
    Published Thu, Jun 14 2018 8:00 AM by CNBC
    The ECB kept interest rates unchanged Thursday, but traders will closely monitor upcoming remarks from President Mario Draghi for hints on the potential end of the bank's massive stimulus program.
  • Wed, Jun 13 2018
  • 5:41 PM » 'This economy will slow' in mid-2019 or 2020: J.P. Morgan strategist
    Published Wed, Jun 13 2018 5:41 PM by CNBC
    The 9-year bull market will likely end in mid-2019 or 2020, says J.P. Morgan strategist.
  • 5:40 PM » A minimum-wage worker can't afford a 2-bedroom apartment anywhere in the U.S.
    Published Wed, Jun 13 2018 5:40 PM by Washington Post
    Nationally, one would have to earn $17.90 an hour to afford a modest one-bedroom apartment without spending more than 30 percent of income on housing, a common budgeting standard. Or $22.10 an hour for a two-bedroom rental.
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:14 PM » Rents Are Still Growing Much Faster Than Wages, Even as Growth Cools Slightly
    Published Wed, Jun 13 2018 3:14 PM by www.realtor.com
    Rental costs rose by 3.6% for the twelve months ending in May, down a tick from April's 3.7%, the Labor Department said Tuesday. The post Rents Are Still Growing Much Faster Than Wages, Even as Growth Cools Slightly appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:13 PM » Homebuilder Stocks Sink After Survey Shows Risk of a Slowdown
    Published Wed, Jun 13 2018 3:13 PM by Bloomberg
    Bloomberg Homebuilder Stocks Sink After Survey Shows Risk of a Slowdown Bloomberg Shares of homebuilders are getting wrecked after research firm Zelman & Associates downgraded several stocks in conjunction with a survey that implied risk to near-term order estimates. The S&P Supercomposite Homebuilding Index fell as much as 4.6 ...
  • 3:13 PM » As Fed jacks up rates, bond market warns of potential for economic weakness
    Published Wed, Jun 13 2018 3:13 PM by CNBC
    The Fed sent a hawkish message to markets- more rate hikes are coming and a bit faster than expected, triggering a negative reaction in bonds.
  • 2:48 PM » Fed raises rates amid stronger inflation, drops crisis-era guidance
    Published Wed, Jun 13 2018 2:48 PM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession.
  • 2:47 PM » Fed's Powell says he will begin press conferences following each meeting starting in January
    Published Wed, Jun 13 2018 2:47 PM by CNBC
    Federal Reserve Chairman Jerome Powell held his quarterly news conference Wednesday at the conclusion of the central bank's two-day meeting.
  • 2:47 PM » Federal Reserve Board and Federal Open Market Committee release economic projections from the June 12-13 FOMC meeting
    Published Wed, Jun 13 2018 2:47 PM by Federal Reserve
    Federal Reserve Board and Federal Open Market Committee release economic projections from the June 12-13 FOMC meeting
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 1:22 PM » Why West Coast home prices are surging
    Published Wed, Jun 13 2018 1:22 PM by CNN
    Housing markets out west are on fire.
  • 1:22 PM » Fannie Mae Announces Seventh Sale of Reperforming Loans ...
    Published Wed, Jun 13 2018 1:22 PM by Fannie Mae
    News Release. Share This: June 13, 2018. Fannie Mae Announces Seventh Sale of Reperforming Loans. Alicia Jones. 202-752-5716. ...
  • 1:22 PM » Don't let your house sit on the market! Advice from real estate expert Sidney Torres
    Published Wed, Jun 13 2018 1:22 PM by CNBC
    Sidney Torres gives his expert advice on how to prevent your house from sitting on the market. Catch the all-new season of "The Deed," Wednesday night at 10 p.m. ET/PT
  • 12:14 PM » Why many homebuyers suddenly feel cursed
    Published Wed, Jun 13 2018 12:14 PM by Washington Post
    Buyers are facing a competitive market where they need to move quickly, bid high and make other concessions if they want to land the deal, real estate agents say.
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:15 AM » Fed Decision Day, Awkward ECB, UK Inflation Holds Up: Eco Day
    Published Wed, Jun 13 2018 11:15 AM by Bloomberg
    Bloomberg Fed Decision Day, Awkward ECB, UK Inflation Holds Up: Eco Day Bloomberg Good morning Americas. Here's news from Bloomberg Economics to help get your Wednesday started: It's Fed decision day, and, with a hike almost fully baked in, here's your guide to what else to look for; Mario Draghi is holding what might be the most ...
  • 10:21 AM » Housing Inventory Tracking: The Bottom Turn
    Published Wed, Jun 13 2018 10:21 AM by Calculated Risk Blog
    Update: 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 in 2015, it appeared the inventory build in several markets was ending , and that boosted price increases.  I don't have a crystal ball, but watching inventory helps understand the housing market. The graph below shows the year-over-year (YoY) change for non-contingent inventory in Houston, Las Vegas and Sacramento (all through May 2018), and also Phoenix (through April) and total existing home inventory as reported by the NAR (through April 2018). Click on graph for larger image. This shows the YoY change in inventory for Houston, Las Vegas, Phoenix, and Sacramento.  The black line is the year-over-year change in inventory as reported by the NAR. Note that inventory in Sacramento was up 30% year-over-year in May (inventory was still very low), and has increased YoY for eight consecutive months.  Also note that inventory is still down 12% YoY in Las Vegas (red), but the YoY decline has been getting smaller - and inventory in Vegas will probably be up YoY very soon. Houston is a special case, and inventory was up for several years due to lower oil prices, but declined YoY recently as oil prices increased. Inventory is a key for the housing market, and I will be watching inventory for the impact of the new tax law and higher mortgage rates on housing.   Currently I expect national inventory to be up YoY by the end of 2018 (but still be low).   This is not comparable to late 2005 when inventory increased sharply signaling the end of the housing bubble, but it does appear that inventory is bottoming nationally (and has already bottomed in some areas like California).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:28 AM » House-flipping start-up Opendoor just landed $325 million to expand across the US
    Published Wed, Jun 13 2018 9:28 AM by CNBC
    Opendoor is now worth more than $2 billion after raising $325 million in its latest funding round.
  • 8:38 AM » May producer prices jump in the biggest annual increase in nearly 6 1/2 years
    Published Wed, Jun 13 2018 8:38 AM by CNBC
    U.S. producer prices increased more than expected in May, leading to the biggest annual increase in nearly 6-1/2 years.
  • 8:10 AM » Fed Dots in Focus as Market Awaits Rate Hike: Decision-Day Guide
    Published Wed, Jun 13 2018 8:10 AM by Bloomberg
    Bloomberg Fed Dots in Focus as Market Awaits Rate Hike: Decision-Day Guide Bloomberg Federal Reserve Chairman Jerome Powell has repeatedly played down the central bank's "dot plot" as a guide to future interest rates, but Wall Street just won't take the hint. While the Federal Open Market Committee is almost certain to raise rates a ... and more »
  • 8:08 AM » 'White-knuckle moments' are about to hit the bond market, money manager warns
    Published Wed, Jun 13 2018 8:08 AM by CNBC
    Sit InveSit Investment Associates' Bryce Doty predicts 10-year Treasury yields could surge to 4 percent.
  • Tue, Jun 12 2018
  • 4:17 PM » Tesla ditches Home Depot as sales partner for home solar products
    Published Tue, Jun 12 2018 4:17 PM by CNBC
    Tesla, as part of a broader restructuring, is pulling sales staff and residential solar products from Home Depot stores.
  • 4:17 PM » Barclays new stock chief says, 'It's late, but the party's still going'
    Published Tue, Jun 12 2018 4:17 PM by CNBC
    The bull market in U.S. equities is maturing, but that doesn't mean there isn't room for upside, according to Barclays' new strategist.
  • 2:07 PM » Miami's Soft Condo Market Could Turn Around by 2020
    Published Tue, Jun 12 2018 2:07 PM by www.realtor.com
    Homebuyers are likely to absorb Miami's abundance of unsold condos within the next two years, as developers hesitate to break ground on new projects. The post Miami's Soft Condo Market Could Turn Around by 2020 appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 2:04 PM » Bond Traders Brace for Major Moves in Aftermath of Fed Meeting
    Published Tue, Jun 12 2018 2:04 PM by Bloomberg
    Bloomberg Bond Traders Brace for Major Moves in Aftermath of Fed Meeting Bloomberg For a Federal Reserve meeting where a rate hike is seen as a given, the stakes are still huge for bond traders heading into Wednesday's decision. Investors have piled into front-end wagers and curve plays betting on the timing and pace of rate ... and more »
  • 2:03 PM » Merrill to Pay $15.7 Million for Duping Mortgage Bond Customers
    Published Tue, Jun 12 2018 2:03 PM by Bloomberg
    Bloomberg Merrill to Pay $15.7 Million for Duping Mortgage Bond Customers Bloomberg Bank of America Corp.'s Merrill Lynch unit will pay $15.7 million to settle a U.S. regulator's allegations that it failed to properly supervise traders who persuaded clients to overpay for mortgage bonds by misleading them about how much the firm paid ... and more »
  • 11:18 AM » 7 cities where rent prices are actually falling
    Published Tue, Jun 12 2018 11:18 AM by CNBC
    A surplus of new building projects in some of America's biggest cities have slowed rental price increases over the past year.
  • 10:59 AM » Italy's Yield Curve Is Bearing the Brunt of Fickle Politics
    Published Tue, Jun 12 2018 10:59 AM by Bloomberg
    Bloomberg Italy's Yield Curve Is Bearing the Brunt of Fickle Politics Bloomberg The specter of the euro-area debt crisis still hangs over Italian bonds. It's best highlighted by the country's yield curve, which has swung about violently in recent weeks as the new government's views on the euro and spending have dominated investor ... and more »
  • 10:52 AM » SEC Charges Merrill Lynch for Failure to Supervise RMBS Traders
    Published Tue, Jun 12 2018 10:52 AM by SEC
    The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. In its order, the SEC found that Merrill Lynch traders and salespersons convinced the bank's customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities. The order also found that Merrill Lynch's RMBS traders and salespersons illegally profited from excessive, undisclosed commissions - called "mark-ups" - which in some cases were more than twice the amount the customers should have paid. According to the SEC's order, Merrill Lynch failed to have compliance and surveillance procedures in place that were reasonably designed to prevent and detect the misconduct that increased the firm's profits on RMBS transactions to the detriment of its customers. "In opaque RMBS markets, lying to customers about the acquisition price can deprive investors of important information," said Daniel Michael, Chief of the SEC Enforcement Division's Complex Financial Instruments Unit. "The Commission found that Merrill Lynch failed in its obligation to supervise traders who allegedly used their access to market information to take advantage of the bank's own customers." The SEC's order found that that the Merrill Lynch traders and salespersons violated antifraud provisions of the federal securities laws in purchasing and selling RMBS and that Merrill Lynch failed to reasonably supervise them. Without admitting or denying the findings, Merrill Lynch agreed to be censured, pay a penalty of approximately $5.2 million, and pay disgorgement and interest of more than $10.5 million to Merrill Lynch customers that were...
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Mortgage Rates:
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