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  • Tue, Apr 22 2014
  • 10:38 PM » Behind Janet Yellen's inflation dilemma
    Published Tue, Apr 22 2014 10:38 PM by CNBC
    The new Fed chair faces the challenge of making a bold call to either resist or go along with conventional wisdom to hold the line on interest rates.
  • 10:36 PM » City of New Orleans Agrees to Settlement to Resolve Housing Discrimination Lawsuit
    Published Tue, Apr 22 2014 10:36 PM by
    The Justice Department announced today that the U.S. District Court for the Eastern District of Louisiana approved its settlement with the city of New Orleans regarding a housing discrimination lawsuit late yesterday.
    Click Here to Read the Full Article

  • 10:35 PM » RBC Said to Hire Brad Scott From BofA in Mortgage Trading Push - Bloomberg
    Published Tue, Apr 22 2014 10:35 PM by Bloomberg
    RBC Said to Hire Brad Scott From BofA in Mortgage Trading Push Bloomberg Royal Bank of Canada hired U.S. mortgage-bond trader Brad Scott from Bank of America Corp. (BAC) as Canada's second-largest lender bolsters its investment bank in the U.S., two people with knowledge of the move said. Scott, 33, will be a managing ...
  • 10:35 PM » 1Q2014 California Foreclosures Press Release
    Published Tue, Apr 22 2014 10:35 PM by DataQuick
    California Foreclosure Starts Hover Near 8-Year Low April 22, 2014 La Jolla, CA.--For the third consecutive quarter California foreclosure starts remained little changed at a level last seen in early 2006, the result of steady economic growth and higher home values. Foreclosure processors are still mostly plowing through a pool of toxic subprime mortgages originated back in mid-to-late 2006, a real estate information service reported. Lenders and their servicers recorded 19,215 Notices of Default (NoDs) on California house and condo owners during this year's first quarter, which runs January through March. That was up 6.0 percent from 18,120 NoDs in the prior quarter, which had the lowest NoD tally since fourth-quarter 2005, and was up 3.5 percent from 18,568 NoDs in first-quarter last year, according to San Diego-based DataQuick. The trough for DataQuick's NoD statistics, which begin in 1992, was 12,417 in third-quarter 2004, while the peak was 135,431 in first-quarter 2009. Each NoD represents a "foreclosure start" because the filing of the Notice of Default begins the formal foreclosure process. "It may well be that the foreclosure starts in recent quarters don't reflect the ebb and flow of financial distress as much as they reflect a steady state of workload capacity on the part of the servicers. They may well be just working their way through a backlog, stacks of paper piled high on desks," said John Karevoll, DataQuick analyst. The past three quarters, along with the first quarter of 2013, have seen the lowest NoD totals since late 2005 and early 2006. Although this year's first quarter was the first to log a year-over-year increase in default filings since fourth quarter 2009, that gain can be attributed to an anomaly early in first-quarter 2013: There was a short-lived plunge in NoD filings in January and February last year as new state laws - known as the "Homeowner Bill of Rights" - took effect, causing lenders...
  • 10:35 PM » Bernanke Says Fed Actions Could Have Been Better Communicated to Public
    Published Tue, Apr 22 2014 10:35 PM by WSJ
    Mr. Bernanke said that he would have liked to have done a better job telling the U.S. public that the Fed's extraordinary measures were done for the greater good of the U.S. economy.
  • 10:34 PM » Bankruptcy: The Foreclosure Kill Switch
    Published Tue, Apr 22 2014 10:34 PM by The Huffington Post
    9.1 million homeowners are grappling with being seriously underwater (owing at least 25 percent more than their homes are worth) in an economy in which the average family's earnings are stagnant or dropping. With banks and other lenders frequently unwilling or incapable of providing real solutions such as principal reductions to keep homeowners in their homes, more and more families are faced with foreclosure. However, when lenders refuse to approve loan modifications and other solutions, borrowers have one final option: bankruptcy, the foreclosure kill switch. Personal bankruptcies come in two flavors: chapter seven, a liquidation of all unsecured debt, and chapter 13, a reorganization which helps filers pay back their debts on a repayment plan. Chapter seven is generally reserved for low income debtors with little or no assets, and chapter 13 is for debtors with regular income. Chapter seven filers receive a temporary halt to foreclosure, while chapter 13 filers can often freeze the foreclosure action as long as they make their bankruptcy plan payments. However, chapter 13 plan payments often demand a high percentage of families' income and frequently prove challenging to keep up with. In either case, mortgage holders can voluntarily approve a loan modification at any time to keep a family in their home. When a borrower files bankruptcy, an automatic stay is immediately put in place and creditors cannot proceed with foreclosure or other actions without the bankruptcy court's permission. Nevertheless, bankruptcy is not a panacea and typically provides only a temporary reprieve. Filing bankruptcy is similar to receiving immunity on TV's Survivor , enabling a contestant to live through the next Tribal Council, but not ensuring that they win the game. Similarly, filing bankruptcy enables a family to withstand the next foreclosure sale, but typically does not provide a long-term solution to their housing dilemma. Bankruptcy's kill switch is a powerful...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 3:57 PM » Retirement Remains Americans' Top Financial Worry
    Published Tue, Apr 22 2014 3:57 PM by
    Americans' top financial concern is not having enough money for retirement, followed by unexpected medical costs and maintaining their standard of living. A majority of Americans have been worried about retirement savings since 2001.
    Click Here to Read the Full Article

  • 3:18 PM » Fed's Williams: Current policy on 'right track'
    Published Tue, Apr 22 2014 3:18 PM by Market Watch
    WASHINGTON (MarketWatch) -- Federal Reserve policy is "on the right track" and efforts to try to spur faster growth might be counterproductive, said John Williams, president of the San Francisco Federal Reserve, in an interview with Bloomberg published Tuesday. Williams predicted the unemployment rate will keep falling and hit 5.5% by the end of 2015. Over the same period, inflation should move higher and come close to the Fed's 2% target, he said. Trying to achieve these goals of full employment and price stability any sooner "would take policy actions that might have more negative effects," such as possibly contributing to risks with financial stability, Williams said. The Fed would probably continue to taper its asset purchases and end them late this year, he said. Williams is not a voting member of the Fed policy committee this year but his views matter because he is seen as a close confidant of Fed Chairwoman Janet Yellen. William's interview is likely going to be the last word from a top Fed official until after the central bank's April 29-30 meeting as the central bankers typically won't talk for one week prior to their next policy meeting.
  • 2:09 PM » Right Lesson, Wrong Time: Why Economics Failed Us, in 297 Words
    Published Tue, Apr 22 2014 2:09 PM by
    An economist's famously brief 2007 graduation speech is accurate, but its omissions presage the policy failures in the crash that would soon follow.
    Click Here to Read the Full Article

  • 2:05 PM » Do the rich rule America? Not really
    Published Tue, Apr 22 2014 2:05 PM by CNBC
    The media have seized on a recent study that shows that a powerful "American elite" rules America. It's a scary finding. But a closer look suggests it's not that simple.
  • 2:05 PM » New NAHB Publication Shows Builders How to Sell More Homes With Strong Sales and Marketing Plans
    Published Tue, Apr 22 2014 2:05 PM by NAHB
    Press Release
  • 12:43 PM » What I like about the attacks on housing finance reform
    Published Tue, Apr 22 2014 12:43 PM by National Housing Conference
    by Ethan Handelman, National Housing Conference  When you suddenly see vigorous but contrived opposition to a policy proposal, it means at least some opponents are afraid it might actually happen. That's why I take heart from the spate of attack ads and strange new coalitions popping up against the Johnson-Crapo housing finance reform bill. Housing stakeholders need to stay engaged, both to improve the bill and to move the bipartisan effort forward. If the other side is shouting, we're doing something right. Recently, we've seen baseless attack ads from the 60 Plus Association , which NHC and many allies decried in a statement . We've seen new campaigns with Orwellian names like "United for American Homeownership" and "Investors Unite" arise to advocate against reform of Fannie Mae and Freddie Mac. In coming weeks, you'll see ads from housing stakeholders in Capitol Hill publications supporting housing finance reform. But beyond Johnson-Crapo, we haven't seen any other detailed proposals for housing finance reform with bipartisan appeal. We know that the status quo is unsustainable . Our housing finance system is still relying on temporary measures put in place during the financial crisis. Access to homeownership is still far too restricted, and rental housing is under pressure from high demand. That's why NHC and many others have come together to support a reformed housing finance system, one that puts shelter for Americans at its core. We urge you to join us in this effort by reaching out to me at .
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 12:42 PM » Higher prices 'choke' housing
    Published Tue, Apr 22 2014 12:42 PM by CNBC
    Forget the harsh winter. Higher home prices are stifling sales around the country, and low inventories aren't helping.
  • 11:39 AM » More woes for American middle class
    Published Tue, Apr 22 2014 11:39 AM by CNBC
    Not only are middle class Americans losing out in the U.S., they are now trailing behind their global peers.
  • 10:23 AM » Income inequality—hurting the economy?
    Published Tue, Apr 22 2014 10:23 AM by CNBC
    A Bureau of Labor Statistics report showed that income inequality is holding our economy back: income inequality.
  • 10:23 AM » US existing home sales sink to near 2-year low
    Published Tue, Apr 22 2014 10:23 AM by CNBC
    U.S. home resales fell to their lowest level in nearly 2 years, but there were hints the downtrend was nearing an end.
  • 10:21 AM » U.S. existing home sales hit 1-1/2 year low in March
    Published Tue, Apr 22 2014 10:21 AM by Reuters
    WASHINGTON (Reuters) - U.S. home resales fell to their lowest level in more than 1-1/2 years in March, but there were signs a recent downward trend that has plagued the housing market may be drawing to an end.
  • 9:50 AM » Why Aren't There More Homes For Sale?
    Published Tue, Apr 22 2014 9:50 AM by
    From Austin to Boston to Chicago, low inventory continues to be a key point of frustration in the housing market. Read More The post Why Aren’t There More Homes For Sale? appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 9:50 AM » Solar Power is Getting Hotter
    Published Tue, Apr 22 2014 9:50 AM by
    Homes with solar power sell for more, and this greener form of electricity is becoming more common across the United States. Read More The post Solar Power is Getting Hotter appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 9:49 AM » Black Knight Financial Services' "First Look" at March 2014 Mortgage Data
    Published Tue, Apr 22 2014 9:49 AM by LPS
    Black Knight Financial Services' "First Look" at March 2014 Mortgage Data<br/>
  • 9:49 AM » MGIC Investment Corporation Reports First Quarter 2014 Results
    Published Tue, Apr 22 2014 9:49 AM by
    MGIC Investment Corporation Reports First Quarter 2014 Results<br/>
    Click Here to Read the Full Article

  • 8:50 AM » U.S. Economic Confidence Stable at -15
    Published Tue, Apr 22 2014 8:50 AM by
    Gallup's Economic Confidence Index averaged -15 for the week ending April 20. This is consistent with the previous three weekly readings.
    Click Here to Read the Full Article

  • 8:47 AM » The Rich Buy Real Estate; The Poor Want Gold
    Published Tue, Apr 22 2014 8:47 AM by The Big Picture
    If you want to know what someone's views of society are, ask what they believe is the best long-term investment. I am fascinated each year when Gallup Poll asks Americans to choose the best option among real estate, stocks and mutual funds, gold, savings accounts and CDs, or bonds. The results are a pop psychologist's... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:23 AM » US bond markets await 2-year auction, housing data
    Published Tue, Apr 22 2014 8:23 AM by CNBC
    U.S. bonds traded flat-to-higher on Tuesday, ahead of a major auction of two-year Treasury notes.
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Mortgage Rates:
  • 30 Yr FRM 4.77%
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  • 15 Yr FRM 4.21%
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  • Jumbo 30 Year Fixed 4.80%
MBS Prices:
  • 30YR FNMA 4.5 103-26 (0-06)
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  • 30YR FNMA 5.0 105-21 (0-04)
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  • 30YR FNMA 5.5 107-06 (-0-04)
Recent Housing Data:
  • Mortgage Apps -1.15%
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%