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  • Thu, Mar 21 2019
  • 6:02 PM » Uh, did Facebook just say it's competing with Zillow?
    Published Thu, Mar 21 2019 6:02 PM by The Basis Point
    Spencer White | March 21, 2019
    Click Here to Read the Full Article

    Source: The Basis Point
  • 6:02 PM » EU wrestles with short Brexit delay as 'no deal' looms
    Published Thu, Mar 21 2019 6:02 PM by Reuters
    European Union leaders wrangled on Thursday over what kind of Brexit delay to offer Britain as their hopes faded that Prime Minister Theresa May can win over her own parliament to ensure an orderly withdrawal.
  • 3:55 PM » Black Knight: National Mortgage Delinquency Rate Increased in February
    Published Thu, Mar 21 2019 3:55 PM by Calculated Risk Blog
    CR Note: It is possible that some of the increase in the delinquency rate in February was due to late tax refunds. From Black Knight: Black Knight's First Look: Bucking Historical Seasonal Trend, February Sees Delinquencies Rise; Prepayments Up 11 Percent, Driven by Softening Interest Rates • Delinquencies rose by 3.7 percent in February, the first February increase in 12 years • Despite the monthly rise, delinquencies remain more than 9.5 percent below last year's level • At 40,400 for the month, foreclosure starts were down 19.5 percent from January and edged close to September 2018's 15-year low • The national foreclosure rate improved marginally and is now down more than 21 percent year-over-year • Prepayment speeds rose by 11 percent from January's 18-year low, suggesting an increase in refinance activity driven by the recent decline in 30-year interest rates According to Black Knight's First Look report for February, the percent of loans delinquent increased 3.7% in February compared to January, and decreased 9.5% year-over-year. The percent of loans in the foreclosure process decreased 0.4% in February and were down 21.3% over the last year. Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.89% in February, up from 3.75% in January. The percent of loans in the foreclosure process decreased slightly in February to 0.51% from 0.51% in January. The number of delinquent properties, but not in foreclosure, is down 179,000 properties year-over-year, and the number of properties in the foreclosure process is down 67,000 properties year-over-year. Black Knight: Percent Loans Delinquent and in Foreclosure Process   Feb 2019 Jan 2019 Feb 2018 Feb 2017 Delinquent 3.89% 3.75% 4.30% 4.21% In Foreclosure 0.51% 0.51% 0.65% 0.93% Number of properties: Number of properties that are delinquent, but not in foreclosure: 2,019,000 1,945,000 2,198,000 2,135,000 Number...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:38 PM » The Fed is prodding Americans to buy more on credit
    Published Thu, Mar 21 2019 2:38 PM by Reuters
    The Federal Reserve's decisive statement this week that interest rates are unlikely to rise this year sends a signal to U.S. households: keep buying stuff.
  • 2:37 PM » As the Housing Market Shifts to Favor Buyers, This Remains the Biggest Hurdle
    Published Thu, Mar 21 2019 2:37 PM by www.realtor.com
    Since the summer, more homes have gone up for sale, mortgage rates have dropped, and price appreciation is waning. But that still doesn't help many home buyers for this reason. The post As the Housing Market Shifts to Favor Buyers, This Remains the Biggest Hurdle appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:07 PM » Existing Home Sales for February: Upside Surprise (Surprise for others)
    Published Thu, Mar 21 2019 1:07 PM by Calculated Risk Blog
    The NAR is scheduled to release Existing Home Sales for February at 10:00 AM on Friday, March 22nd. The consensus is for 5.08 million SAAR, up from 4.94 million in January. Housing economist Tom Lawler estimates the NAR will reports sales of 5.46 million SAAR for February and that inventory will be up 5.7% year-over-year. Based on Lawler's estimate, I expect existing home sales to be well above the consensus for February . Housing economist Tom Lawler has been sending me his predictions of what the NAR will report for almost 9 years.  The table below shows the consensus for each month, Lawler's predictions, and the NAR's initially reported level of sales.  Lawler hasn't always been closer than the consensus, but usually when there has been a fairly large spread between Lawler's estimate and the "consensus", Lawler has been closer. Last month, in January 2018, the consensus was for sales of 5.05 million on a seasonally adjusted annual rate (SAAR) basis. Lawler estimated the NAR would report 4.92 million, and the NAR reported 4.94 million (as usual Lawler was closer than the consensus). NOTE: There have been times when Lawler "missed", but then he pointed out an apparent error in the NAR data - and the subsequent revision corrected that error.  As an example, see: The "Curious Case" of Existing Home Sales in the South in April Over the last almost 9 years, the consensus average miss was 144 thousand, and  Lawler's average miss was 67 thousand. Existing Home Sales, Forecasts and NAR Report millions, seasonally adjusted annual rate basis (SAAR) Month Consensus Lawler NAR reported 1 May-10 6.20 5.83 5.66 Jun-10 5.30 5.30 5.37 Jul-10 4.66 3.95 3.83 Aug-10 4.10 4.10 4.13 Sep-10 4.30 4.50 4.53 Oct-10 4.50 4.46 4.43 Nov-10 4.85 4.61 4.68 Dec-10 4.90 5.13 5.28 Jan-11 5.20 5.17 5.36 Feb-11 5.15 5.00 4.88 Mar-11 5.00 5.08 5.10 Apr-11 5.20 5.15 5.05 May-11 4.75 4.80 4.81 Jun-11 4.90 4.71 4.77...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:04 PM » Beneath Fed's positive spin, an embrace of a tepid future
    Published Thu, Mar 21 2019 1:04 PM by Reuters
    Federal Reserve policymakers see a U.S. economy that is rapidly losing momentum. They predict inflation will miss their 2 percent target for yet another year, despite rising wages, and they expect unemployment to increase.
  • 11:54 AM » IMF supports U.S. Fed's 'patient' halt to rate hikes
    Published Thu, Mar 21 2019 11:54 AM by Reuters
    The International Monetary Fund supports the U.S. Federal Reserve's decision to halt its campaign to raise interest rates as a prudent move amid economic uncertainty, IMF spokesman Gerry Rice said on Thursday.
  • 11:04 AM » Mortgage rates just tanked – and they could go even lower
    Published Thu, Mar 21 2019 11:04 AM by CNBC
    The move in mortgage rates followed Fed Chairman Jerome Powell's announcement that the central bank would end the so-called run-off of bonds from its balance sheet sooner than most expected. That caused the yield on the 10-year Treasury to tumble. Mortgage rates loosely follow that yield.
  • 9:50 AM » Philly Fed Mfg "Improved" in March
    Published Thu, Mar 21 2019 9:50 AM by Calculated Risk Blog
    From the Philly Fed: March 2019 Manufacturing Business Outlook Survey Manufacturing conditions in the region improved this month , according to firms responding to the March Manufacturing Business Outlook Survey. The indicators for general activity, new orders, and shipments returned to positive territory, while the indicator for employment remained positive. Price pressures also moderated, according to the surveyed firms. Most of the survey's indexes for future conditions continued to moderate, but the firms remained generally optimistic about growth over the next six months. The index for current manufacturing activity in the region increased from a reading of -4.1 in February to 13.7 this month . The index nearly recovered its decline from last month, when it dropped to its first negative reading in almost three years . ... The firms continued to add to their payrolls this month. The current employment index, however, decreased from a reading of 14.5 in February to 9.6 this month. emphasis added Here is a graph comparing the regional Fed surveys and the ISM manufacturing index: Click on graph for larger image. The New York and Philly Fed surveys are averaged together (yellow, through March), and five Fed surveys are averaged (blue, through February) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through February (right axis). This suggests the ISM manufacturing index will show expansion again in March, and probably at a slightly faster pace than in February.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:20 AM » Scared of Stocks? Buy a House Instead
    Published Thu, Mar 21 2019 9:20 AM by Bloomberg
    Scared of Stocks? Buy a House Instead    Bloomberg New research shows that real estate is both a better and safer investment than previously believed.
  • 8:49 AM » Weekly Initial Unemployment Claims decreased to 221,000
    Published Thu, Mar 21 2019 8:49 AM by Calculated Risk Blog
    The DOL reported : In the week ending March 16, the advance figure for seasonally adjusted initial claims was 221,000 , a decrease of 9,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 229,000 to 230,000. The 4-week moving average was 225,000, an increase of 1,000 from the previous week's revised average. The previous week's average was revised up by 250 from 223,750 to 224,000. emphasis added The previous week was revised up. The following graph shows the 4-week moving average of weekly claims since 1971. Click on graph for larger image. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 225,000. This was slightly below to the consensus forecast.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:05 AM » Bank of England holds interest rates steady amid Brexit chaos
    Published Thu, Mar 21 2019 8:05 AM by CNBC
    The Bank of England (BOE) held interest rates steady on Thursday, amid intensifying uncertainty over Britain's departure date from the European Union.
  • 8:02 AM » Global stocks wilt as Fed shift sparks stampede into bonds
    Published Thu, Mar 21 2019 8:02 AM by Reuters
    European shares wilted and there was a stampede into bonds on Thursday, after the U.S. Federal Reserve's abandonment of all plans to raise rates this year left traders wondering what might be lurking in the shadows.
  • 8:02 AM » Inside the Fed's balance sheet in four charts
    Published Thu, Mar 21 2019 8:02 AM by Reuters
    The Federal Reserve will remain the top holder of U.S. Treasuries for the foreseeable future after the central bank said it would stop shrinking its $4 trillion balance sheet by the end of September.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.34%
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  • 15 Yr FRM 4.04%
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  • Jumbo 30 Year Fixed 4.25%
MBS Prices:
  • 30YR FNMA 4.5 103-29 (0-02)
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  • 30YR FNMA 5.0 105-09 (0-01)
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  • 30YR FNMA 5.5 106-24 (0-11)
Recent Housing Data:
  • Mortgage Apps -2.47%
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  • Refinance Index -2.02%
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  • Purchase Index -2.63%