Chicago PMI increases in April

Earlier, the Chicago PMI: April Chicago Business Barometer at 58.3 vs 57.7 in March The MNI Chicago Business Barometer increased to 58.3 in April from 57.7 in March , the highest level since January 2015. "The April Chicago report showcased another impressive month, with firms reporting solid growth. Rising demand and firm production led to a pick-up in hiring by firms. Although the employment indicator has been bumpy, in and out of contraction, if the current month's rise is sustained, it could provide a boost to the labor market," said Shaily Mittal, senior economist at MNI Indicators.......(read more)

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Economic growth may stink, but a pickup in inflation means the Fed will raise rates

Growth slips to the worst pace in three years, but inflation jumped the most in six years....(read more)

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Congress set to vote on heading off government shutdown

WASHINGTON (Reuters) - The U.S. House of Representatives began debate on Friday on short-term legislation to avert a government shutdown at midnight and buy some time on reaching a deal on federal spending through Sept. 30....(read more)

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Enforcing Fair Housing 49 Years after the Fair Housing Act

As we come to the end of this year's Fair Housing Month, HUD's Office of Fair Housing and Equal Opportunity is reenergized and even more committed to creating equality in housing by enforcing the Fair Housing Act. We do this by investigating each housing discrimination complaint that is filed with HUD by members of the […]...(read more)

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Q1 GDP: Investment

First, the soft Q1 GDP data is part of a recent trend of weak first quarters, and was mostly due to weak PCE and inventory adjustment - no worries. It was pretty clear that PCE would be weak in Q1 (see two-month method ). However investment was solid. The first graph below shows the contribution to GDP from residential investment, equipment and software, and nonresidential structures (3 quarter trailing average). This is important to follow because residential investment tends to lead the economy, equipment and software is generally coincident, and nonresidential structure investment ......(read more)

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US economic growth weakened to 0.7% in first quarter

The Commerce Department says the gross domestic product, the total output of goods and services, grew by just 0.7 percent in the first quarter following a gain of 2.1 percent in the fourth quarter....(read more)

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CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service provider exams

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016.  The report indicates that  supervisory resolutions resulted in restitution payments of approximately $6.1 million to more than 16,000 consumers and notes that “[r]ecent non-public resolutions were reached in several auto finance origination matters.”  It also indicates […] Continue Reading…...(read more)

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Working From Home? Real-Estate Developers Are Here to Help

With more Americans working from home, architects and developers are designing spaces that spare residents from conducting business at a Starbucks. The post Working From Home? Real-Estate Developers Are Here to Help appeared first on Real Estate News & Advice | realtor.com® ....(read more)

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HVS: Q1 2017 Homeownership and Vacancy Rates

The Census Bureau released the Residential Vacancies and Homeownership report for Q1 2017. This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates.  However, there are serious questions about the accuracy of this survey. This survey might show the trend, but I wouldn't rely on the absolute numbers.  The Census Bureau is investigating the differences between the HVS, ACS and decennial Census, and analysts probably shouldn't use the HVS to estimate the excess vacant......(read more)

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Trump's tax plan alone won't get him the 3% economic growth he hopes for, Mohamed El-Erian warns

"You need more," the Allianz chief economic advisor argues, citing infrastructure spending and the need to boost productivity....(read more)

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Atlanta Fed cuts first-quarter GDP growth view to 0.2 percent

NEW YORK (Reuters) - The U.S. economy is on track to expand at a 0.2 percent annualized pace in the first quarter following weaker-than-forecast data on durable goods orders and advance data for the goods trade balance in March, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday....(read more)

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US durable goods orders rose 0.7% in March vs. 1.2% increase expected

Orders for long-lasting factory goods were forecast to increase 1.2 percent in March, after rising 1.7 percent a month earlier....(read more)

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US weekly jobless claims total 257,000 vs 242,000 estimate

First-time claims for state unemployment benefits were expected to total 242,000 in the most recent week....(read more)

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Fannie and Freddie, Back in the Black

Fannie and Freddie, Back in the Black Bloomberg Fannie Mae and Freddie Mac were among the biggest disasters of the financial crisis. In September 2008, nine days before Lehman Brothers failed, the federal government took over the mortgage companies; it eventually spent more than $187 billion bailing ......(read more)

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Mortgage Rates Increase After Weeks of Decline

Mortgage Rates Increase After Weeks of Decline...(read more)

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White House's Mulvaney says tax plan was intentionally vague

White House's Mulvaney says tax plan was intentionally vague<br/>http://ift.tt/2p79A82...(read more)

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ECB leaves rates unchanged, reiterates asset-purchase plans

The European Central Bank, as expected, made no changes to interest rates Thursday and repeated that it could increase the size or lengthen the duration of its asset-buying program if inflation looks set to fall far back below its target of near but just below 2%. The ECB Governing Council left the rate on main refinancing operations at 0% and held the deposit rate paid on funds parked overnight at the bank at minus 0.4%. The rate on the ECB's marginal lending facility remains at 0.25%. As previously announced, the ECB reduced its monthly bond purchases to 60 billion euros beginning in April, ......(read more)

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Luxury Housing Market Off to a Strong Start in 2017

Trump appointee home purchases contribute to 33 percent price surge in D.C.'s luxury market. The post Luxury Housing Market Off to a Strong Start in 2017 appeared first on Redfin Real-Time ....(read more)

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Why Trump should have ditched the mortgage-interest deduction

Some experts say the mortgage-interest deduction exacerbates inequality in housing....(read more)

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Homeownership in the Crosshairs of Latest Tax Plan

WASHINGTON (April 26, 2017) – Major reforms are needed to lower tax rates and simplify the tax code, but that shouldn’t come at the expense of current and prospective homeowners. That’s according to National Association of Realtors® President William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties. Brown said that while the President’s tax proposal released today is well-intentioned, it’s a non-starter for homeowners and......(read more)

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Freddie Mac Issues Monthly Volume Summary for March 2017

Freddie Mac Issues Monthly Volume Summary for March 2017...(read more)

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Trump Administration Proposes 'Significant' Tax Overhaul And Tax Cut Plan

The details of the measure will be worked out in talks with Congress; the effect on the deficit is unknown....(read more)

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Op-Ed: Here's the biggest problem with Trump's tax plan

Trump's tax cut plan is nothing more than a re-run of Reagan's "voodoo economics" and there is no evidence it will pay for itself, says Ron Insana....(read more)

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More Homeowners Pay for Repairs With Credit Cards

A recent survey found that almost one-third of affluent homeowners, defined as those earning at least $100,000 a year, plan to use credit cards to pay for renovation projects, according to San Diego-based LightStream, the online lending division of SunTrust Banks. The post More Homeowners Pay for Repairs With Credit Cards appeared first on Real Estate News & Advice | realtor.com® ....(read more)

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U.S. House may consider bill to fund government for a week: source

WASHINGTON (Reuters) - The U.S. House of Representative could move soon to consider a bill to fund the government for a week to avoid a shutdown at midnight on Friday and buy time to strike a deal for a long-term funding plan, a House Republican source said on Wednesday....(read more)

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The White House just outlined its tax plan. Here's what's in it

"I think it's clear that the House, the Senate and the administration are all on the same page," Mnuchin said earlier....(read more)

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Homebuyer demand suddenly falling off as inventory keeps shrinking

Demand from homebuyers fell 14 percent in March compared to February, according to an index from Redfin....(read more)

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New Home Prices

As part of the new home sales report, the Census Bureau reported the number of homes sold by price and the average and median prices. From the Census Bureau : "The median sales price of new houses sold in March 2017 was $315,100. The average sales price was $388,200." The following graph shows the median and average new home prices. Click on graph for larger image. During the housing bust, the builders had to build smaller and less expensive homes to compete with all the distressed sales.  When housing started to recovery - with limited finished lots in recovering areas - builders......(read more)

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Two huge markets are sizing up Trump and making radically different bets

Stocks have kept faith that President Trump will deliver on his promises as he nears his 100th day Saturday, but bonds are skeptical....(read more)

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Treasury's Mnuchin confirms Trump will seek 15 percent corporate tax rate

Mnuchin confirmed Wednesday that the tax plan the Trump administration will outline later will call for a 15 percent corporate rate....(read more)

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Treasury's Mnuchin: This is going to be the biggest tax cut and largest tax reform in our country's history

Treasury's Mnuchin: This is going to be the biggest tax cut and largest tax reform in our country's history|| 104426067...(read more)

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Lowest mortgage rates since election push refinances up 7%

The refinance market came back to life last week, as mortgage rates fell further....(read more)

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US Treasurys mixed as investors eye Trump's tax plan, auctions

U.S. government debt prices were mixed on Wednesday as investors prepared for the release of President Donald Trump's tax plan and eyed further auctions....(read more)

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Republicans float a spending deal without border wall funding, NBC reports

The White House has backed off its push for funding for a wall on the Southern border in a bill to keep the government open....(read more)

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Janet Yellen's successor at the Fed just might be Gary Cohn

Should Trump choose to replace Yellen when her term expires, he could turn to someone close by to fill the void....(read more)

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There's a Huge Disagreement Between Bonds and Stocks

Bloomberg There's a Huge Disagreement Between Bonds and Stocks Bloomberg In the green corner are stocks. The Standard & Poor's 500 index is just 0.3 percent away from a record high reached in March on bets that Donald Trump's administration will push through tax-code changes to spark growth. In the red corner sit U.S. ... and more »...(read more)

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A few Comments on March New Home Sales

New home sales for March were reported at 621,000 on a seasonally adjusted annual rate basis (SAAR).  This was well above the consensus forecast, and the three previous months combined were revised up significantly. This was a strong report. Sales were up 15.6% year-over-year in March.  However, January, February and March were the weakest months last year on a seasonally adjusted annual rate basis - so this was an easy comparison. So far the increase in mortgage rates has not negatively impacted new home sales. Earlier: New Home......(read more)

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French election relief could pave way for ECB tapering, but not yet

after pro-EU candidate Emmanuel Macron came out on top in the first round of voting in France's presidential election on Sunday, analysts say one of the major tightening hurdles for the European Central Bank now is out of the way....(read more)

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New Fannie Mae Changes Address Student Loan Issues

News Release. Share This: April 25, 2017. Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt ......(read more)

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10-year Treasury yield back above 2.3% as investors shun havens

Treasury prices fall, pushing up yields, as fading geopolitical jitters revives investor appetite for stocks and other risky assets at the expense of havens like government bonds....(read more)

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US homebuilder stocks slide on concern Trump's lumber tariff will raise costs

Hombuilder stocks fell on Tuesday after the United States slapped new tariffs on Canadian softwood lumber imports....(read more)

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White House ‘confident' of averting shutdown as Trump shows flexibility on wall

The White House sought Monday to calm a jittery Washington ahead of a showdown with Congress over spending, and President Trump softened his demand that a deal to keep the federal government open include money to begin construction on his long-promised border wall. Despite one-party control at both ends of Pennsylvania Avenue, the brinkmanship that came to define spending battles in the Obama years has tumbled into the Trump era, as have the factional divisions over strategy and priorities that have gripped the GOP for a decade....(read more)

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Americans' Confidence in Economy Stable, Positive

Gallup's U.S. Economic Confidence Index remained positive last week at +7. The latest score is somewhat lower than those in late January and early March....(read more)

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Bernanke warns that a ‘politicized' U.S. economy will create bad policies

Former Federal Reserve Chairman Ben Bernanke says views on the U.S. economy are "partisan colored," and that may turn into trouble....(read more)

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Redfin Housing Demand Index Drops Amid Lower-Than-Expected Buyer Activity in March; Remains Above Three-Year Average

The Redfin Housing Demand Index decreased 13.9 percent from February, to a seasonally adjusted level of 108 in March. While homebuyer demand has cooled from its record high of 132 in January, this was still the strongest March since 2013, when the Demand Index registered just one point higher at 109. The Demand Index is […] The post Redfin Housing Demand Index Drops Amid Lower-Than-Expected Buyer Activity in March; Remains Above Three-Year Average appeared first on Redfin Real-Time ....(read more)

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Trump reportedly still wants a 15% corporate tax rate, even if it falls short on revenue

Trump reportedly told staff to "get it done" before his planned Wednesday announcement on tax reform....(read more)

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Suddenly Everything's Looking Good in the Euro Area

Bloomberg Suddenly Everything's Looking Good in the Euro Area Bloomberg It's looking good for the euro area right now and there's every chance that's how it will stay. The region's largest economy started the week off with a surge in business confidence, a reminder of the strength already in Germany and now appearing ... and more »...(read more)

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Spring housing season is the 'strongest seller's market ever'

Spring home buyers are pounding the pavement at a furious pace, but the pickings are getting ever slimmer....(read more)

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Chicago Fed "Slower Economic Growth in March"

From the Chicago Fed: Chicago Fed National Activity Index Points to Slower Economic Growth in March Led by slower growth in employment-related indicators, the Chicago Fed National Activity Index (CFNAI) moved down to +0.08 in March from +0.27 in February . Two of the four broad categories of indicators that make up the index decreased from February, and one category made a negative contribution to the index in March. The index's three-month moving average, CFNAI-MA3, decreased to +0.03 in March from +0.16 in February, but remained positive for the fourth consecutive month. emphasis added This ......(read more)

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Trump suddenly finds himself needing the Fed

President Donald Trump's relationship with the Fed is, to put it mildly, evolving....(read more)

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