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  • Thu, Jun 4 2020
  • 6:07 PM » Zillow data shows owners of vacation rentals are now looking for longer-term renters
    Published Thu, Jun 04 2020 6:07 PM by CNBC
    Zillow has seen significant increases in listing for furnished rentals and rentals of six-months or less, a sign that Airbnb hosts have pivoted to the long-term rental market as a result of the coronavirus's impact on the tourism industry.
  • 3:42 PM » The Economy Is In Trouble. Try Telling The Stock Market
    Published Thu, Jun 04 2020 3:42 PM by www.npr.org
    Even as millions are out of work, the stock market has regained much of the ground it lost since March. Investors are peering into the future and seeing an economy that's beginning to recover.
  • 2:14 PM » Explainer: No one really knows how many Americans need unemployment benefits
    Published Thu, Jun 04 2020 2:14 PM by Reuters
    Another 1.9 million people filed for unemployment benefits for the first time last week, according to data released by the Labor Department on Thursday, marking 11 straight weeks in which millions of Americans have filed claims for jobless benefits.
  • 1:51 PM » ‘Frantic' New Yorkers Snatch Up Unwanted Homes in the Suburbs
    Published Thu, Jun 04 2020 1:51 PM by www.realtor.com
    Some houses in suburban towns and rural areas outside of New York City sat on the market for years. But the pandemic has sparked an uptick in property sales within a few-hour radius of Manhattan. The post 'Frantic' New Yorkers Snatch Up Unwanted Homes in the Suburbs appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:51 PM » Wall Street retreats after rallying on recovery optimism
    Published Thu, Jun 04 2020 1:51 PM by Reuters
    The Nasdaq 100 index retreated from an intraday record high on Thursday, with the S&P 500 and Dow Jones indexes also slipping as a rally fueled by hopes of a post-coronavirus economic recovery fizzled out.
  • 11:23 AM » For U.S. economy, the bottom may be here, but the rebound is slow so far
    Published Thu, Jun 04 2020 11:23 AM by Reuters
    The U.S. economy may have hit its low point in the coronavirus crash but the rebound so far remains tepid, according to both broad indexes of activity and higher frequency counts of cellphone data and employee time information.
  • 10:08 AM » Statement from the ECB following policy meeting
    Published Thu, Jun 04 2020 10:08 AM by Reuters
    Following is the statement from the European Central Bank following its policy meeting.
  • 9:45 AM » Trade Deficit increased to $49.4 Billion in April
    Published Thu, Jun 04 2020 9:45 AM by Calculated Risk Blog
    From the Department of Commerce reported : The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in April, up $7.1 billion from $42.3 billion in March, revised. April exports were $151.3 billion, $38.9 billion less than March exports. April imports were $200.7 billion, $31.8 billion less than March imports. emphasis added Click on graph for larger image. Both exports and imports decreased in April. Exports are down 28% compared to April 2019; imports are down 22% compared to April 2019. Both imports and exports have decreased sharply due to COVID-19. The second graph shows the U.S. trade deficit, with and without petroleum. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products. Note that the U.S. exported a slight net positive petroleum products in recent months. Oil imports averaged $34.72 per barrel in April, down from $47.09 in March, and down from $63.47 in April 2019. The trade deficit with China decreased to $22.5 billion in April, from $26.8 billion in April 2019.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:23 AM » ECB's super stimulus salvo sends stocks, euro higher
    Published Thu, Jun 04 2020 9:23 AM by Reuters
    World markets got another shot of energy on Thursday as the European Central Bank (ECB) ramped up its Pandemic Emergency Purchase Programme (PEPP) to 1.35 trillion euros.
  • 8:32 AM » US weekly jobless claims total 1.877 million, vs 1.775 million expected
    Published Thu, Jun 04 2020 8:32 AM by CNBC
    First-time claims for unemployment insurance were expected to total 1.775 million last week, according to economists surveyed by Dow Jones.
  • 8:20 AM » Coronavirus live updates: U.S. hospitalizations on the rise, former FDA chief says
    Published Thu, Jun 04 2020 8:20 AM by CNBC
    The coronavirus has infected more than 6.53 million people around the world as of Thursday, killing at least 386,392 people.
  • 8:06 AM » European Central Bank ramps up its pandemic bond buying to 1.35 trillion euros
    Published Thu, Jun 04 2020 8:06 AM by CNBC
    The ECB announced that it will increase its Pandemic Emergency Purchase Programme by 600 billion euros ($672 billion), as it attempts to bolster the region's economy following the coronavirus crisis.
  • Wed, Jun 3 2020
  • 4:52 PM » The bond market appears to be signaling the worst is over for the economy
    Published Wed, Jun 03 2020 4:52 PM by CNBC
    Bonds have caught a bit of the stock market's optimism and are selling off on the idea that the still struggling economy has bottomed.
  • 4:52 PM » Census: Household Pulse Survey shows 48.1% of Households lost Income
    Published Wed, Jun 03 2020 4:52 PM by Calculated Risk Blog
    From the Census Bureau: Measuring Household Experiences during the Coronavirus (COVID-19) Pandemic The U.S. Census Bureau, in collaboration with five federal agencies, is in a unique position to produce data on the social and economic effects of COVID-19 on American households. The Household Pulse Survey is designed to deploy quickly and efficiently, collecting data to measure household experiences during the Coronavirus (COVID-19) pandemic. Data will be disseminated in near real-time to inform federal and state response and recovery planning. Data collection for the Household Pulse Survey began on April 23, 2020. The Census Bureau will collect data for 90 days, and release data on a weekly basis. This will be updated weekly, and the Census Bureau released the fourth week of survey results today. This survey asks about Loss in Employment Income, Expected Loss in Employment Income, Food Scarcity, Delayed Medical Care, Housing Insecurity and K-12 Educational Changes. Click on graph for larger image. This survey will be useful in tracking the "opening" of the economy. The data was collected between May 21 and May 26, 2020. 48.1% of households report loss in employment income. The data will be updated weekly for 90 days.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:35 PM » BEA: May Vehicles Sales increased to 12.2 Million SAAR
    Published Wed, Jun 03 2020 2:35 PM by Calculated Risk Blog
    The BEA released their estimate of May vehicle sales this morning. The BEA estimated light vehicle sales of 12.21 million SAAR in May 2020 (Seasonally Adjusted Annual Rate), up 40.0% from the revised April sales rate, and down 29.8% from May 2019. Sales in April were revised up from 8.58 million SAAR to 8.73 million SAAR. Click on graph for larger image. This graph shows light vehicle sales since 2006 from the BEA (blue) and an estimate for May 2020 (red). The impact of COVID-19 is significant, and it appears April was the worst month. The second graph shows light vehicle sales since the BEA started keeping data in 1967. Note: dashed line is current estimated sales rate of 12.21 million SAAR. Sales collapsed in the second half of March, and really declined in April.  However sales rebounded somewhat in May (but were still down almost 30% YoY).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:28 PM » This is the greatest 50-day rally in the history of the S&P 500
    Published Wed, Jun 03 2020 12:28 PM by CNBC
    The S&P 500 has returned 37.7% over the last 50 trading days, making it the benchmark index's largest 50-day rally in history, according to LPL Financial.
  • 11:36 AM » Manhattan real estate deals plunge 84% in May amid coronavirus, protests
    Published Wed, Jun 03 2020 11:36 AM by CNBC
    Real estate contracts for Manhattan apartments dropped by 84% in May and early data shows a flight to the suburbs.
  • 11:15 AM » U.S. factory orders extend decline in April
    Published Wed, Jun 03 2020 11:15 AM by Reuters
    New orders for U.S.-made goods plunged in April and business spending plans on equipment were much weaker than initially thought, suggesting business investment remained depressed early in the second quarter amid the COVID-19 pandemic.
  • 10:26 AM » ISM Non-Manufacturing Index increased to 45.4% in May
    Published Wed, Jun 03 2020 10:26 AM by Calculated Risk Blog
    The May ISM Non-manufacturing index was at 45.4%, up from 41.8% in April. The employment index increased to 31.8%, from 30.0%. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: May 2020 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector contracted in May for the second consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: " The NMI® registered 45.4 percent , 3.6 percentage points higher than the April reading of 41.8 percent. This reading represents contraction in the non-manufacturing sector for the second consecutive month, following a 122-month period of expansion. The Business Activity Index increased 15 percentage points from April's figure, registering 41 percent. The New Orders Index registered 41.9 percent ; 9 percentage points higher than the reading of 32.9 percent in April. The Employment Index increased to 31.8 percent ; 1.8 percentage points higher than the April reading of 30 percent. "The Supplier Deliveries Index registered at 67 percent, down 11.3 percentage points from April's all-time-high reading of 78.3 percent, which elevated the composite NMI®. The Supplier Deliveries Index is one of four equally weighted subindexes that directly factor into the NMI®, along with Business Activity, New Orders and Employment. Supplier Deliveries is the only ISM® Report On Business® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases. T he higher readings for supplier deliveries the past three months are primarily a product of supply problems related to the coronavirus...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:04 AM » U.S. labor market appears to stabilize as private payrolls fall less than expected
    Published Wed, Jun 03 2020 10:04 AM by Reuters
    U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy's recovery from the COVID-19 pandemic will be slow.
  • 8:21 AM » Private payrolls down another 2.76 million in May, ADP says
    Published Wed, Jun 03 2020 8:21 AM by CNBC
    The reported total was well below the 8.75 million estimate from economists surveyed by Dow Jones. The reason for the wide disparity was not immediately clear.
  • 8:13 AM » Military families face housing limbo during Covid-19 crisis
    Published Wed, Jun 03 2020 8:13 AM by CNBC
    Coronavirus lockdowns across the nation and overseas have put many U.S. military families in a tough spot when it comes to housing, with "stop-movement" orders leaving service members scheduled to transfer between bases stuck in limbo with two mortgages or leases to pay. But there is help available from the Defense Department, service relief organizations and non-profit groups.
  • 8:03 AM » Richard Fisher: Texas is the case study for economic recovery from the Covid-19 recession
    Published Wed, Jun 03 2020 8:03 AM by CNBC
    Richard Fisher was president and CEO of the Federal Reserve Bank of Dallas from 2005-2015.
  • Tue, Jun 2 2020
  • 3:10 PM » People Rent By-the-Hour Spaces to Escape Loved Ones, Homes During Lockdown
    Published Tue, Jun 02 2020 3:10 PM by www.realtor.com
    A company renting out urban apartments by the hour has seen its usage skyrocket since the onset of the coronavirus crisis. The post People Rent By-the-Hour Spaces to Escape Loved Ones, Homes During Lockdown appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:09 PM » Wells Fargo, worried about defaults, stops making loans to most independent car dealerships
    Published Tue, Jun 02 2020 3:09 PM by CNBC
    The move follows Wells Fargo's retrenchment from parts of the mortgage market as the coronavirus pandemic took hold in the U.S.
  • 1:30 PM » S&P 500, Dow scale fresh three-month peaks
    Published Tue, Jun 02 2020 1:30 PM by Reuters
    The S&P 500 and the Dow Jones indexes hit new three-month highs on Tuesday on prevailing optimism around the reopening of businesses, with investors remaining cautious around more disruptions from protests in the country over the death of a black man while in police custody.
  • 12:27 PM » Treasury slaps fresh sanctions on entities supporting Venezuela's oil sector and Maduro regime
    Published Tue, Jun 02 2020 12:27 PM by CNBC
    The latest revelation comes as the last of five Iranian tankers carrying gasoline was escorted by Venezuela's navy through the South American country's waters this week.
  • 10:29 AM » HBGI: Increased Home Building in Lower-Density Markets Ahead
    Published Tue, Jun 02 2020 10:29 AM by eyeonhousing.org
    The COVID-19 pandemic is likely to hasten a housing trend already taking place across the nation - residential construction activity that is expanding at a more rapid rate in lower density markets such as smaller cities and rural areas. This conclusion is among the findings of the latest quarterly National Association of Home Builders Home Building Geography Index (HBGI). An... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:00 AM » GDP is now projected to fall nearly 53% in the second quarter, according to a Fed gauge
    Published Tue, Jun 02 2020 10:00 AM by CNBC
    The GDPNow outlook is now showing a 52.8% tumble, following data Monday that manufacturing in the U.S. remains firmly in decline and will weigh on investment and consumption.
  • 9:39 AM » Exclusive: U.S. small business program handed out virus aid to many borrowers twice
    Published Tue, Jun 02 2020 9:39 AM by Reuters
    A technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said.
  • 8:52 AM » CoreLogic: House Prices up 5.4% Year-over-year in April
    Published Tue, Jun 02 2020 8:52 AM by Calculated Risk Blog
    Notes: This CoreLogic House Price Index report is for April . The recent Case-Shiller index release was for March. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic Reports April Home Prices Increased by 5.4% Year Over Year Home prices nationwide, including distressed sales, increased year over year by 5.4% in April 2020 compared with April 2019 and increased month over month by 1.4% in April 2020 compared with March 2020 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.3% from April 2020 to May 2020, and decline 1.3% on a year-over-year basic from April 2020 to April 2021. 2021 will mark the first year home prices are expected to decline in more than nine years. "The very low inventory of homes for sale, coupled with homebuyers' spur of record-low mortgage rates, will likely continue to support home price growth during the spring. If unemployment remains elevated in early 2021, then we can expect home prices to soften. Our forecast has home prices down in 12 months across 41 states." - Dr. Frank Nothaft, Chief Economist for CoreLogic "Tight supply and pent-up demand, particularly among millennials, provides optimism for a bounce-back in the housing market purchase activity and home prices over the medium term. The next 12 to 18 months are going to be very tough times for the broader economy. As employment and economic activity begin to pick up, as it will surely do, we expect housing to be a driver in a national recovery." -Frank Martell, President and CEO of CoreLogic emphasis added CR Note: The overall impact on house prices will depend on the duration of the crisis.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:06 AM » That $600 in extra unemployment benefits is likely going away. Here's what could take its place
    Published Tue, Jun 02 2020 8:06 AM by CNBC
    That extra $600 in your weekly unemployment check is likely disappearing after July. Lawmakers have a few ideas to replace the policy.
  • Mon, Jun 1 2020
  • 2:37 PM » U.S. stocks gain as signs of recovery offset protests, economic worries
    Published Mon, Jun 01 2020 2:37 PM by Reuters
    Wall Street stocks posted modest gains on Monday as signs suggesting the U.S. economy may be on the road to recovery helped soothe jitters over increasingly violent social unrest and rising U.S.-China tensions.
  • 1:33 PM » 'Lemon' or not, Trump stuck with Phase 1 China trade deal for now
    Published Mon, Jun 01 2020 1:33 PM by Reuters
    U.S. President Donald Trump has little choice but to stick with his Phase 1 China trade deal for now despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration's deliberations say.
  • 1:08 PM » Zillow Case-Shiller April Forecast: Still Showing Increasing YoY Price Gains
    Published Mon, Jun 01 2020 1:08 PM by Calculated Risk Blog
    The Case-Shiller house price indexes for March were released last week. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Matthew Speakman at Zillow: March Case-Shiller Results and April Forecast: Housing Maintains its Strength The strong buyer demand heading into this crisis has held fairly steady in the months since the outbreak, as record-low mortgage rates and inventory levels have maintained competition in the markets and placed upward pressure on home prices. So much remains uncertain - including the longer-term path for home prices - but for now, competition for homes is holding strong and keeping prices afloat. Annual growth in April as reported by Case-Shiller is expected to accelerate in the 10- and 20-city indices, and stay steady in the national index. S&P Dow Jones Indices is expected to release data for the April S&P CoreLogic Case-Shiller Indices on Tuesday, June 30. emphasis added The Zillow forecast is for the year-over-year change for the Case-Shiller National index to be at 4.4% in April, the same as 4.4% in March. The Zillow forecast is for the 20-City index to be up 4.2% YoY in April from 3.9% in March, and for the 10-City index to increase to 3.7% YoY compared to 3.4% YoY in March.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:37 PM » Denver Was Booming Before the Coronavirus Pandemic. Now It Hopes to Bounce Back
    Published Mon, Jun 01 2020 12:37 PM by www.realtor.com
    The Mile High City may show whether cities that outperformed during the longest expansion in U.S. history are better cushioned to navigate a recovery from the coronavirus-related economic crash. The post Denver Was Booming Before the Coronavirus Pandemic. Now It Hopes to Bounce Back appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:46 AM » Construction spending falls less than expected
    Published Mon, Jun 01 2020 10:46 AM by Reuters
    U.S. construction spending fell less than expected in April even as other sectors of the economy buckle under the COVID-19 crisis.
  • 10:22 AM » ISM Manufacturing index Increased to 43.1 in May
    Published Mon, Jun 01 2020 10:22 AM by Calculated Risk Blog
    The ISM manufacturing index indicated contraction in May. The PMI was at 43.1% in May, up from 41.5% in April. The employment index was at 32.1%, up from 27.5% last month, and the new orders index was at 31.8%, up from 27.1%. From the Institute for Supply Management: May 2020 Manufacturing ISM® Report On Business® Economic activity in the manufacturing sector contracted in May , and the overall economy returned to expansion after one month of contraction, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: " The May PMI® registered 43.1 percent , up 1.6 percentage points from the April reading of 41.5 percent. This figure indicates expansion in the overall economy after April's contraction, which ended a period of 131 consecutive months of growth. The New Orders Index registered 31.8 percent , an increase of 4.7 percentage points from the April reading of 27.1 percent. The Production Index registered 33.2 percent, up 5.7 percentage points compared to the April reading of 27.5 percent. The Backlog of Orders Index registered 38.2 percent, an increase of 0.4 percentage point compared to the April reading of 37.8 percent. The Employment Index registered 32.1 percent , an increase of 4.6 percentage points from the April reading of 27.5 percent. The Supplier Deliveries Index registered 68 percent; though down 8 percentage points from the April figure of 76 percent, this high reading elevated the composite PMI®. emphasis added Click on graph for larger image. Here is a long term graph of the ISM manufacturing index. This was close to expectations of 43.0%, but the readings for new orders and employment were even worse than the headline. This suggests manufacturing contracted further in May.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:46 AM » How the coronavirus pandemic is shaking retirement confidence across generations
    Published Mon, Jun 01 2020 9:46 AM by CNBC
    The recent economic downturn has prompted more workers to question whether they will retire comfortably, according to a survey. And they're more likely to dip into those savings to cover near-term expenses.
  • 8:42 AM » 52% of Builders Used Incentives to Bolster Sales in May 2020
    Published Mon, Jun 01 2020 8:42 AM by eyeonhousing.org
    The NAHB/Wells Fargo Housing Market Index survey conducted in May 2020 reveals that 48% of single-family builders are not using incentives to bolster sales and/or limit cancellations. This of course implies that slightly more than half, 52%, are using some kind of incentive to achieve that objective. What specific incentives are they using? Figure 1 shows the complete list, but... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
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