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  • Wed, Feb 11 2015
  • 8:56 AM » Fisher: Change Fed policy rules to fix NY/DC bias
    Published Wed, Feb 11 2015 8:56 AM by CNBC
    The Fed should change rules to address conflicts of interest in the power centers of New York and Washington, the outspoken Fed official said.
  • 8:56 AM » Greek finance minister enters euro zone lions' den
    Published Wed, Feb 11 2015 8:56 AM by Reuters
    ATHENS/BRUSSELS (Reuters) - Greek Finance Minister Yanis Varoufakis headed for a showdown with euro zone finance ministers on Wednesday after his new leftist-led government won a parliamentary confidence vote for its refusal to extend an international bailout.
  • 8:52 AM » Household Formation within the "Boomerang Generation"
    Published Wed, Feb 11 2015 8:52 AM by The Big Picture
    Household Formation within the "Boomerang Generation" Zachary Bleemer, Meta Brown, Donghoon Lee, and Wilbert van der Klaauw Young Americans' living arrangements have changed strikingly over the past fifteen years, with recent cohorts entering the housing market at much lower rates and lingering much longer in their parents' households. The New York Times Magazine reported this... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:51 AM » Greek deal odds 'reasonably good'
    Published Wed, Feb 11 2015 8:51 AM by CNBC
    Anshu Jain, co-CEO of the German financial powerhouse Deutsche Bank, told CNBC Wednesday that none of the euro zone countries wants Greece to exit the single currency.
  • 8:50 AM » Higher rates lead to drop in mortgage applications
    Published Wed, Feb 11 2015 8:50 AM by CNBC
    It didn't take much to stem the mini-boom in mortgage refinancing. Slightly higher interest rates brought total loan application volume down 9 percent on a seasonally adjusted basis for the week ending February 6th from the previous week, according to the Mortgage Bankers Association (MBA).
  • 8:50 AM » Hedge Funds Exit Housing Securities as Prices Rise - Bloomberg
    Published Wed, Feb 11 2015 8:50 AM by Bloomberg
    Hedge Funds Exit Housing Securities as Prices Rise Bloomberg (Bloomberg) -- Hedge funds that profited on residential mortgage debt after the financial crisis such as Pine River Capital Management and Canyon Partners are trimming their bets as prices rise. Gorelick Brothers Capital is also exiting investments in both ...
  • Tue, Feb 10 2015
  • 10:30 PM » Investors focus on Greece, not oil
    Published Tue, Feb 10 2015 10:30 PM by CNBC
    Greek news remains in focus for U.S. stocks on Wednesday in the absence of significant domestic news.
  • 10:24 PM » FNC: Residential Property Values increased 5.0% year-over-year in December
    Published Tue, Feb 10 2015 10:24 PM 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 December  index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased slightly from November to December (Composite 100 index, not seasonally adjusted).  The 10 city MSA RPI declined in December, and the 20-MSA and 30-MSA RPIs increased . 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 lower in December than in November, with the 100-MSA composite up 5.0% compared to December 2013.   In general, for FNC, the YoY increase has been slowing since peaking in March at 9.0%. The index is still down 19.6% from the peak in 2006. Click on graph for larger image. This graph shows the year-over-year change based on the FNC index (four composites) through December 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals. Most of the price indexes have been showing a slowdown in price increases. The December Case-Shiller index will be released on Tuesday, February 24th, and I expect Case-Shiller to show a further slowdown in YoY price increases.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:51 PM » White House Official Opposes "Audit the Fed" Bill
    Published Tue, Feb 10 2015 3:51 PM by WSJ
    An effort in Congress to subject the Fed's monetary policy decisions to greater scrutiny would be "dangerous," a top Obama administration official said Tuesday.
  • 2:59 PM » Millennial wage gains: Too late?
    Published Tue, Feb 10 2015 2:59 PM by CNBC
    A study shows lost wages early in a career can reduce overall earnings for a lifetime: Not good news for millennials.
  • 2:55 PM » Las Vegas Real Estate in January: Sales Decline, Non-contingent Inventory up 13% YoY
    Published Tue, Feb 10 2015 2:55 PM 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 prices up 8 percent for year According to GLVAR, the t otal number of existing local homes, condominiums and townhomes sold in January 2015 was 2,239, down from 2,734 in December 2014 and down from 2,565 one year ago . At the current sales pace, Lynam said Southern Nevada continues to have roughly a four-month supply of available homes. REALTORS® consider a six-month supply to be a balanced market. ... GLVAR has been tracking a two-year trend of fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In January, 9.7 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 percent in December and 17 percent a year ago. Another 9.4 percent of January sales were bank-owned , up from 8 percent in December, but down from 11 percent last year. ... The total number of single-family homes listed for sale on GLVAR's Multiple Listing Service in January was 12,666, up 2.3 percent from 12,377 in December, but down 6.4 percent from one year ago. GLVAR tracked a total of 3,429 condos, high-rise condos and townhomes listed for sale on its MLS in January, up 4.5 percent from 3,282 in December and up 15.1 percent from January 2014. By the end of January, GLVAR reported 7,382 single-family homes listed without any sort of offer . That's down 5.0 percent from 7,774 such homes listed in December, but up 12.9 percent from one year ago . For condos and townhomes, the 2,327 properties listed without offers in January represented a 0.8 percent increase from 2,309 such properties listed in December and a 35.9 percent increase from one year ago. emphasis added There are several key trends that we've...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:19 PM » Trulia: Asking House Prices up 7.5% year-over-year in January
    Published Tue, Feb 10 2015 1:19 PM by Calculated Risk Blog
    From Trulia chief economist Jed Kolko: For Home Prices, The Rebound Effect Is Over. Long Live Job Growth Nationwide, asking prices on for-sale homes climbed 0.5% month-over-month in January, seasonally adjusted - the smallest monthly gain since August. Year-over-year, asking prices rose 7.5%, down from the 9.3% year-over-year increase in January 2014. Asking prices increased year-over-year in 94 of the 100 largest U.S. metros. The biggest home price increases are not necessarily in markets that had more severe housing busts. But the metros where home prices are now rising fastest are, almost without exception, the ones with faster job growth. Why? A growing economy fuels housing demand. Among the 10 metros with the biggest year-over-year price increases, nine had at least 2% year-over-year job growth. ... Nationwide, rents rose 6.5% year-over-year in January . The three large rental markets with the steepest rent increases - Denver, Oakland, and San Francisco - all have had job growth of 2% or more. In general, metros with faster job growth have larger rent increases, though some Sunbelt markets like Riverside-San Bernardino, Houston, and San Diego have had impressive job growth with more limited rent increases. emphasis added Note: These asking prices are SA (Seasonally Adjusted) - and adjusted for the mix of homes - and although year-over-year price increases had been slowing, the year-over-year change increased in January compared to December. The month-to-month increase suggests further house price increases over the next few months on a seasonally adjusted basis. There is much more in the article .
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:18 PM » Two Percent Serving as Trigger Point for Buyers of Treasuries
    Published Tue, Feb 10 2015 1:18 PM by Bloomberg
    Two Percent Serving as Trigger Point for Buyers of Treasuries Bloomberg The last time Treasury 10-year notes saw that yield level it was in the rear-view mirror after a government report showed wage declines, sparking demand for a haven. The employment report issued this month washed away those declines, sparking ...
  • 11:54 AM » News Coverage of Global Economy Turns Negative
    Published Tue, Feb 10 2015 11:54 AM by WSJ
    News coverage of the global economy deteriorated further in January, according to data released Tuesday. Signs of weaker economic growth caused media stories on global monetary policy to turn sharply negative. The Absolute Strategy Research/Wall Street Journal global newsflow composite index declined to 48.6 in January from 53.3 in December. The index is at its lowest level since April 2013. An index below 50 denotes net negative news coverage on economic topics. Each of the six global components was lower in January than three months earlier.
  • 11:51 AM » Construction Costs Are Rising as Economy Improves
    Published Tue, Feb 10 2015 11:51 AM by WSJ
    With the commercial real estate market in recovery in many parts of the U.S., construction costs are rising.
  • 11:51 AM » Fed's Lacker touts June rate hike
    Published Tue, Feb 10 2015 11:51 AM by CNBC
    The Federal Reserve should raise interest rates in June, a top Fed official said on Tuesday.
  • 11:51 AM » German Finance Minister Schaeuble Just Poured Cold Water on Market ... - Bloomberg
    Published Tue, Feb 10 2015 11:51 AM by Bloomberg
    German Finance Minister Schaeuble Just Poured Cold Water on Market ... Bloomberg Speaking after the G-20 meeting in Istanbul today, German finance minister Wolfgang Schaeuble doused cold water on market expectations of a positive outcome ahead of tomorrow's emergency meeting of euro area finance ministers. *SCHAEUBLE: ...
  • 11:20 AM » EU-Greek Relations Soured by Leaks; Sides Further Apart
    Published Tue, Feb 10 2015 11:20 AM by
    Brussels officials 'infuriated' by 'wildly misleading' Greek claims that Juncker and U.S. Treasury are backing Syriza plan to alleviate debt; EU official says Greeks are 'digging their own graves;' Lazard criticized by EU side The carefully orchestrated dance between the new Greek government and its European creditors appeared to crack Tuesday, with top Brussels officials infuriated by what they see as wildly misleading claims coming from Athens.
    Click Here to Read the Full Article

  • 11:02 AM » Forbes: Europe headed for a cliff
    Published Tue, Feb 10 2015 11:02 AM by CNBC
    Steve Forbes tells CNBC that nobody involved in the Greek debt standoff knows what they are doing.
  • 11:02 AM » EU targets interim Greek debt deal by next week
    Published Tue, Feb 10 2015 11:02 AM by Reuters
    BRUSSELS (Reuters) - The European Union is aiming to clinch an interim debt deal with Greece at a meeting of euro zone finance ministers on Monday, with "low expectations" for a breakthrough at meetings of ministers and EU leaders this week.
  • 11:02 AM » Wholesale inventories up 0.1% in Dec
    Published Tue, Feb 10 2015 11:02 AM by CNBC
    U.S. wholesale inventories barely rose in December, the latest suggestion that fourth-quarter growth could be revised lower.
  • 9:26 AM » FTC touts partnership with CFPB in annual debt collection report
    Published Tue, Feb 10 2015 9:26 AM by
    Barbara S. Mishkin In the FTC’s 2014 annual letter to the CFPB summarizing the FTC’s debt collection activities, the FTC describes the CFPB as a “valuable partner” with whom the FTC anticipates an “even stronger [partnership] in the future.” The letter includes a discussion of the FTC’s collaboration with the CFPB on several amicus briefs in cases involving FDCPA issues,... More >
    Click Here to Read the Full Article

  • 9:26 AM » Small Businesses Are Still Confident—and Hiring
    Published Tue, Feb 10 2015 9:26 AM by WSJ
    Optimism among small business owners fell back only a bit in January and job growth remained solid, according to a report released Tuesday.
  • 9:26 AM » CFPB issues report on reverse mortgage complaints
    Published Tue, Feb 10 2015 9:26 AM by
    Barbara S. Mishkin The CFPB has issued a “Snapshot of reverse mortgage complaints” covering complaints submitted to the CFPB from December 2011 (when the CFPB began accepting consumer complaints on reverse mortgages) through December 2014. According to the report, the CFPB handled approximately 1200 reverse mortgage complaints during that period. The issues those complaints involved and the percentage... More >
    Click Here to Read the Full Article

  • 7:54 AM » Growth around the World Is Still Below the Trend; U.S. Faring Better than Most
    Published Tue, Feb 10 2015 7:54 AM by The Big Picture
    The recovery of the U.S. economy from the 2007-09 recession has been slow but uninterrupted. Unfortunately, the same cannot be said about other regions in the world. Put in the context of international headwinds, the U.S. recovery looks stronger and the projected growth for this year more valuable to overall world growth. As will be... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 7:52 AM » Home Depot hiring more than 80K workers
    Published Tue, Feb 10 2015 7:52 AM by CNBC
    Home Depot said it has started to hire more than 80,000 seasonal workers for the spring selling season, the company's busiest period.
  • 7:49 AM » Greek Bonds Rise for First Time in 5 Days on Hint of Compromise - Bloomberg
    Published Tue, Feb 10 2015 7:49 AM by Bloomberg
    Greek Bonds Rise for First Time in 5 Days on Hint of Compromise Bloomberg Chancellor Angela Merkel said in Washington on Monday that the existing aid programs would be the basis for negotiations with Greece, and that she would wait to hear what its government has to say. Photographer: Andrew Harrer/Bloomberg ...
  • Mon, Feb 9 2015
  • 10:30 PM » G20 pledges decisive monetary, fiscal action if needed: draft text
    Published Mon, Feb 09 2015 10:30 PM by Reuters
    (Reuters) - The Group of 20 (G20) leading economies will pledge to act decisively on monetary and fiscal policy if needed to combat the risk of persistent stagnation, according to a draft communique obtained by Reuters on Tuesday. The communique, intended for adoption by G20 ministers later on Tuesday at a meeting in Istanbul, pointed to the risk of prolonged low inflation, sluggish growth and demand weakness in some advanced economies.
  • 10:23 PM » Fed's George says early rate hikes can foster financial stability
    Published Mon, Feb 09 2015 10:23 PM by Reuters
    (Reuters) - Central banks should not shy away from raising interest rates to head off asset bubbles, a top U.S. Federal Reserve official said on Monday, and should do so earlier rather than later in an economic recovery. "Modestly tighter policy earlier in the business cycle expansion could moderate risk-taking and the potential for destabilizing financial imbalances to build," Kansas City Fed President Esther George said in remarks prepared for delivery at an event hosted by the Bank for International Settlements in Manila, Philippines. "Monetary policy runs the risk of remaining overly accommodative following a downturn, and lead to future instability."
  • 4:31 PM » Greek Finance Minister pledges deep reform after PM rattles markets
    Published Mon, Feb 09 2015 4:31 PM by CNN
    The Greek finance minister sought to reassure the world that his leftist government has its hand firmly on the levers of reform after a speech by Greece's new prime minister rattled financial markets Monday.
  • 4:27 PM » Powell slams calls for more Fed oversight
    Published Mon, Feb 09 2015 4:27 PM by CNBC
    The Fed could be hamstrung in its response to any future crisis if the US deepens its oversight of the central bank, Jerome Powell said.
  • 4:27 PM » PHH Corporation Announces Fourth Quarter and Full-Year 2014 Earnings Release and Conference Call Schedule
    Published Mon, Feb 09 2015 4:27 PM by
    Mt. Laurel, NJ - February 9, 2015 - PHH Corporation (NYSE: PHH) ("PHH" or the "Company") announced today plans to release its fourth quarter and full-year 2014 results on Tuesday, February 17, 2015, after the market closes. The Company will host a conference call at 10:00 a.m. (Eastern Time) on Wednesday, February 18, 2015, to discuss its fourth quarter and full-year 2014 results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 713-4487 or (913) 312-0838 and using the conference ID 9626580 approximately 10 minutes prior to the call. The conference call will also be webcast, which can be accessed from the Investor Rel...
    Click Here to Read the Full Article

  • 4:05 PM » HSBC Helped Clients Hide Millions, News Report Says
    Published Mon, Feb 09 2015 4:05 PM by
    The Washington-based International Consortium of International Journalist's story was based on documents leaked in 2008. HSBC says it ended those practices starting that year.
  • 1:04 PM » Fed must object to ECB move on Greece, senator says
    Published Mon, Feb 09 2015 1:04 PM by Market Watch
    WASHINGTON (MarketWatch) -- The Federal Reserve must object to a decision by the European Central Bank earlier this month to restrict liquidity to Greek banks, according to Sen. Bernie Sanders, an independent from Vermont who caucuses with Democrats. "The U.S. cannot stand idly by while the European Central Bank undermines the new democratically-elected government of Greece, induces deflation and risks financial instability," Sanders said in a letter to Fed Chairwoman Janet Yellen. Sanders asked Yellen "to make it clear to the leadership of the ECB that the United States and the Fed object to actions that affect our national interest." In a move seen as cranking up pressure on the new anti-austerity government to reach a debt deal with creditors, the ECB last week told Athens that Greek financial institutions can no longer use the country's sovereign debt as collateral for ECB-provided liquidity. Earlier this year, Sanders became the ranking minority member of the Senate Budget Committee.
  • 1:03 PM » Plenty of Time to Panic in Bond Market as Greeks Pledge Defiance - Bloomberg
    Published Mon, Feb 09 2015 1:03 PM by Bloomberg
    Plenty of Time to Panic in Bond Market as Greeks Pledge Defiance Bloomberg (Bloomberg) -- The conflict between Greece's new government and the European Central Bank is escalating and may very well lead to the nation exiting the euro zone. The bond market's response? Shrug. Yawn. We've seen this movie before. During a ...
  • 12:20 PM » Slower momentum in job market in January: Fed index
    Published Mon, Feb 09 2015 12:20 PM by Market Watch
    WASHINGTON (MarketWatch) -- Improvement in the jobs market continued but at a slower pace in January, according to a Federal Reserve-compiled index released Monday. The Fed's labor market conditions index, which weighs 19 different economic indicators, fell to 4.9 in January from an upwardly revised 7.3 in December. This is the lowest reading since September. The Fed doesn't offer commentary on monthly moves in the series. In a separate reading, the Conference Board said its employment trend index rose to 127.9 in January, up from 127.2 in December, a 7.6% gain from the same month one year ago. This signals strong job growth is likely to continue through the first half of the year, said Gad Levanon, managing director of macroeconomic and labor market research at the Conference Board.
  • 12:18 PM » Alan Greenspan: The euro is doomed
    Published Mon, Feb 09 2015 12:18 PM by CNN
    Alan Greenspan has harsh words for Greece: hit the road jack.
  • 12:16 PM » Greek revolt is long overdue
    Published Mon, Feb 09 2015 12:16 PM by CNBC
    Germany has been sacking Greece and other Mediterranean economies for years, and the Hellenic revolt against austerity is overdue, says Peter Morici.
  • 12:10 PM » Microsoft bond order books 3x oversized
    Published Mon, Feb 09 2015 12:10 PM by CNBC
    Investor demand for Microsoft's seven-tranche dollar bond, was expected to be $7 billion in size, is nearing $$26 billion, Reuters reported on Monday.
  • 10:47 AM » Consumers' Positive Financial Attitudes a Good Sign for Housing
    Published Mon, Feb 09 2015 10:47 AM by Fannie Mae
    Consumer optimism toward the housing market gained some momentum last month following a dip in December, likely getting a boost from their increasingly ...
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