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  • Wed, May 28 2014
  • 11:52 PM » Julian Castro's Big Job
    Published Wed, May 28 2014 11:52 PM by
    Call me an earnest policy wonk, but I had high hopes that the nomination of San Antonio Mayor Julian Castro to be secretary of housing and urban development would spark a thoughtful conversation about an agency that plays a major role in America’s economy. Unfortunately, the news has been treated almost exclusively as a political story. Pundits are taking Castro’s appointment as a sign that the 39-year-old mayor, a rising Democratic Party star, is being groomed for something bigger, even the vice presidency. As is typical in Washington, precious little attention has been devoted to exploring the state of housing and urban issues in the country and what, if anything, Castro and the federal government can do about them. There couldn’t be a better time to have that discussion. More than five years after the onset of the Great Recession—which saw aggregate U.S. home equity drop by an unprecedented $7 trillion across the country—the United States is facing a new, complicated mix of housing challenges. After years of exalting homeownership, and tilting federal policies in favor of suburban mega-mansions, the country is facing a rental squeeze: rising demand for rental units, rising rents and insufficient wages and incomes. Incredibly, one in four renter households are now paying more than 50 percent of their income for rent, crowding out expenditures on transportation, food and retirement savings. The housing shift is structural rather than cyclical. America’s population is aging, and young adults are delaying marriage and having fewer children. As a result, the prototypical family of the suburban era—a married couple with school-age children—now represents just under 20 percent of American households, down from 24.1 percent in 2000 and 40.3 percent in 1970. This trend will only accelerate in coming decades. This demographic tumult is, in turn, changing consumer preferences. Seventy percent of...
    Click Here to Read the Full Article

  • 11:50 PM » U.S. Construction Lending Climbs, Now Sits 66% Below Boom-Era Peak
    Published Wed, May 28 2014 11:50 PM by WSJ
    U.S. construction lending is seeing a slow, steady recovery - just like the rest of the nation's economy.
  • 11:34 PM » Time is Money in Home Improvement
    Published Wed, May 28 2014 11:34 PM by
    Next time you tackle a home improvement project, remember that time is money: Which do you want to invest? Read More The post Time is Money in Home Improvement appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 11:32 PM » Judge denies Wells Fargo's bid to dismiss L.A. predatory lending suit
    Published Wed, May 28 2014 11:32 PM by Reuters
    (Reuters) - Wells Fargo & Co lost its bid to dismiss a lawsuit filed by the city of Los Angeles, which accuses the bank of predatory lending practices that targeted minority borrowers and led to the loss of property tax revenue.
  • 4:31 PM » April Las Vegas Region Home Sales Press Release
    Published Wed, May 28 2014 4:31 PM by DataQuick
    Las Vegas Region April Home Sales The median price paid for a Las Vegas-area home dipped month-to-month in April for the first time since January, while the median's year-over-year gain was the lowest in 21 months. Home sales were the lowest for an April in six years, the result of buyers' struggles with inventory, affordability and credit challenges, as well as a nearly four-year low in the share of homes bought by investors, a real estate information service reported. In April, 4,075 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 4.5 percent from the month before and down 17.2 percent from a year earlier, according to San Diego-based DataQuick. The firm, which is now owned by Irvine-based property information company CoreLogic, tracks real estate trends nationally via public property records. On average, sales between March and April have declined 1.1 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Sales have fallen on a year-over-year basis for seven consecutive months. April home sales were the lowest for that month since April 2008, when 3,266 homes sold, and they were 12.2 percent below the average number sold during all months of April since 1994. However, resales of houses and condos combined were 9.9 percent above average for the month of April, while sales of newly built homes were 62.6 percent below the April average. April condo resales were 19.5 percent higher than the April average, while resales of detached houses were 7.6 percent above average. In recent months home sales have been constrained by higher prices and mortgage rates compared with this time last year, as well as credit challenges and a tight supply of homes for sale, especially in the lower price ranges. Some owners still can't afford to sell their homes because they owe more than the homes are worth. Also, foreclosures are way down, further limiting the supply of homes for sale...
  • 4:31 PM » House holds second hearing on discrimination at the CFPB
    Published Wed, May 28 2014 4:31 PM by
    Tina Shin On Wednesday of last week, the House Financial Services Committee held another hearing on alleged CFPB employee discrimination. At the hearing, which was titled "Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Two," Committee members questioned CFPB witnesses who had been subpoenaed after declining to attend the first hearing in April.... More >
    Click Here to Read the Full Article

  • 4:31 PM » Staying classy: San Diego real estate heats up
    Published Wed, May 28 2014 4:31 PM by CNBC
    The median home sale price in San Diego was up 18 percent in the last year, the San Diego Association of Realtors says.
  • 1:50 PM » Average 30 Year Fixed Mortgage Rates decline to 4.08%
    Published Wed, May 28 2014 1:50 PM by Calculated Risk Blog
    I use the weekly Freddie Mac Primary Mortgage Market Survey® (PMMS®) to track mortgage rates. The PMMS series started in 1971, so there is a fairly long historical series. For daily rates, the Mortgage News Daily has a series that tracks the PMMS very well, and is usually updated daily around 3 PM ET. The MND data is based on actual lender rate sheets, and is mostly "the average no-point, no-origination rate for top-tier borrowers with flawless scenarios". (this tracks the Freddie Mac series).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:19 PM » Fischer sworn in as Fed board member
    Published Wed, May 28 2014 1:19 PM by CNBC
    Former Bank of Israel Governor Stanley Fischer was sworn in to the Federal Reserve board, adding to its ranks in a crucial period.
  • 1:19 PM » Treasury sells 5-year notes at lowest yield since Nov.
    Published Wed, May 28 2014 1:19 PM by Market Watch
    NEW YORK (MarketWatch) -- The Treasury Department sold $35 billion in 5-year notes Wednesday at a yield of 1.513%, the lowest yield since November. Bidders offered to buy 2.73 times the amount of debt sold, matching the average at the last six sales. Indirect bidders, a group that includes foreign central banks, bought 50.4%, versus 44.5% in recent sales. Direct bidders, which include domestic money managers, purchased another 10.5%, versus an average of 14.0%. The broader bond market remained higher after the auction. Yields on 10-year notes , which move inversely to prices, fell 7 basis points on the day to 2.447%.
  • 1:13 PM » PNC's Demchak Sees Mortgage Production Lowest Since 1990s - Bloomberg
    Published Wed, May 28 2014 1:13 PM by Bloomberg
    PNC's Demchak Sees Mortgage Production Lowest Since 1990s Bloomberg PNC Financial Services Group Inc., the second-largest U.S. regional bank, said total home loan production this year could be the lowest since the 1990s. "It's going to be a real tough year in origination," Chief Executive Officer Bill Demchak said today at an ...
  • 10:58 AM » Growing Mortgage Lender Sees End Game as Loan 'Middleman' - Bloomberg
    Published Wed, May 28 2014 10:58 AM by Bloomberg
    Growing Mortgage Lender Sees End Game as Loan 'Middleman' Bloomberg Stan Middleman's Freedom Mortgage Corp. did something last quarter that the rest of the nation's biggest housing lenders couldn't: increase its loan volume. As all of the other top 15 companies posted lower originations than in the prior period amid a 23 ...
  • 10:58 AM » FDIC-Insured Institutions Earned $37.2 Billion in the First Quarter of 2014
    Published Wed, May 28 2014 10:58 AM by
    Press Release FDIC-Insured Institutions Earned $37.2 Billion in the First Quarter of 2014 Reporting Expanded to Include New Coverage of Community Banks FOR IMMEDIATE RELEASE May 28, 2014 Media Contact Andrew Gray (202) 898-7192 Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $37.2 billion in the first quarter of 2014, down $3.1 billion (7.6 percent) from earnings of $40.3 billion the industry reported a year earlier. The decline in earnings was mainly attributable to a $7.1 billion (10.7 percent) decline in noninterest income. Lower income from reduced mortgage activity and a drop in trading revenue contributed to a year-over-year decline in noninterest income. Additionally, noninterest income was higher one year ago due to a one-time gain at one institution. Despite the decline in earnings, more than half of the 6,730 insured institutions reporting (54 percent) had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable during the first quarter fell to 7.3 percent from 8.5 percent a year earlier. "We saw further improvement in the condition of the banking industry in the first quarter," said FDIC Chairman Martin J. Gruenberg. "Asset quality continues to improve, loan balances are trending up, fewer institutions are unprofitable, and the number of problem banks continues to decline. However, industry revenue has been affected by narrow margins, modest loan growth, and a decline in noninterest income as higher interest rates have reduced mortgage-related activity and trading income fell." Asset quality indicators continued to show improvement as insured banks and thrifts charged off $10.4 billion in uncollectible loans during the quarter, down $5.5 billion (34.8 percent) from a year earlier. The amount of noncurrent loans and leases (those 90 days or more past due or in nonaccrual status) fell by $12.1 billion ...
    Click Here to Read the Full Article

  • 10:56 AM » Bond yields hit 2014 lows
    Published Wed, May 28 2014 10:56 AM by CNBC
    Yields on the 10-year Treasury hit the lowest level in 10 months, and some say short covering is a major driver of the move.
  • 10:07 AM » Nasdaq Goes to Light Speed With Treasuries Trading - Bloomberg
    Published Wed, May 28 2014 10:07 AM by Bloomberg
    Nasdaq Goes to Light Speed With Treasuries Trading Bloomberg Bond dealers that use ESpeed are gaining access to a microwave network connecting Nasdaq's data center near New York City to a CME Group Inc. facility just outside Chicago, permitting almost light-speed buying and selling of U.S.debt. Nasdaq will also ... and more »
  • 10:07 AM » Bond Report: 10-year Treasury yield sinks to lowest in 11 months
    Published Wed, May 28 2014 10:07 AM by Market Watch
    Treasurys prices surge amid month-end buying and disappointing data out of Germany.
  • 10:07 AM » Housing Markets Stalling
    Published Wed, May 28 2014 10:07 AM by
    Housing Markets Stalling
    Click Here to Read the Full Article

  • 10:04 AM » Freddie Mac Issues Monthly Volume Summary for April 2014
    Published Wed, May 28 2014 10:04 AM by
    Freddie Mac Issues Monthly Volume Summary for April 2014
    Click Here to Read the Full Article

  • 10:01 AM » Get ready for the subprime mortgage crack-up 2.0
    Published Wed, May 28 2014 10:01 AM by
    Clearly memories as to the causes of the recent housing market collapse are short.  Indeed, political pressures are once again increasing on the private sector to degrade sound lending practices.
  • 8:45 AM » Yellen Concerned by Housing Slowdown She Has Scant Power to Cure - Bloomberg
    Published Wed, May 28 2014 8:45 AM by Bloomberg
    Yellen Concerned by Housing Slowdown She Has Scant Power to Cure Bloomberg The hesitant housing recovery has surprised and concerned Federal Reserve Chair Janet Yellen and her colleagues at the central bank. It's not clear how much they can do about it. While the industry is rebounding from a weather-ravaged first quarter, the ... and more »
  • 8:44 AM » Toll Brothers profit more than doubles
    Published Wed, May 28 2014 8:44 AM by CNBC
    Toll Brothers, the largest U.S. luxury home builder, said quarterly profit more than doubled as it sold more homes at higher prices.
  • 8:42 AM » Fed's Lockhart: No rush to raise rates
    Published Wed, May 28 2014 8:42 AM by CNBC
    The Federal Reserve is on track to raise rates later next year, Atlanta Federal Reserve Bank President Dennis Lockhart said.
  • 8:41 AM » Stock futures tick up, S&P on track to extend record
    Published Wed, May 28 2014 8:41 AM by Reuters
    NEW YORK (Reuters) - U.S. stock index futures edged up on Wednesday, with technicals in focus and scant key items on the U.S. economic calendar, following yet another record close on the benchmark S&P 500 index.
  • 8:40 AM » Lower rates fail to boost mortgage activity
    Published Wed, May 28 2014 8:40 AM by CNBC
    Mortgage applications fell last week, despite lower rates and expectations of stronger home sales in May.
  • 8:40 AM » Treasurys rise ahead of auctions
    Published Wed, May 28 2014 8:40 AM by CNBC
    U.S. bonds traded higher on Wednesday, along with government bonds around the world, after an unexpected uptick in German unemployment.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.61%
  • |
  • 15 Yr FRM 4.04%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
  • 30YR FNMA 4.5 104-06 (0-06)
  • |
  • 30YR FNMA 5.0 105-28 (0-02)
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  • 30YR FNMA 5.5 107-16 (0-12)
Recent Housing Data:
  • Mortgage Apps -1.15%
  • |
  • Refinance Index -2.64%
  • |
  • Purchase Index 5.06%