RSS Feed by Calculated Risk on 6/17/2015 07:00:00 AM
Wednesday, June 17, 2015
MBA: Mortgage Applications Decrease in Latest Weekly Survey, Purchase Index up 15% YoY
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2015. ...
The Refinance Index decreased 7 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 15 percent higher than the same week one year ago.
Tuesday, June 16, 2015
Wednesday: FOMC Day
by Calculated Risk on 6/16/2015 08:01:00 PM
Earlier FOMC Previews:
FOMC Preview: No Rate Hike
From Tim Duy writing at Bloomberg: Janet Yellen's Prediction Last Month Is Already Being Vindicated.
Duy: FOMC Preview
by Calculated Risk on 6/16/2015 04:11:00 PM
Earlier FOMC Preview: No Rate Hike
From Tim Duy writing at Bloomberg: Janet Yellen's Prediction Last Month Is Already Being Vindicated. Excerpt:
Comments on May Housing Starts
by Calculated Risk on 6/16/2015 01:23:00 PM
Total housing starts in May were below expectations, however, overall, including the upward revisions to March and April, starts were solid.
There was also a significant increase for permits in May (mostly for the volatile multi-family sector). However I wouldn't put too much emphasis on permits. The last time there was a spike in multi-family permits was in June 2008, and that was just before starts collapsed! Usually more is better, but I don't expect a huge surge in multi-family starts in June - I suspect this was just permit timing and starts will be spread out over several months.
Earlier: Housing Starts decreased to 1.036 Million Annual Rate in May
This first graph shows the month to month comparison between 2014 (blue) and 2015 (red).
CoreLogic: "CoreLogic Reports 254,000 US Properties Regained Equity in the First Quarter of 2015"
by Calculated Risk on 6/16/2015 10:31:00 AM
From CoreLogic: CoreLogic Reports 254,000 US Properties Regained Equity in the First Quarter of 2015
CoreLogic ... today released new analysis showing 254,000 properties regained equity in the first quarter of 2015, bringing the total number of mortgaged residential properties with equity at the end of Q1 2015 to approximately 44.9 million, or 90 percent of all mortgaged properties. Nationwide, borrower equity increased year over year by $694 billion in Q1 2015. The total number of mortgaged residential properties with negative equity is now at 5.1 million, or 10.2 percent of all mortgaged properties. This compares to 5.4 million homes, or 10.8 percent, that had negative equity in Q4 2014, a quarter-over-quarter decrease of 4.7 percent. Compared with 6.3 million homes, or 12.9 percent, reported for Q1 2014, the number of underwater homes has decreased year over year by 1.2 million, or 19.4 percent.
