Effective Rate on New Home Loans Continues to Drop

Interest rates on conventional mortgages for newly built homes fell again in August 2016 according to data released by the Federal Housing Finance Agency (FHFHA), extending the decline to 7 consecutive months. The FHFA data show that the average contract rate on the loans fell from 3.64% to 3.60%, while initial fees and charges went from 1.11% to 1.09%. As... Read More ›...(read more)

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The Home Renovation That Never Ends

A look at homeowners-both procrastinators and perfectionists-who take years and spend buckets of money on home improvements. The post The Home Renovation That Never Ends appeared first on Real Estate News and Advice - realtor.com ....(read more)

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Deutsche Bank nears $5.4 billion settlement over mortgage bonds: AFP

(Reuters) - Deutsche Bank AG is nearing an agreement with U.S. officials to pay $5.4 billion to settle charges related to its sale of toxic mortgage bonds before the financial crisis, French news agency AFP reported on Friday, citing sources....(read more)

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U.S. data to put December rate hike in focus

DUBLIN (Reuters) - The limits of central bank largesse are set to be a hot topic in the coming week as global policymakers head to Washington for the annual International Monetary Find meetings and key data may harden the case for a tightening of U.S. monetary policy....(read more)

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U.S. Consumer Sentiment Climbs for First Time in Four Months

U.S. Consumer Sentiment Climbs for First Time in Four Months Bloomberg Consumer confidence rose in September for the first time in four months as Americans grew more upbeat about the prospects for incomes and persistent low inflation. The University of Michigan said Friday that its final index of sentiment rose to 91.2 ... and more »...(read more)

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Atlanta Fed lowers U.S. third-quarter GDP growth view to 2.4 percent

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.4 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday following the latest data on inventories, trade and consumer spending this week....(read more)

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How US regulators may be creating a panic around Deutsche Bank

Germany's biggest bank fell under fresh scrutiny beginning on Sept. 16 when the U.S. Department of Justice demanded it pay a $14 billion fine for its mortgage lending activities during the housing bubble....(read more)

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Mortgage Performance Improves in Second Quarter of 2016

Performance of first-lien mortgages improved during the second quarter of 2016 compared with a year earlier, according to the Office of the Comptroller of the Currency's (OCC) quarterly report on mortgages....(read more)

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U.S. Consumer Spending Little Changed in August as Incomes Cool

U.S. Consumer Spending Little Changed in August as Incomes Cool Bloomberg Consumer spending was little changed in August as income growth cooled, pointing to a softening in consumption after a run of strong gains. The August result followed a 0.4 percent advance the prior month that was revised up, Commerce Department ... and more »...(read more)

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Bond Yields Plunge to Records Then Rebound in Quarter of Drama

Bond Yields Plunge to Records Then Rebound in Quarter of Drama Bloomberg Bond yields plunged to record lows this quarter only to bounce back as the Bank of Japan announced an unprecedented policy of trying to control levels in the debt market. The Bloomberg Barclays Global Aggregate Index is little changed for the third ... and more »...(read more)

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Yellen says Fed purchases of stocks, corporate bonds could help in a downturn

The Federal Reserve could get benefits from buying assets other than long-term U.S. debt if in a future downturn, Chair Janet Yellen said....(read more)

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The Fed Is Worried About the Rent

Bloomberg The Fed Is Worried About the Rent Bloomberg When you think of the Fed, you think of Janet Yellen, or monetary policy, or the interest rate on your mortgage. Can we interest you in a little affordable housing? Patrick Harker interested us. The president of the Federal Reserve Bank of Philadelphia ... and more »...(read more)

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Another Flogging for Wells Fargo

NEWS BRIEF Wells Fargo has agreed to paid more than $4 million in a settlement after federal investigators found the bank illegally repossessed 413 cars owned by American servicemembers over the last seven years. The Justice Department announced the agreement Thursday, alleging Wells Fargo violated the Servicemembers Civil Relief Act, which gives certain legal protections to members of the military. The settlement comes after a yearlong investigation. According to investigators : Wells Fargo had repossessed Army National Guardsman Dennis Singleton's used car in Hendersonville, North Carolina, ......(read more)

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Fannie Mae: Mortgage Serious Delinquency rate declined in August, Lowest since April 2008

Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in August to 1.24%, down from 1.30% in July. The serious delinquency rate is down from 1.62% in August 2015. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  This is the lowest rate since April 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Click on graph for larger image Although the rate is generally declining, the "normal" serious delinquency rate is under 1%.  The Fannie Mae serious delinquency rate has fallen......(read more)

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Will the Home Appraiser Shortage Wreck Your Home-Buying Dreams? Not If You Read This

Something major is happening in the housing industry that could grind the last mile of your home-buying marathon to a halt: a home appraiser shortage. The post Will the Home Appraiser Shortage Wreck Your Home-Buying Dreams? Not If You Read This appeared first on Real Estate News and Advice - realtor.com ....(read more)

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BB&T agrees $83 million settlement of FHA-insured mortgage issues

BB&T Corp. said Thursday it has reached an agreement with the U.S. Justice Department to settle issues relating to mortgage loans insured by the the U.S. Department of Housing and Urban Development's Federal Housing Administration (FHA). The regional bank said it will pay $83 million to settle the issues without admission of liability. "The settlement will have no negative effect on BB&T's financial condition or results of operations as a result of previous accruals totaling $85 million," BB&T said in a statement. "In a related matter, BB&T is pursuing a potential recovery of......(read more)

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‘Housing party' in the U.S. may be coming to an end

Falling pending-home-sales numbers from August coinciding with falling U.S. mortgage rates suggest that demand may be drying up and that a housing market that has been humming along may be headed for some trouble....(read more)

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Zillow Forecast: Expect Similar YoY Growth in August for the Case-Shiller Indexes

The Case-Shiller house price indexes for July 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 Zillow: August Case-Shiller Forecast: New Home Price Peaks Within Sight According to Zillow's August Case-Shiller forecast, the national index and both smaller 10 and 20-city indices look set to keep growing at a very similar rate as they have been for the past few months. After two full years of steady growth around 5 percent annually, the U.S. National Case-Shiller home price index is......(read more)

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Housing Share of GDP: Housing Services Offsets Slight RFI Decline

With the release of the final estimates of second quarter 2016 GDP growth (revised up three-tenths to a 1.4% growth rate), housing's share of gross domestic product (GDP) held steady at 15.7%. The home building and remodeling component-residential fixed investment-as a share of GDP declined slightly to 3.5%. Housing-related activities contribute to GDP in two basic ways. The first is... Read More ›...(read more)

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The Original Story Behind Deutsche Bank News and Bond Reaction

A number of funds that clear derivatives trades with Deutsche Bank AG have withdrawn some excess cash and positions held at the lender, a sign of counterparties' mounting concerns about doing business with Europe's largest investment bank....(read more)

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CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

Richard J. Andreano, Jr. In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded Home Mortgage Disclosure Act information on ethnicity and race in 2017. 2016 URLA.  The 2016 URLA approved by the CFPB... More >...(read more)

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30-Year Fixed-Rate Mortgage Hits 10 Week Low

30-Year Fixed-Rate Mortgage Hits 10 Week Low...(read more)

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Detroit housing rises from the ashes

Innovative public and private efforts and new bank programs are giving housing in the Motor City new fuel....(read more)

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Hope is on the Horizon for Millennial Homebuyers as the Market Eases

Millennial homebuyers have good reason to be optimistic about homeownership, according to Redfin agents The post Hope is on the Horizon for Millennial Homebuyers as the Market Eases appeared first on Redfin Real-Time ....(read more)

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US weekly jobless claims total 254K vs 260K estimate

US weekly jobless claims total 254K vs 260K estimate|| 103978869...(read more)

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GDP 2Q growth rises 1.4 percent in final reading vs. 1.2 percent estimate

GDP 2Q growth rises 1.4 percent in final reading vs. 1.2 percent estimate || 103978867...(read more)

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US bonds decline again as investors ponder OPEC deal

U.S. sovereign bonds declined for a second consecutive day on Thursday, following a global downward trend, after an accord was struck among OPEC members....(read more)

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California's Sanctions Against Wells Fargo

NEWS BRIEF The state of California has suspended all official dealings with Wells Fargo, following a scandal that has brought heavy scrutiny to the San Francisco-based bank. Wells Fargo was involved in a scheme that created phony bank and credit-card accounts to collect fees. Federal and California regulators have already fined the bank $185 million for the fraudulent practices, while the company fired 5,300 employees. John Chiang, the state treasurer who oversees $2 trillion in bank transactions annually, announced the unprecedented sanctions Wednesday. In a letter to Wells Fargo, he asked,......(read more)

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5 Good Reasons to Buy Your First Rental Property Now

Whether you're buying your first rental or choosing to rent out your home, owning a rental property has many clear benefits. The post 5 Good Reasons to Buy Your First Rental Property Now appeared first on Redfin Real-Time ....(read more)

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Update on "Peak Renter"

From economist Josh Lehner at Oregon Office of Economic Analysis Peak Renter In Real Life A year ago our office asked " Is 2015 Peak Renter? " We laid out a straightforward case examining the three main underlying drivers for the shift into rentership over the past decade: household finances, demographics, and preferences and tastes. We know the pendulum has swung all the way toward rentership. The question is not whether or not it will swing back toward ownership, it will. The question is when will this happen. Our office's position was that it would happen probably sooner than the......(read more)

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Treasuries Fluctuate as Traders Seek Guidance From Fed Speakers

Bloomberg Treasuries Fluctuate as Traders Seek Guidance From Fed Speakers Bloomberg Treasuries fluctuated, with a measure of volatility holding near the lowest since 2014, as bond traders looked to comments from a raft of Federal Reserve officials led by Chair Janet Yellen for hints on the path of interest rates. U.S. yields were ... and more »...(read more)

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The Deutsche Bank crisis: How we got here, and where we are

Here are some key points showing how the crisis has accelerated in the last 18 months....(read more)

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Draghi defends ECB in Germany from ‘very vocal' critics

ECB President Mario Draghi appeared in Berlin on Wednesday to defend the institution from some of its sternest critics - German lawmakers....(read more)

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Yellen Paints Rosy Picture of Wall Street's Health for Congress

Bloomberg Yellen Paints Rosy Picture of Wall Street's Health for Congress Bloomberg Federal Reserve Chair Janet Yellen painted a rosy picture of Wall Street's health for lawmakers at a congressional hearing Wednesday, even though her agency ruled this year that five of the biggest U.S. banks couldn't fail without dragging down the ... and more »...(read more)

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Low Mortgage Rates Sustain Improving Housing Markets

Low Mortgage Rates Sustain Improving Housing Markets...(read more)

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Fed may change stress tests, capital buffers for U.S. banks: Yellen

WASHINGTON (Reuters) - The Federal Reserve is considering changing the annual stress tests it gives to U.S. banks to see if they can withstand a massive financial crisis, and also using test results to set the capital buffers that banks must maintain to blunt the effects of a downturn, according to its chair, Janet Yellen....(read more)

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Fed's Kashkari, echoing Yellen, says U.S. economy has room to run

(Reuters) - The Federal Reserve can keep interest rates low for longer because even with jobs being created at a "pretty healthy clip" low rates are not creating inflationary pressures, a top Fed official said on Wednesday....(read more)

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US core capital goods orders rise for third straight month

Orders for non-military goods other than aircraft rose for a third straight month in August, a positive signal for the business investment outlook....(read more)

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10 Priciest Metros Where Buyers Can Score the Most Down Payment Help

There is a jaw-dropping amount of down payment assistance available for first-time buyers in many of America's biggest and most expensive markets. The post 10 Priciest Metros Where Buyers Can Score the Most Down Payment Help appeared first on Real Estate News and Advice - realtor.com ....(read more)

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German government preparing rescue plan for Deutsche Bank: report

The German government is working on contingency plans to rescue Deutsche Bank AG in case the country's biggest lender struggles to raise fresh capital on its own to resolve legal disputes, according to a Die Zeit report....(read more)

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Germany denies preparing Deutsche Bank rescue plan

FRANKFURT (Reuters) - The German government denied it was working on a rescue of Deutsche Bank as Germany's biggest lender boosted its balance sheet by selling its British insurance business on Wednesday....(read more)

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NAR President Tom Salomone Calls HUD Condo Rule a "Start," but Says More Changes Needed

WASHINGTON (September 27, 2016) – When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, the Department of Housing and Urban Development was given notice that they had 90 days to weigh in on regulations related to Federal Housing Administration financing for condominiums before changes automatically went into effect. These included... Read More...(read more)

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Trump's attack on Yellen, Fed could backfire

Many on Wall Street agree with Donald Trump's criticism that the Fed waited too long to raise rates....(read more)

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If Trump wins, 'Yellen would resign fairly quickly': Economist

The speculation comes amid a fresh round of criticism the outspoken New York businessman has lobbed at the Fed....(read more)

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Why US bond yields could fall way, way lower

Some experts say bond yields could sink further....(read more)

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Outdoor Remodeling Projects See High Happiness and Financial Returns, Say Realtors®

WASHINGTON (September 27, 2016) — Homeowners looking to tackle a remodeling project should head outside, according to a new report from the National Association of Realtors® and National Association of Landscape Professionals. The  2016 Remodeling Impact Report: Outdoor Features  shows that not only can outdoor remodeling projects add value to a home on resale, but they can also bring advantages to homeowners planning to stay in their homes in the form of increased happiness.  ... Read More...(read more)

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BlackRock Issues Warning on Treasuries as Fed Moves Toward Hike

Bloomberg BlackRock Issues Warning on Treasuries as Fed Moves Toward Hike Bloomberg BlackRock Inc., the world's biggest money manager, said investors should be wary of Treasuries as the Federal Reserve moves toward raising interest rates. "It's time to rethink the role of U.S. Treasuries in portfolios," Richard Turnill, BlackRock's ... and more »...(read more)

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Demand Strenthened Again in August, Putting Some Wind in the Market's Sail Heading into Fall

Denver posted the biggest monthly gain in homebuyer demand, which still fell short of last year's level The post Demand Strenthened Again in August, Putting Some Wind in the Market's Sail Heading into Fall appeared first on Redfin Real-Time ....(read more)

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Worries over German banks sink bond issue, hit shares

FRANKFURT (Reuters) - Deutsche Bank shares hit a record low on Tuesday and state-backed lender NordLB scrapped plans for a 500 million euro ($560 million) bond sale, underlining investor concern about the health of the financial industry in Europe's largest economy....(read more)

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Duy on the Fed: "December Looking Good. But ..."

From Tim Duy: December Looking Good. But ... FOMC doves squeezed out another victory at last week's meeting. But can they do it again in December? As was widely expected, the Fed held rates steady at the September FOMC meeting. That said, the meeting was clearly divisive, with three dissents, all from regional bank presidents. And the accompanying statement leaned in a hawkish direction – the committee noted that near-term risks were "balanced" and that the case for a rate hike had "strengthened." Moreover, only three of the participants did not expect a rate hike before year end. And if that ......(read more)

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