Key Biscayne home may set Miami listing record at $60M -- Trey Garrison in HousingWire
Key Biscayne Home
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For: Real estate agents should take up arms -- Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/31275-for-real-estate-agents-should-take-up-arms
-----------------------------------------------Against: Real estate agents should not carry guns
Ben Lane in HousingWire http://www.housingwire.com/blogs/1-rewired/post/31276-against-real-estate-agents-should-not-carry-guns
Shared and taken by Xalima Miriel, Monsanto, Spain
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The Labor Department reported that 142,000 jobs were created in August, far below the 223,000 expected and the recent trend of 215,000 plus job creations per month in 2014. Adding insult to the report was a downward revision to June, showing that 28,000 less jobs were created than previously reported.
The Unemployment Rate fell to 6.1 percent from 6.2 percent, but that's not much of a silver lining considering that the Labor Force Participation Rate (LFPR) also fell to 62.8 percent, matching 36-year lows. The LFPR measures the proportion of working-age Americans who have a job or are looking for one, and it should be moving higher in a recovery. This was not a good report, but historically August non-farm payrolls have been prone to sharp revisions higher as many households and businesses fail to respond to the government surveys. It will be important to monitor this report in the coming months, to see if this report was a one-off, or the start of a disappointing trend in the labor sector.
--Kevin A. Jones in MMG Weekly email: kevin.jones@lionbank.com
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Shared and taken by Neal Howard, One of the entrances into the Victorian "Fort Tourgis" on Alderney. Abandoned & slowly decaying...
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Construction Spending
Construction spending during July enjoyed a 1.8 percent boost to an annual rate of $981.3 billion, the Census Bureau reported last week. Compared to last year, July’s total as 8.2 percent higher than the July 2013 estimate of $906.6 billion.
July’s total spending marked its best performance in five-and-a-half years, and its percentile growth well outpaced the 1 percent economists had projected.
Spending on private construction grew 1.4 percent to an annual rate of $701.7 billion, and spending on residential construction grew by 0.7 percent to an annual rate of $358.1 billion. -- By Brian Daiker
brian.daiker@movementmortgage.com
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Cash sales made up 33 percent of total home sales in June 2014, the lowest share since September 2008 (considered the unofficial start of the financial crisis), and down from 36.3 percent in June 2013. While the cash sales share also fell month over month from the 34.4 percent reported in May 2014, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market. The share has fallen year over year each month since January 2013. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. The peak occurred in January 2011, when cash transactions made up 46.2 percent of total home sales. -- National Mortgage Professional Magazine http://nationalmortgageprofessional.com/news52536/All-Cash-Sales-Account-30-Percent-Plus-June-Home-Sales-Nationwide?utm
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Shared and taken by Neal Howard, Looking at the Gannet Rocks through one of the drawbridge gates of Fort
Tourgis on Alderney.
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U.S. Rep. Maxine Waters, D-Calif., is introducing a bill that would eliminate medical debt from credit reporting, which accounts for more than half of all unpaid debts in collection, and which the Consumer Financial Protection Bureau found in a report issued in May is not a good indicator of people’s likelihood of repaying normal debts, because of the unusual, unexpected and high-dollar amounts involved. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/31316-waters-proposes-sweeping-credit-reporting-reforms
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The Mortgage Bankers Association reported its seasonally adjusted index, which measures the volume of mortgage applications, dropped more than 7% in the week that ended Sept. 5 to the slowest pace since the end of 2000. During that week, applications for loans to buy a home fell almost 3%, hitting their lowest level since February, while refinancing applications tumbled almost 11%, reaching the weakest result since late 2008. -- Trey Garrison in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/31324-what-would-it-take-for-the-financial-press-to-admit-housing-has-stalled?
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Shared and taken by Walter Garowonski, Found an old corrugated iron building while driving around in the Perth Hills near Bickley the other day. I like old buildings of any sort, the more dilapidated the better.
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30 Year Fixed: 4.250%
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APR 4.279%
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15 Year Fixed: 3.250%
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APR 3.373%
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7/1 ARM: 3.250%
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APR 3.531%
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5/1 ARM: 2.875%
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APR 3.246%
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FHA 30 Year Fixed: 3.750%
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APR 5.423%
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Jumbo 30 Year Fixed: 4.000%
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APR 4.252%
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Jumbo 15 Year Fixed: 3.625%
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APR 3.815%
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Jumbo 7 year ARM: 3.375%
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APR 3.626%
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Jumbo 5 year ARM: 3.125%
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APR 3.387%
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American Thinker has a great piece on how housing needs to be honest about the symptoms and real causes of the great housing crash.
To cure both the housing industry and the congenitally weak economy requires an honesty and clarity which “will not cast redistributionist progressive actions in good light. It was, in fact, precisely progressive policy that caused this horrendous state of affairs.” -- Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/31359-monday-morning-cup-of-coffee-headed-toward-another-housing-crash
-----------------------------------------------Shared by Walid Muhammed, taken by Lonnie A., New York City
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Frank Nothaft, chief economist with Freddie Mac, predicted that by the end of 2014, mortgage rates would approach and perhaps touch 5%, mostly due to theFederal Reserve’s quantitative easing.
This looks more and more unlikely. - Brena Swanson in HousingWire
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BEAVERCREEK, Ohio — Though the refinance boom is over and several mortgage giants are reeling as originations decline, some credit unions are thriving as they tap into a new source — first-time home buyers.
In fact, CUs are "uniquely positioned" to attract first-time home buyers, according to one industry insider. -- Michael Bartlett in Credit Union Journal
-----------------------------------------------Shared and taken by M. Friedrich, France
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