Federal Reserve: Board Issues Report on the Economic Well-Being of U.S. Households
The Federal Reserve Board’s latest Report on the Economic Well-Being of U.S. Households finds that economic well-being has generally improved over the past five years. The report notes that 74 percent of adults reported they were doing at least OK financially in 2017‑‑up 10 percentage points from the first survey in 2013. Even so, notable…
ABA: Survey Shows that Regulatory Burden Continues to Restrict Mortgage Lending
Seventy-seven percent of respondents to the American Bankers Association’s 25th annual Real Estate Lending Survey described mortgage regulation as having a negative impact on business production and consumer credit availability. In the survey released today, nearly 3 in 4 bankers said that Qualified Mortgage (QM) rules – which impose stringent rules that exceed “ability to…
HUD and Census Bureau: Residential Construction Activity Report for April 2018
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for April 2018. Building Permits: Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,352,000. This is 1.8 percent (±1.3 percent) below the revised…
FHFA: Fannie Mae and Freddie Mac Refinance Volume Down in First Quarter 2018 as Mortgage Rates Rise
The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 356,003 refinances in the first quarter of 2018, compared with 446,295 in the fourth quarter of 2017. FHFA’s first quarter Refinance Report also shows that 4,139 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP…
Federal Reserve: Fed Notes – Can More Housing Supply Solve the Affordablilty Crisis? Evidence from a Neighborhood Choice Model
Can More Housing Supply Solve the Affordability Crisis? Evidence from a Neighborhood Choice Model (PDF) Elliot Anenberg and Edward Kung Abstract: We estimate a neighborhood choice model using 2014 American Community Survey data to investigate the degree to which new housing supply can improve housing affordability. In the model, equilibrium rental rates are determined so…
FFIEC: 2017 HMDA Data on Mortgage Lending Now Available
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that cover 2017 lending activity submitted by financial…
CFPB: FFIEC Announces Availability of 2017 HMDA Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that cover 2017 lending activity submitted by financial…
Census Bureau: Economic Census Begins
The 2017 Economic Census is officially underway today as the U.S. Census Bureau began notifying businesses nationwide by mail with instructions on how to complete the survey online. Conducted once every five years, this is the first time the Census Bureau will conduct the survey almost entirely online. Only small businesses in U.S. territories will…
FHFA: Index Shows Mortgage Rates Increased in March 2018
Nationally, interest rates on conventional purchase-money mortgages increased from February to March, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.49 percent for loans closed in late March, up 21 basis points from 4.28 percent in February….
ABA: Report Shows Credit Card Market Expanded in Fourth Quarter 2017 Amid Strong Holiday Spending Season
Credit card use continued to grow in the fourth quarter of 2017 on the back of a strong holiday season for consumer spending, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. On an annual basis, monthly purchase volumes rose 3.9 percent for prime accounts and 5.1 percent for super-prime accounts, but…