US Economy Grew Faster Than Previously Estimated

According to the Bureau of Economic Analysis, the economy grew faster in the fourth quarter of 2017 than was originally estimated. The third estimate of GDP growth in the quarter 2.9 percent, was faster than the 2.6 percent "advance" estimate and the 2.5 percent second estimate. It confirms that the economy grew faster than its potential, strongly indicating that the... Read More ›...(read more)

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Apartment Industry to Weigh in on Building Code Development

As the International Code Council (ICC) has recently begun consideration of the 2021 I-Codes, NMHC/NAA are working to highlight the specific proposals important to the multifamily industry. The ICC produces the most widely-used family of codes and standards, which provide minimum requirements for all aspects of multifamily design and construction and often serve as the basis for state and local building codes. This year, ICC will be considering numerous proposed changes of particular interest to the apartment industry relating to fire safety, construction site management and accessibility....(read more)

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Reis: Office Vacancy Rate increased in Q1 to 16.5%

Reis released their Q1 2018 Office Vacancy survey this morning. Reis reported that the office vacancy rate increased to 16.5% in Q1, from 16.4% in Q4 2017. This is up from 16.3% in Q1 2017, and down from the cycle peak of 17.6%. From Reis Economist Barbara Denham: Defying a healthy job market, the office vacancy rate increased in the first quarter to 16.5%, up from 16.4% at year-end 2017 and 16.3% in the first quarter of 2017. The vacancy rate has increased 30 basis points from a low of 16.2% in Q4 2016. The national average asking rent increased 0.8% in the first quarter while......(read more)

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Rent is rising more slowly, easing strain on Americans

Apartment rent increases slowed further in the first quarter. USA Today reports....(read more)

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Consumer sentiment hits 101.4 in March vs. 102 estimate

Reuters economists expected the University of Michigan's consumer sentiment index to remain at 102 in March....(read more)

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Barclays to pay $2 billion U.S. fine over mortgage fraud claims: Justice Department

WASHINGTON (Reuters) - Barclays has agreed to pay $2 billion for allegedly causing billions of dollars of losses to investors by engaging in a fraudulent scheme to sell residential mortgage-backed securities between 2005 and 2007, the U.S. Justice Department said on Thursday....(read more)

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Personal Income increased 0.4% in February, Spending increased 0.2%

The BEA released the Personal Income and Outlays report for February: Personal income increased $67.3 billion (0.4 percent) in February according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $53.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased $27.7 billion (0.2 percent). Real DPI increased 0.2 percent in February and Real PCE increased 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 February PCE price index......(read more)

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US jobless claims drop to more than 45-year low

First-time claims for state unemployment benefits were expected to total 230,000 in the most recent week, after 229,000 claims were reported for the previous week....(read more)

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US consumer spending climbed modestly in February as savings rose to a 6-month high

Spending rose marginally for a second straight month as households boosted savings, the latest indication the economy lost momentum in the first quarter....(read more)

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Trump escalates attack on Amazon, slams it on taxes, shipping

WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday blasted mega-retailer Amazon.com Inc with a list of complaints, a day after news website Axios reported that Trump wants to rein in the company's growing power using federal antitrust laws, causing its shares to fall almost 5 percent....(read more)

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U.S. Treasury yields not likely to spike, even with abundant supply due: Reuters poll

(Reuters) - Rock-bottom government bond yields may be a thing of the past, but there is no reason to expect a sudden spike, even with an oncoming flood of U.S. debt supply, a Reuters poll showed....(read more)

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Stocks are likely to conclude March with largest monthly losses in more than a year

Futures were higher this morning, but the final trading day of March is likely to conclude with the largest monthly losses for the Dow, S&P 500, and Nasdaq since January 2016....(read more)

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Soaring rents force many millennials to get help from Mom and Dad

TOWN SQUARE | A recent analysis by Apartment List found that since 2000, home prices have risen by 73 percent and rents have increased by 61 percent. At the same time, incomes for younger households have only increased 31 percent....(read more)

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Where are the CFPB's complaint and supervisory highlights reports?

The CFPB has apparently decided to put its monthly complaint reports on hold. The CFPB’s last monthly complaint report was its October 2017 report, a “special edition" report that provided data on servicemember complaints on a nationwide and state-by-state basis.  (This “special edition” report, like other CFPB “special edition” monthly complaint reports, departed from the... Continue Reading…...(read more)

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

The Case-Shiller house price indexes for January 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 Aaron Terrazas at Zillow: January Case-Shiller Results and February Forecast: Prelude to Home Buying Season Already Hot The continuing inventory pinch helped boost the U.S. national Case Shiller index 6.2 percent in January from a year earlier, down from a 6.3 percent gain in December. Case-Shiller's 10-City Composite rose 6 percent, while the 20-City Composite climbed 6.4 percent......(read more)

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Apartment Rents Stay Steady Despite New Supply

The apartment rental market softened in the first quarter nationwide, but not as much as expected given a surge in new supply. The post Apartment Rents Stay Steady Despite New Supply appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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These costs are taking a $20,000 bite out of your home's sales price

Add this expense to your running tally as you prepare to sell your house....(read more)

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Reis: Apartment Vacancy Rate increased in Q1 to 4.7%

Reis reported that the apartment vacancy rate was at 4.7% in Q1 2018, up from 4.6% in Q4, and up from 4.3% in Q1 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: Continuing on its upward path, the apartment vacancy rate increased to 4.7% from 4.6% at year-end 2017 and 4.3% in the first quarter of 2017. The vacancy rate has increased 60 basis points from a low of 4.1% in Q3 2016. The national average asking rent increased 0.9% in the first quarter while effective rents, which net out......(read more)

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Debunking Media Hype About San Francisco Population Decline: CHARTS

Population is up despite headlines. Here are the charts on migration, population, housing inventory, and employment trends. The post Debunking Media Hype About San Francisco Population Decline: CHARTS appeared first on The Basis Point ....(read more)

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Freddie Mac Statement on the June 2019 Implementation of the New UMBS

Freddie Mac Statement on the June 2019 Implementation of the New UMBS...(read more)

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State Employment Data February 2018– Updated Bureau of Labor Statistics Data Series

The state employment data reported commencing January 2018 are based on an updated and revised data series from the Bureau of Labor Statistics (BLS).  To give an idea of the extent of the change, in Texas, for example, the older data series through December 2017 indicated that Texas grew jobs that year at a 2.53 … Read more...(read more)

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Q4 GDP Revised up to 2.9% Annual Rate

From the BEA: Gross Domestic Product: Fourth Quarter and Annual 2017 (Third Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2017, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.5 percent. With this third estimate for the fourth quarter, the general picture of ......(read more)

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Treasuries Finally Give In to Tech Turmoil

Bloomberg Treasuries Finally Give In to Tech Turmoil Bloomberg The turmoil around the social media company -- and technology stocks in general -- has driven 10-year Treasury yields to the brink of breaking out of a 20-basis-point range that's held since early February. The benchmark tumbled as much as eight basis ... and more »...(read more)

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What to Expect From the Housing Market This Spring

The economics of home buying are getting interesting, thanks to higher mortgage rates, tax changes and a supply-demand imbalance....(read more)

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An $800 billion disconnect between the Fed and Treasury is ballooning in bonds: Wells Fargo

Just as the Federal Reserve pares back its bond holdings, the U.S. government is bringing more to market. That could have a major impact on bond yields, says Wells Fargo....(read more)

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Warehouses Are Now Worth More Than Offices, Thanks to Amazon

Bloomberg Warehouses Are Now Worth More Than Offices, Thanks to Amazon Bloomberg While China slams the brakes on buying trophy properties and the retail apocalypse draws nigh, something less sexy but striking is going on in real estate. Warehouses are now worth more than office buildings. Giant, high-tech warehouses, to be precise ... and more »...(read more)

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Freddie Mac Issues Monthly Volume Summary for February 2018

Freddie Mac Issues Monthly Volume Summary for February 2018...(read more)

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Chicago can pursue part of Wells Fargo predatory lending case

(Reuters) - A federal judge significantly narrowed but refused to dismiss a lawsuit accusing Wells Fargo & Co, the third-largest U.S. bank, of predatory mortgage lending targeting black and Hispanic borrowers in the Chicago area....(read more)

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U.S. Investor Optimism Stable and Strong

U.S. investor optimism is strong and stable, with investors showing confidence in their personal finances and optimism about the national economy....(read more)

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New Tax Law May Encourage Home Rentals

The new tax law brought welcome news for people who rent out their homes for short periods. And it likely will entice even more people to do it. Here are some ways short-term landlords could benefit. The post New Tax Law May Encourage Home Rentals appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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10 cities with the best credit scores in the US

Residents in these cities have "excellent" median credit scores, according to new data from financial website WalletHub....(read more)

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Consumer confidence falls in March, breaking 2 month streak of gains

The Conference Board's measure of U.S. consumer optimism was expected to rise in March....(read more)

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Richmond Fed: "Fifth District Manufacturing Firms Reported Sluggish Growth in March"

From the Richmond Fed: Fifth District Manufacturing Firms Reported Sluggish Growth in March Fifth District manufacturing expanded at a slower pace in March, according to the most recent survey results from the Federal Reserve Bank of Richmond. The composite index dropped from a particularly strong reading of 28 in February to 15 in March as each of the three components (shipments, new orders, and employment) fell. However, for each of these variables, a larger share of firms predicted growth in six months than had in February. Firms reported weaker growth in capital expenditures in March but......(read more)

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Existing Home Sales Ratcheted Up 1.1 Percent Vs a Year Ago in February 2018, Reversing a Miss in January — Despite Shrinking Inventory

Sales of existing homes ratcheted up 1.1 percent in February 2018 compared to a year ago, hitting a seasonally adjusted annualized sales rate (SAAR) of 5.54 million homes according to the National Association of Realtors® (NAR).  On a raw unadjusted basis, home sales of 319,000 in February 2018 were up from 315,000 a year ago, … Read more...(read more)

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Tax Reform Toolkit: The Pass-Thru Deduction for High Income Taxpayers

Eye on Housing's first Tax Reform Toolkit post explained the basics of the new 20% deduction for pass-thru income (i.e. the 199A deduction). That article focused on how the deduction works for a taxpayer who has less than $315,000 of taxable income if married and filing jointly ($157,500 if single). In general, these taxpayers may deduct 20 percent of their... Read More ›...(read more)

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Redfin Housing Demand Index Fell 14 Percent from January to February as Ongoing Supply Shortage Crimped Homebuyer Activity

The Redfin Housing Demand Index fell 14.1 percent month over month to 110 in February. The post Redfin Housing Demand Index Fell 14 Percent from January to February as Ongoing Supply Shortage Crimped Homebuyer Activity appeared first on Redfin Real-Time ....(read more)

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The Rate the Banks Once Rigged Is Jumpingâ€"and Causing Trouble

Bloomberg The Rate the Banks Once Rigged Is Jumping-and Causing Trouble Bloomberg About $350 trillion of assets are pegged to Libor. Its recent rise could boost adjustable mortgage payments and drive stock prices lower. By. Liz McCormick. @mccormickliz More stories by Liz McCormick. March 27, 2018, 2:00 AM PDT. Illustration: Frode ......(read more)

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MetLife Unit Struck $16 Billion in Real Estate Deals Last Year

Bloomberg MetLife Unit Struck $16 Billion in Real Estate Deals Last Year Bloomberg MetLife Inc.'s asset manager said the stable market for real estate financing helped it complete $16 billion in global property transactions last year. That tally for MetLife Investment Management includes $14 billion in commercial-mortgage ... and more »...(read more)

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ECB could still yet extend its massive bond-buying program, key policymaker says

Those market participants expecting an end to the European Central Bank's stimulus program in September could be mistaken, according to a member of the central bank's Governing Council....(read more)

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Vehicle Sales Forecast: Sales Under 17 Million SAAR in March

The automakers will report March vehicle sales on Tuesday, April 3rd. Note: There were 28 selling days in March 2018, up from 27 in March 2017. From WardsAuto: U.S. Light-Vehicle Forecast: Sales Down Slightly; Inventory Declines to Match Demand A Wards Intelligence forecast calls for U.S. automakers to deliver 1.60 million light vehicles in March. ... The report puts the seasonally adjusted annual rate of sales for the month at 16.9 million units, higher than last year's 16.7 million but slightly under last month's 17.0 million. emphasis added Sales in March will probably be at the slowest......(read more)

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Black Knight: National Mortgage Delinquency Rate Decreased Slightly in February

From Black Knight: Black Knight's First Look at February 2018 Mortgage Data • The national delinquency rate edged slightly downward in February, with hurricane-related delinquencies declining by a modest 5.0 percent for the month • Serious delinquencies (90 or more days past due) attributed to Hurricanes Harvey and Irma fell just 3.0 percent • 128,000 hurricane-driven seriously delinquent mortgages remain in Texas, Florida, and Georgia • After hitting a 12-month high in January, foreclosure starts fell 25 percent month-over-month • Active foreclosure inventory rebounded from January's......(read more)

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Fed's Dudley pushes to change pay structure for bank execs and wants them held liable for scandals

Banks need to stop rewarding the kind of bad behavior that led to the Wells Fargo fake accounts scandal and other banking misdeeds, New York Fed President William Dudley said Monday. Dudley to make managers, not shareholders, more personally liable for fines and "other legal liabilities" and said pay structure should be changed to stop awarding short-term performance....(read more)

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Black Homeownership Rates by County

Homeownership has been and continues to be an important driver of wealth creation in the US, with owner-occupied housing accounting for almost a quarter of assets among US households. When examining homeownership across different demographic groups, rates vary significantly, indicating that the economic and financial benefits of homeownership do not reach everyone. A recently released NAHB special study explores the geographic... Read More ›...(read more)

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Dallas Fed: "Texas Manufacturing Expansion Continues but at a Slower Pace"

From the Dallas Fed: Texas Manufacturing Expansion Continues but at a Slower Pace Texas factory activity continued to expand in March, albeit at a markedly slower pace than last month, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell 15 points to 12.7, signaling a deceleration in output growth. Other indexes of manufacturing activity also remained positive but posted double-digit declines in March. The new orders and growth rate of orders indexes fell to 8.3 and 3.8, respectively. ......(read more)

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Chicago Fed "Index points to a pickup in economic growth in February"

From the Chicago Fed: Index points to a pickup in economic growth in February Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.88 in February from +0.02 in January . All four broad categories of indicators that make up the index increased from January, and three of the four categories made positive contributions to the index in February. The index's three-month moving average, CFNAI-MA3, increased to +0.37 in February from +0.16 in January. emphasis added This graph shows the Chicago Fed National Activity Index (three month......(read more)

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ECB inspectors find 10 billion euro problem in banks' loan book

FRANKFURT (Reuters) - European Central Bank inspectors found shortcomings and miscalculations worth more than 10 billion euros when going through euro zone banks' loan books last year, the ECB said on Monday....(read more)

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California measure could spur more seniors to sell homes, ease state's housing crunch

A California voter measure that expands a property tax break for seniors could help ease the state's chronic housing shortage....(read more)

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US stocks set to jump at the open as trade concerns ease

U.S. stock index futures posted major gains ahead of Monday's open, bouncing back from the sharp losses seen during Friday's session....(read more)

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Bond Traders Face Gut-Check in Record $300 Billion US Auctions

Bloomberg Bond Traders Face Gut-Check in Record $300 Billion US Auctions Bloomberg Bond bulls who enjoyed a rare rally in short-term Treasuries last week might not want to get too comfortable: The world's biggest debt market is about to be inundated with an unprecedented wave of issuance. The U.S. Treasury will probably auction about ... and more »...(read more)

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Wall Street nosedives on trade-war worries

NEW YORK (Reuters) - Wall Street tumbled on Friday as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risky bets going into the weekend as they looked for shelter from further declines....(read more)

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