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  • Tue, Dec 17 2013
  • 8:33 PM » U.S. preparing civil charges against Citigroup, Merrill Lynch: sources
    Published Tue, Dec 17 2013 8:33 PM by Reuters
    By Aruna Viswanatha and Emily Flitter (Reuters) – The Justice Department is preparing to file civil fraud charges against Citigroup Inc and Bank of America’s Merrill Lynch unit over their sale of flawed mortgage securities ahead of the financial crisis, according to people familiar with the probes. Civil investigators have compiled evidence that allegedly shows [...]
  • 5:42 PM » What to Watch for From the Fed Meeting
    Published Tue, Dec 17 2013 5:42 PM by WSJ
    The Federal Reserve's policy committee concludes its latest two-day conclave Wednesday, and it's a cliffhanger.
  • 5:41 PM » November California Home Sale Press Release
    Published Tue, Dec 17 2013 5:41 PM by DataQuick
    California November Home Sales December 17, 2013 An estimated 33,429 new and resale houses and condos sold statewide last month. That was down 8.3 percent from 36,468 in October, and down 10.8 percent from 37,481 sales in November 2012, according to San Diego-based DataQuick. November sales have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month's sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988, when DataQuick's statistics begin. California sales haven't been above average for any particular month in more than seven years. The median price paid for a home in California last month was $360,000, up 0.8 percent from $357,000 in October and up 23.7 percent from $291,000 in November 2012. Last month was the 21st consecutive month in which the state's median sale price rose year-over-year, and the 12th straight month with a gain exceeding 20 percent. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009. Of the existing homes sold last month, 6.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.7 percent in October and down from 16.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 12.3 percent of the homes that resold last month. That was down from an estimated 12.4 percent the month before and 26.2 percent a year earlier. The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month's payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle's peak in June 2006. It was 54.5 percent...
  • 3:55 PM » Boldest predictions for 2014
    Published Tue, Dec 17 2013 3:55 PM by CNBC
    Our anchors, reporters and editors make bold predictions on the highs and lows, the outrageous and the unexpected, in store for the year ahead.
  • 1:38 PM » November Bay Area Home Sale Press Release
    Published Tue, Dec 17 2013 1:38 PM by DataQuick
    Bay Area Home Sales Slow, Prices Continue to Rise December 17, 2013 La Jolla, CA.--Bay Area home sales dipped again in November, constrained by supply and market uncertainty amid mixed economic news. Prices continued their year-and-a-half-long upward march. Purchase and mortgage patterns are moving slowly but steadily toward long-term norms, a real estate information service reported. A total of 6,659 new and resale houses and condos sold in the nine-county Bay Area in November. That was down 12.3 percent from 7,595 in October and down 10.9 percent from 7,474 in November last year, according to San Diego-based DataQuick. Last month's sales tally was 15.1 percent below the November average of 7,840 since 1988, when DataQuick's statistics begin. Bay Area sales haven't been above average for any particular month in more than seven years. The most active November was in 2004 when 11,906 homes sold, while the least active was in 2007 with 5,127 sales. The median price paid for a home in the Bay Area last month was $550,000. That was 1.9 percent higher than $539,750 in October, and 25.6 percent above $438,000 in November 2012. The Bay Area median peaked at $665,000 in June and July 2007, then dropped to a low of $290,000 in March 2009. While much of the median's ups and downs can be attributed to shifts in the types of homes sold, it appears that most of the current year-over-year increase in the median reflects an actual rise in home values. "Up until half a year ago, the greater Bay Area market was basically bouncing up off bottom. Beginning last summer, the market started incrementally rebalancing, trending toward normalcy, as it were. Not just sales and prices: There has been a serious drop in distress sales, cash sales, absentee buyer sales. Mortgage financing patterns are still far from normal, but are moving in the right direction," said John Walsh, DataQuick president. The number of Bay Area homes that sold for less than $500,000 last month...
  • 1:37 PM » Homes get makeovers as mortgages are back in black
    Published Tue, Dec 17 2013 1:37 PM by CNBC
    Architects are busier than ever as more homeowners are sprucing up their houses after their mortgages return to positive equity.
  • 1:36 PM » FHFA Issues Scenarios and Guidance to Fannie Mae, Freddie Mac and the Federal Home Loan Banks Regarding Annual Dodd-Frank Stress Tests
    Published Tue, Dec 17 2013 1:36 PM by FHFA
    December 17, 2013: FHFA Issues Scenarios and Guidance to Fannie Mae, Freddie Mac and the Federal Home Loan Banks Regarding Annual Dodd-Frank Stress Tests
  • 12:52 PM » FHA Watch, December 2013 (Vol. 2, No. 12)
    Published Tue, Dec 17 2013 12:52 PM by www.aei.org
    For the fifth year in a row, the Federal Housing Administration (FHA) violated federal law by failing to meet its minimum capital standard of 2 percent.
  • 11:06 AM » Can You Use the Good Faith Estimate to Shop Mortgage Prices?
    Published Tue, Dec 17 2013 11:06 AM by The Huffington Post
    Under federal law, every home mortgage borrower must be provided with a Good Faith Estimate of Settlement Costs (GFE) within three days of receipt of the borrower's application. The GFE was administered for many years by HUD, which made substantial improvements to it in 2010. Shortly thereafter, responsibility shifted to the Consumer Financial Protection Bureau (CFPB) where it now resides. The GFE describes the loan and its major features, including the interest rate, upfront lender fees and fees of third parties such as title insurers and appraisers. Because of its complete itemization of all costs to the borrower, mortgage shoppers often ask me whether or not the GFE can be used to shop for the best deal. They have been encouraged to think that it can be so used by both HUD and CFPB. In its current Q and A for consumers, for example, CFPB states that the GFE "will help you compare offers." If this were true, the GFE would be an invaluable tool for borrowers. Unfortunately, it has never been true and it isn't true today, even with the recent improvements. There are two features of the home mortgage market that thwart all efforts to use the GFE as a shopping tool. The first is that lenders can't price a loan until they have all the information about the transaction that affects the price. Part of this information they get from the borrower's application, and part they get from other sources, including credit bureaus, employers, banks and appraisal companies. Because lenders need extensive information to price loans accurately, the GFE can't be required until after the borrower submits the application. This forces the borrower looking to shop GFEs to submit multiple applications, which is a cumbersome and time-consuming chore, and it imposes heavy costs on lenders who do all they can to discourage it. While determined borrowers can still do it, they can't do it successfully because of the second major feature of the market: this is price...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 11:04 AM » NAHB: Builder Confidence Rises Four Points in December
    Published Tue, Dec 17 2013 11:04 AM by NAHB
    Press Release
  • 11:04 AM » NY Fed: Home Price Conditions interactive maps and charts updated as of October 2013
    Published Tue, Dec 17 2013 11:04 AM by NY Fed
    Home Price Conditions interactive maps and charts updated as of October 2013
  • 11:03 AM » Home builder confidence ends year on high note
    Published Tue, Dec 17 2013 11:03 AM by CNBC
    Pent-up demand from the government shutdown drove more potential buyers to new model homes, boosting home builder confidence in December.
  • 11:03 AM » Justice Department Files Fair Housing Lawsuit Against Owner and Manager of Rental Housing in New Hampshire for Discrimination Against Families with Children
    Published Tue, Dec 17 2013 11:03 AM by www.justice.gov
    The Justice Department today filed a lawsuit against the owner and manager of rental apartments in Jaffrey, N.H., for violating the Fair Housing Act by discriminating against families with children.
    Click Here to Read the Full Article

    Source: www.justice.gov
  • 9:42 AM » Americans Slowly Regaining Confidence in the Economy
    Published Tue, Dec 17 2013 9:42 AM by www.gallup.com
    Americans' confidence in the economy is still slowly recovering two months after the federal government shutdown ended. The Gallup Economic Confidence Index was -20 last week, compared with -15 in mid-September before the shutdown.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 9:39 AM » US prices flat in November, helped by cheaper gas
    Published Tue, Dec 17 2013 9:39 AM by CNBC
    U.S. consumer prices were flat in November.
  • 9:39 AM » Current account deficit smallest in four years
    Published Tue, Dec 17 2013 9:39 AM by Reuters
    WASHINGTON (Reuters) - The U.S. current account deficit was the smallest in four years in the third quarter as exports increased and more income was earned abroad, a government report showed on Tuesday.
  • 9:36 AM » Edgy bonds dealers start to look beyond the taper
    Published Tue, Dec 17 2013 9:36 AM by CNBC
    Bond investors knows that a taper is coming. The big question now: What comes next?
  • 9:35 AM » HARP Volume Dips in Third Quarter
    Published Tue, Dec 17 2013 9:35 AM by FHFA
    December 17, 2013: HARP Volume Dips in Third Quarter
  • 7:58 AM » U.S. May Cut Its Presence in Supporting Mortgages
    Published Tue, Dec 17 2013 7:58 AM by www.nytimes.com
    The proposal is an attempt to reduce "the market presence" of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency said.        
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 7:57 AM » Forget Golf Courses: Subdivisions Draw Residents With Farms
    Published Tue, Dec 17 2013 7:57 AM by www.npr.org
    Across the country, a new model of housing development is springing up that embraces the local food movement. Farms - complete with livestock, vegetables and fruit trees - are now serving as the latest suburban amenity.
  • 7:56 AM » SEC seeks $1.1 million-plus from ex-Goldman VP Tourre
    Published Tue, Dec 17 2013 7:56 AM by Reuters
    NEW YORK (Reuters) - The U.S. Securities and Exchange Commission asked a federal judge to order former Goldman Sachs Group Inc vice president Fabrice Tourre to pay more than $1.1 million for his role in a failed 2007 mortgage deal, according to a court document filed Monday in Manhattan federal court.
  • 7:54 AM » Fed taper expected sooner: CNBC survey
    Published Tue, Dec 17 2013 7:54 AM by CNBC
    Wall Street now expects that the Federal Reserve will taper by February, according to the CNBC Fed Survey for December.
  • 7:54 AM » Futures little changed as traders eye Fed decision
    Published Tue, Dec 17 2013 7:54 AM by CNBC
    U.S. stock index futures signaled a flat opening ahead of the first day of a two-day meeting of the Federal Open Market Committee (FOMC).
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.43%
  • |
  • 15 Yr FRM 3.49%
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  • Jumbo 30 Year Fixed 4.21%
MBS Prices:
  • 30YR FNMA 4.5 106-30 (0-06)
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  • 30YR FNMA 5.0 109-07 (0-04)
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  • 30YR FNMA 5.5 110-13 (0-02)
Recent Housing Data:
  • Mortgage Apps -3.31%
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  • Refinance Index -3.75%
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  • FHFA Home Price Index 0.67%