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Despite overall weakening in economic growth, economists at Freddie Mac point to several indicators that the real estate market could have one of...
Despite rising home prices, it makes more financial sense to own, but buyers are finding it tough to find a property amid the inventory crunch.
Posted To: MBS CommentaryToday was a non-starter, despite the presence of economic data that certainly had the street cred to move markets (if markets were inclined to move). GDP cam in stronger than expected at +1.2 vs +0.9 forecast, as did Durable Goods (-0.7 vs -1.2 forecast). The biggest counterpoint in the data was the weakness in the "Cap-Ex" component of Durable Goods (officially... "Non-defense capital goods orders, excluding aircraft") which came in at 0.0 vs 0.5 forecast. Think of Cap-Ex like the " core " component in the same way "Core CPI" is thought to be more relevant than plain old CPI. Whether the Cap-Ex miss was enough to justify bond market ground-holding is at moot point. Traders didn't trade the data either way. The day ended up being an opportunity for...(read more)
Posted To: Mortgage Rate WatchMortgage rates didn't move much today. Lenders that made detectable adjustments generally did so in a moderately positive direction. While this isn't remotely enough to make a difference in the actual NOTE rate on a mortgage quote, it could make for microscopically lower upfront costs (thereby affecting the "effective" rate). As far as note rates are concerned, most lenders continue quoting conventional 30yr fixed rates in a range centered on 4.0%. In terms of economic data--something that typically moves bond markets (and thus rates)--there were two key reports this morning. The 1st revision of Q1 GDP was slightly stronger than expected, rising to 1.2% from 0.7% previously. A separate report, Durable Goods Orders, was also stronger than expected, but contained some internal components that...(read more)
Posted To: Pipeline PressReady to rush off and join the blockchain rush? Not so fast. The implementation of blockchain technology in the financial-services industry is meeting some resistance, with enthusiasm not equating to industrywide rollout. Like GSE reform, it will take many years and while blockchain's potential for improving efficiency, security, and cost savings has been discussed, the commodity sector has concerns about loss of confidentiality, while other industry participants say formal regulation and oversight of the technology is needed . Capital Markets Tax reform looks increasingly unlikely this year as Republican rhetoric shifts to simple tax cuts, says Sen. Ron Wyden, D-Ore. Both sides of the political aisle contain ample support for tax reform , he says, but the Republican majority has failed to...(read more)
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Metro Phoenix’s homebuilding recovery won’t ramp up again until 2015, and then it will play out mostly in the West Valley.
The latest forecast comes from some of the region’s top developers, builders, investors, brokers and analysts at the Scottsdale-based Land Advisors Organization’s annual real-estate conference on Wednesday.
New-home permits will climb as high as 18,000 next year, and the number of homes built in the southeast Valley will decline, Land…Continue
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.96 percent of all loans outstanding at the end of the second quarter of 2013, the lowest level since mid-2008. The delinquency rate dropped 29 basis points from the previous quarter, and 62 basis points from one year ago, according to the…
One of the most significant effects of the nation's housing bust has been the swelling ranks of underwater borrowers trapped in homes worth far less than they are worth.
But thanks to sustained rises in home prices, the number of homeowners stuck in the negative equity trap is dwindling. According to analytics firm CoreLogic, 100,000 borrowers edged into the positive equity territory in the third quarter of 2012, adding to the more than 1.3 million borrowers that…Continue
The Consumer Financial Protection Bureau topped off a week of mortgage rule rollouts by launching the agency's guidelines for loan officer and broker compensation Friday.
Among other provisions, the CFPB's final rule keeps originators from steering borrowers into risky and high-cost loans, ends dual compensation from both the consumer and creditor and bans the attachment of mandatory arbitration agreements to mortgage and home equity…Continue