IRS makes it easier for Harvey victims to tap 401(k) money for rebuilding

Although the IRS has relaxed its rules to help storm-impacted people access their retirement funds, doing so can be costly....(read more)

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Banking Agencies Address Disaster Relief for Hurricane Harvey Victims

Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey.  We previously reported on mortgage-related guidance issued by Fannie Mae, Freddie Mac, HUD, and VA regarding mortgage loans. On August 26, the Office of the Comptroller of the Currency (OCC), the Board of Governors of... Continue Reading…...(read more)

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This week is shaping up to be the slowest in the market since Christmas

It's been a very sleepy week for Wall Street thus far despite plenty of news....(read more)

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CFPB releases summary of TRID Rule amendments

In July, the CFPB finalized amendments to the TILA/RESPA Integrated Disclosure (TRID) rule.   Published in the Federal Register earlier this month, the amendments will become effective on October 10, 2017, with a mandatory compliance date of October 1, 2018. The CFPB has just released a 24-page summary of the amendments, with citations to the sections... Continue Reading…...(read more)

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HUD/VA/Fannie/Freddie address mortgage-related disaster relief for Hurricane Harvey victims

U.S. Department of Housing and Urban Development (HUD) On Monday, August 28, HUD announced that it was committed to "speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey." The following forms of relief are available to people in impacted... Continue Reading…...(read more)

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The Fed: Currency war talk restarts after Jackson Hole

A ‘currency war dynamic' has emerged in the aftermath of the Jackson Hole conference, a leading Fed watcher said....(read more)

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From Stocks to Bonds, the Bear-Market Signals Are Multiplying

Bloomberg From Stocks to Bonds, the Bear-Market Signals Are Multiplying Bloomberg Risks are stacking up for markets attempting to recover from the latest provocation by North Korea and the mounting damage of Tropical Storm Harvey. Citigroup Inc. strategists including Jeremy Hale cite "worrying developments" that may signal the ... and more »...(read more)

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A US shutdown could cut into 4th-quarter GDP growth: S&P

A U.S. government shutdown, if it were to start at the start of the fourth quarter, would subtract 0.2 percentage point a week....(read more)

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Director Director Cordray to remain at CFPB beyond Sept. 1; Rep. Hensarling seeks confirmation of Director Corday's departure plans

Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. One of those signs was the notice on the CFPB’s website of the Fall 2017 Credit Union Advisory Council Meeting in Washington, D.C. on September 7,... Continue Reading…...(read more)

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Zillow Forecast: "July Case-Shiller Forecast: Slowdown Coming in Home Prices"

The Case-Shiller house price indexes for June were released yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Svenja Gudell at Zillow: July Case-Shiller Forecast: Slowdown Coming in Home Prices Following months of record highs in the Case-Shiller U.S. National Index for home prices, July is expected to bring a slowdown - to 5.6 percent from June's 5.8 percent year-over-year, non-seasonally adjusted gain. The monthly gain for July is forecast at 0.2 percent, which is half the 0.4 percent growth that ......(read more)

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Fed's Powell says new rules for bank directors don't lower the bar

CHICAGO (Reuters) - Federal Reserve Governor Jerome Powell on Wednesday delivered a robust defense of new regulations for bank directors, saying they would streamline the role directors play in the day-to-day oversight of their institutions, but don't weaken their hand....(read more)

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We've fixed the jobs gap, but people still aren't working

The U.S. economy and labor market experienced their most severe shock in generations from 2008-10, with over eight million jobs disappearing in a span of just over two years. Once the economic expansion took hold and employment began growing, the eight million jobs had been recovered by May of 2014. Yet, because of population growth,…                ...(read more)

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Warren Buffett: This doesn't feel like a 3% GDP economy

This is a breaking news story. Check back shortly for updates.. Billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, joined CNBC on Wednesday....(read more)

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Harvey Could Reshape How and Where Americans Build Their Homes

Bloomberg Harvey Could Reshape How and Where Americans Build Their Homes Bloomberg Jerry Garcia's home in Corpus Christi missed the worst of Hurricane Harvey by just a few miles and lost nothing more than some shingles and his backyard pier, which turned up further down Oso Bay. A 5-foot bulkhead and sloping lawn shielded it from the ... and more »...(read more)

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US Second-Quarter Growth Revised to 3% in Momentum Boost

Bloomberg US Second-Quarter Growth Revised to 3% in Momentum Boost Bloomberg U.S. second-quarter growth was revised upward to the fastest pace in two years on stronger household spending and a bigger gain in business investment, putting the economy on a stronger track, Commerce Department data showed Wednesday. and more »...(read more)

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Fed will continue to expect more 'than ever before' from directors of large banks, Powell says

The Federal Reserve will continue to expect much more from ever before from directors of large banks, said Federal Reserve Governor Jerome Powell, on Wednesday. In a speech at a conference sponsored by the Chicago Fed, Powell reminded the audience that, during the financial crisis, large banks incurred "massive losses" from esoteric products that were not even on the radar of bank boards. He said the Fed would work with bank directors who feel buried under paper from regulations put in place post-crisis, but said the central bank would not back away from requiring that bank boards be strong......(read more)

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Treasury yields hold their ground as geopolitical tension subsides

U.S. Treasury bonds stabilized, with the benchmark 10-year yield holding near a nine-month low, on Wednesday a day after bonds drew bids, extending a weekly decline, on the back of intensifying fears about military tensions in the Korean Peninsula after a missile launch briefly rattled global markets....(read more)

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Mortgage applications fall again, as borrowers wait for even lower rates

Applications to refinance fell 2 percent for the week and are down 41 percent from a year ago....(read more)

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Wednesday: GDP, ADP Employment

From Matthew Graham at Mortgage News Daily: Mortgage Rates Now Easily into "High 3's" It's one thing for the highly competitive environment of "rate table" advertising (where lenders compete and you get confused) to be reporting mortgage rates  approaching the mid 3's. In fact, in that arena, rates have been in the 3% range for quite some time. Whether or not you'd qualify or even be interested in the specific scenario that is conducive to such rates is another story. It's an entirely different thing for me to be telling you that rates are now easily into the high......(read more)

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HUD tightens requirements for loans seniors can take against their homes

Every reverse mortgage loan taken out is currently projected to lose money, officials said....(read more)

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After Harvey and North Korea, big economic and market gains are coming, Jim Paulsen says

Hurricane Harvey and geopolitical turmoil from North Korea have spurred fears of market and economic disruption....(read more)

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Market thinks Fed could hold off on rate hikes for another year — at least

The Fed won't be hiking interest rates again until well into 2018, according to current predictions....(read more)

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Buyers 'fight over scraps' in ever-pricier housing

Home prices are continuing to rise. Demand has not fallen off, and bidding wars are to be expected with most offers....(read more)

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Most Harvey flood victims uninsured, face big bills alone

Insurance experts say only a small fraction of homeowners in Harvey's path of destruction have flood insurance....(read more)

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U.S. consumer confidence hits five-month high; house prices rise

WASHINGTON (Reuters) - U.S consumer confidence surged to a five-month high in August as households grew increasingly upbeat about the labor market while house prices rose further in June, suggesting a recent acceleration in consumer spending was likely to be sustained....(read more)

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First-Time Homebuyer Demand Continues to Outpace Housing and Mortgage Market, Driving Home Pricing Appreciation

RICHMOND, Va., Aug. 29, 2017 /PRNewswire/ -- During the second quarter of 2017, first-time homebuyers purchased 570,000 single-family homes compared to 426,000 last quarter, marking the highest number of first-time homebuyer purchases during a second quarter since 1999, which had 599,000,......(read more)

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Real House Prices and Price-to-Rent Ratio in June

Here is the earlier post on Case-Shiller: Case-Shiller: National House Price Index increased 5.8% year-over-year in June It has been more than ten years since the bubble peak. In the Case-Shiller release this morning, the seasonally adjusted National Index (SA), was reported as being 3.2% above the previous bubble peak. However, in real terms, the National index (SA) is still about 13.3% below the bubble peak. The year-over-year increase in prices is mostly moving sideways now just over 5%. In June, the index was up 5.8% YoY. Usually people graph nominal house prices, but it is also important ......(read more)

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Homeowner's lawsuit says Wells Fargo charged improper mortgage fees

NEW YORK (Reuters) - A homeowner has filed a proposed class action lawsuit accusing Wells Fargo & Co of improperly charging thousands of customers nationwide to lock in interest rates when their mortgage applications were delayed....(read more)

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Consumer confidence strengthens in August, beating expectations for a drop

A major indicator of consumer optimism rose to 122.9 in August....(read more)

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Labor market pump is primed—we must take advantage

The most recent jobs report from the U.S. Department of Labor eliminates any lingering doubts that labor markets in the U.S. are now quite tight and that employers need more workers. The Hamilton Project at Brookings announced that jobs are just as plentiful, relative to the population of potential workers, as they were before the…                ...(read more)

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Massive Texas vaults ready to truck cash to Harvey-devastated areas, says ex-Dallas Fed president

"The Fed is open in Houston. It's open here in Dallas," Richard Fisher says....(read more)

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Trump says ‘all options are on the table for North Korea': White House

President Donald Trump responded to North Korea's firing a ballistic missile that passed over Japan with a statement Tuesday....(read more)

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Detroit's tiny houses are giving low-income earners a shot at homeownership

Here, the Tiny House movement serves a different purpose....(read more)

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Dow futures open more than 100 points lower after North Korea fires missile over Japan

North Korea has fired a ballistic missile that passed over Japan, Prime Minister Shinzo Abe told reporters early Tuesday. A South Korean military official told NBC News that the projectile was fired around 5:57 a.m. local time on Tuesday. The official said that the missile flew for about 2,700 kilometers (1,678 miles), reaching a maximum altitude of 550 kilometers (342 miles). U.S. Pacific Command projected that the missile splashed down at 6:29 a.m. local time....(read more)

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HUD Announces Disaster Assistance for Victims of Hurricane Harvey

WASHINGTON - U.S. Housing and Urban Development Secretary Ben Carson today announced HUD will speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey....(read more)

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Modest Expansion for Residential Construction Loans

The volume of residential construction loans increased by 1.2% during the second quarter of 2017, marking 17 consecutive quarters of growth. However, the growth rate for lending since the end of 2016 has slowed. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan base have helped expand residential construction activity in a thin inventory environment. According... Read More ›...(read more)

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Hurricane Harvey Could Cost Homeowners Big-Time—and for a Long Time

Hurricane Harvey is causing significant damage to homes, businesses, and entire communities. The damage is not expected to be a cheap or quick fix. The post Hurricane Harvey Could Cost Homeowners Big-Time-and for a Long Time appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Why Janet Yellen may have talked herself out of a job

In making a case for strong banking regulations, Fed Chair Janet Yellen also may have been indirectly telling President Trump not to reappoint her....(read more)

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Tapping Your Home Equity for Cash Is Big Again

Home-equity lines of credit and cash-out mortgage refinances are back in vogue with consumers. That reflects growing confidence. The post Tapping Your Home Equity for Cash Is Big Again appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Don't let anyone tell you Hurricane Harvey won't damage the U.S. economy

Hurricane Harvey is going to damage the U.S. economy. The problem is that economic statistics may mask the pain, economists said Monday....(read more)

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Barron's: Why China has been gobbling up U.S. government paper

China is once again America's top creditor, and Treasury investors are paying attention. But market participants should be careful not to get ahead of themselves in expecting that renewed Chinese buying interest will provide a significant weight on Treasury yields....(read more)

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What Markets Think About the Looming Debt Ceiling Showdown

Bloomberg What Markets Think About the Looming Debt Ceiling Showdown Bloomberg Financial markets are suggesting the political drama surrounding Congressional efforts to raise the nation's debt ceiling will play out more like the lesser of two recent showdowns. Investor angst, as measured by the CBOE Volatility Index, known as ... and more »...(read more)

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Bond Report: Treasury yields stabilize ahead of pending auctions

Treasury yields were mixed on early Monday trade ahead of auctions for government paper, which will kick off a week brimming with economic data that may sway the Federal Reserve's schedule for normalizing monetary policy....(read more)

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Dallas Fed: "Texas Manufacturing Activity Expands Again" in August

From the Dallas Fed: Texas Manufacturing Activity Expands Again Texas factory activity continued to increase in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, edged down to 20.3, indicating output grew but at a slightly slower pace than in July. Other measures of current manufacturing activity also indicated continued growth. The new orders and the growth rate of orders indexes ticked down but stayed solidly positive, coming in at 14.3 and 11.7, respectively. The capacity......(read more)

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U.S. goods trade deficit widens in July; retail inventories fall

WASHINGTON (Reuters) - The U.S. goods trade deficit increased in July as exports fell, suggesting that trade would make a modest contribution to economic growth in the third quarter....(read more)

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Home improvement retailers rise in premarket trading after Harvey

NEW YORK (Reuters) - Shares of U.S. home improvement retailers rose in premarket trading on Monday as Tropical Storm Harvey was set to dump more rain on Houston, Texas, intensifying flooding for the fourth-largest U.S. city....(read more)

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Black Knight: House Price Index up 0.9% in June, Up 6.2% year-over-year

Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted . From Black Knight: Black Knight Home Price Index Report: U.S. Home Prices Hit Another New High with 0.9 Percent Gain in June, Up 6.2 Percent Year-Over-Year • After 62 consecutive months of annual home price appreciation, U.S. home prices hit yet another new peak in June • Prices......(read more)

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Home Improvement Is Hot Right Now, but Who's Doing What?

The average homeowner is taking on more improvement projects-and spending more on them. But what homeowners want varies a lot, depending on generation, income, and location.  The post Home Improvement Is Hot Right Now, but Who’s Doing What? appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Why Even A Partial Government Shutdown Could Disrupt Bonds

Bloomberg Why Even A Partial Government Shutdown Could Disrupt Bonds Bloomberg The bond market's key tools for estimating the course of inflation could be collateral damage in this year's wrangle over the U.S. debt ceiling, according to JPMorgan Chase & Co. Even if Congress and the White House can navigate their way through ... and more »...(read more)

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Cohn or Yellen? Bond Managers of $1 Trillion Say Same Difference

Bloomberg Cohn or Yellen? Bond Managers of $1 Trillion Say Same Difference Bloomberg Bond traders are betting that no matter who's leading the Federal Reserve come February, policy makers won't stray from the path they've been laying out for months. With Janet Yellen coming off what may have been her final address as Fed chair at the ......(read more)

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