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  • Fri, Apr 29 2016
  • 4:32 PM » Fannie Mae: Mortgage Serious Delinquency rate declined in March, Lowest since June 2008
    Published Fri, Apr 29 2016 4:32 PM by Calculated Risk Blog
    Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in March to 1.44%, down from 1.52% in February. The serious delinquency rate is down from 1.78% in March 2015. This is the lowest rate since June 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Note: Freddie Mac has not reported for March yet. Click on graph for larger image The Fannie Mae serious delinquency rate has only fallen 0.34 percentage points over the last year - the pace of improvement has slowed - and at that pace the serious delinquency rate will not be below 1% until 2017. The "normal" serious delinquency rate is under 1%, so maybe Fannie Mae serious delinquencies will be close to normal some time in late 2017.  This elevated delinquency rate is mostly related to older loans - the lenders are still working through the backlog.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:32 PM » Freddie Mac may need another taxpayer bailout next week
    Published Fri, Apr 29 2016 4:32 PM by Market Watch
    The mortgage giant under government control is likely to report a big quarterly loss thanks to interest rate derivative bets.
  • 2:34 PM » Breaking up the big banks won't stop another financial crisis
    Published Fri, Apr 29 2016 2:34 PM by webfeeds.brookings.edu
    In debating whether or not to break up the big banks, there is a key misconception that has to be put to rest by both sides: another financial crisis will occur, regardless. Financial crises are part of the economic framework of capitalism, whether they are based on Dutch tulip mania in the 1600s, the Panic of 1907 with runs on banks and trusts,, the savings and loan debacle of the 1980s, or the subprime mortgage meltdown of the last decade. History is clear, there is no magic solution to end financial crises based on the size or number of banks in a country. What you can do is guard against financial crises, reducing their likelihood and mitigating their severity when they do occur. That is precisely what the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) tries to accomplish. Dodd-Frank enhanced bank regulators’ authority and responsibility to better regulate financial institutions, with extra emphasis on the largest, most risky and most complex banks. It created new authority to regulate large non-bank financial institutions whose failure could threaten the nation’s financial stability (such as AIG during the last crisis). Importantly, Dodd-Frank created a new Consumer Financial Protection Bureau (CFPB) to regulate the practices of the Big Banks, and set and enforce consumer protections for many financial services products -- regardless of whether they be offered by a bank or another lender. Remember: much of the subprime mortgage machine that caused the financial crisis occurred outside of the commercial banking system. Another major innovation in Dodd-Frank was to give the financial watchdogs in Washington new tools to help them wind down large, complex financial institutions that run into trouble in an orderly way so as not to cause a financial panic nor require a bailout. This regime has not been tested yet, although at some point, it will be. I share the optimism of many that this new regime will succeed when...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 2:34 PM » Lawler:Updated Table of Distressed Sales and All Cash Sales for Selected Cities in March
    Published Fri, Apr 29 2016 2:34 PM by Calculated Risk Blog
    Economist Tom Lawler sent me an updated table below of short sales, foreclosures and all cash sales for selected cities in March. On distressed: Total "distressed" share is down in all of these markets. Short sales and foreclosures are down in all of these areas. The All Cash Share (last two columns) is mostly declining year-over-year. As investors continue to pull back, the share of all cash buyers continues to decline.   Short Sales Share Foreclosure Sales Share Total "Distressed" Share All Cash Share Mar- 2016 Mar- 2015 Mar- 2016 Mar- 2015 Mar- 2016 Mar- 2015 Mar- 2016 Mar- 2015 Las Vegas 5.9% 8.3% 7.1% 9.3% 13.0% 17.6% 27.7% 32.4% Reno*             21.0% 23.2% Omaha         &
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:13 AM » Fed's Kaplan Speaks: Economic Growth, Rates and Oil - Bloomberg
    Published Fri, Apr 29 2016 11:13 AM by Bloomberg
    Bloomberg Fed's Kaplan Speaks: Economic Growth, Rates and Oil Bloomberg Federal Reserve Bank of Dallas President Robert Kaplan talks about economic growth, the outlook for rates and oil prices. He speaks at an event in London. (Source: Bloomberg). Related. Bill Gross: Smart Investors Know There's Something Wrong ...
  • 11:13 AM » Consumer sentiment edges lower in April
    Published Fri, Apr 29 2016 11:13 AM by CNBC
    Consumers were feeling a bit less optimistic in April, according to a recent survey.
  • 10:23 AM » Equity funds see more outflows as investors trim risk: BAML
    Published Fri, Apr 29 2016 10:23 AM by Reuters
    LONDON (Reuters) - Investors continued to trim risk exposure in the past week, dumping stocks and putting money to work in bonds, Bank of America Merrill Lynch (BAML) said on Friday, warning of a possible "summer of shocks" ahead.
  • 9:15 AM » Does your homeowners insurance fully cover you for these seven common claims?
    Published Fri, Apr 29 2016 9:15 AM by CNBC
    Your homeowners or renters insurance policy may not be as disaster-ready as you think. How to fill in the gaps.
  • 9:15 AM » U.S. inflation retreats on soft consumer spending
    Published Fri, Apr 29 2016 9:15 AM by Reuters
    WASHINGTON, April 29 (Reuters) - - U.S. inflation barely rose in March as consumer spending remained tepid, making it less likely that the Federal Reserve will be able to hike interest rates twice this year.
  • 8:38 AM » Fed's Kaplan says he will advocate for raising interest rates gradually
    Published Fri, Apr 29 2016 8:38 AM by Reuters
    LONDON (Reuters) - Dallas Federal Reserve President, Robert Kaplan, on Friday pledged to push for gradual increases in the U.S. benchmark interest rate, as long as inflation continues to rise and the U.S. economy remains near full employment.
  • 8:37 AM » US inflation retreats on soft consumer spending
    Published Fri, Apr 29 2016 8:37 AM by CNBC
    U.S. inflation barely rose in March as spending remained tepid, making it less likely that the Fed will be able to hike rates twice this year.
  • 8:35 AM » Morgan Stanley Says Treasuries Set to Gain as Fed Holds Rates
    Published Fri, Apr 29 2016 8:35 AM by Bloomberg
    Bloomberg Morgan Stanley Says Treasuries Set to Gain as Fed Holds Rates Bloomberg Treasuries are poised to gain through the third quarter and the odds of a Federal Reserve rate increase in June are declining, according to Morgan Stanley. U.S. 10-year yields will drop to 1.45 percent by Sept. 30, according to the "base case" forecast ... and more »
  • Thu, Apr 28 2016
  • 3:54 PM » Wall St fumes at Fed's global mandate
    Published Thu, Apr 28 2016 3:54 PM by CNBC
    In its quest to find the right time to raise rates, the Fed has discovered a third mandate: creating a perfect world.
  • 3:53 PM » The O.C. Reigns Supreme in This Week's Most Expensive New Listings
    Published Thu, Apr 28 2016 3:53 PM by www.realtor.com
    When we examined this week's most expensive new listings on realtor.com®, we found the top spots dominated by gated mansions in the land of sun and surf. The post The O.C. Reigns Supreme in This Week’s Most Expensive New Listings appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:53 PM » Gen-X Homeownership Continues Rising in the First Quarter of 2016
    Published Thu, Apr 28 2016 3:53 PM by eyeonhousing.org
    The homeownership rate for Generation X was 58.9% in the first quarter of 2016, up by 0.5% on a year-over-year basis, while homeownership rates continued to decline for other age groups. According to the Census Bureau's Housing Vacancy Survey (HVS), the nation's homeownership rate in the first quarter of 2016 was 63.5%, down by 20 basis points on a nonseasonally... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 1:50 PM » GDP stumble will keep Fed guessing
    Published Thu, Apr 28 2016 1:50 PM by CNBC
    The slowdown in the U.S. economy at the start of 2016 could prompt the Fed to slow its move to raise interest rates.
  • 1:49 PM » CBRE CEO: Solid Real-Estate Fundamentals Driving Growth
    Published Thu, Apr 28 2016 1:49 PM by Bloomberg
    Bloomberg CBRE CEO: Solid Real-Estate Fundamentals Driving Growth Bloomberg Robert Sulentic, chief executive officer at CBRE Group, discusses first-quarter results, solid real estate fundamentals, and how the tech industry is driving growth in the New York City market. He speaks on "Bloomberg Markets." (Source: Bloomberg) ...
  • 1:49 PM » Bond Traders Focus on Inflation Uptick as Treasuries Erase Gains
    Published Thu, Apr 28 2016 1:49 PM by Bloomberg
    Bond Traders Focus on Inflation Uptick as Treasuries Erase Gains Bloomberg Treasuries fluctuated, erasing earlier gains, after data showed a measure of inflation climbed in the first quarter by the most since 2012 even as the U.S. economy expanded at the slowest pace in two years. Benchmark 10-year notes were little changed ... and more »
  • 12:22 PM » Homeownership near its lowest in history
    Published Thu, Apr 28 2016 12:22 PM by CNBC
    After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent in the first quarter of this year.
  • 10:48 AM » America's great housing divide: Are you a winner or loser?
    Published Thu, Apr 28 2016 10:48 AM by Washington Post
    America's great housing divide: Are you a winner or loser?<br/>https://www.washingtonpost.com/news/wonk/wp/2016/04/28/americas-great-housing-divide-are-you-a-winner-or-loser/
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:08 AM » Mortgage Rates Inch Up
    Published Thu, Apr 28 2016 10:08 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Inch Up
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 8:49 AM » US economy stalls in first quarter as activity weakens broadly
    Published Thu, Apr 28 2016 8:49 AM by CNBC
    U.S. economic growth braked sharply to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports.
  • 8:46 AM » CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers
    Published Thu, Apr 28 2016 8:46 AM by www.cfpbmonitor.com
    Barbara S. Mishkin The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about mortgages in December 2011. General findings include the following: As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016. As... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 7:56 AM » America's 20 Hottest Markets for Real Estate in April 2016
    Published Thu, Apr 28 2016 7:56 AM by www.realtor.com
    The Midwest is making a comeback, according to realtor.com's new report on the nation's hottest markets-and that's good news for the country overall. The post America’s 20 Hottest Markets for Real Estate in April 2016 appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • Wed, Apr 27 2016
  • 3:14 PM » Fed leaves rates unchanged
    Published Wed, Apr 27 2016 3:14 PM by CNBC
    Financial markets were not expecting the Federal Open Market Committee to raise rates during its meeting this week.
  • 1:53 PM » Fisher to Fed: Suck it up and hike
    Published Wed, Apr 27 2016 1:53 PM by CNBC
    An interest rate hike will cause market pain, but the Federal Reserve should get it over with, Richard Fisher says.
  • 12:08 PM » U.S. Housing Market Shows Positive Trends
    Published Wed, Apr 27 2016 12:08 PM by freddiemac.mwnewsroom.com
    U.S. Housing Market Shows Positive Trends
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 12:08 PM » Wall Street sees divided Fed: Survey
    Published Wed, Apr 27 2016 12:08 PM by CNBC
    CNBC Fed Survey respondents view the gap on monetary policy views between Yellen and Fischer as significant and growing.
  • 12:07 PM » Zillow Forecast: Expect Slower Growth in March for the Case-Shiller Indexes
    Published Wed, Apr 27 2016 12:07 PM by Calculated Risk Blog
    The Case-Shiller house price indexes for February were released yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Zillow: March Case-Shiller Forecast: Expect the Slowdown to Continue All three headline S&P/Case-Shiller Home Price Indices grew at a slightly slower pace in February compared to January, and the slowdown should extend into March, according to Zillow's March Case-Shiller forecast. The March Case-Shiller National Index is expected to gain another 0.3 percent in March from February, down from 0.4 percent growth in February from January. We expect the 10-City Index to grow 4.3 percent year-over-year in March, and the 20-City Index to grow 5 percent over the same period, down from annual growth of 4.6 percent and 5.4 percent in February, respectively. The National Index looks set to rise 5.3 percent year-over-year in March, equal to February's annual growth. Zillow's March Case-Shiller forecast is shown in the table below. These forecasts are based on today's February Case-Shiller data release and the March 2016 Zillow Home Value Index (ZHVI) . The March Case-Shiller Composite Home Price Indices will not be officially released until Tuesday, May 31. The year-over-year change for the 10-city and 20-city indexes will probably be lower in the March report than in the February report.  The change for the National Index will probably be about the same.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:59 AM » The Fed: A Fed comment on outlook would be like ‘shouting in a library'
    Published Wed, Apr 27 2016 9:59 AM by Market Watch
    The Federal Reserve won't say very much in its statement Wednesday because whatever it says would be like shouting in a library, one analyst said.
  • 9:58 AM » Former Move Execs Defend Actions In Switch to Zillow
    Published Wed, Apr 27 2016 9:58 AM by Realtor.Org
    A lot of courtroom drama in Seattle two weeks ago when two former realtor.com executives, Errol Samuelson and Curt Beardsley, took the stand in King County Superior Court to defend their handling of computer files when they left the listing site to join rival Zillow.com back in 2014. The executives are defendants in a lawsuit by […]
  • 7:59 AM » U.S. Renters Worry More Than Homeowners About Housing Costs
    Published Wed, Apr 27 2016 7:59 AM by www.gallup.com
    U.S. renters are nearly twice as likely as homeowners to say they worry about not being able to pay their housing costs, 49% to 25%. Renters at all income levels worry more than homeowners.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 7:56 AM » Why Wells Fargo Finally Joined the Bond World's Most Select Club
    Published Wed, Apr 27 2016 7:56 AM by Bloomberg
    Why Wells Fargo Finally Joined the Bond World's Most Select Club Bloomberg At a time when Wall Street banks say they're running out of reasons to trade with the U.S. government, Wells Fargo & Co. is jumping into the market. For Wells Fargo, though, it's not so much about dealing with the U.S. itself as it is about the other ...
  • 7:56 AM » What Gives? Traders Bet Fed Shift on Hold Yet Treasuries Retreat
    Published Wed, Apr 27 2016 7:56 AM by Bloomberg
    What Gives? Traders Bet Fed Shift on Hold Yet Treasuries Retreat Bloomberg Traders are betting the Federal Reserve will delay raising interest rates when a two-day policy meeting ends Wednesday, and that ought to be welcome news in the Treasury market. Investors instead have suffered seven straight days of losses, the longest ...
  • Tue, Apr 26 2016
  • 5:00 PM » The $13 Trillion Question : Managing the U.S. Government's Debt
    Published Tue, Apr 26 2016 5:00 PM by webfeeds.brookings.edu
    Brookings Institution Press 2015 135pp. Everyone talks about the size of the U.S. national debt: now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world’s largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury’s decisions about whether to borrow short or long term and what types of bonds to sell to investors. What is the best way for the Treasury to finance the government’s huge debt? Harvard’s Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying a lot of long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds. This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing. David Wessel is director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution and a contributing correspondent to the Wall Street Journal , where he was an editor, columnist, and reporter for thirty years.  A course centered on  The $13 Trillion Question  is available on our new iTunes U channel, Brookings 101 .  ABOUT THE EDITOR David Wessel Downloads Table of Contents Chapter One Ordering Information: {9ABF977A-E4A6-41C8-B030-0FD655E07DBF}, 9780815727057, $20.00 Add to Cart                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 5:00 PM » What Neighbors Are Complaining About Now: Zombies
    Published Tue, Apr 26 2016 5:00 PM by www.realtor.com
    A Nashville, TN, couple may have dug their own graves with their homeowners association by placing a zombie sculpture in their front yard. The post What Neighbors Are Complaining About Now: Zombies appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 2:27 PM » Real Prices and Price-to-Rent Ratio in February
    Published Tue, Apr 26 2016 2:27 PM by Calculated Risk Blog
    Here is the earlier post on Case-Shiller: Case-Shiller: National House Price Index increased 5.3% year-over-year in February Note: There was an error in the Case-Shiller press release this morning. From the press release : "Fourteen of 20 cities reported increases in February before seasonal adjustment; after seasonal adjustment, only 10 cities increased for the month." The NSA count is correct (14 of 20 cities increased before seasonal adjustment), but the SA number is incorrect. After seasonal adjustment, all 20 cities increased in February (not 10). The year-over-year increase in prices is mostly moving sideways now around 5%. In February, the index was up 5.3% YoY. In the earlier post , I graphed nominal house prices, but it is also important to look at prices in real terms (inflation adjusted).  Case-Shiller, CoreLogic and others report nominal house prices.  As an example, if a house price was $200,000 in January 2000, the price would be close to $273,000 today adjusted for inflation (36%).  That is why the second graph below is important - this shows "real" prices (adjusted for inflation). It has been almost ten years since the bubble peak.  In the Case-Shiller release this morning, the National Index was reported as being 3.0% below the bubble peak.    However, in real terms, the National index is still about 17% below the bubble peak. Nominal House Prices The first graph shows the monthly Case-Shiller National Index SA, the monthly Case-Shiller Composite 20 SA, and the CoreLogic House Price Indexes (through February) in nominal terms as reported. In nominal terms, the Case-Shiller National index (SA) is back to November 2005 levels, and the Case-Shiller Composite 20 Index (SA) is back to April 2005 levels, and the CoreLogic index (NSA) is back to July 2005. Real House Prices The second graph shows the same three indexes in real terms (adjusted for inflation using CPI less Shelter...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:27 PM » Fed would be crazy to raise rates now
    Published Tue, Apr 26 2016 2:27 PM by CNBC
    It would be absurd for the Fed to raise rates now, says Stephen Kalayjian. Here's why.
  • 2:25 PM » 'Credit Is a Double-Edged Sword'
    Published Tue, Apr 26 2016 2:25 PM by The Atlantic
    When it comes to middle-class financial woes, Mehrsa Baradaran, a law professor and author of How the Other Half Banks, notes the shifts in how lenders and borrowers look at credit: Marquette [ the Supreme Court decision Neal Gabler discusses ] marked a pivotal cultural shift. Not only did it render centuries of interest-rate caps practically meaningless, it de-stigmatized the practice of usury. Usury laws were designed to protect vulnerable borrowers from exploitative lenders trying to profit from their distress. Once the caps were lifted, so was the shame of charging high interest on loans. Today, payday, subprime, and credit card lenders peddle predatory products under the cover of law. Meanwhile, the stigma was placed on the borrowers. Financial gurus began to label borrowers of high cost loans as short-sighted or weak-willed even as many were forced to borrow to survive. Instead of placing the burden on lenders to offer humane terms, we shifted the burden to borrowers to avoid making any financial steps that might necessitate an emergency loan. Typical of this borrower shaming was the public anger unleashed on underwater mortgage holders after the financial crisis. The press and media vented over their neighbors' irresponsible house flipping while the lender banks who had displayed just as much stupidity and irresponsibility were spared the moralizing. Credit is a double-edged sword. For most Americans, low-cost credit has been the only path to prosperity. On the flip side, high-cost debt can lead to financial ruin. For the post-war generation, credit was a way to wealth. Thanks to several government programs, GIs took out low interest loans to buy homes and educations that, coupled with abundant job possibilities, provided financial security. Credit was the ladder of social mobility. Today, high-interest credit coupled with wage stagnation is a chute covered in sharp and dangerous objects that leads to financial insecurity. Americans used to borrow to attain...
  • 11:36 AM » U.S. economy seen growing 0.4 percent in first quarter: Atlanta Fed
    Published Tue, Apr 26 2016 11:36 AM by Reuters
    NEW YORK (Reuters) - The U.S. economy is growing at a 0.4 percent pace in the first quarter following the latest data on home resales and durable goods orders, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.
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