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  • Fri, Sep 25 2020
  • 4:53 PM » September Vehicle Sales Forecast: 5% Year-over-year Decline
    Published Fri, Sep 25 2020 4:53 PM by Calculated Risk Blog
    From Wards: U.S. Light Vehicle Sales & Inventory Forecast, September 2020 (pay content) Click on graph for larger image. This graph shows actual sales from the BEA (Blue), and Wards forecast for September (Red). Sales have bounced back from the April low, but are still down year-over-year. The Wards forecast of 16.2 million SAAR, would be up 6.6% from August, and down 5.2% from September 2019. This would put sales in 2020, through September, down about 18% compared to the same period in 2019.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:45 PM » Charts of the Week: Federal debt, middle-class income, rental housing distress
    Published Fri, Sep 25 2020 3:45 PM by webfeeds.brookings.edu
    In this edition of Charts of the Week: COVID-19's impact on the federal debt and renters' ability to pay; plus the middle-class income growth decline. COVID-19 AND THE FEDERAL DEBT In a paper discussed at this week's Brookings Papers on Economic Activity (BPEA) conference, the authors (Alan Auerbach, William Gale, Byron Lutz, and Louise Sheiner)…             
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 2:02 PM » It's not entirely clear how the government will pay for Trump's $200 Medicare cards
    Published Fri, Sep 25 2020 2:02 PM by CNBC
    "Under my plan, 33 million Medicare beneficiaries will soon receive a card in the mail containing $200 that they can use to help pay for prescription drugs," Trump said in a speech.
  • 1:24 PM » U.S. Buyers Face Significant Inventory Shortages
    Published Fri, Sep 25 2020 1:24 PM by www.realtor.com
    A lack of housing supply has led to heated market conditions, as median listing prices last week grew at a record 11.1% year-over-year, according to realtor.com The post U.S. Buyers Face Significant Inventory Shortages appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:50 PM » Taxes are likely to go up for the wealthy in these nine states
    Published Fri, Sep 25 2020 12:50 PM by CNBC
    Lawmakers in nine states are proposing higher taxes on the wealthy to help fill growing budget holes from the pandemic, and the list is likely to grow, according to a legislative group.
  • 11:36 AM » Home remodeling during Covid-19—'expect it to cost 50% more and take 50% longer,' says finance expert
    Published Fri, Sep 25 2020 11:36 AM by CNBC
    Doing a major home renovation can be a nightmare, especially during Covid-19. After several remodeling projects, finance expert Sam Dogen finally "wisened up to the game that some general contractors play to extract as much money from homeowners as possible." Here's what he learned.
  • 11:36 AM » Mnuchin and Powell back jobless aid and small business loans
    Published Fri, Sep 25 2020 11:36 AM by news.google.com
    Mnuchin and Powell back jobless aid and small business loans    Yahoo News Watch live - Powell and Mnuchin testify before the Senate on the economic recovery    CNBC Hundreds of billions of dollars in unused aid could be reallocated, say Fed Chair Powell and Secretary Mnuchin    NBC News Mnuchin and Powell urge support for unemployment relief and small business loans    WKRN News 2 Mnuchin, Powell say some $380 billion in unused aid could help U.S. economy    Reuters View Full Coverage on Google News
    Click Here to Read the Full Article

    Source: news.google.com
  • 10:47 AM » U.S. core capital goods orders increase more than expected in August
    Published Fri, Sep 25 2020 10:47 AM by Reuters
    U.S. core capital goods orders increase more than expected in August    Reuters UK
  • 10:22 AM » Lawler: Serious Delinquency Rate on FHA-Insured SF Loans Up Again in August
    Published Fri, Sep 25 2020 10:22 AM by Calculated Risk Blog
    From housing economist Tom Lawler: Serious Delinquency Rate on FHA-Insured SF Loans Up Again in August While the FHA's "official" monthly loan performance report for August is not yet available on its website, data from the FHA's Early Warning System indicates that FHA's Early Warning System indicate that the serious delinquency rate on FHA-insured single-family loans increased to above 11% in August, an all-time monthly high. Delinquency rates in the EWS do not match those in the official report, but the two delinquency rates tend to move together over time. Delinquency Rate, FHA-Insured SF Loans Official Report   Total 30-day 60-day SDQ 2/29/2020 10.85% 5.16% 1.65% 4.04% 3/31/2020 11.17% 5.59% 1.61% 3.97% 4/30/2020 15.52% 9.20% 2.28% 4.04% 5/31/2020 17.27% 6.37% 5.99% 4.91% 6/30/2020 17.41% 4.74% 3.71% 8.96% 7/31/2020 17.24% 4.15% 2.51% 10.58% Early Warning System, Active Servicers 2/29/2020 10.63% 5.16% 1.66% 3.81% 3/31/2020 10.74% 5.36% 1.62% 3.76% 4/30/2020 15.32% 9.17% 2.27% 3.88% 5/31/2020 17.15% 6.37% 5.99% 4.80% 6/30/2020 17.17% 4.65% 3.70% 8.82% 7/31/2020 17.04% 4.05% 2.55% 10.44% 8/31/2020 17.43% 4.07% 2.20% 11.17% The official Loan Performance Trends Report includes delinquency data for various subcategories, including (Fiscal) Year "Cohorts. Here are some SDQ data by Fiscal Year endorsement. FHA SF Serious Delinquency Rate by Fiscal Year 1 Cohort   7/31/2020 2/29/2020 7/31/2019 All 10.58% 4.04% 3.78% 2015 11.65% 4.54% 4.07% 2016 11.31% 4.04% 3.49% 2017 11.79% 4.00% 3.15% 2018 13.14% 4.32% 2.49% 2019 12.13% 1.92% 0.42% 2020 5.09% 0.08%   1 October of the previous to September of the current year Click on graph for larger image. What is striking about these data is that the years with both the largest increases in SDQ's and the highest SDQ levels were the 2018 and 2019 "cohorts." These two years were relatively risky books of business, with lower average credit scores compared to the previous...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:21 AM » Home Prices Just. Keep. Climbing. National Median Now Up 14% from Last Year
    Published Fri, Sep 25 2020 10:21 AM by www.redfin.com
    For the four-week period ending September 20, home prices were up 14%, pending sales rose 29%, and new listings were 6% higher than the same period in 2019. The post Home Prices Just. Keep. Climbing. National Median Now Up 14% from Last Year appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • Thu, Sep 24 2020
  • 3:13 PM » TREASURIES-Yields dip on mixed economic data, stalled stimulus - Reuters
    Published Thu, Sep 24 2020 3:13 PM by Reuters
    TREASURIES-Yields dip on mixed economic data, stalled stimulus    Reuters
  • 3:13 PM » Looking for a Home in the Suburbs? Good Luck, So Is Everyone Else
    Published Thu, Sep 24 2020 3:13 PM by www.realtor.com
    The coronavirus pandemic has been blamed for hordes of folks trading the cities for the suburbs. But it didn't create the trend-it only accelerated it. The post Looking for a Home in the Suburbs? Good Luck, So Is Everyone Else appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:13 PM » Hotels: Occupancy Rate Declined 32% Year-over-year
    Published Thu, Sep 24 2020 3:13 PM by Calculated Risk Blog
    From HotelNewsNow.com: STR: US hotel results for week ending 19 September U.S. hotel occupancy was nearly flat from the previous week, according to the latest data from STR. 13-19 September 2020 (percentage change from comparable week in 2019): • Occupancy: 48.6% (-31.9%) • Average daily rate (ADR): US$95.84 (-28.9%) • Revenue per available room (RevPAR): US$46.54 (-51.6%) ... Demand rose slightly (+0.3%), and the highest occupancy markets were once again those housing displaced residents from Hurricane Laura and western wildfires , with California South/Central showing the highest level in the metric (74.7%). The Louisiana South (72.8%) and Louisiana North (72.3%) markets were also among the top five highest occupancy levels for the week. emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average . Click on graph for larger image. The red line is for 2020, dash light blue is 2019, blue is the median, and black is for 2009 (the worst year since the Great Depression for hotels - before 2020). There was some boost by Hurricane Laura and the western fires, but it seems unlikely business travel will pickup significantly in the Fall. Note: Y-axis doesn't start at zero to better show the seasonal change.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:58 PM » A Roth IRA may help fund your home purchase. Here are the pros and cons
    Published Thu, Sep 24 2020 12:58 PM by CNBC
    While you might be able to use up to $10,000 in Roth IRA earnings toward the purchase of a home - without paying taxes or penalties on the withdrawal - it's important to know the rules that apply.
  • 11:45 AM » Fed's Powell says evictions, mortgage defaults may rise without more fiscal aid - Reuters
    Published Thu, Sep 24 2020 11:45 AM by Reuters
    Fed's Powell says evictions, mortgage defaults may rise without more fiscal aid    Reuters
  • 10:09 AM » Watch live — Powell and Mnuchin testify before the Senate on the economic recovery
    Published Thu, Sep 24 2020 10:09 AM by CNBC
    The hearing will mark the the second time both men have appeared together before Congress this week to discuss their response to Covid-19.
  • 8:36 AM » Weekly jobless claims total 870,000, vs 850,000 expected
    Published Thu, Sep 24 2020 8:36 AM by CNBC
    First-time claims for state unemployment benefits were expected to total 850,000 for the most recent week, down slightly from the 860,000 claims reported for the previous week.
  • 8:26 AM » Retailers have started paying rent again but are still fighting with their landlords
    Published Thu, Sep 24 2020 8:26 AM by CNBC
    The percentage of rent payers almost doubled to 65% from June to July, according to a study by the National Retail Federation and investment bank PJ Solomon.
  • 8:03 AM » Treasury yields fall with coronavirus, Fed testimony; jobless claims in focus
    Published Thu, Sep 24 2020 8:03 AM by CNBC
    U.S. government debt prices were higher Thursday morning following another tech-driven sell-off on Wall Street, while concerns for the global economic recovery amid mounting coronavirus cases continued to weigh on sentiment.
  • 8:02 AM » Coronavirus pandemic fuels affordability crisis for homebuyers
    Published Thu, Sep 24 2020 8:02 AM by CNBC
    Fierce competition for a limited supply of homes for sale has caused a surge in prices. Now, potential buyers are facing a national affordability crisis.
  • Wed, Sep 23 2020
  • 4:16 PM » Fed's Evans says he doesn't fear 2.5% inflation, or even above
    Published Wed, Sep 23 2020 4:16 PM by Reuters
    (Reuters) - The Federal Reserve will keep interest rates at zero until the economy reaches full employment, inflation is "sustainably" at 2% and the Fed is confident it will overshoot that goal, Chicago Federal Reserve President Charles Evans said Wednesday.
  • 4:16 PM » Fed's Rosengren says economy is more fragile than data suggests
    Published Wed, Sep 23 2020 4:16 PM by Market Watch
    Boston Fed President Eric Rosengren said Wednesday that he is less optimistic about the economic outlook than many of his colleagues, despite encouraging economic data over the summer.
  • 2:19 PM » AIA: "Architectural billings in August still show little sign of improvement"
    Published Wed, Sep 23 2020 2:19 PM by Calculated Risk Blog
    Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Architectural billings in August still show little sign of improvement Business conditions remained stalled at architecture firms during August as demand for design services continued to decline , according to a new report from the American Institute of Architects (AIA). The pace of decline during August remained at about the same level as in July and June, posting an Architecture Billings Index (ABI) score of 40.0 (any score below 50 indicates a decline in firm billings). Inquiries into new projects during August grew for the first time since February, and the value of new design contracts increased to a score of 46.0. As a result, fewer firms reported a decline in August, despite the fact that they remained negative overall. "Unfortunately, since the start of the COVID-19 pandemic, many architecture firms are finding fewer inquiries that convert to billable projects," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "While fewer firms reported declining billings in August than during the early months of the COVID-19 pandemic, the fact that the score has been unchanged for the last three months shows that the recovery from this downturn is not progressing at the pace we had hoped to see." ... • Regional averages: Midwest (41.7); South (41.6); West (41.3); Northeast (33.9) • Sector index breakdown: multi-family residential (49.4); mixed practice (41.9); institutional (40.2); commercial/industrial (35.5) emphasis added Click on graph for larger image. This graph shows the Architecture Billings Index since 1996. The index was at 40.0 in August, unchanged from 40.0 in July. Anything below 50 indicates contraction in demand for architects' services. Note: This includes commercial and industrial facilities like hotels and office buildings, multi-family residential, as well as schools, hospitals and other institutions. This index has...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:32 AM » New Homes Account for 3.7% of the US Energy Consumption
    Published Wed, Sep 23 2020 9:32 AM by eyeonhousing.org
    The residential sector, including single-family, multifamily, and manufactured housing, accounts for about 21.2% of the US energy consumption, according to the 2020 Energy Information Administration's (EIA) Annual Energy Review. New homes built since 2000 account for just 3.7% of the total energy consumed in the U.S., according to NAHB's analysis of the 2015 Residential Energy Consumption Survey (RECS) data from... Read More › The post New Homes Account for 3.7% of the US Energy Consumption first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:03 AM » Treasury yields climb ahead of data and Fed's Powell testimony
    Published Wed, Sep 23 2020 8:03 AM by CNBC
    U.S. government debt prices were lower Wednesday morning as investors monitored economic data and further testimony from Federal Reserve Chairman Jerome Powell.
  • Tue, Sep 22 2020
  • 1:19 PM » Home Values, Owners' Equity Rise in 2Q20
    Published Tue, Sep 22 2020 1:19 PM by eyeonhousing.org
    As the novel coronavirus took hold in the second quarter, households' market values continued to rise, per second quarter 2020 Federal Reserve Flow of Funds report. In the second quarter, the aggregate value of all household mortgages rose by $80 billion to $10.6 trillion, while the aggregate value of the households' market values, i.e., that of all owner-occupied real estate... Read More › The post Home Values, Owners' Equity Rise in 2Q20 first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 1:19 PM » MBA Survey: "Share of Mortgage Loans in Forbearance Declines to 6.93%"
    Published Tue, Sep 22 2020 1:19 PM by Calculated Risk Blog
    Note: This is as of September 13th. From the MBA: Share of Mortgage Loans in Forbearance Declines to 6.93% The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 8 basis points from 7.01% of servicers' portfolio volume in the prior week to 6.93% as of September 13, 2020 . According to MBA's estimate, 3.5 million homeowners are in forbearance plans . ... "The share of loans in forbearance has dropped to its lowest level in five months, driven by a consistent decline in the GSE share in forbearance," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist. "However, not only the did the share of Ginnie Mae loans in forbearance increase, new requests for forbearance for these loans have increased for two consecutive weeks. While housing market data continue to show a quite strong recovery, the job market recovery appears to have slowed, and we are seeing the impact of this slowdown on FHA and VA borrowers in the Ginnie Mae portfolio." By stage, 31.65% of total loans in forbearance are in the initial forbearance plan stage, while 67.01% are in a forbearance extension. The remaining 1.34% are forbearance re-entries. emphasis added Click on graph for larger image. This graph shows the percent of portfolio in forbearance by investor type over time.  Most of the increase was in late March and early April, and has been trending down for the last few months. The MBA notes: "Total weekly forbearance requests as a percent of servicing portfolio volume (#) decreased relative to the prior week: from 0.11% to 0.10%." There hasn't been a pickup in forbearance activity related to the end of the extra unemployment benefits.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:19 PM » An Eviction Moratorium without Rental Assistance Hurts Smaller Landlords, Too
    Published Tue, Sep 22 2020 1:19 PM by webfeeds.brookings.edu
    As the economic consequences of the COVID-19 pandemic have grown increasingly dire for millions of Americans, the federal government, along with a growing number of state and local governments, have taken measures to protect nd tenants from the threat of foreclosure and eviction. In March 2020 the CARES Act imposed a federal moratorium on evictions,…             
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:12 AM » $300 unemployment benefits end in at least 9 states as stimulus hopes fade
    Published Tue, Sep 22 2020 11:12 AM by CNBC
    Many states have finished paying a temporary $300 weekly boost in unemployment benefits to eligible workers. Now, workers again face the prospect of no additional aid.
  • 8:33 AM » If you're home-rich but cash-poor, here's what to know about reverse mortgages
    Published Tue, Sep 22 2020 8:33 AM by CNBC
    Reverse mortgages have some advantages but some serious downsides. Here's what to know before making this decision.
  • 8:04 AM » Fed's Flow of Funds: Household Net Worth Increased $6.2 Trillion in Q2
    Published Tue, Sep 22 2020 8:04 AM by Calculated Risk Blog
    The Federal Reserve released the Q2 2020 Flow of Funds report today: Flow of Funds . The net worth of households and nonprofits rose to $119.0 trillion during the second quarter of 2020. The value of directly and indirectly held corporate equities increased $5.7 trillion and the value of real estate increased $0.5 trillion. Household debt increased 0.5 percent at an annual rate in the second quarter of 2020. Consumer credit shrank at an annual rate of 6.6 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 3 percent. Click on graph for larger image. The first graph shows Households and Nonprofit net worth as a percent of GDP.   With the sharp decline in GDP in Q2, net worth as a percent of GDP increased sharply. This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). Note that this does NOT include public debt obligations. This graph shows homeowner percent equity since 1952. Household percent equity (as measured by the Fed) collapsed when house prices fell sharply in 2007 and 2008. In Q2 2020, household percent equity (of household real estate) was at 65.6% - up from Q1. Note: about 30.3% of owner occupied households had no mortgage debt as of April 2010. So the approximately 50+ million households with mortgages have less than 56.6% equity - and about 1.7 million homeowners still have negative equity . The third graph shows household real estate assets and mortgage debt as a percent of GDP.  Note this graph was impacted by the sharp decline in Q2 GDP. Mortgage debt increased by $81 billion in Q2. Mortgage debt is still down from the peak during the housing bubble, and, as a percent of GDP is at 54.4% - up from Q2 due to the decline in GDP - but down from a peak of 73.5% of GDP during the housing bubble. The value of real estate, as a percent of GDP, increased in Q2, and is above the average of the last 30 years.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:03 AM » Powell pledges the Fed's economic aid 'for as long as it takes'
    Published Tue, Sep 22 2020 8:03 AM by CNBC
    While Powell said the accommodative policies will continue as needed, he added that the economy has improved.
  • 8:02 AM » Affordable Areas Outside Big Cities Are Heating Up the Fastest As the Pandemic Changes Homebuyers' Priorities
    Published Tue, Sep 22 2020 8:02 AM by www.redfin.com
    Relatively inexpensive areas outside major cities-like El Dorado County, just east of Sacramento, and Camden County, across the river from Philadelphia-are gaining ground with homebuyers as New York City and San Francisco lose steam. The post Affordable Areas Outside Big Cities Are Heating Up the Fastest As the Pandemic Changes Homebuyers' Priorities appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • Mon, Sep 21 2020
  • 12:41 PM » House Democrats will unveil bill to avoid shutdown, fund government into December
    Published Mon, Sep 21 2020 12:41 PM by CNBC
    Congress needs to pass a government spending bill before Sept. 30 to avoid a government shutdown.
  • 12:22 PM » Government debt rose at a 59% pace in Q2 amid effort to halt virus
    Published Mon, Sep 21 2020 12:22 PM by CNBC
    A Federal Reserve report released Monday showed the total household balance sheet in the U.S. rose to nearly $119 trillion in the April-through-June period, a 6.8% increase from the first quarter.
  • 11:38 AM » New York Led with Employment Gains in August
    Published Mon, Sep 21 2020 11:38 AM by eyeonhousing.org
    Nonfarm payroll employment increased in 49 states in August compared to the previous month. The largest increase came from New York, which added 153,300 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 1.4 million over the month of August, following an increase of 1.7 million jobs in July. Month-over-month (MoM),... Read More › The post New York Led with Employment Gains in August first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:50 AM » Home equity surges as demand soars and mortgage rates hover near lows
    Published Mon, Sep 21 2020 10:50 AM by CNBC
    After a brief stall in home sales at the start of the pandemic, homebuyers came rushing back in - so fast that prices never even took a hit. In fact, the gains in prices accelerated quickly, causing home equity to soar even more.
  • 9:48 AM » Time to Build a Single-Family Home in 2019
    Published Mon, Sep 21 2020 9:48 AM by eyeonhousing.org
    The 2019 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.1 months, which usually includes a little over a month from authorization to start and another 7 months to finish the construction. The average time to build a single-family home has been on an upward trend since 2014... Read More › The post Time to Build a Single-Family Home in 2019 first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:04 AM » CoreLogic: 1.7 Million Homes with Negative Equity in Q2 2020
    Published Mon, Sep 21 2020 9:04 AM by Calculated Risk Blog
    From CoreLogic: Home Equity Rises Despite the Pandemic: CoreLogic Reports Homeowners Gained Over $620 Billion in Equity in Q2 2020 CoreLogic® ... today released the Home Equity Report for the second quarter of 2020. The report shows U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 6.6% year over year. This represents a collective equity gain of $620 billion, and an average gain of $9,800 per homeowner, since the second quarter of 2019. Despite a cool off in April, home-purchase activity remained strong in the second quarter of 2020 as prospective buyers took advantage of record-low mortgage rates. This, coupled with constricted for-sale inventory, helped drive home prices up and add to borrower equity through June. However, with unemployment expected to remain elevated throughout the remainder of the year, CoreLogic predicts home price growth will slow over the next 12 months and mortgage delinquencies will continue to rise. These factors combined could lead to an increase of distressed-sale inventory, which could put downward pressure on home prices and negatively impact home equity. ... Negative equity, also referred to as underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. As of the second quarter of 2020, negative equity share, and the quarter-over-quarter and year-over-year changes, were as follows: • Quarterly change: From the first quarter of 2020 to the second quarter of 2020, the total number of mortgaged homes in negative equity decreased by 5.4% to 1.7 million homes or 3.2% of all mortgaged properties. • Annual change: In the second quarter of 2019, 2.1 million homes, or 3.8% of all mortgaged properties, were in negative equity. This number decreased by 15% in the second quarter of 2020 to 1.7 million mortgaged properties in negative equity. • National aggregate value: The national aggregate value of negative equity was approximately...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:02 AM » Sacramento Housing in August: Sales decline Slightly YoY, Active Inventory down 50% YoY
    Published Mon, Sep 21 2020 8:02 AM by Calculated Risk Blog
    Note that August sales are for contracts typically signed in June and July. From SacRealtor.org: August 2020 Statistics - Sacramento Housing Market - Single Family Homes August closed with 1,560 sales, down 11.9% from the 1,755 sales in July. Compared to one year ago (1,567), the current figure is down .4% . ... The Active Listing Inventory decreased 2.2% from July to August, from 1,266 units to 1,238 units. Compared with August 2019 (2,460), inventory is down 49.7% . The Months of Inventory increased from .7 Months to .8 Months. This figure represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory. ... The Median DOM (days on market) dropped from 9 to 7 and the Average DOM dropped from 25 to 21. "Days on market" represents the days between the initial listing of the home as "active" and the day it goes "pending." emphasis added 1) Overall sales decreased to 1,560 in August, down 0.4% from 1,567 in August 2019. Sales were down 11.9% from July 2020 (previous month). 2) Active inventory was at 1,266 down from 2,460 in August 2019. That is down 49.7% year-over-year.  This is the sixteenth consecutive month with a YoY decline in inventory. Existing home sales for August will be released this coming Tuesday, and will probably be around 5.92 million SAAR .
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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