Mester Joins Powell Seeing Case Building for December Fed Hike

Bloomberg Mester Joins Powell Seeing Case Building for December Fed Hike Bloomberg Federal Reserve Bank of Cleveland President Loretta Mester said she agrees with Fed chair nominee Jerome Powell that the case for a December interest-rate increase is coming together and reiterated the central bank needs to keep tightening gradually to ... and more »...(read more)

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Fannie Mae Releases October 2017 Monthly Summary ...

News Release. Share This: November 30, 2017. Fannie Mae Releases October 2017 Monthly Summary. Matthew Classick. 202-752-3662. ......(read more)

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Senate tax bill would pay for less than half of proposed cuts, congressional analysis says

The Senate tax plan would add more than $1 trillion to federal deficits even after the effects of economic growth....(read more)

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House resorting to series of temporary funding bills

WASHINGTON (Reuters) - The U.S. House of Representatives, still struggling to reach a deal with the Senate on funding the government for the fiscal year that began last Oct. 1, will push another stop-gap bill next week that would go until Dec. 22, a senior House aide said on Thursday....(read more)

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Dow tops 24,000 as tax bill garners crucial support

(Reuters) - The Dow Jones Industrial Average broke the 24,000 mark for the first time on Thursday and other Wall Street indexes rallied on strong indications that President Donald Trump's tax-cut plan may get enough support to pass....(read more)

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Fed's Quarles warns of 'serious financial stability issues' from cryptocurrencies

Fed's Quarles warns of 'serious financial stability issues' from cryptocurrencies<br/>http://ift.tt/2i3AKbt...(read more)

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Hotel Occupancy Rate Increased Year-over-Year, On Pace for Record Year

From HotelNewsNow.com: STR: US hotel results for week ending 25 November The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 19-25 November 2017, according to data from STR. In comparison with the week of 20-26 November 2016, the industry recorded the following: • Occupancy: +1.4% to 51.4% • Average daily rate (ADR): +2.0% to US$109.99 • Revenue per available room (RevPAR): +3.4% to US$56.52 Among the Top 25 Markets, Houston, Texas, reported the largest increase in all three key performance metrics : occupancy (+32.8% to......(read more)

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Hutchins Roundup: Student loan nudges, slow productivity growth and interest rates, and more

Studies in this week's Hutchins Roundup find that a nudge increased student borrowing and raised educational attainment, slow productivity growth is not the driver of persistently negative real interest rates, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Student loan nudge…                ...(read more)

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McCain will support Senate tax bill, boosting its chances of passage

Sen. John McCain will back the Senate tax bill, increasing the plan's chances of clearing the Senate by Friday....(read more)

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Mortgage Rates Inch Lower

Mortgage Rates Inch Lower...(read more)

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US weekly jobless claims total 238,000, vs 240,000 expected

The number of Americans filing for unemployment benefits fell last week, dropping for a second straight week as labor market conditions tightened further....(read more)

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Growth Rate for Residential Construction Loans Picks Up

The volume of residential construction loans increased by 2.4% during the third quarter of 2017, marking 18 consecutive quarters of growth. While the year-over-year growth rate has slowed, the uptick in the quarterly growth rate is good news for home building. 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... Read More ›...(read more)

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Personal Income increased 0.4% in October, Spending increased 0.3%

The BEA released the Personal Income and Outlays report for October: Personal income increased $65.1 billion (0.4 percent) in October according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $66.1 billion (0.5 percent) and personal consumption expenditures (PCE) increased $34.4 billion (0.3 percent). ... Real DPI increased 0.3 percent in October and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. The October PCE price index increased 1.6......(read more)

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Mortgage Industry Panics Over Obscure Provision in Senate Tax Bill

Bloomberg Mortgage Industry Panics Over Obscure Provision in Senate Tax Bill Bloomberg The mortgage industry is panicking over a provision in the Senate tax bill that some analysts and trade groups say may drive small lenders out of the business. The Mortgage Bankers Association and other bank and mortgage trade groups scrambled over ... and more »...(read more)

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Senate takes step toward passage of tax bill, vote likely this week

WASHINGTON (Reuters) - The U.S. Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority, setting up a likely decisive vote later this week even though it was unclear if the bill has enough Republican support to become law.Congressional Republicans spent the day scrambling to reformulate their tax bill to satisfy lawmakers worried about how much it would balloon the U.S. budget deficit....(read more)

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Policy Mistakes

Over the last 20 years or so, we've seen several policy mistakes. The worst, of course, was the decision to invade Iraq (I opposed the Iraq war, and was shouted down and called names like "Saddam lover" for questioning the veracity of the information). Note: I started this blog in January 2005, and one of my earliest non-housing posts was " A Desolation called Peace " (I'm still angry). From an economic perspective, the errors include the failure to properly regulate the banks and mortgage lenders, the Bush tax cuts, the original TARP proposal, and some minor mistakes in 2009 like the......(read more)

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Cash Will Be King Again in 2018, Dethroning Government Bonds

Bloomberg Cash Will Be King Again in 2018, Dethroning Government Bonds Bloomberg Cash around the world is set to outperform government bonds from the U.S., Europe and Japan next year, posting its best return since 2012, according to JPMorgan Chase & Co. As the Federal Reserve and Bank of England tighten the monetary screw, rates ... and more »...(read more)

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Corker's 'trigger' plan risks chopping tax cut in half — analyst

Strategas said the "trigger" proposed by Sen. Bob Corker to limit deficits from the tax bill could reduce the tax cut....(read more)

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Redfin Housing Demand Index Dipped 1.7 Percent from September to October; Still 26.6 Percent Higher Than Last Year

The Redfin Housing Demand Index fell 1.7 percent from 137 in September to 134 in October. Still, the Demand Index increased 26.6 percent year over year in October. The post Redfin Housing Demand Index Dipped 1.7 Percent from September to October; Still 26.6 Percent Higher Than Last Year appeared first on Redfin Real-Time ....(read more)

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Senate tax bill will reportedly raise pass-through deduction to 20%

The change appears to be designed to earn support from Sens. Ron Johnson, R-Wis., and Steve Daines, R-Mont....(read more)

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Fed should continue to raise rates slowly, Williams says

PHOENIX (Reuters) - With falling U.S. unemployment expected to put upward pressure on inflation, the Federal Reserve should keep raising interest rates gradually, San Francisco Federal Reserve President John Williams said on Wednesday....(read more)

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Fed says economic activity continues to increase at modest pace, with slight improvement in outlook

The U.S. central bank released its periodic report on the health of the US economy Wednesday....(read more)

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New Mortgages Allow Renters to Buy With Tiny Down Payments

A new mortgage offering aims to help renters looking to buy their first homes and struggling to come up with a down payment. The post New Mortgages Allow Renters to Buy With Tiny Down Payments appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Rents Consume Increasingly Larger Percentage of Incomes

Rents Consume Increasingly Larger Percentage of Incomes...(read more)

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Senate to vote Wednesday on opening debate on tax bill

WASHINGTON (Reuters) - The U.S. Senate will vote later Wednesday on whether to begin debate on a Republican tax bill, Senate Majority Leader Mitch McConnell told the chamber....(read more)

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Yellen Says US Expansion Widening as Financial Risks Muted

Yellen Says US Expansion Widening as Financial Risks Muted Bloomberg Federal Reserve Chair Janet Yellen, in what may be her last appearance before Congress as head of the central bank, described a steadily brightening picture for the U.S. economy while downplaying the risks of financial instability. and more »...(read more)

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Yellen: $20 trillion national debt 'should keep people awake at night'

With Congress wrestling over a tax reform plan, Federal Reserve Chair Janet Yellen said also is concerned over the surging level of public debt....(read more)

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Fed Chair Janet Yellen: Rates have to raise to prevent 'boom-bust' economy

Federal Reserve Chair Janet Yellen said the central bank is concerned with letting growth get out of hand so is committed to continuing to raise rates in a gradual manner....(read more)

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Federal Reserve starting to think about its own digital currency, Dudley says

New York Fed President William Dudley said that the Fed is exploring the idea of its own digital currency, according to reports from Dow Jones....(read more)

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Yellen Says Economic Expansion Has Gained Strength

Janet L. Yellen, the Federal Reserve chairwoman, told Congress that economic growth broadened in recent months, but could be doing better....(read more)

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Peak California? Golden State's Housing Markets Begin to Stall

Peak California? Golden State's Housing Markets Begin to Stall...(read more)

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What Janet Yellen's testimony on Wednesday means for the market

One foreign exchange strategist is watching Yellen's remarks for their implications across asset classes....(read more)

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Fed Chair Janet Yellen calls on Congress to adopt policies to stimulate economic growth

Fed Chair Janet Yellen called on Congress to adopt policies that will get U.S. economic growth out of its "disappointingly slow" post-recession pattern....(read more)

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These Real Estate Trends Will Be Game-Changers in 2018

From housing inventory to price appreciation to generational and regional shifts, these are the top trends that will shape real estate markets in 2018. The post These Real Estate Trends Will Be Game-Changers in 2018 appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Freddie Mac Issues Monthly Volume Summary for October 2017

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

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Home Depot shares hit all-time high as housing momentum swells, company advances mobile initiatives

Home Depot shares reached an all-time high of $176.77 by Tuesday afternoon....(read more)

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Zillow Case-Shiller Forecast: More Solid House Price Gains in October

The Case-Shiller house price indexes for September were released this morning. 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: Case-Shiller September Results and October Forecast: Underbuilding Continues to Take a Toll The primary Case-Shiller indices paint a picture of a national housing market that's largely stable and maybe even a bit boring from 50,000 feet, with home prices growing at roughly the same pace for the past year or more. The U.S. National Index for September showed......(read more)

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A Third of Homebuyers Will Consider Moving to Another State if SALT Deductions Are Eliminated

Redfin surveyed nearly 900 homebuyers to understand how tax reform could impact their homebuying plans. The post A Third of Homebuyers Will Consider Moving to Another State if SALT Deductions Are Eliminated appeared first on Redfin Real-Time ....(read more)

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Senate tax drama intensifies; Democrats pull out of Trump meeting

WASHINGTON (Reuters) - President Donald Trump's push for tax cuts hit new turbulence on Tuesday, with Democrats abruptly pulling out of a planned White House meeting with him after he sent a tweet attacking them, while some Senate Republicans were demanding changes to the tax bill....(read more)

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U.S. budget chief Mulvaney says CFPB staff should 'disregard' deputy director: memo

WASHINGTON (Reuters) - U.S. budget chief Mick Mulvaney on Tuesday told staff at the Consumer Financial Protection Bureau to "disregard" instructions from Leandra English, the deputy director, according to a memo....(read more)

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Tax reform rush and shutdown threat make for a messy December in Washington

A Republican tax bill, a government shutdown deadline and more funding for natural disaster relief all need addressing in December....(read more)

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Federal Reserve Nominee Sees Continuity if Confirmed

Jerome H. Powell, nominated to be the Fed's next chairman, told senators he would continue the bank's current path of monetary and regulatory policies....(read more)

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You Will Never Guess Where Home Prices Are Shooting Up the Most

The median home price of a single-family home in this city jumped 12.9% year-over-year in September, according to a recent report. The post You Will Never Guess Where Home Prices Are Shooting Up the Most appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Fed chair nominee Powell says case for rate hike 'coming together'

(Reuters) - The U.S. Federal Reserve is likely to raise interest rates again next month, Fed chair nominee Jerome Powell signaled on Tuesday....(read more)

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FHFA Announces Maximum Conforming Loan Limits for 2018

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $453,100 ...(read more)

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Richmond Fed: "Fifth District Manufacturing Activity Saw Robust Growth in November"

From the Richmond Fed: Fifth District Manufacturing Activity Saw Robust Growth in November Manufacturing firms reported robust growth in November, according to the latest survey by the Federal Reserve Bank of Richmond. The composite index jumped from 12 to 30, the highest it has been since 1993 . This rise was bolstered by strengthening conditions across all three components of the index. While indicators of current wages and finished goods fell in November, both maintained positive values, dropping from 24 to 21 and 14 to 9, respectively. District manufacturing firms remained optimistic that ......(read more)

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Fed nominee Powell backs 'tailoring' regulations to ease up on small banks

President Donald Trump nominated Jerome Powell to take over as Federal Reserve chairman when Janet Yellen's term expires in February....(read more)

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Consumer confidence hits 129.5 in November vs expectation of 124

Consumer optimism was expected to taper slightly in November, after recording historic highs in October....(read more)

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Case-Shiller: National House Price Index increased 6.2% year-over-year in September

S&P/Case-Shiller released the monthly Home Price Indices for September ("September" is a 3 month average of July, August and September prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data for the graphs. From S&P: September S&P CoreLogic Case-Shiller National Home Price NSA Index Up 6.2% In Last 12 Months The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all......(read more)

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Why the CFPB showdown threatens the independence of financial regulators

Rarely does financial regulation resemble a Mad Max movie, but two people are claiming to be Acting Director of the Consumer Financial Protection Bureau (CFPB) and only one can leave. This clash will impact financial regulation and consumer protection and potentially undermine one of the bedrock principals of modern financial regulation: independence of financial regulators.…                ...(read more)

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