Per the FDIC, commercial banks and savings institutions insured by them “reported an aggregate profit of $29 billion in the first quarter of 2011, an $11.6 billion improvement (66.5%) from the $17.4 billion in net income the industry reported in 1Q2010. This is the seventh consecutive quarter of year-over-year earnings growth, although it is the
May 2011
Mortgage Bankers Association Mortgage Applications: – Purchase Index – Week/Week Change +1.5 % – Refinance Index – Week/Week Change +0.9 % – Composite Index – Week/Week Change +1.1 % Home Prices: FHFA House Price Index was -0.3% in March (these are prices on homes that have loans backed by Fannie & Freddie) Durable Goods Orders:
RIP Mark Haines whose legacy will live eternally in financial media
Lots of good links today. Cheap housing markets, who’s in worse shape: Greece or US?, tips on picking a business partner, who’s late on their mortgage, and Ashton Kutcher’s real reason for stepping in on Two And A Half Men. -10 Dirt Cheap Housing Markets (CNNMoney) -Mortgage Defaults Don’t Predict Poor Credit Behavior: Transunion (HousingWire)
Google has built built out its mortgage rate searches by launching a comparison tool for consumers. Lenders who want to be in searches must pay for the privilege. More Jumbo News Here is some company news of note. Springleaf, an offshoot of American General Finance, is planning to raise $500 million for nonconforming/non-agency loan financing.
Housing: -New Home Sales (for April) were 323,000 whch was better than previous and consensus. Retail Sales: -ICSC Goldman was +3.1% year over year. -Redbook was +3.4% year over year. -The Consumer Metrics Institute of online sales while still showing contraction has improved in the past week. Recent weeks Retail Sales have been impacted by
Last month Fed chair Ben Bernanke hosted the first-ever Fed press conference following a rate policy meeting—the goal was to communicate more clearly and win consumer trust. Seems like a lot of effort. Could’ve just done some nice posters like they did in pre-Depression 1920s. Two favorites below. The rest are on the NY Fed’s
The latest Dodd Frank turmoil is over appraisers. Under the Act, lenders are now required to pay “customary and reasonable” fees to appraisers. What the heck does that mean? Can you imagine telling your 15-yr old that her allowance would be “customary and reasonable”? How about telling a car salesman that you would pay them
There are no significant releases of economic fundamentals today. New Home Sales is Tuesday. Durable Goods is Wednesday. Second look at 1Q2011 GDP is Thursday. The first release of GDP uses only 2 of 3 months data each quarter and approximations of exports, imports and investments. Personal Income and Expenses is Friday. Domestic markets today
Rates remain near 2011 lows for the same reasons discussed last Thursday’s market recap: questionable economic recovery. Below is a summary and rate outlook for next week, plus I address panic about lower loan limits effective October 1. Since the New York Times published Fed Retreat on Bigger Loans Rattles Housing on May 10, I’ve
Rates remain near 2011 lows for the same reasons discussed last Thursday’s market recap: questionable economic recovery. Below is a summary and rate outlook for next week, plus I address panic about lower loan limits effective October 1. Since the New York Times published Fed Retreat on Bigger Loans Rattles Housing on May 10, I’ve
CONFORMING RATES ($200,000 to $417,000) 0 POINT 30 Year: 4.75% (4.87% APR) FHA 30 Year: 4.375% (4.49% APR) 5/1 ARM: 3.25% (3.37% APR) SUPER-CONFORMING RATES ($417,001 to $729,750 cap by county) 0 POINT 30 Year: 4.75% (4.87% APR) FHA 30 Year: 4.5% (4.62% APR) 5/1 ARM: 3.375% (3.49% APR) JUMBO RATES ($729,751 to $2,00,000) 1
Here’s a snapshot for the week. Click image for details on each report, and read WeeklyBasis for what it all means.
Here’s a playlist to enjoy on our last day on earth, starting of course with Blondie’s Rapture, her 1981 rap tribute to Sugar Hill Gang, Grandmaster Flash, and Fab Five Freddie. My wife chose that one. I’ve chosen a couple others that fit this occasion. See you Sunday, when the last song begins a new
There are no significant economic fundamentals today but let’s rewiew the week. Housing data was ugly and points to the fact that the housing market is not going to recover any time soon. Housing Starts will be depressed through the end of next year. Both Existing Home Sales (5,050,000 annualized) and Housing Starts (523,000 annualized)
There are no significant economic fundamentals today but let’s rewiew the week. Housing data was ugly and points to the fact that the housing market is not going to recover any time soon. Housing Starts will be depressed through the end of next year. Both Existing Home Sales (5,050,000 annualized) and Housing Starts (523,000 annualized)
Load More