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  • Fri, Jun 29 2018
  • 12:12 PM » Draghi Warns Risks From Trade War May Be Understated
    Published Fri, Jun 29 2018 12:12 PM by Bloomberg
    Bloomberg Draghi Warns Risks From Trade War May Be Understated Bloomberg European Central Bank President Mario Draghi warned European Union leaders that an escalating trade war between the U.S. and the world's biggest economies may have a larger impact than policy makers and investors currently expect. Rising tensions ... and more »
  • 10:52 AM » More States See Job Gains in May
    Published Fri, Jun 29 2018 10:52 AM by eyeonhousing.org
    According to the Bureau of Labor Statistics, nonfarm payroll employment increased in 43 states and the District of Columbia, and decreased in seven states in May 2018 compared to April 2018. Over the month of April, nonfarm payroll employment increased in 26 states and the District of Columbia, was unchanged in two states, and decreased in 22 states compared to... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:33 AM » Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
    Published Fri, Jun 29 2018 10:33 AM by www.ecb.europa.eu
    Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)<br/>https://www.ecb.europa.eu//press/govcdec/otherdec/2018/html/ecb.gc180629.en.html
    Click Here to Read the Full Article

    Source: www.ecb.europa.eu
  • 10:11 AM » Consumer sentiment hits 98.2 in June, vs. expectations for 99.2
    Published Fri, Jun 29 2018 10:11 AM by CNBC
    Consumer sentiment was expected to grow in the final reading of June.
  • 9:22 AM » Forecasts: Residential Refinance & Purchase Lending, 30-Year Conventional Mortgage Rates, Home Sales — June 2018
    Published Fri, Jun 29 2018 9:22 AM by blog.stewart.com
    Fortunately, Fannie Mae, Freddie Mac and the MBA update their quarterly and annual forecasts monthly for residential lending volumes - both refinance and purchase transactions. Driving these lending forecasts is the expectation of future interest rates. Since 2018 is almost one-half over there is not too much deviation in interest rate expectations for the year, … Read more
    Click Here to Read the Full Article

    Source: blog.stewart.com
  • 9:05 AM » Senate Banking Committee to hold July 12 and 19 hearings on Kraninger nomination, credit reporting agencies
    Published Fri, Jun 29 2018 9:05 AM by www.consumerfinancemonitor.com
    Politico has reported that on July 19, the Senate Banking Committee will hold a hearing on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director. While we find this surprising, we continue to believe that she will not be confirmed by the full Senate until after the mid-term elections. Politico also reported that... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 8:43 AM » Personal Income increased 0.4% in May, Spending increased 0.2%
    Published Fri, Jun 29 2018 8:43 AM by Calculated Risk Blog
    The BEA released the Personal Income and Outlays report for May: Personal income increased $60.0 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $63.2 billion (0.4 percent) and personal consumption expenditures (PCE) increased $27.8 billion (0.2 percent). Real DPI increased 0.2 percent in May and Real PCE decreased less than 0.1 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent. The May PCE price index increased 2.3 percent year-over-year (up from 2.0 percent YoY in April) and the May PCE price index, excluding food and energy, increased 2.0 percent year-over-year (up from 1.8 percent YoY in April). The following graph shows real Personal Consumption Expenditures (PCE) through May 2018 (2009 dollars). Note that the y-axis doesn't start at zero to better show the change . Click on graph for larger image. The dashed red lines are the quarterly levels for real PCE. The increase in personal income was at expectations,  and the increase in PCE was below expectations. Using the two-month method to estimate Q2 PCE growth, PCE was increasing at a 3.0% annual rate in Q2 2018.  (using the mid-month method, PCE was increasing 3.4%). This suggests decent PCE growth in Q2, but below expectations.   (Estimates for Q2 GDP will be revised down).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:07 AM » ECB mulls small 'Twist' to keep borrowing costs low: sources
    Published Fri, Jun 29 2018 8:07 AM by Reuters
    FRANKFURT (Reuters) - The European Central Bank is considering buying more long-dated bonds from next year to keep euro zone borrowing costs in check even after it stops pumping fresh money into the economy, sources told Reuters.
  • 8:03 AM » Update on Colorado bank-model lawsuits
    Published Fri, Jun 29 2018 8:03 AM by www.consumerfinancemonitor.com
    In two closely-watched enforcement actions pending in Colorado state court, the Administrator of the Uniform Consumer Credit Code for the State of Colorado is employing the “true lender” theory and the Second Circuit's decision in Madden v. Midland Funding, LLC to challenge two bank-model lending programs. Specifically, the Administrator asserts that the origination of the... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 8:03 AM » Deutsche Bank fails Fed stress test while 3 US lenders stumble
    Published Fri, Jun 29 2018 8:03 AM by CNBC
    The Fed also placed conditions on three banks that passed the annual test.
  • Thu, Jun 28 2018
  • 5:02 PM » Zillow Case-Shiller Forecast: Slower House Price Gains in May
    Published Thu, Jun 28 2018 5:02 PM by Calculated Risk Blog
    The Case-Shiller house price indexes for April were released Tuesday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Aaron Terrazas at Zillow: April Case-Shiller Results and May Forecast: The New Normal In a normal housing market, there is almost always a decently balanced pool of winners and losers. But as severely limited inventory continues to help push up home prices at a rapid clip, it's clear that current housing trends are far from normal - and that there are a lot more losers right now than winners. The U.S. National Case-Shiller Index rose 6.4 percent in April from a year ago, largely in line with expectations. April was the eighth straight month of annual appreciation of 6 percent or higher, and the longest such streak since a stretch of 19 months of breakneck appreciation that began in December 2012 as the housing market began to bounce back in earnest from the depths of the recession. Over the past 30-plus years, dating to January 1988, annual U.S. home price growth as measured by the Case Shiller National Index has averaged 3.8 percent. ... Looking ahead, rapid home value growth may slow somewhat, although not likely by much to make a difference in the underlying trends of high demand and low supply that are driving the market right now. Zillow expects the U.S. National Index to grow by 6.3 percent in May from a year ago, down only slightly from April . The 10- and 20-city indices are likely to slow down further . Full Case-Shiller data for May is scheduled for release Tuesday, July 31. The Zillow forecast is for the year-over-year change for the Case-Shiller National index to be larger in March than in February.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:02 PM » Rising Housing Costs Cited as Root Cause of Lagging Homeownership Rate Among Young Adults
    Published Thu, Jun 28 2018 5:02 PM by freddiemac.mwnewsroom.com
    Rising Housing Costs Cited as Root Cause of Lagging Homeownership Rate Among Young Adults
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 5:01 PM » Powell Tells Democrats That Fed Is Being Cautious With Hikes
    Published Thu, Jun 28 2018 5:01 PM by Bloomberg
    Bloomberg Powell Tells Democrats That Fed Is Being Cautious With Hikes Bloomberg Federal Reserve Chairman Jerome Powell reiterated to Democrats on the House Ways and Means Committee during a meeting Wednesday that the U.S. central bank is pursuing a patient rate-hike path. While the Fed is sometimes criticized for not raising ... and more »
  • 2:05 PM » In Flip-Flop, Money Managers Now Say S&P 500 Has Seen 2018 Lows
    Published Thu, Jun 28 2018 2:05 PM by Bloomberg
    Bloomberg In Flip-Flop, Money Managers Now Say S&P 500 Has Seen 2018 Lows Bloomberg Money managers are having a change of heart. That's according to a Strategas Research Partners survey of roughly 500 institutional investors, 70 percent of whom now expect the S&P 500 Index to stay above its low of 2,581 reached on Feb. 8. That's a ... and more »
  • 2:04 PM » CFPB ends investigation of Zillow
    Published Thu, Jun 28 2018 2:04 PM by www.consumerfinancemonitor.com
    In a SEC filing dated June 22, 2018, Zillow Group announced that it is no longer under investigation by the CFPB for RESPA and UDAAP compliance with regard to its co-marketing program. Zillow Group had disclosed the existence of the investigation in May 2017. According to the SEC filing, Zillow Group received a letter from... Continue Reading
    Click Here to Read the Full Article

    Source: www.consumerfinancemonitor.com
  • 12:44 PM » Quieting the High-Tech Luxury Home
    Published Thu, Jun 28 2018 12:44 PM by www.realtor.com
    Homeowners today are battling a different kind of noise: the cacophony of pings and dings coming from all the gadgets inside their homes. The post Quieting the High-Tech Luxury Home appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:43 PM » Global stocks see biggest loss of investor cash since the financial crisis
    Published Thu, Jun 28 2018 12:43 PM by CNBC
    Investor money is hemorrhaging out of global stock funds at a pace not seen since just after the financial crisis exploded. Global equity funds have seen outflows of $12.4 billion in June, a level not seen since October 2008, according to market research firm TrimTabs.
  • 12:03 PM » Hutchins Roundup: Slack and inflation, the gender pay gap in the gig economy, and more
    Published Thu, Jun 28 2018 12:03 PM by webfeeds.brookings.edu
    Studies in this week's Hutchins Roundup find that the lack of inflation despite falling unemployment does not reflect poorly measured slack, there is a gender pay gap in the gig economy, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. The lack…                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:42 AM » Kansas City Fed: Regional Manufacturing Activity "Continued to Expand at a Rapid Pace" in June, Concern about Tariffs
    Published Thu, Jun 28 2018 11:42 AM by Calculated Risk Blog
    Note the comments on tariffs. From the Kansas City Fed: Tenth District Manufacturing Activity Continued to Expand at a Rapid Pace The Federal Reserve Bank of Kansas City released the June Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity continued to expand at a rapid pace, and expectations for future growth increased moderately. "The composite index remained strong for the third consecutive month, and many firms reported difficulties finding qualified workers," said Wilkerson. "Prices indexes remained at high levels." ... The month-over-month composite index was 28 in June, similar to the reading of 29 in May and higher than 26 in April. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. Factory activity increased at durable and nondurable goods plants, particularly for computer, electronics, and food products. Most month-over-month indexes were slightly lower than the previous month, but all indexes remained at high levels. The production index edged down from 41 to 38, and the volume of shipments and new orders for exports indexes eased slightly. The employment index was unchanged , while the new orders and order backlog indexes saw a modest decline. The raw materials inventory index improved from 19 to 27, and the finished goods inventory index also increased. Selected comments: "Business is strong right now, but tariffs and wage inflation may impact margins going forward ." " The steel tariffs are not helpful . Material prices are rising and these costs have to be passed along to the consumer." " Bracing for the worst concerning China tariffs. We will move the last of manufacturing off shore . Loss of business due to tariffs will have a larger impact than interest rates." "Working on...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:15 AM » Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
    Published Thu, Jun 28 2018 11:15 AM by www.redfin.com
    Thirty-one percent plan to rent out a room to pay the mortgage on their first home. The post Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 10:37 AM » Ex-Fed's Yellen sees meager pick-up from Trump tax cuts
    Published Thu, Jun 28 2018 10:37 AM by Reuters
    PARIS (Reuters) - U.S. President Donald Trump's tax cuts are likely to give only a meager boost to productivity growth in the United States, former Federal Reserve chief Janet Yellen said on Thursday.
  • 10:22 AM » Mortgage Rates Fall Again
    Published Thu, Jun 28 2018 10:22 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Fall Again
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:40 AM » Central Bank Outlook, European Worries, World Cup Boost: Eco Day
    Published Thu, Jun 28 2018 9:40 AM by Bloomberg
    Bloomberg Central Bank Outlook, European Worries, World Cup Boost: Eco Day Bloomberg Good morning Americas. Here's news from Bloomberg Economics to help get your Thursday started: Here's our guide to global central banks and the outlook for their respective monetary policies; Federal Reserve Chairman Jerome Powell is testing the U.S. ... and more »
  • 9:13 AM » Freddie Mac Expands ACE Eligibility for Condominium Purchases and Refinances
    Published Thu, Jun 28 2018 9:13 AM by freddiemac.mwnewsroom.com
    Freddie Mac Expands ACE Eligibility for Condominium Purchases and Refinances
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 8:48 AM » Weekly Initial Unemployment Claims increased to 227,000
    Published Thu, Jun 28 2018 8:48 AM by Calculated Risk Blog
    The DOL reported : In the week ending June 23, the advance figure for seasonally adjusted initial claims was 227,000 , an increase of 9,000 from the previous week's unrevised level of 218,000. The 4-week moving average was 222,000, an increase of 1,000 from the previous week's unrevised average of 221,000. emphasis added The previous week was unrevised. The following graph shows the 4-week moving average of weekly claims since 1971. Click on graph for larger image. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 222,000. This was higher than the consensus forecast. The low level of claims suggest few layoffs.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:34 AM » US economic growth revised down to lackluster 2 percent rate in Q1, though economists expect big rebound in Q2
    Published Thu, Jun 28 2018 8:34 AM by CNBC
    WASHINGTON- US economic growth revised down to lackluster 2 percent rate in Q1, though economists expect big rebound in Q2.
  • 8:19 AM » ECB sees rising risks to global growth
    Published Thu, Jun 28 2018 8:19 AM by Reuters
    ECB sees rising risks to global growth
  • 8:03 AM » Fed Hits Inflation Goal Only to Find Expectations Spoiling Party
    Published Thu, Jun 28 2018 8:03 AM by Bloomberg
    Bloomberg Fed Hits Inflation Goal Only to Find Expectations Spoiling Party Bloomberg Inflation is poised to breach the Federal Reserve's 2 percent inflation target. The trouble is, lagging price expectations could well pull it back down. The central bank's preferred measure of prices probably climbed 2.2 percent in the year to May ...
  • 8:02 AM » Powell Wants 'Real Economy' to Guide Fed
    Published Thu, Jun 28 2018 8:02 AM by Bloomberg
    Bloomberg Powell Wants 'Real Economy' to Guide Fed Bloomberg Federal Reserve Chairman Jerome Powell is testing the economy's room to run. It's a strategy that contains both big benefits and risks for ordinary Americans and is causing excitement, tinged with caution, inside the central bank. Take Fed treatment of ... and more »
  • Wed, Jun 27 2018
  • 4:00 PM » Fed's Bullard warns there's a risk the Fed is raising rates 'too fast'
    Published Wed, Jun 27 2018 4:00 PM by CNBC
    St. Louis Federal Reserve President James Bullard said that one major risk to the U.S. economy over the next few years is aggressive monetary policy and raising interest rates too quickly.
  • 2:26 PM » U.S. Rental Rates Flatten in Major Cities as Supply Floods Market
    Published Wed, Jun 27 2018 2:26 PM by www.realtor.com
    The U.S. apartment market suffered its worst spring since 2010. Weakening demand resulted in high vacancy rates and little rent increases in major cities. The post U.S. Rental Rates Flatten in Major Cities as Supply Floods Market appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:45 PM » Reis: Apartment Vacancy Rate increased in Q2 to 4.8%
    Published Wed, Jun 27 2018 12:45 PM by Calculated Risk Blog
    Reis reported that the apartment vacancy rate was at 4.8% in Q2 2018, up from 4.7% in Q1, and up from 4.3% in Q2 2017.  This is the highest vacancy rate since Q3 2012. The vacancy rate peaked at 8.0% at the end of 2009, and bottomed at 4.1% in 2016. From Reis: Once again, the apartment vacancy rate increased in the quarter to 4.8% from 4.7% last quarter and 4.3% in the second quarter of 2017. The vacancy rate has now increased 70 basis points from a low of 4.1% in Q3 2016. The national average asking rent increased 1.3% in the first quarter while effective rents, which net out landlord concessions, increased 1.2%. At $1,404 per unit (market) and $1,337 per unit (effective), the average rents have increased 4.4% and 4.0%, respectively, from the second quarter of 2017. Net absorption was 37,265 units, slightly above last quarter's absorption of 36,124 units but below the average quarterly absorption of 2017 of 46,031 units. Construction was 50,360 units, higher than the first quarter's 50,244 units but below the 2017 quarterly average of 60,514 units. We still expect total construction for 2018 to surpass that of 2017. ... The apartment market had slowed at the end of 2017 and early 2018 as the housing market started to accelerate. Momentum in the housing market, however, recently slowed as indicated by recent existing home sales results. These shifts are likely due to the Tax Reform and Jobs Act that doubled the standard deduction and cut the deductibility of state, local and property taxes which lowered the incentive to buy a home. We expect construction to remain robust for the rest of 2018 and in early 2019 before completions drop off in subsequent periods. Occupancy is expected to remain positive, although vacancy rates are expected to continue to increase as new supply will outpace demand growth . Still, as long as job growth remains positive, we expect rent growth to remain positive over the next few quarters. emphasis added Click on graph for larger...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:41 AM » Bank mailings surge more than 40% as lenders pull out all the stops to get people to borrow more
    Published Wed, Jun 27 2018 11:41 AM by CNBC
    Homes are being inundated with mail solicitations from companies like Marcus, Elevate and Lending Club, hoping to supply personal loans to consumers. In all, 10 nonbank lenders that Credit Suisse tracks sent out 368 million pieces during May, a volume increase of 10 percent over April and a jump of 41 percent from the same period a year ago, according to Credit Suisse.
  • 11:09 AM » Buy Treasuries on Trade War, Sell Aussie, $74 Billion Fund Says
    Published Wed, Jun 27 2018 11:09 AM by Bloomberg
    Bloomberg Buy Treasuries on Trade War, Sell Aussie, $74 Billion Fund Says Bloomberg A ratcheting up of global trade tensions has convinced one of Australia's biggest fund managers to pile into U.S. Treasuries and the yen, and sell the Australian and New Zealand dollars. Brisbane-based money manager QIC Ltd., which oversees the ...
  • 8:52 AM » Trump Decides Against Harshest Measures on China Investments
    Published Wed, Jun 27 2018 8:52 AM by Bloomberg
    The White House opted to take a less confrontational approach toward Chinese investments in the U.S. as it pushes Congress to strengthen an existing review process rather than invoke a little-used law reserved for economic emergencies.
  • 8:38 AM » New orders for key US-made capital goods and shipments fell unexpectedly in May
    Published Wed, Jun 27 2018 8:38 AM by CNBC
    U.S. durable good orders were expected to fall 1.0 percent in May, after sinking 1.6 percent a month earlier.
  • 8:20 AM » Treasury Secretary Mnuchin says he's expecting a 'big' GDP number
    Published Wed, Jun 27 2018 8:20 AM by CNBC
    Treasury Secretary Mnuchin says he's expecting a 'big' GDP number<br/>https://www.cnbc.com/2018/06/27/treasury-secretary-mnuchin-says-hes-expecting-a-big-gdp-number.html
  • Tue, Jun 26 2018
  • 4:59 PM » Freddie Mac Issues Monthly Volume Summary for May 2018
    Published Tue, Jun 26 2018 4:59 PM by freddiemac.mwnewsroom.com
    Freddie Mac Issues Monthly Volume Summary for May 2018
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 4:59 PM » Tell Us: Are You Having Trouble Finding A Home To Buy?
    Published Tue, Jun 26 2018 4:59 PM by www.npr.org
    Fewer homes are being built per household now than virtually any other time in history, and people who want to buy a home are being shut out of the market.
  • 3:03 PM » This map shows where Americans have the highest, and lowest, credit scores
    Published Tue, Jun 26 2018 3:03 PM by CNBC
    Americans in certain areas of the country have significantly higher average credit scores than others.
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