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  • Wed, Dec 6 2017
  • 4:07 PM » Senate votes to start talks with the House on striking a tax deal
    Published Wed, Dec 06 2017 4:07 PM by CNBC
    The chambers will aim to nail down key differences between separate bills passed by the House and Senate.
  • 3:41 PM » Hot housing stocks are cooling off, and there could be more trouble ahead
    Published Wed, Dec 06 2017 3:41 PM by CNBC
    Suddenly, housing stocks have gone from hot to not.
  • 3:41 PM » Impact of Tax Cuts Viewed Mostly Through Partisan Lens
    Published Wed, Dec 06 2017 3:41 PM by news.gallup.com
    Most Democrats and independents don't think the proposed tax cuts would help the U.S. economy or their family's financial situation, but Republicans do.
    Click Here to Read the Full Article

    Source: news.gallup.com
  • 3:41 PM » Home Depot sets $15 billion share buyback, investment plan
    Published Wed, Dec 06 2017 3:41 PM by Reuters
    (Reuters) - Home Depot Inc announced a $15 billion share buyback plan on Wednesday and said it would invest in improving its stores to hit a $120 billion annual sales target in the next three years.
  • 2:03 PM » Second lawsuit filed challenging Mulvaney's appointment as CFPB Acting Director
    Published Wed, Dec 06 2017 2:03 PM by www.consumerfinancemonitor.com
    Yesterday, the Lower East Side People’s Federal Credit Union filed a complaint in U.S. District Court for the Southern District of New York seeking a declaration that Mick Mulvaney’s appointment as CFPB Acting Director is unconstitutional and in violation of the Consumer Financial Protection Act (CFPA). The complaint also seeks a declaration that Leandra English... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 2:03 PM » 2018 Housing Forecasts
    Published Wed, Dec 06 2017 2:03 PM by Calculated Risk Blog
    Towards the end of each year I collect some housing forecasts for the following year.  This is an update (I'll gather several more). First a review of the previous five years ... Here is a summary of forecasts for 2017 . It is early (just nine months), but in 2017, new home sales will probably be around 615 thousand, and total housing starts will be around 1.200 to 1.210 million.  Brad Hunter (HomeAdvisor) appears very close on New Home sales, and Merrill Lynch and NAR appear close on starts. Here is a summary of forecasts for 2016 . In 2016, new home sales will probably be around 565 thousand, and total housing starts will be around 1.175 million.  Fannie Mae and Merrill Lynch were very close on New Home sales, and MetroStudy was close on starts. Here is a summary of forecasts for 2015 . In 2015, new home sales were 501 thousand, and total housing starts were 1.112 million.  Zillow, CoreLogic, and the MBA were right on with New Home sales, and CoreLogic, MetroStudy, MBA and Zillow were all correct on starts. Here is a summary of forecasts for 2014 . In 2014, new home sales were 437 thousand, and total housing starts were 1.003 million. No one was close on New Home sales (all way too optimistic), and Michelle Meyer (Merrill Lynch) and Fannie Mae were the closest on housing starts (about 10% too high). In 2014, many analysts underestimated the impact of higher mortgage rates and higher new home prices on new home sales and starts. Here is a summary of forecasts for 2013 . In 2013, new home sales were 429 thousand, and total housing starts were 925 thousand.  Barclays was the closest on New Home sales followed by David Crowe (NAHB).  Fannie Mae and the NAHB were the closest on housing starts. The table below shows several forecasts for 2018: From Fannie Mae: Housing Forecast: November 2017 From Freddie Mac: November 2017 Economic & Housing Market Forecas From NAHB: NAHB's housing and...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:03 PM » California fires force evacuation in exclusive L.A. area
    Published Wed, Dec 06 2017 2:03 PM by Reuters
    LOS ANGELES (Reuters) - Southern California wildfires raged into an affluent Los Angeles neighborhood on Wednesday, forcing evacuations, threatening multibillion-dollar homes and temporarily shutting a major highway.
  • 2:03 PM » Senate poised for vote on tax bill negotiations with House
    Published Wed, Dec 06 2017 2:03 PM by Reuters
    WASHINGTON (Reuters) - A top U.S. Senate Republican voiced optimism that congressional negotiators will reach a deal on a sweeping tax overhaul ahead of a Dec. 22 deadline, as senators prepared to vote on Wednesday to authorize talks with the House to bridge differences between their rival bills.
  • 10:49 AM » Las Vegas Real Estate in November: Sales up Slightly YoY, Inventory down 33%
    Published Wed, Dec 06 2017 10:49 AM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Local Home Prices Take Cue from Winter Weather, But Still Well Up from 2016; GLVAR Housing Statistics for November 2017 The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago. ... By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That's down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago. The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016 . Compared to one year ago, sales were unchanged for homes and up 5.2 percent for condos and townhomes. According to GLVAR, home sales so far in 2017 continue to run about 10 percent ahead of the pace from 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012. ... In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. Tina said foreclosures and short sales now make up such a small share of the local housing market that "they've really become a non-issue." For instance, he said short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago. emphasis added 1) Overall sales were up slightly year-over-year. 2) Active inventory (single-family and condos) is down sharply from...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:15 AM » U.S. unit labor costs decline for two straight quarters
    Published Wed, Dec 06 2017 10:15 AM by Reuters
    WASHINGTON (Reuters) - U.S. unit labor costs were much weaker than initially thought, declining both in the second and third quarters of this year, suggesting that inflation could remain benign for a while.
  • 9:51 AM » ADP: Private Employment increased 190,000 in November
    Published Wed, Dec 06 2017 9:51 AM by Calculated Risk Blog
    From ADP: Private sector employment increased by 190,000 jobs from October to November according to the November ADP National Employment Report®. ... The report, which is derived from ADP's actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. ... "The labor market continues to grow at a solid pace," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent." Mark Zandi, chief economist of Moody's Analytics, said, "The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example. There is a mounting threat that the job market will overheat next year." This was slightly below the consensus forecast for 192,000 private sector jobs added in the ADP report.  The BLS report for November will be released Friday, and the consensus is for 185,000 non-farm payroll jobs added in November.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:20 AM » Homeless Population Rises, Driven By West Coast Affordable-Housing Crisis
    Published Wed, Dec 06 2017 8:20 AM by www.npr.org
    It's the first time the number of homeless people has grown since 2010. In Los Angeles, homelessness is up by nearly 26 percent, fueled by high housing prices.
  • 8:19 AM » Millennials Are Taking Over Real Estate—but They're Going Deeper Into Debt, Too
    Published Wed, Dec 06 2017 8:19 AM by www.realtor.com
    Millennials are taking out the greatest share of new mortgages and buying up more homes in the lower price tiers-but they're taking on more debt to do it. The post Millennials Are Taking Over Real Estate-but They’re Going Deeper Into Debt, Too appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:19 AM » Private payrolls up 190,000; economist Zandi warns job market could 'overheat'
    Published Wed, Dec 06 2017 8:19 AM by CNBC
    Companies added 190,000 in November as the economy, according to ADP and Moody's Analytics.
  • 8:18 AM » Changes in tax law may prompt homeowners to move to other states
    Published Wed, Dec 06 2017 8:18 AM by Washington Post
    In a survey, one-third said they would consider relocating if deductions were eliminated.
    Click Here to Read the Full Article

    Source: Washington Post
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