Fannie Mae: Mortgage Serious Delinquency rate decreased in May

Fannie Mae reported that the Single-Family Serious Delinquency rate decreased to 1.03% in May, down from 1.09% in April. The serious delinquency rate is down from 1.04% in May 2017. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Click on graph for larger image By vintage , for loans made in 2004 or earlier (3% of portfolio), 3.07% are seriously delinquent. For loans made in 2005 through 2008 (6% of portfolio), 5.72% are seriously delinquent , For recent loans,......(read more)

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Saving for a house could get you a tax break

As home prices rise and affordability becomes more of an issue, some states are offering tax-advantaged accounts for first-time home buyers trying to save up to purchase a house....(read more)

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How Monetary Policy Suddenly Became Controversial

Bloomberg How Monetary Policy Suddenly Became Controversial Bloomberg Last year the Federal Reserve paid about $26 billion in interest on the money banks kept deposited there, up from the zero dollars it paid before the financial crisis a decade ago. For many people, this is a source of distress. The more the Fed pays in ... and more »...(read more)

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ETF Buyers Go for Shorter-Duration Bonds as the Yield Curve Flattens

Bloomberg ETF Buyers Go for Shorter-Duration Bonds as the Yield Curve Flattens Bloomberg With the yield curve flattening and the Federal Reserve determined to continue raising interest rates, exchange-traded fund investors have been laying bets on bonds that mature sooner than later. The iShares 0-5 Year Investment Grade Corporate Bond ETF ... and more »...(read more)

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The Fed has met its inflation target. Now what?

For 10 years, the Federal Reserve has stalked its prey - inflation - but has mostly come up empty. Now that it has caught up to its goal, the question is what will happen next, and the answer isn't obvious....(read more)

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Earlier: Chicago PMI Increased in June

From the Chicago PMI: Chicago Business Barometer Rises to 64.1 in June The MNI Chicago Business Barometer rose 1.4 points to 64.1 in June , up from 62.7 in May, hitting the highest level since January. Business activity expanded at a faster pace in June, with firms' operations up for a third consecutive month. Four of the five Barometer components strengthened on the month, leaving the Barometer up 0.8% on the year. ... This month, two special questions were posed to firms. The first asked whether ongoing trade talks were having an impact on short-term purchasing decisions. Just under a......(read more)

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Trump may nominate top court pick before July 10: White House official

WASHINGTON (Reuters) - U.S. President Donald Trump may nominate his pick to replace retiring Supreme Court Justice Anthony Kennedy before Trump leaves for his trip to Europe on July 10, a White House official said on Friday....(read more)

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U.S. bond market recession gauge nearer to red signal: Reuters poll

U.S. bond market recession gauge nearer to red signal: Reuters poll ...(read more)

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Draghi Warns Risks From Trade War May Be Understated

Bloomberg Draghi Warns Risks From Trade War May Be Understated Bloomberg European Central Bank President Mario Draghi warned European Union leaders that an escalating trade war between the U.S. and the world's biggest economies may have a larger impact than policy makers and investors currently expect. Rising tensions ... and more »...(read more)

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More States See Job Gains in May

According to the Bureau of Labor Statistics, nonfarm payroll employment increased in 43 states and the District of Columbia, and decreased in seven states in May 2018 compared to April 2018. Over the month of April, nonfarm payroll employment increased in 26 states and the District of Columbia, was unchanged in two states, and decreased in 22 states compared to... Read More ›...(read more)

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Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)<br/>https://ift.tt/2MzYfWOread more)

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Consumer sentiment hits 98.2 in June, vs. expectations for 99.2

Consumer sentiment was expected to grow in the final reading of June....(read more)

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Forecasts: Residential Refinance & Purchase Lending, 30-Year Conventional Mortgage Rates, Home Sales — June 2018

Fortunately, Fannie Mae, Freddie Mac and the MBA update their quarterly and annual forecasts monthly for residential lending volumes –  both refinance and purchase transactions.  Driving these lending forecasts is  the expectation of future interest rates.  Since 2018 is almost one-half over there is not too much deviation in interest rate expectations for the year, … Read more...(read more)

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Senate Banking Committee to hold July 12 and 19 hearings on Kraninger nomination, credit reporting agencies

Politico has reported that on July 19, the Senate Banking Committee will hold a hearing on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director.  While we find this surprising, we continue to believe that she will not be confirmed by the full Senate until after the mid-term elections. Politico also reported that... Continue Reading…...(read more)

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

The BEA released the Personal Income and Outlays report for May: Personal income increased $60.0 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $63.2 billion (0.4 percent) and personal consumption expenditures (PCE) increased $27.8 billion (0.2 percent). Real DPI increased 0.2 percent in May and Real PCE decreased 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 May PCE price index increased 2.3 percent......(read more)

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ECB mulls small 'Twist' to keep borrowing costs low: sources

FRANKFURT (Reuters) - The European Central Bank is considering buying more long-dated bonds from next year to keep euro zone borrowing costs in check even after it stops pumping fresh money into the economy, sources told Reuters. ...(read more)

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Update on Colorado bank-model lawsuits

In two closely-watched enforcement actions pending in Colorado state court, the Administrator of the Uniform Consumer Credit Code for the State of Colorado is employing the “true lender” theory and the Second Circuit's decision in Madden v. Midland Funding, LLC to challenge two bank-model lending programs.  Specifically, the Administrator asserts that the origination of the... Continue Reading…...(read more)

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Deutsche Bank fails Fed stress test while 3 US lenders stumble

The Fed also placed conditions on three banks that passed the annual test....(read more)

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In Flip-Flop, Money Managers Now Say S&P 500 Has Seen 2018 Lows

Bloomberg In Flip-Flop, Money Managers Now Say S&P 500 Has Seen 2018 Lows Bloomberg Money managers are having a change of heart. That's according to a Strategas Research Partners survey of roughly 500 institutional investors, 70 percent of whom now expect the S&P 500 Index to stay above its low of 2,581 reached on Feb. 8. That's a ... and more »...(read more)

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CFPB ends investigation of Zillow

In a SEC filing dated June 22, 2018, Zillow Group announced that it is no longer under investigation by the CFPB for RESPA and UDAAP compliance with regard to its co-marketing program.  Zillow Group had disclosed the existence of the investigation in May 2017. According to the SEC filing, Zillow Group received a letter from... Continue Reading…...(read more)

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Quieting the High-Tech Luxury Home

Homeowners today are battling a different kind of noise: the cacophony of pings and dings coming from all the gadgets inside their homes. The post Quieting the High-Tech Luxury Home appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Global stocks see biggest loss of investor cash since the financial crisis

Investor money is hemorrhaging out of global stock funds at a pace not seen since just after the financial crisis exploded. Global equity funds have seen outflows of $12.4 billion in June, a level not seen since October 2008, according to market research firm TrimTabs....(read more)

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Hutchins Roundup: Slack and inflation, the gender pay gap in the gig economy, and more

Studies in this week's Hutchins Roundup find that the lack of inflation despite falling unemployment does not reflect poorly measured slack, there is a gender pay gap in the gig economy, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. The lack…                ...(read more)

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Kansas City Fed: Regional Manufacturing Activity "Continued to Expand at a Rapid Pace" in June, Concern about Tariffs

Note the comments on tariffs. From the Kansas City Fed: Tenth District Manufacturing Activity Continued to Expand at a Rapid Pace The Federal Reserve Bank of Kansas City released the June Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity continued to expand at a rapid pace, and expectations for future growth increased moderately. "The composite index remained strong for the third consecutive month, and many firms reported difficulties finding qualified ......(read more)

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Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency

Thirty-one percent plan to rent out a room to pay the mortgage on their first home. The post Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency appeared first on Redfin Real-Time ....(read more)

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Ex-Fed's Yellen sees meager pick-up from Trump tax cuts

PARIS (Reuters) - U.S. President Donald Trump's tax cuts are likely to give only a meager boost to productivity growth in the United States, former Federal Reserve chief Janet Yellen said on Thursday....(read more)

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Mortgage Rates Fall Again

Mortgage Rates Fall Again...(read more)

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Central Bank Outlook, European Worries, World Cup Boost: Eco Day

Bloomberg Central Bank Outlook, European Worries, World Cup Boost: Eco Day Bloomberg Good morning Americas. Here's news from Bloomberg Economics to help get your Thursday started: Here's our guide to global central banks and the outlook for their respective monetary policies; Federal Reserve Chairman Jerome Powell is testing the U.S. ... and more »...(read more)

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Freddie Mac Expands ACE Eligibility for Condominium Purchases and Refinances

Freddie Mac Expands ACE Eligibility for Condominium Purchases and Refinances...(read more)

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Weekly Initial Unemployment Claims increased to 227,000

The DOL reported : In the week ending June 23, the advance figure for seasonally adjusted initial claims was 227,000 , an increase of 9,000 from the previous week's unrevised level of 218,000. The 4-week moving average was 222,000, an increase of 1,000 from the previous week's unrevised average of 221,000. emphasis added The previous week was unrevised. The following graph shows the 4-week moving average of weekly claims since 1971. Click on graph for larger image. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to......(read more)

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US economic growth revised down to lackluster 2 percent rate in Q1, though economists expect big rebound in Q2

WASHINGTON- US economic growth revised down to lackluster 2 percent rate in Q1, though economists expect big rebound in Q2....(read more)

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ECB sees rising risks to global growth

ECB sees rising risks to global growth ...(read more)

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Fed Hits Inflation Goal Only to Find Expectations Spoiling Party

Bloomberg Fed Hits Inflation Goal Only to Find Expectations Spoiling Party Bloomberg Inflation is poised to breach the Federal Reserve's 2 percent inflation target. The trouble is, lagging price expectations could well pull it back down. The central bank's preferred measure of prices probably climbed 2.2 percent in the year to May ......(read more)

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Powell Wants 'Real Economy' to Guide Fed

Bloomberg Powell Wants 'Real Economy' to Guide Fed Bloomberg Federal Reserve Chairman Jerome Powell is testing the economy's room to run. It's a strategy that contains both big benefits and risks for ordinary Americans and is causing excitement, tinged with caution, inside the central bank. Take Fed treatment of ... and more »...(read more)

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Reis: Apartment Vacancy Rate increased in Q2 to 4.8%

Reis reported that the apartment vacancy rate was at 4.8% in Q2 2018, up from 4.7% in Q1, and up from 4.3% in Q2 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: Once again, the apartment vacancy rate increased in the quarter to 4.8% from 4.7% last quarter and 4.3% in the second quarter of 2017. The vacancy rate has now increased 70 basis points from a low of 4.1% in Q3 2016. The national average asking rent increased 1.3% in the first quarter while effective rents, which net out......(read more)

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Bank mailings surge more than 40% as lenders pull out all the stops to get people to borrow more

Homes are being inundated with mail solicitations from companies like Marcus, Elevate and Lending Club, hoping to supply personal loans to consumers. In all, 10 nonbank lenders that Credit Suisse tracks sent out 368 million pieces during May, a volume increase of 10 percent over April and a jump of 41 percent from the same period a year ago, according to Credit Suisse....(read more)

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Buy Treasuries on Trade War, Sell Aussie, $74 Billion Fund Says

Bloomberg Buy Treasuries on Trade War, Sell Aussie, $74 Billion Fund Says Bloomberg A ratcheting up of global trade tensions has convinced one of Australia's biggest fund managers to pile into U.S. Treasuries and the yen, and sell the Australian and New Zealand dollars. Brisbane-based money manager QIC Ltd., which oversees the ......(read more)

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Trump Decides Against Harshest Measures on China Investments

The White House opted to take a less confrontational approach toward Chinese investments in the U.S. as it pushes Congress to strengthen an existing review process rather than invoke a little-used law reserved for economic emergencies....(read more)

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New orders for key US-made capital goods and shipments fell unexpectedly in May

U.S. durable good orders were expected to fall 1.0 percent in May, after sinking 1.6 percent a month earlier....(read more)

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Treasury Secretary Mnuchin says he's expecting a 'big' GDP number

Treasury Secretary Mnuchin says he's expecting a 'big' GDP number<br/>https://ift.tt/2KhmvReread more)

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U.S. consumer confidence slips, house price gains slow

WASHINGTON (Reuters) - U.S consumer confidence ebbed in June, with households a bit pessimistic about their short-term income prospects, suggesting that an apparent acceleration in economic growth in the second quarter was unlikely to be sustained....(read more)

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Oil prices surge after State Dept orders crude buyers to cut Iranian imports to zero

Crude prices jumped on Tuesday after the U.S. State Department ordered companies to cut all of their imports coming from Iran to zero by November....(read more)

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Federal Reserve Board issues enforcement actions with former employee of East Cambridge Savings Bank and former employee of SmartBank

Federal Reserve Board issues enforcement actions with former employee of East Cambridge Savings Bank and former employee of SmartBank...(read more)

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Remodeling your home? Here's why it will cost you more

With more homeowners staying put, the costs to update and enlarge are increasing....(read more)

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Consumer confidence hits 126.4 in June, vs. expectations for 128.1

Consumer confidence was expected to increase in June....(read more)

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Auto dealers are selling fewer new cars. Here's why the industry isn't nervous

Buyers are willing to spend more on the new models they are driving off the lot, J.D. Power finds....(read more)

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Navarro Intervention, BOE Tightening, Cost of Living: Eco Day

Bloomberg Navarro Intervention, BOE Tightening, Cost of Living: Eco Day Bloomberg Good morning Americas. Here's news and analysis from Bloomberg Economics to help get your week started: White House trade adviser Peter Navarro sought to ease investor concerns about U.S. trade policy. We asked economists which indicators they are ......(read more)

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Europe prepares provisional measures to safeguard its metal industry against Trump's tariffs

The European Union is preparing a set of measures to protect its steel and aluminum producers following the U.S. tariffs recently imposed on its metals industry....(read more)

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New Single Family Home Sales Jump 14.1 Percent Vs A Year Ago in May 2018, Median Price Down 3.3 Percent to $313,000

New single family residential (SFR) home sales of 689,000 on seasonally adjusted annualized rate (SAAR) were up 14.1 percent versus a year ago and 6.7 percent sequentially from April.   Other than the 712,000 SAAR rate posted in November 2017, this is the greatest level seen since October 2007.  Year-to-date new home sales are up 8.8 … Read more...(read more)

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Redfin Housing Demand Index Up 7% in May

The Redfin Housing Demand Index increased 7.4 percent month over month to 116 in May. The post Redfin Housing Demand Index Up 7% in May appeared first on Redfin Real-Time ....(read more)

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