New York judge dismisses blue state suit over SALT tax deductions

Here's what's next after U.S. District Judge J. Paul Oetken dismissed a lawsuit filed by New York, New Jersey, Connecticut and Maryland against the IRS, Treasury Department and Treasury Secretary Steven Mnuchin....(read more)

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Chicago PMI "Drifts to 47.1 in September", Lowest Quarter since 2009

From the Chicago PMI: Chicago Business Barometer™ – Drifts to 47.1 in September The Chicago Business BarometerTM, produced with MNI, fell 3.3 points to 47.1 in September , following August's rebound to 50.4. Business confidence dropped below the 50-mark to 47.3 in Q3, leaving the i ndex at the lowest level on a quarterly basis since Q3 2009 . The index fell 4.9 points compared to the previous quarter. ... Labor demand improved slightly to 45.6 in September, but the quarterly average fell to 44.1, recording the weakest quarter since Q4 2009 . br /> emphasis added CR Note: This was below ......(read more)

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U.S. allows Fannie Mae, Freddie Mac to start keeping profits

WASHINGTON (Reuters) - Housing giants Fannie Mae and Freddie Mac will be permitted to retain a total of $45 billion in earnings going forward, as an initial step toward exiting government control....(read more)

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Fed has quieted bank funding market but still faces pressure to fix it

The Fed's management of the short-term funding market passed a crucial test Monday, but the Fed is still under pressure to provide a longer term fix....(read more)

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US Economy Slowing, Economist Shepherdson Says - Bloomberg

US Economy Slowing, Economist Shepherdson Says    Bloomberg...(read more)

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D.C. Millennials Have the Highest Mortgage Debt in the U.S.

D.C. Millennials Have the Highest Mortgage Debt in the U.S....(read more)

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Explainer: What delisting Chinese firms from U.S. stock markets could mean

U.S. President Donald Trump's administration is considering forcing Chinese firms to delist from U.S. stock exchanges, according to sources, a move that would escalate U.S.-China tensions and could throw some of China's biggest companies into chaos....(read more)

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Snapback to higher bond yields? At least five years, strategists say

A return to significantly higher yields will take longer than previously thought, according to a Reuters poll of fixed-income strategists who slashed their year-ahead major government bond yield forecasts to the lowest since polling began 17 years ago....(read more)

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Fed's Charles Evans says 'open-minded' about right level for interest rates

Charles Evans, president and chief executive officer of the Federal Reserve Bank of Chicago, told CNBC Monday that he was "open-minded" when asked about the right level for interest rates in the U.S....(read more)

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Half of California voters have considered leaving over housing costs, politics: poll

More than half of California voters have thought about moving out of the nation's most populous state, citing the high cost of housing, taxes or it's political culture, according to a University of California, Berkeley poll released on Friday....(read more)

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Former Fed Chair Yellen says central bank is being too 'optimistic' about US economy

Janet Yellen cites three factors for why the Fed's growth estimates may be too high: demographics, education and productivity....(read more)

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Reis: Apartment Vacancy Rate unchanged in Q3 at 4.7%

Reis reported that the apartment vacancy rate was at 4.7% in Q3 2019, unchanged from 4.7% in Q2, and unchanged from 4.7% in Q3 2018. The vacancy rate peaked at 8.0% at the end of 2009, and bottomed at 4.1% in 2016. From economist Barbara Byrne Denham at Reis: The apartment vacancy rate was flat in the quarter at 4.7% . In the third quarter of 2018 it was also 4.7%. Overall vacancy has changed 0.3% in last two years. Both the national average asking rent and effective rent, which nets out landlord concessions, increased 0.8% in the third quarter. At $1,484 per unit (asking) and $1,413 per unit ......(read more)

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U.S. Consumer Sentiment Improves But Still Shows ‘Slow Erosion'

U.S. Consumer Sentiment Improves But Still Shows ‘Slow Erosion'    Bloomberg...(read more)

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Fed's Harker says central bank should 'hold firm' on rates

Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he thinks the central bank should "hold firm" on interest rates, pointing to a strong labor market as evidence that the economy is still growing as expected....(read more)

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U.S. eyeing possibility of delisting Chinese firms from U.S. exchanges: source

The U.S. government is considering the possibility of delisting Chinese companies from U.S. exchanges, a source briefed on the matter said, in what would be an escalation of trade tensions between the U.S. and China....(read more)

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Repo Operations Undersubscribed as Dealers' Liquidity Need Ebbs

Repo Operations Undersubscribed as Dealers' Liquidity Need Ebbs    Bloomberg...(read more)

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Philly Fed: State Coincident Indexes increased in 40 states in August

From the Philly Fed : The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for August 2019. Over the past three months, the indexes increased in 46 states and decreased in four, for a three-month diffusion index of 84. In the past month, the indexes increased in 40 states, decreased in six states, and remained stable in four , for a one-month diffusion index of 68. emphasis added Note: These are coincident indexes constructed from state employment data. An explanation from the Philly Fed: The coincident indexes combine four state-level indicators to......(read more)

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The Road to Replacing Libor Led This Finance Legend to the Best Barbecue

The Road to Replacing Libor Led This Finance Legend to the Best Barbecue    Bloomberg...(read more)

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US core capital goods orders unexpectedly fall

Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, rose 0.2% in August after surging 2.0% in the prior month....(read more)

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Small Package, Fed's Dot Plot, No-Deal Brexit Recession: Eco Day

Small Package, Fed's Dot Plot, No-Deal Brexit Recession: Eco Day    Bloomberg...(read more)

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Millennial home buying is trending up with 'demographic tailwinds,' says builder Taylor Morrison's CEO

"People are feeling good and their confidence is absolutely showing in the real estate market, and that's not even to mention the demographic tailwinds," CEO Sheryl Parker says....(read more)

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U.S. business investment downturn could pressure slowing economy

U.S. business investment contracted more sharply than previously estimated in the second quarter and corporate profit growth was tepid, casting a shadow on an economy that is being stalked by financial market fears of a recession....(read more)

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White House acted to 'lock down' Trump-Ukraine call records - whistleblower

A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine's interference in the 2020 U.S. election for his own political benefit, but that the White House also tried to "lock down" evidence about that conduct....(read more)

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Wall Street drops on tech slide, Washington turmoil

Wall Street's main indexes extended declines on Thursday after a report that the United States was unlikely to extend a temporary waiver over Huawei's blacklisting, adding to worries related to an inquiry into the impeachment of President Donald Trump....(read more)

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The Fed will need to grow its balance sheet 'permanently,' Morgan Stanley says

The Federal Reserve's asset purchases likely will total $315 billion over the next six months as it seeks to stabilize overnight funding markets and contain the movements of its target interest rate, according to projections from Morgan Stanley....(read more)

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Kansas City Fed: "Tenth District Manufacturing Edged Down in September"

From the Kansas City Fed: Tenth District Manufacturing Edged Down in September The Federal Reserve Bank of Kansas City released the September 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 edged down in September, and expectations for future activity moderated but remained positive. " Regional factory activity continued to decline in September , though not as much as last month," said Wilkerson. "Although the employment index dropped further this......(read more)

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Lautenschlaeger's Exit Removes QE Opponent for Bond Investors

Lautenschlaeger's Exit Removes QE Opponent for Bond Investors    Bloomberg...(read more)

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U.S. weekly jobless claims rise marginally

The number of Americans filing applications for unemployment benefits rose moderately last week, pointing to sustained labor market strength....(read more)

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Q2 GDP Third Estimate: 2.0% Annual Rate

From the BEA: Gross Domestic Product, Second Quarter 2019 (Second Estimate); Corporate Profits, Second Quarter 2019 (Preliminary Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019 , according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 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 also 2.0 percent. Downward......(read more)

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US business investment much weaker in the second quarter than previously estimated

U.S. business investment contracted more sharply that previously estimated in the second quarter and corporate profit growth was tepid....(read more)

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Fed Bows to Market Demand for Repo by Boosting Size of Actions

Fed Bows to Market Demand for Repo by Boosting Size of Actions    Bloomberg...(read more)

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Together, Homebuyers Who Bought at the Bottom of the Market in 2012 Have Earned $203 Billion in Equity

The typical U.S. homebuyer who purchased a home in 2012 has earned $141,000 in home equity--and it's much higher in some areas. The post Together, Homebuyers Who Bought at the Bottom of the Market in 2012 Have Earned $203 Billion in Equity appeared first on Redfin Blog ....(read more)

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Fed Should Buy $250 Billion in Treasuries, Ex Officials Suggest

Fed Should Buy $250 Billion in Treasuries, Ex Officials Suggest    Bloomberg...(read more)

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Zillow Case-Shiller Forecast: Slower YoY Price Gains in August compared to July

The Case-Shiller house price indexes for July 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 Matthew Speakman at Zillow: July Case-Shiller Results and August Forecast: Summer Turning Point? Annual home price growth continued to cool in July, but more-recent data suggest the market may have begun to turn over the summer, showing modest acceleration in growth compared to earlier in the year. … The latest home sales and building data offer further proof that the recent bout of housing malaise......(read more)

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The Fed will be growing its balance sheet again, but don't call it 'QE4'

The Federal Reserve will be conducting operations that look and sound a lot like what it did to pull the economy out of the financial crisis. However, the process this time around will be different in the details....(read more)

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CFPB Issues HMDA Guides

The CFPB recently issued the 2020 Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) data. The Guide applies to HMDA data collected in calendar year 2020 that must be reported to the government in 2021. The CFPB also issued for the first time a Supplemental Guide for Quarterly Filers. As the title suggests, the Supplemental... Continue Reading…...(read more)

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As new home sales soar, analyst says entry-level price is 'redefined' higher

Sales of newly built homes in August hit the second highest level in over a decade. Those numbers were released just after a homebuilding analyst upgraded Toll Brothers, Lennar and KB Home to "outperform."...(read more)

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Evans: Larger balance sheet may avoid future repo market problems

Chicago Federal Reserve bank president Charles Evans said on Wednesday that the Fed may be able to avoid future repo market problems simply by increasing its balance sheet rather than setting up new market tools....(read more)

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Former Fed Official Kocherlakota Signals Concern for Repo Market

Former Fed Official Kocherlakota Signals Concern for Repo Market    Bloomberg Former Federal Reserve policy maker Narayana Kocherlakota says that while the recent disruptions in U.S. money markets won't undermine the central bank's ......(read more)

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Westpac sees the Fed cutting rates in October

Westpac sees the Fed cutting rates in October ...(read more)

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U.S. States Won't Join Century Bond Club Even If They Want To

U.S. States Won't Join Century Bond Club Even If They Want To    Bloomberg The U.S. Treasury is considering whether to join a number of European governments that have embarked on a bond-market experiment by selling debt that ......(read more)

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Pelosi to announce impeachment inquiry on Tuesday: Washington Post

U.S. House Speaker Nancy Pelosi will announce later on Tuesday that the House is launching a formal inquiry into the impeachment of President Donald Trump, the Washington Post reported....(read more)

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Dealers Rush to N.Y. Fed Repo Operations as Quarter-End Nears

Dealers Rush to N.Y. Fed Repo Operations as Quarter-End Nears    Bloomberg Primary dealers flocked to the Federal Reserve's repo operations on Tuesday, signaling a need for cash to satisfy liquidity demands heading into the end of the ......(read more)

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Richmond Fed: "Manufacturing Activity Softened in September"

From the Richmond Fed: Manufacturing Activity Softened in September Fifth District manufacturing activity softened in September, according to the most recent survey from the Richmond Fed. The composite index dropped from 1 in August to -9 in September , as both shipments and new orders fell. However, the third component, employment, rose. Firms also reported a drop in backlog of orders and weakening local business conditions but were optimistic that conditions would improve in the coming months. Survey results indicated wage growth and a slight increase in employment in the manufacturing......(read more)

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Signs point to re-heating in housing market as home prices stop slowdown in July

The much-watched S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.2% annually in July, the same gain reported in June. Prices are still cooling in the largest cities, however....(read more)

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Bond Sell-Off Is Coming Back, Says $1.6 Trillion Fund Manager

Bond Sell-Off Is Coming Back, Says $1.6 Trillion Fund Manager    Bloomberg Europe's biggest fund manager says now's not the time to dip toes back into global bonds, which have stabilized since their sudden slump earlier this month....(read more)

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Fed Takes Stock of Battered Money Markets as Uneasy Calm Returns

Fed Takes Stock of Battered Money Markets as Uneasy Calm Returns    Bloomberg U.S. money-market interest rates, which stabilized late last week following a spike to record levels, held steady on Monday, while a daily Federal Reserve ......(read more)

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HOA Nightmares: The Top Homeowners Association Complaints

Homeowners associations are great at getting a neighbor to mow his lawn. But they can also be a costly source of frustration. The post HOA Nightmares: The Top Homeowners Association Complaints appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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NAHB: "55+ Housing Market Remains Solid in Second Quarter"

This was released last month. This index is similar to the overall NAHB housing market index (HMI), but only released quarterly. The NAHB started this index in Q4 2008 (during the housing bust), so the readings were initially very low. From the NAHB: 55+ Housing Market Remains Solid in Second Quarter Builder confidence in the single-family 55+ housing market remained solid in the second quarter with a reading of 71 , edging down one point from the previous quarter due to softness in traffic of prospective buyers, according to the National Association of Home......(read more)

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Real Estate's Market Value Shows Minimal Growth in Q2 2019

The recently released Federal Reserve's Z.1 Financial Accounts of the United States report (formerly known as the Flow of Funds report) shows the latest transactions in households' balance sheets as they occurred in the second quarter of 2019. The growth in the market values of homes in the U.S. grew less proportionately to the growth in mortgages taken on them... Read More ›...(read more)

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