The World's Most Unaffordable Cities

The most affordable major metropolitan markets in 2014 were in the United States, which had a moderately unaffordable rating of 3.6.

Canada and Ireland were rated "seriously unaffordable," with a median multiple of 4.3, along with Japan (4.4), the United Kingdom (4.7) and Singapore (5.0). Australia (6.4), New Zealand (8.2) and Hong Kong (17.0) were severely unaffordable.

Hong Kong's median multiple of 17.0 was the highest recorded (least affordable) in the 11 years of the Demographia International Housing Affordability Survey.

--Jonathan Chancellor in Property Observer, 18 January, 2015

-----------------------------------------------------
We find that a change in down payment requirements tends to have a large effect on housing demand—households’ willingness to pay for a given home—especially for current renters, whereas the effects of a change in the mortgage rate are modest. -- Andreas Fuster and Basit Zafar in Liberty Street Economics http://libertystreeteconomics.newyorkfed.org/2015/07/how-sensitive-is-housing-demand-to-down-payment-requirements-and-mortgage-rates.html#.Vbj57vNViko
-----------------------------------------------------
Shared and taken by James Harrison, Morrocco.

-----------------------------------------------------
Chinese property portal Juwai.com estimates QDII2 - if rolled out nationally- could theoretically deliver as much as $2.3 trillion to international residential real estate markets alone. The likely amount is probably closer to $661 billion. The latter figure depends on a reasonable estimate that wealthy Chinese individuals allocate approximately 10 percent of their total assets to international real estate, both commercial and residential.
 
The size of these figures highlights that, "If China undergoes a material liberalization over the next decade, the increase in gross flows will likely be very large relative to the world economy", says Juwai.com executives. - See more at: http://www.worldpropertyjournal.com/real-estate-news/china/beijing-real-estate-news/qualified-domestic-individual-investor-program-china-qdii2-program-china-real-estate-investor-data-2015-international-real-estate-investors-report-world-trade-organization-juwaicom-9238.php
-----------------------------------------------------

If you've been curious over how the international real estate markets have fared recently, then wonder no more – we’ve just released the latest Juwai Q1 2015 Global Property Index (GPI) Report! -- http://list.juwai.com/news/2015/06/juwai-releases-q1-2015-global-property-index-gpi-report

-----------------------------------------------------
Shared and taken by Neil Howard, One World Trade Center, NYC, New York.

-----------------------------------------------------
The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967, according to data from the Department of Commerce’s Census Bureau. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34596-homeownership-rate-drops-to-48-year-low
-----------------------------------------------------
The full House Financial Services Committee meets today to markup several bills of critical interest to the mortgage finance and housing industries, including a measure to formalize the TRID “hold harmless” grace period and a cap on CEO compensation for Fannie Mae and Freddie Mac.  (Read about the five bills by following the link below.) -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34595-key-housing-mortgage-finance-bills-facing-markup-in-house
-----------------------------------------------------
Shared by Best Photos, Rotterdam, netherlands.

-----------------------------------------------------
Nat'l Real Estate Post:
Fannie and Freddie may be used to pay down the national debt.  http://thenationalrealestatepost.com/fannie-and-freddie-to-pay-down-national-deficit/
-----------------------------------------------------
“The painful truth is that Dodd-Frank and the hyper-regulated Obama economy are failing low- and moderate income Americans who simply want their fair shot at economic opportunity and financial security,” Hensarling said. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34604-dodd-frank-dragging-down-economic-recovery-house-committee-says
-----------------------------------------------------
Shared by Amazing Places to See, taken by Omar Reyes, Pancula, (pampa de pabellones) | Apurímac, Perú

Will the CFPB Survive?

The Consumer Financial Protection Bureau, which celebrated its fourth birthday earlier this week, won’t see its fifth birthday if Sen. Ted Cruz, R-TX, has his way.

Cruz, along with Rep. John Ratcliffe, R-TX, introduced a bill in Congress this week that would abolish the CFPB, an agency that Cruz says does not stand up to its name.

“Don't let the name fool you, the Consumer Financial Protection Bureau does little to protect consumer,” Cruz said in a release.

“The agency continues to grow in power and magnitude without any accountability to Congress and the people,” Cruz continued. “The only way to stop this runaway agency is by eliminating it altogether.” -- Ben Lane in HousingWire http://www.housingwire.com/articles/34552-sen-ted-cruz-introduces-bill-to-abolish-cfpb

------------------------------------------------
Most home renovation firms that have profiles on Houzz reported that conditions have returned to levels that are about the same or better than pre-recession “normal” levels. -- Brian Anthony in Houzz http://www.houzz.com/ideabooks/51567284
------------------------------------------------
Shared by Uros Kralj, taken by İlhan Eroglu, Starry night in Stari Most.
 
------------------------------------------------
The national index of house prices is now only 1.8% below the peak level of May 2007. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34570-this-mba-chart-shows-the-real-rise-of-home-prices
------------------------------------------------
Officials in Corrales, a village just north of Albuquerque, New Mexico, surprised real estate agents this week when they hung black plastic bags over 35 “For Sale” signs in an effort to finally enforce a local ordinance, an article in the Albuquerque Journal said.
“Wouldn’t it have been a nice courtesy if they had emailed Realtors to warn them instead of doing this?” said Robin Riegor, an agent with Coldwell Banker who lives in Corrales and has 21 listings in the village. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34573-village-now-charges-real-estate-agents-to-display-for-sale-signs
------------------------------------------------
Shared by James Harrison, taken by Tony Puah.  The interior of the Monastery of San Jerónimo de Granada facing the altar.

------------------------------------------------
Nat'l Real Estate Post:
Seattle is considering Sharia compliant interest free mortgages.  (RESPA Violation!)
http://thenationalrealestatepost.com/seattle-considers-sharia-law-compliant-interest-free-mortgages/
------------------------------------------------
A small Texas bank was handed a large victory this week, when a federal court ruled that the bank is allowed to challenge the constitutionality and authority of theConsumer Financial Protection Bureau. The repercussion of this battle could also have a huge ripple effect on the entire financial market. -- Ben Lane http://www.housingwire.com/articles/34578-small-texas-bank-winning-big-fight-against-cfpb
------------------------------------------------
Shared by James Harrison, taken by A Lin.  Uglich is a small town of Golden Ring located at the picturesque bank of the Volga River. It is one of few Russia's historical and well-preserved riverine tourist destinations. The town became the site of one of the most significant deaths in Russian history. Ivan the Terrible’s young son Dmitry was killed in Uglich in 1591, marking both the end of the Rurik dynasty and the advent of the Time of Troubles.

------------------------------------------------
Despite market reports of strong median home price appreciation this spring, gains are very uneven and nearly half of homes in 10 of the nation’s largest markets actually lost value in May, according to a report by Weiss Residential Research’s Indexes.
Only 54% of homes in the markets appreciated during May compared to 81% in May 2014, a sign that the downward trend may continue in the coming months. In Denver, the hottest market in the nation, 84% of houses appreciated in May compared to 95% last year. In the Washington, D.C., market, weakest of the top 10, only 34% of houses gained value in May compared to 57% in May 2014.
-- Trey Garrison
------------------------------------------------
Shared by Juwai
Chinese capital affects world markets, http://bit.ly/1IhN5jT

------------------------------------------------
Shared by Amazing Places to See, taken by Gary Ellis, County Cork, Ireland.

------------------------------------------------

Largest US Ranch for Sale

The largest ranch in the U.S. within a single fence is now for sale in North Texas, according to an article on Bloomberg.com.

It’s 510,527 acres and in addition to a very colorful history, the land includes 6,800 head of cattle, 500 quarter horses, and more than 1,000 oil wells. The price? $725 million. -- Allison Tester in HousingWire http://www.housingwire.com/articles/34537-largest-ranch-in-the-us-for-sale

----------------------------------------------------------
Shared and taken by Barb G. M., Volterra, Tuscany - Italy.

----------------------------------------------------------

Barclays previously downgraded Zillow from Overweight to Equal Weight in April, citing slowing traffic then as well.

And now, Barclays is downgrading Zillow again, this time from Equal Weight to Underweight. -- Ben Lane in HousingWire http://www.housingwire.com/articles/34530-is-zillow-in-trouble

----------------------------------------------------------
And whether you view the CFPB as a plague or a blessing on the financial services industry, the organization has undoubtedly altered the landscape. -- Ben Lane in HousingWire http://www.housingwire.com/articles/34539-heres-everything-you-need-to-know-about-the-cfpb
----------------------------------------------------------
Shared by Aceline Beauchene, taken by Granite.

----------------------------------------------------------
Thanks to rising demand and shrinking supply, the median existing-home price for all housing types reached an all-time high in June. -- Ben Lane in HousingWire http://www.housingwire.com/articles/34546-existing-home-sales-prices-reach-all-time-high
----------------------------------------------------------
Judge Margaret Sweeney in the Federal Claims Court in Washington yesterday granted a motion that will force theU.S. Treasury to release all discovery document materials in its possession that pertain to the decision to take Fannie Mae and Freddie Mac into conservatorship. -- Jacob Gaffney in HousingWire 
 http://www.housingwire.com/articles/34550-judge-orders-massive-release-of-fannie-freddie-conservatorship-docs
----------------------------------------------------------
Shared by James Goode, taken by whoever's name is on this photo, Cathedral of the Spilled Blood or Church of the Resurrection of the Savior on the Spilled Blood 1883 to 1907- St. Petersburg, Russia

----------------------------------------------------------
Nat'l Real Estate Post:
Why is the G-Fee the target of Congress every time they want money for something?  Well now they want to tap it for transportation.  Why are we punishing homeowners?
http://thenationalrealestatepost.com/congress-wants-homeowners-to-pay-federal-transportation-tax/?
----------------------------------------------------------
Sales of new single family houses in June 2015 were 482,000 at a seasonally adjusted annual rate (SAAR), down 6.8 percent from May’s revised rate but up 18.1 percent from June 2014. -- Department of Commerce
----------------------------------------------------------
Shared by Flavia Sarta, taken by Massi Rock mc, Crimea Russia.

----------------------------------------------------------

Purchases of new U.S. homes unexpectedly retreated in June and prior readings were revised down, painting a picture of less robust improvement during the industry's busiest time of year.

Sales fell 6.8% to a 482,000 annualized pace, the weakest since November and lower than any forecast of economists surveyed by Bloomberg, Commerce Department figures showed Friday in Washington. Three of four regions suffered setbacks. -- Bloomberg News http://www.nationalmortgagenews.com/news/origination/new-homes-sales-unexpectedly-fall-to-seven-month-low-1056952-1.html

The End of Real Estate Agents

Gary Vaynerchuk on what will cause the end of real estate agents.
https://www.youtube.com/watch?v=5tUtK6h659U
------------------------------------------
U.S. home sales increased 11.4% in June compared to the same time last year, leaving buyers with the lowest supply of homes for sale on record, according to Redfin. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34497-trending-thursday-how-strong-is-housings-foundation-how-weak-is-the-cfpbs-database
------------------------------------------
Shared by Karen V. Poe, taken by Lauren Sanna SheWolf, Abbey Library Waldsassen, Bavaria- GERMANY

------------------------------------------

The housing market index, unchanged in July at 60, is signaling substantial strength for the new home market. This is the strongest reading since November 2005, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Thursday.

Last month’s reading was revised up one point, moving from 59 to 60, which was the highest reading since September 2014. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34498-homebuilder-confidence-hits-highest-level-in-a-decade

------------------------------------------
“As house prices continue to recover, mortgage applications for the purchase of newly constructed homes increased slightly in June. Application activity in June was slightly higher compared to the past two years, leading us to estimate that new homes sales increased 8% from May on a seasonally adjusted annual basis,” said Lynn Fisher, MBA’s Vice President of Research and Economics.
The average loan size of new homes increased from $320,744 in May to $321,678 in June. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34495-new-home-purchase-applications-climbed-1-in-june
------------------------------------------
Shared by James Harrison, taken by Tim Durkan, Space Needle in Seattle.

------------------------------------------

Building permits in June 2015 were at a seasonally adjusted annual rate (SAAR) of 1,343,000, up 7.4 percent from the revised May rate and up 30 percent from June 2014.

Housing starts in June 2015 were at a SAAR of 1,174,000, up 9.8 percent from May and up 26.6 percent from June 2014. -- Department of Commerce

------------------------------------------
New-home construction climbed in June to the second-highest level since November 2007 as builders stepped up work on apartment projects. -- Bloomberg News http://www.nationalmortgagenews.com/news/origination/housing-starts-climb-on-apartment-surge-1056288-1.html
------------------------------------------
Shared and taken by Luis Armando Oryarzun, Interior Casa Rosada. Buenos Aires. Argentina.

------------------------------------------

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,174,000, up 9.8% (±19.9%) above the revised May estimate of 1,069,000 and is 26.6% (±19.6%) above the June 2014 rate of 927,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Most of the gains in starts and permits were in multifamily, not single-family contruction.

But the problem is single-family housing starts in June were at a rate of 685,000, 0.9% (±11.5%) below the revised May figure of 691,000. The June rate for units in buildings with five units or more was 476,000. -- HousingWire http://www.housingwire.com/articles/34508-single-family-housing-starts-down-in-june

------------------------------------------
Shared by Amazing Places to See, taken by ROBERTO E. CROIZAY, Miami, Florida USA.

------------------------------------------
Nat'l Real Estate Post:
MLO's:  Help Real Estate Agents stay safe and get some PR in the bargain.
http://thenationalrealestatepost.com/how-to-literally-save-realtors-lives/
------------------------------------------

Should Real Estate Agents Drive Fancy Cars?

Should real estate agents drive around in fancy cars?

Question answered on Realtor Reddit thread

-- Jacob Gaffney in HousingWire http://www.housingwire.com/blogs/1-rewired/post/34207-should-real-estate-agents-drive-around-in-fancy-cars

-------------------------------------------------
The House Rebublicans fight to control the CFPB
Republicans have long sought to bring the agency's funding under congressional control, arguing its current funding structure makes it unaccountable to Congress. Agency backers argued that Republicans would simply look to stifle the agency with budget cuts with that control, and noted that other banking regulators also have funding arrangements that fall outside congressional purview.
-------------------------------------------------
Shared and taken by Pasi Hortoma, Finnish Shed, somewhere in Finland.

-------------------------------------------------
Can the Credit Bureaus Finally be Tamed

WASHINGTON — A landmark agreement signed by one of the country's largest credit bureaus and hailed by federal and state officials as a "tough fix-it order" was supposed to usher in a new era where such firms would clean up inaccuracies and better respond to consumer complaints.

But nearly 25 years after the deal in question was penned with TRW, now known as Experian, and despite two subsequent legislative overhauls, glitches in the credit reporting system remain widespread.

 

-- Victoria Finkle in American Banker

http://www.americanbanker.com/news/law-regulation/can-the-credit-bureaus-finally-be-tamed-1075253-1.html?zkPrintable=1&nopagination=1
-------------------------------------------------
HUD's Social Engine

......market pricing is now considered discrimination.

In fact, any neighborhood that doesn’t meet with the approval of a demographic spreadsheet model in the bowels of some government bureaucrat’s office is considered discrimination. -- Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/34414-huds-social-engineering-is-coming-to-your-neighborhood

-------------------------------------------------
Shared and taken by Luis Armando Oryzuna, Catedral de la Plata. Interior. Buenos Aires. Argentina.

-------------------------------------------------
Freddie and Fannie
When it comes to the question of how much private capital is necessary in the system, the memo actually suggests 300 to 400 basis points (3% to 4%). Previously, 10% capital was suggested. It should be noted that the GSEs have sent $228 billion cash to Treasury so far, which is more than 400 basis points, if it had been retained. -- David Sims in SeekingAlpha.com
http://seekingalpha.com/article/3120136-fannie-and-freddie-a-new-leaked-treasury-memo-surfaces
-------------------------------------------------
Hud fails to deliver results, fails mission
“Our reviews of public and Indian housing programs since 2012 have identified a number of areas in which PIH could strengthen its program assessments, increase efficiencies, and enhance collaboration efforts. HUD has made progress in implementing some of our recommendations, but additional actions are needed to address others.” Daniel Garcia-Diaz, GAO’s director of financial markets and community investment. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34443-housing-subcommittee-hud-fails-to-deliver-results-fails-mission
-------------------------------------------------
Shared by James Harrison, taken by Joao Leitao, Machuca Church, Atacama Desert

-------------------------------------------------
“Over the last five months we’ve seen homeowners continually value their homes higher than appraisers,” said Bob Walters, Quicken Loans chief economist. “While each local market has a different story to tell, a large part of this perception gap is likely due to the normalization of home prices. After about a year of home values trending upward, it takes some time for many homeowners to realize home values are stabilizing in their neighborhoods.” -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34471-chasm-developing-between-homeowner-appraiser-opinions
-------------------------------------------------
There were a total of 597,589 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2015, down 13% from the previous six months and down 3% from the same time period in 2014, according to RealtyTrac. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34489-foreclosure-starts-at-a-10-year-low-in-first-half-of-2015
-------------------------------------------------
Shared by Cristi Banciu, taken by CAANDesign

-------------------------------------------------
The good and humorous people at SelfStorage.com have come up with an infographic that shows exactly how the characteristics of newly built homes have changes in two decades. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34486-this-1-graphic-shows-how-newly-constructed-homes-have-changed-in-just-20-years

Facebook Fan Page: Yes or No for MLO's and Real Estate Agents

Facebook Fan Page:  Yes or No for MLO's and Real Estate Agents
http://mortgagenewsnetwork.com/hash-it-out-facebook-fan-page-worth-it
--------------------------------------------------------
Mortgage rates stopped their upward trend and dropped back down due to global uncertainty, the latest Freddie Mac Primary Mortgage Market Survey said.  -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34435-home-sales-reach-8-year-highs-but-what-comes-next
--------------------------------------------------------
Shared by Archilovers,  #Project of the #Week: Casa Brutale, by OPA Open Platform for Architecture:http://bit.ly/1gnKoCS

--------------------------------------------------------

Does a college degree help toward buying a home?

....does that debt burden hinder the ability to buy a home or does the higher income associated with a degree make it easier to save?

In not-so-hot housing markets, the degree is not as helpful. In hotter markets, the degree is nearly essential. 

--------------------------------------------------------

Nothaft quoted a study from the National Association of Realtors that said that the number of U.S. homebuyers who identified as international dropped to 2% during the first four months of 2015. This is down from 2.5% a year earlier, a 19% decline.

As for why there is a drop, about three-fourths of real estate agents who work with international clients report that changes in foreign exchange rates have a moderate to very significant effect on foreign buying. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34453-corelogic-foreign-buyers-back-off-us-housing-market

--------------------------------------------------------
Shared by Archilovers, Cliff House, unrealised proposal by Modscape. A moular home clinging to the side of a cliff: http://bit.ly/1rVVgfx

         
--------------------------------------------------------
Nat'l Real Estate Post:
67% of buyers are not pre-approved.
http://thenationalrealestatepost.com/half-of-fthbs-are-not-pre-approved/
--------------------------------------------------------
Obama addressed last week’s announcementby the U.S. Department of Housing and Urban Development of the “final rule” on Affirmatively Furthering Fair Housing, which will “equip communities that receive HUD funding with data and tools to help them meet long-standing fair housing obligations in their use of HUD funds.”  (This means that HUD can coerce local suburban counselmen and other elected officials to change zoning at any time, in any place.)  -- Ben Lane in HousingWire http://www.housingwire.com/articles/34459-obama-new-fair-housing-rule-will-help-further-american-dream
--------------------------------------------------------
Shared by Juwai.  Florida was the top choice state for foreigners. Chinese buyers lead with US$28.6BN.http://buff.ly/1fj5TVt #realestate

--------------------------------------------------------

As of May 2015, the national foreclosure inventory included approximately 491,000, or 1.3%, of all homes with a mortgage compared with 676,000 homes, or 1.7%, in May 2014.

This is the lowest foreclosure rate since December 2007. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34466-corelogic-total-foreclosure-inventory-drops-to-lowest-since-december-2007

--------------------------------------------------------
Fannie Mae launched its new homebuyer application HOME that educates future homeowners about the steps and responsibilities of buying and owning a home.

Dashboard and checklist to track their progress

Four financial calculators: Estimate affordability, Calculate mortgage payment, Plan and budget for a down payment, Learn how paying ahead can save money and reduce loan payback times

HUD-approved housing counseling agency “locator tool”

Articles, videos, and more

Brena Swanson in HousingWire http://www.housingwire.com/articles/34469-fannie-mae-launches-homebuyer-education-app--------------------------------------------------------
Shared and taken by Luis Armando Oyaruz, Buenos Aires. Argentina. Cabildo.


--------------------------------------------------------

International Real Estate Markets Report

International Real Estate Markets Q1 2015 Global Property Index Report
http://list.juwai.com/news/2015/06/juwai-releases-q1-2015-global-property-index-gpi-report?
---------------------------------------------------------
The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 5% compared with the previous week and was 14% higher than the same week one year ago. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34359-mortgage-applications-drop-as-interest-rates-rise-to-9-month-high
---------------------------------------------------------
Shared by James Harrison, taken by ‫ג'קלין ולינוב‬‎, Bruges, Belgium

 

---------------------------------------------------------
Young adults prefer single-family homes, and in fact, 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than their predecessors,Fannie Mae’s latest Housing Insight report showed. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34367-millennials-demand-single-family-homes
---------------------------------------------------------
Just under a quarter – that is 24.6% – of all single family home and condo sales in May were all-cash purchases, down from 28.5% in the previous month and down from 30.4% a year ago to the lowest level since November 2009,RealtyTrac reports. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34366-realtytrac-all-cash-sales-at-lowest-since-late-2009
---------------------------------------------------------
Shared and taken by Luis Armando Oyarzun, Estilos . Buenos Aires. Argentina.

---------------------------------------------------------

The housing forecast for the second half of 2015 fails to show any positive data, with trends predicted to go downhill.

According to the latest market report from analytics firm Clear Capital, nationally, the data is more of the same. Data through June looks similar to data through May 2015, with no change in quarterly growth at 0.6% and a slight drop of 0.1% in yearly growth, from 5.3% to 5.2%.

What’s worse is that the best of the year is already past since the spring and summer seasons typically reflect the peak of the housing demand cycle. And 0.6% quarterly growth is a foreboding sign of how the remainder of 2015 may play out, the report explained. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34390-clear-capital-housing-the-second-half-of-2015-not-so-hot

---------------------------------------------------------
Nat'l Real Estate Post:
Jobs created:  223K
Jobs lost:  60K
Unemployment rate:  5.3% 
We now have the lowest job participation rate since 1977.
http://thenationalrealestatepost.com/how-greece-impacts-rates/
---------------------------------------------------------
Shared by Juwai, Miami Flordia, USA

---------------------------------------------------------
The May 2015 international trade deficit increased 2.9 percent from April, to $41.9 billion. Exports decreased 0.8 percent to $188.6 billion, and imports fell 0.1 percent to $230.5 billion.  -- US Department of Commerce
---------------------------------------------------------
Newsletter
Moreover, wages were flat in June, with average hourly earnings hovering at $24.95. Average hourly earnings of private-sector production and nonsupervisory employees edged up by 2 cents to $20.99 for the month. That said, while wages showed no movement in June, that might change given difficulties employers are having. -- Brian Daiker for Movement Mortgage, brian.daiker@movement.com 
---------------------------------------------------------
Shared by Bored Panda, New York-based artist Ray Bartkus has created a beautiful mural in the Lithuanian city of Marijampolė designed to use the surface of the water as its true canvas. Bartkus intentionally painted it upside-down so that the swimmers, rowers and swans he depicted would be reflected right-side-up onto the river Šešupė, which flows through the city’s center.