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  • Wed, Jul 29 2015
  • 3:34 PM » What changed in new Fed statement
    Published Wed, Jul 29 2015 3:34 PM by CNBC
    This is a comparison of today's FOMC statement with the one issued after the Fed's previous policy-making meeting on June 17.
  • 3:33 PM » Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds
    Published Wed, Jul 29 2015 3:33 PM by Bloomberg
    Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds Bloomberg Bond-fund managers may debate the exact reason for the deterioration in market liquidity, but one thing is clear: they're highly concerned about it. And many aren't waiting to find out the potential implications of suddenly being unable to quickly ... and more »
  • 3:33 PM » Why Rent-to-Own Homes Are Making a Comeback
    Published Wed, Jul 29 2015 3:33 PM by Bloomberg
    Bloomberg Why Rent-to-Own Homes Are Making a Comeback Bloomberg Bloomberg's Pimm Fox reports on the resurgence of rent-to-own U.S. homes. He speaks on "Bloomberg Markets." (Source: Bloomberg). Related. Dorsey's Candid Comments Sink Twitter Shares. Most Recent Videos. Why Rent-to-Own Homes Are Making a ...
  • 3:33 PM » Whether They Rent or Buy, Millennials Don't Want to Drive
    Published Wed, Jul 29 2015 3:33 PM by www.realtor.com
    A report from the National Association of Realtors says millennials want to live in walkable communities. The post Whether They Rent or Buy, Millennials Don’t Want to Drive appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:48 PM » The Shaky Foundation For U.S. Housing-Price Growth
    Published Wed, Jul 29 2015 1:48 PM by WSJ
    Home prices have been rising at twice the rate of income growth and inflation, and something will have to give.
  • 1:48 PM » Christine Lagarde plays down beef with Janet Yellen over rate-hike timing
    Published Wed, Jul 29 2015 1:48 PM by Market Watch
    Christine Lagarde, the managing director of the IMF, played down her differences with Fed Chairwoman Janet Yellen over the timing of the U.S. central bank's first rate hike since 2006.
  • 11:23 AM » Analyzing every word Yellen has said
    Published Wed, Jul 29 2015 11:23 AM by CNBC
    CNBC's Big Crunch analyzed every single word from Fed Chair Janet Yellen. Here are the insights from those press conferences.
  • 11:22 AM » 72% of struggling borrowers rejected from federal mortgage-assistance program
    Published Wed, Jul 29 2015 11:22 AM by Market Watch
    Mortgage servicers reject 72% of struggling borrowers from a federal program aimed at creating more affordable monthly mortgage payments.
  • 8:47 AM » A Split Decision Looms from Fed on Job and Inflation Goals
    Published Wed, Jul 29 2015 8:47 AM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Wednesday, July 29, 2015. Jon Hilsenrath sees the Fed likely facing a "cliffhanger" policy meeting in September amid mixed signals from the jobs market and inflation.
  • 8:47 AM » Play defense ahead of Fed rate hike: Strategist
    Published Wed, Jul 29 2015 8:47 AM by CNBC
    Investors should play defense heading into the expected Federal Reserve interest rate tightening cycle, BlackRock's Jeff Rosenberg says.
  • Tue, Jul 28 2015
  • 11:35 PM » Fed meeting may bring more volatility
    Published Tue, Jul 28 2015 11:35 PM by CNBC
    No matter how much it tries to avoid it, the Fed could get markets spinning on a fresh round of rate hike speculation Wednesday.
  • 11:28 PM » Where Rents Are Eating Up a Bigger Share of Income
    Published Tue, Jul 28 2015 11:28 PM by WSJ
    Rents are growing faster than incomes in many parts of the U.S., squeezing household budgets.
  • 11:24 PM » Wednesday: FOMC, Pending Home Sales
    Published Tue, Jul 28 2015 11:24 PM by Calculated Risk Blog
    A few excerpts from an FOMC preview by Goldman Sachs economist Zach Pandl: The July 28-29 FOMC meeting is shaping up to be the calm before the storm. Short-term interest rate markets imply a zero probability that the committee will raise policy rates next week, but show a high likelihood of at least one hike before the end of the year. Thus, although changes to the stance of policy look very unlikely, the upcoming statement will be closely watched for any clues on the precise timing of liftoff (we continue to see December as most likely). We will be focused on three main items: ... • First, the description of economic conditions will likely acknowledge the decline in the unemployment rate. We expect the statement to drop its prior reference to stable oil prices, but to leave other comments about inflation unchanged. • Second, we do not expect additional language intended to prepare for rate hikes in the statement. In 2004 the FOMC used the "measured" phrase for this purpose, but Fed Chair Yellen downplayed the need for new guidance at the June press conference. A change along these lines is a risk for next week, however. • Third, we do not expect dissents, but see them as a risk from President Evans (dovish) and President Lacker (hawkish). Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 10:00 AM, Pending Home Sales Index for June . The consensus is for a 1.0% increase in the index. • Also at 2:00 PM, FOMC Meeting Announcement . No change is expected to policy.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:24 PM » Fed Decision Day Guide: September Signals, Lacker Dissent, Jobs
    Published Tue, Jul 28 2015 4:24 PM by Bloomberg
    Bloomberg Fed Decision Day Guide: September Signals, Lacker Dissent, Jobs Bloomberg Here's what to look for when the Federal Open Market Committee releases its policy statement at 2 p.m. Wednesday in Washington following a two-day meeting. -- September signal: While economists in a Bloomberg survey saw virtually no chance of an ... and more »
  • 4:22 PM » 5 Things D.R. Horton's Results Tell Us About the New-Home Market
    Published Tue, Jul 28 2015 4:22 PM by WSJ
    A closer look at D.R. Horton's strong results reveals cause for mild concern that the home-building recovery might be losing momentum.
  • 3:26 PM » China not a major factor for Fed: Richard Fisher
    Published Tue, Jul 28 2015 3:26 PM by CNBC
    The Fed is watching what's happening in China, but it won't necessarily impact the rate hike timing, former Dallas Fed President Richard Fisher said.
  • 2:15 PM » Fannie Selling Guide Update
    Published Tue, Jul 28 2015 2:15 PM by Fannie Mae
    Over the years, Fannie Mae has purchased mortgage loans involving community land trusts, properties with resale restrictions, and Community Seconds® with a subsidized sales price. However, because these transactions use an alternative LTV ratio determination, Fannie Mae required that they be manually underwritten and using Desktop Underwriter® (DU®) was not an option.
  • 1:28 PM » Fed hike will 'crush' housing: Analyst
    Published Tue, Jul 28 2015 1:28 PM by CNBC
    Housing looks so weak that the Fed will not be comfortable starting its interest rate tightening cycle, Mark Hanson said.
  • 10:48 AM » Home ownership rates drop to lowest since 1967
    Published Tue, Jul 28 2015 10:48 AM by CNBC
    Home ownership took a huge drop to 63.4 percent in the second quarter. The drop marks the lowest rate since 1967, according to the Census Bureau.
  • 8:50 AM » The Myth of New Orleans's Affordability
    Published Tue, Jul 28 2015 8:50 AM by The Atlantic
    Cities with "cheap" housing aren't cheap if most wages are relatively low.
  • 8:48 AM » Are Home Prices Again Breaking Records? Not Really
    Published Tue, Jul 28 2015 8:48 AM by WSJ
    The monthly home sales report made a big splash with the news that median home prices in June had broken the record set in 2006 at the peak of the housing bubble. Does this mean we have another problem on our hands?
  • Mon, Jul 27 2015
  • 11:16 PM » Treasuries Are Stars of the Markets as Traders See Deflation
    Published Mon, Jul 27 2015 11:16 PM by Bloomberg
    Treasuries Are Stars of the Markets as Traders See Deflation Bloomberg Treasuries are becoming the stars of the financial markets as tumbling commodities and stocks raise concern inflation will turn to deflation. U.S. government securities have returned 1 percent in July, headed for their biggest gain since January, based ...
  • 11:16 PM » Tuesday: Case-Shiller House Prices, Richmond Fed Mfg Survey
    Published Mon, Jul 27 2015 11:16 PM by Calculated Risk Blog
    Tuesday: • At 9:00 AM ET, the S&P/Case-Shiller House Price Index for May. Although this is the May report, it is really a 3 month average of March, April and May prices. The consensus is for a 5.6% year-over-year increase in the Comp 20 index for April. The Zillow forecast is for the National Index to increase 4.0% year-over-year in May. • At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for July. • Also at 10:00 AM, Q2 Housing Vacancies and Homeownership survey. To put the recent 5 day sell-off in perspective, here is a graph (click on graph for larger image) from Doug Short and shows the S&P 500 since the 2007 high ...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:00 PM » Student Debt isn't Stopping Millennials from Buying
    Published Mon, Jul 27 2015 3:00 PM by www.builderonline.com
    Student debt isn't holding back millennials who want to enter the housing market, according to a new academic study reported by Fortune's Chris Matthews.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 1:14 PM » Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays
    Published Mon, Jul 27 2015 1:14 PM by NY Fed
    Sewin Chan, Andrew Haughwout, Andrew Hayashi, and Wilbert van der Klaauw. Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays. Federal Reserve Bank of New York Staff Reports Staff Report Number 732, June 2015.
  • 11:11 AM » Challenge to CFPB's constitutionality reemerges
    Published Mon, Jul 27 2015 11:11 AM by www.cfpbmonitor.com
    Barbara S. Mishkin The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al., reversed the district court and ruled that the bank had standing to challenge the constitutionality... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 11:11 AM » Dallas Fed: "Texas Manufacturing Slump Moderates"
    Published Mon, Jul 27 2015 11:11 AM by Calculated Risk Blog
    From the Dallas Fed: Texas Manufacturing Slump Moderates, Outlooks Improve Texas factory activity declined slightly in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, remained negative but rose for a second month in a row to -1.9, suggesting further moderation in the decline in manufacturing output. ... Perceptions of broader business conditions were mixed. The general business activity index remained negative , but it rose for a second month in a row and reached -4.6 in July . Manufacturers expect improved conditions ahead. The company outlook index surged nearly nine points and posted its first positive reading in seven months, coming in at 1.2. Labor market indicators reflected slight employment declines and shorter workweeks. The July employment index was negative for a third month in a row and edged down to -3.3 . emphasis added The Dallas region has been especially hard hit by the decline in oil prices. This survey might be more negative in August since oil prices have declined again.  The Richmond Fed survey (last of the regional Fed surveys for July) will be released tomorrow.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:26 AM » Black Knight: House Price Index up 1.1% in May, 5.1% year-over-year
    Published Mon, Jul 27 2015 9:26 AM by Calculated Risk Blog
    Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted . From Black Knight: U.S. Home Prices Up 1.1 percent for the Month; Up 5.1 Percent Year-Over-Year Today, the Data and Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) released its latest Home Price Index (HPI?) report, based on May 2015 residential real estate transactions. The Black Knight HPI combines the company's extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales. For a more in-depth review of this month's home price trends, including detailed looks at the 20 largest states and 40 largest metros, please download the full Black Knight HPI Report . The Black Knight HPI increased 1.1% percent in May, and is off 6.5% from the peak in June 2006 (not adjusted for inflation). The year-over-year increase in the index has been about the same for the last eight months. The press release has data for the 20 largest states, and 40 MSAs. Black Knight shows prices off 39.3% from the peak in Las Vegas, off 32.5% in Orlando, and 28.1% off from the peak in Riverside-San Bernardino, CA (Inland Empire). Prices are at new highs in New York, Tennessee and Texas, and several other cities around the country. Note: Case-Shiller for May will be released tomorrow.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:39 AM » Business capital spending gauge rebounds
    Published Mon, Jul 27 2015 8:39 AM by CNBC
    Business capital spending gauge rebounds<br/>http://www.cnbc.com/2015/07/27/us-durable-goods-orders-june-2015.html
  • 8:36 AM » Median-Priced Homes: What You Can Buy Right Now for $232,000
    Published Mon, Jul 27 2015 8:36 AM by www.realtor.com
    According to realtor.com® data, the national median home price was $232,000 in June 2015. We discovered eight homes currently for sale at that price. The post Median-Priced Homes: What You Can Buy Right Now for $232,000 appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:34 AM » We All Benefit from Affordable Rental Housing, but It's Harder to Find
    Published Mon, Jul 27 2015 8:34 AM by Freddie Mac
    By Multifamily VP David Leopold A home helps to keep families stable and connected with each other and their communities. Finding an affordable place to rent that’s close to work is becoming increasingly difficult across the country. In no state can a full-time minimum wage worker afford market-rate rent for a one- or two-bedroom apartment. Read More
  • 8:32 AM » Treasurys on firm footing, Fed in focus
    Published Mon, Jul 27 2015 8:32 AM by CNBC
    U.S. sovereign bonds rallied on Monday, as a sell-off in global stock markets and commodities lifted demand for safe-haven assets.
  • Sun, Jul 26 2015
  • 10:27 PM » The Bond Market's Got It All Wrong When It Comes to Biggest Foe - Bloomberg ... - Bloomberg
    Published Sun, Jul 26 2015 10:27 PM by Bloomberg
    Bloomberg The Bond Market's Got It All Wrong When It Comes to Biggest Foe - Bloomberg ... Bloomberg Inflation is the big enemy of the bond market. But bond investors, it turns out, tend to overestimate their foe. Since at least 1999, inflation has rarely been as bad as the $12.7 trillion Treasury market has suggested, data compiled by Bloomberg show ...
  • Fri, Jul 24 2015
  • 5:00 PM » 'Rising confidence' helping housing: Pimco exec
    Published Fri, Jul 24 2015 5:00 PM by CNBC
    Pimco's chief investment officer for global credit, Mark Kiesel, is bullish on the housing sector and told CNBC on Friday that "rising confidence" is why.
  • 3:54 PM » Salary Gap Widens as Top Workers in Specialized Fields Reap Rewards
    Published Fri, Jul 24 2015 3:54 PM by rss.nytimes.com
    For most American workers, including many college graduates, the economic recovery has not meant significantly higher wages, research shows.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 3:51 PM » Nomura on Q2 GDP and Annual Revision
    Published Fri, Jul 24 2015 3:51 PM by Calculated Risk Blog
    A few excerpts from a research note by economists at Nomura: Q2 GDP, first estimate (Thursday): Economic activity in Q2 bounced back after slowing in Q1. However, some factors such as low energy prices and the strong dollar likely continued to weigh on business activity. We expect the BEA to report that the rebound in activity was concentrated in the consumer, housing and government sectors. As such we forecast a 2.8% increase in Q2 GDP, with real final sales growing by 3.1% as we expect inventory investment to subtract 0.3pp from GDP growth. The annual revisions to GDP will also be released. Revisions will be mostly applied to data between 2012 and Q1 2015. The most notable features the annual revisions will introduce are 1) the average of GDP, gross domestic income and final sales, 2) an upgrade to its presentation of exports and imports, and 3) improvements to seasonal adjustment of certain GDP components. Furthermore, our work suggests that there is material residual seasonality in top-line GDP in Q1, as it tends to be below trend due to strong seasonal patterns in defense spending. Therefore, we might see some revision to the distribution of GDP growth in the first part of this year. As such, there is more uncertainty around the Q2 GDP estimate than usual. Earlier on GDP: Merrill on the Annual GDP Revision and Q2 GDP
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:39 PM » Boston public retirees sue major banks over price gouging on U.S. bonds
    Published Fri, Jul 24 2015 1:39 PM by Market Watch
    Lawsuit against multiple banks over Treasuries price manipulation; Clinton wishy-washy on Glass-Steagall reinstatement; Treasury systems vulnerable to cybercrime; and Grasley asks Red Cross why so secretive.
  • 12:07 PM » Rare glimpse inside Fed shows staff expects funds rate to reach 0.35% in the fourth quarter
    Published Fri, Jul 24 2015 12:07 PM by Market Watch
    WASHINGTON (MarketWatch) - In a rare glimpse inside the Federal Reserve, the staff of the central bank told officials six weeks ago that they expect the key federal funds rate to reach 0.35% at the end of the year, signaling that officials will only raise rates once in 2015, according to documents released Friday. The disclosure came in staff forecasts inadvertently released on the central bank's website late last month. Usually, Fed staff projections for interest rates are kept confidential for five years. Once the leak was discovered, the Fed said it decided to publicly release the material. According to the projections, Fed staff saw the funds rate rising to 0.35% by the end of 2015, compared with the current range of zero to 0.25%. Staff also expected to see rates rise gradually to 1.26% by the end of 2016 and 2.12% by the end of 2017 before hitting 3.34% by end of 2020. The Fed staff projected no sharp move in 10-year Treasury bond rates as the Fed tightened policy. Instead, bond rates would reach 2.63% in the fourth quarter of this year, 3.14% by the end of 2016 and 4.20% by the end of 2020, according to the projections.
  • 10:48 AM » Freddie Mac Prices $98 Million Q-Deal Multifamily Securities Offering
    Published Fri, Jul 24 2015 10:48 AM by freddiemac.mwnewsroom.com
    Freddie Mac Prices $98 Million Q-Deal Multifamily Securities Offering
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:17 AM » U.S. new home sales fall to seven-month low
    Published Fri, Jul 24 2015 10:17 AM by Reuters
    WASHINGTON (Reuters) - - New U.S. single-family home sales fell in June to their lowest level in seven months and
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