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☆ The housing market will drag the economy into a hard landing unless the Fed takes these 'simple steps,' trade groups warn
▼ + stars: | 2023-10-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Housing trade groups urged the Federal Reserve to stop hiking interest rates immediately. The NAHB, MBA, and NAR warned that a hard landing is likely, unless the Fed takes two "simple steps." AdvertisementAdvertisementThe Federal Reserve needs to take two "simple steps" to assure that it sticks a soft landing in the economy, according to three housing industry trade groups. AdvertisementAdvertisementThe trade groups pointed out that housing activity accounts for an estimated 16% of GDP in the US. "We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter concluded.

Persons: —, Jerome Powell Organizations: Federal Reserve, NAR, Fed, Service, Reserve, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Treasury, MBS

☆ The sure-fire way to save America’s cities? Do what Tokyo does.
▼ + stars: | 2023-10-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +12 min

But affordability isn't an issue in the world's biggest city, Tokyo. In collectivist Japan, housing policy is designed to benefit the most people possible. Earthquakes and small homesAnother feature of the Japanese housing market is purely situational: The country is a hotspot for earthquakes. Could the US import Japanese housing policy? Japan's housing policy "is now quite well understood" among American housing advocates and scholars, he says, "whereas it was not even three years ago."

Persons: metropolises, Eric Adams, Alan Durning, Durning, Jiro Yoshida, NIMBYism, Jenny Schuetz, Yoshida, Schuetz, André Sorensen, there's, Sorensen, Nolan Gray, Impermanence, Gray, tradeoffs, Eliza Relman Organizations: US, America it's, New York City, Sightline, Pennsylvania State University, Brookings Institution, University of Toronto, Earthquakes Locations: Los Angeles, Miami, New York, San Francisco, Tokyo, it's, America, Paris, Japan, inequity, Montana, California, United States, Vienna, Amsterdam, California , Oregon, Washington

☆ SCOTUS to hear case on the constitutionality of CFPB's funding
▼ + stars: | 2023-10-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSCOTUS to hear case on the constitutionality of CFPB's fundingMark Calabria, senior advisor at The Cato Institute and former director of The Federal Housing Finance Agency, along with NBC and MSNBC's Danny Cevallos, join 'The Exchange' to discuss Supreme Court hearing a case on the constitutionality of the Consumer Financial Protection Bureau's funding supply, how this supreme court ruling could impact similarly funded agencies, and the likelihood of the court returning a narrow decision.

Persons: SCOTUS, Mark Calabria, Danny Cevallos Organizations: Cato Institute, Federal Housing Finance Agency, NBC, Consumer

☆ US annual home price growth accelerates in July
▼ + stars: | 2023-09-26 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - U.S. annual home price growth accelerated for a second straight month in July, signaling that softening prices in the market may be bottoming out, according to a report released on Tuesday. Home purchase prices increased 4.6% on a year-over-year basis in July, up from a revised 3.2% increase in the prior month. June marked the first acceleration in annual price growth since February 2022, the Federal Housing Finance Agency (FHFA) said. The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. "Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth," said Nataliya Polkovnichenko, FHFA's supervisory economist.

Persons: Mike Blake, Nataliya Polkovnichenko, Amina Niasse, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Thomson Locations: Rancho, San Diego , California, U.S, New England, Chicago, Cleveland

☆ What Happens When Wall Street Buys Most of the Homes on Your Block?
▼ + stars: | 2023-09-16 | by ( Ronda Kaysen | Ella Koeze | ) www.nytimes.com time to read: +21 min

Alvin and Patricia Maisonet bought their house in Bradfield Farms almost a decade ago. Bradfield Farms fit the bill: It is in an area that, in 2020, was 35 percent Black and 11 percent Latino, according to census data. Tarchia Barber chose to rent in Bradfield Farms because of the neighborhood’s rural feel. The RentersTarchia Barber liked the rural feel of Bradfield Farms, with cul-de-sacs and shady streets surrounded by farmland and woods. A school bus drops off students in Bradfield Farms, a quiet neighborhood where parents say their children often roam freely.

Persons: Ronda Kaysen, Ella Koeze, Logan Cyrus Sept, “, Alvin Maisonet, Maisonet, Patricia Maisonet, Joggers, ”, Alvin, Kelli Enos, Cash, can’t, Laurie Goodman, “ Covid, David Howard, Keith R, Madeline Bankson, They’re, Jessica Moreno, Tarchia Barber, Barber, He’d, Nikki Sloup, Sloup, Becky Johnson, didn’t, Johnson, Jesus ”, Greg McBride, Hall, Brandon Little, Keller Williams, Bradfield, “ We’ve, Jade Rahmani, Keefe, “ It’s, ” Mr, Rahmani, Enos, ” Dana Hartness, James M, Hasty, Ms, Lisa Damas, Kasey, Jim Sylvester, Sylvester, Hartness, —, — she’s, Dana Hartness, She’s Organizations: →, HomeRiver, Investor, Vegas, Kansas City, Antonio, Houston, Investors, New York Times, Homeowners, “, Bradfield Farms, Charlotte Airport, NORTH, NORTH CAROLINA, SOUTH, CAROLINA SOUTH, Bradfield, Housing Finance, Center, Urban Institute, National Rental Home, Rentals, Florida State University, Equity, Bankrate.com, Sheree, Nationwide, Facebook, Mecklenburg Police Locations: Ronda, Charlotte, N.C, Bradfield Farms, Bradfield, Paterson , N.J, United States, ATTOM, Atlanta, Phoenix, Memphis, Birmingham, Ala, Orlando, Fla, Jacksonville, Tampa, Kansas, Mo, NORTH CAROLINA, CAROLINA SOUTH CAROLINA, “, American, North Carolina, New Jersey, Peru

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

☆ Homeowners should be worried about a legal battle that could jeopardize 'the stability of the housing market,' the head of a federal consumer watchdog says
▼ + stars: | 2023-09-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court will soon hear a case challenging the CFPB's funding structure. Housing groups also warned of chaos in the industry if CFPB's funding is upended. But the Supreme Court threat to the CFPB's funding structure "would raise significant concerns for the stability of the housing market and the financial system more broadly," Chopra said. "Reverting to a system without these regulations would create uncertainty for the mortgage industry and the economy," Chopra said. At this point, it's unclear how broadly the Supreme Court will rule, and if it will strike down the CFPB's funding structure entirely.

Persons: Rohit Chopra, —, Chopra, homebuyers Organizations: Housing, Service, Financial, Community Financial Services Association of America Ltd, Consumer Financial, Bureau, Federal Reserve, Fifth Circuit, Mortgage Collaborative National Conference, Congress, Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors Locations: Wall, Silicon

☆ U.S. mortgage rates fall for a second week but hold above 7%
▼ + stars: | 2023-09-07 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 7 (Reuters) - Key U.S. mortgage interest rates fell for a second week but held above 7% and remained near the highest in decades, according to a survey released Thursday by housing finance giant Freddie Mac. The average contract rate on 30-year-fixed-rate mortgages declined to 7.12% as of Thursday from 7.18% the prior week, Freddie Mac said. Mortgage rates climbed steadily over the past two years on the back of the Federal Reserve's rate hikes, and they recently spiked to the highest rate in more than two decades. A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing Rights“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above 7%,” said Sam Khater, chief economist at Freddie Mac.

Persons: Freddie Mac, Sarah Silbiger, ”, Sam Khater, Andrew Flowers, Amina Niasse, Cynthia Osterman Organizations: REUTERS, Appcast Inc, Thomson Locations: Washington , U.S

☆ US home prices show signs of stabilizing, reports show
▼ + stars: | 2023-08-29 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - U.S. housing prices showed further signs of stabilizing in June, according to two reports out Tuesday that signaled the lengthy run of softening sales prices may be bottoming out. Both reports showed prices rose modestly month-over-month. House prices rose 3.0% between the second quarters of 2022 and 2023, FHFA said. FHFA's data showed June’s year-over-year gains were strongest in the East North Central and New England regions, up by 5.4% and 6.8%, respectively. On a city basis, the Case-Shiller data showed Chicago and Cleveland experiencing the greatest price accelerations.

Persons: Octavio Jones, FHFA, ”, Anju Vajja, ” Craig Lazzara, DJI, Amina Niasse, Safiyah Riddle, Andrea Ricci, Leslie Adler Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, FHFA’s Division of Research, Statistics, East North, Thomson Locations: Tampa , Florida, U.S, “ U.S, East North Central, New England, Chicago, Cleveland

☆ These states will pay you to build a tiny home in your backyard
▼ + stars: | 2023-08-21 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Building backyard tiny homes can be expensive. There are three states that will help with the cost, by providing homeowners with grant money. These backyard homes, called accessory dwelling units, or ADUs, are small housing units that homeowners can build on their property. In California, where most backyard homes are being built, ADU building permits cost anywhere from $450 to $15,000 — even before construction starts, according to Backyard Unlimited, a company that builds ADUs. Insider reached out to all 50 states to learn which pay homeowners to build ADUs.

Persons: you've, there's, Joyce Higashi's ADU, Kelsey Neubauer, Vermonters Organizations: Service, Backyard, Department, California Housing Finance, California Housing Finance Agency New, AMI, York State's Homes, York State Homes, Community Renewal, Champlain Housing Trust, Community Development, Windsor Housing Trust, Vermont Housing, of Housing, Community Locations: Wall, Silicon, California, California Housing Finance Agency New York, Monroe , New York, Hudson, New York City, Onondaga County, Syracuse, York, Community Renewal Vermont, Burlington , Vermont, Vermont, Champlain, Western Vermont, Windham, Windsor

☆ Middle class Americans are moving straight into fire and drought because they can't afford to live in the cities that are safer from climate change
▼ + stars: | 2023-08-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rising housing costs have helped push Americans into parts of the country more vulnerable to climate change. The trend shows how the burden of climate change is falling disproportionately on less affluent people. Rather than leaving areas at high risk of natural disasters and other climate issues, more Americans are moving into them. But if lower-risk cities continue to price people out, the burden of climate change will fall even more disproportionately on less affluent communities. A recent Brookings Institution report recommended several ways that policymakers can encourage Americans to seek climate safety.

Persons: Hurricane Harvey, Freddie Mac, Rich, homebuyers, Jenny Schuetz, Julia Gill Organizations: Service, Brookings, Federal Housing Finance Agency Locations: New York, San Francisco, Southern, Florida, Houston, West, Bend , Oregon

☆ How to Save for a House
▼ + stars: | 2023-08-09 | by ( Michele Lerner | ) www.wsj.com time to read: +10 min

By Michele LernerThe need to save looms large in the home buying process. 5 strategies to save for a houseZillow estimates that it would currently take the typical household saving 5% of their income close to nine years to save a 10% down payment on a typical house. For example, if you’re aiming for $50,000 down on a $500,000 home in three years, you’ll need to save nearly $1,400 a month. That means the fastest way to save is often to cut costs on the place you live. However, he says you should at least save the minimum to earn any 401(k) matching contributions your employer offers and have a plan to increase your contributions after you buy a house.

Persons: Michele Lerner, you’re, ”, Isabel Barrow, Barrow, Cash, Tom Mathews, Matt Steenson, ” Barrow, Mathews, —, you’ve, “, ” Steenson, Steenson Organizations: National Association of Realtors, NAR, Edelman, News Corp, The, Street, PNC Bank, Federal Deposit Insurance Corp Locations: Alexandria, Va, Atlanta, Pittsburgh

☆ Fitch downgrades mortgage giants Fannie and Freddie from AAA to AA+
▼ + stars: | 2023-08-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings from AAA to AA+. The ratings agency said that as government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac benefit from implicit government support. But this flow of funds could be disrupted if the United States defaults on its debt, Fitch warned. It also said that should the US sovereign debt rating be raised, the GSEs’ rating would move in tandem.

Persons: Freddie Mac, Fannie Mae, Fitch, ’, Freddie, Fannie, Fannie Mae’s, Freddie Mac’s, ” Organizations: CNN, Fitch, AAA, AA, Congress, Federal Housing Finance Agency, U.S, Treasury’s Locations: United States

BENGALURU, July 26 (Reuters) - Indian shares advanced on Wednesday, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the U.S. Federal Reserve's monetary policy decision. Automaker Tata Motors (TAMO.NS) jumped as much as 4.06% to a record high after reporting a better-than-expected profit in the June quarter and a capital restructuring plan. Index heavyweight L&T (LART.NS) climbed 3.71% to a record high on strong first-quarter results and approval of a share buyback plan. L&T and Tata Motors were the top Nifty 50 gainers. In contrast to Indian equities, Asian peers were subdued ahead of the Fed policy decision, due at 11:30 p.m. IST.

Persons: Toubro, Anita Gandhi, Rahul Sharma, Bharath Rajeswaran, Dhanya Ann Thoppil, Eileen Soreng Organizations: Reliance Industries, Larsen, Tata Motors, U.S, U.S . Federal, BSE, Arihant, Thomson Locations: BENGALURU, U.S ., Qatar, Bengaluru

☆ US consumer confidence races to two-year high; house prices rising
▼ + stars: | 2023-07-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Consumer confidence index increases to 117.0 in JulyLabor market differential rises to 37.2 from 32.5 in JuneHouse prices continue upward trend in MayWASHINGTON, July 25 (Reuters) - U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. That supports economists' views that consumer spending was flattening out after rising at its fastest pace in two years in the first quarter. The Conference Board's consumer confidence index increased to 117 this month, the highest reading since July 2021, from 110.1 in June. TIGHT LABOR MARKETThe survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, increased to 37.2 this month from 32.8 in June, a sign labor market conditions remain tight despite job growth slowing. And while more households planned to buy houses, they could run into affordability challenges as tight supply pushes up prices.

Persons: Robert Frick, Dana Peterson, Lisa Sturtevant, Lucia Mutikani, Paul Simao Organizations: Labor, Conference, Federal Reserve, Consumers, Navy Federal Credit Union, The, Reuters, University of, Conference Board's, Fed, Federal Housing Finance Agency, Bright MLS, Thomson Locations: WASHINGTON, Vienna , Virginia, U.S

☆ These 10 states are running America's best economies for residents
▼ + stars: | 2023-07-13 | by ( Scott Cohn | ) www.cnbc.com time to read: +8 min

To determine which states have the best economy, we look at overall economic growth and annual job growth on a percentage basis, as well as the health of state finances. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. IndianaWhile the Hoosier State's economy is hardly a barnburner, Indiana offers stability. The state's debt rating is solid. UtahThe Beehive State's economy just keeps buzzing.

Persons: Christina, Dupont De Nemours, Incyte Carlos Hernandez, Eileen T, Meslar, Eli Lilly, Kyle Green, Lucas Jackson, George Frey, Zions, Tim Aeppel, —, Justin Sullivan, Lindsey Nicholson, Matthew Busch, payrolls, Jim Watson Organizations: Companies, Business, Getty, Bureau, AAA, Reuters, Indiana, Hoosier, Federal Housing Finance Agency, National Association of Realtors, Simon Property, Bloomberg, Gem, Data Solutions, Micron Technology, Lamb Weston Holdings, South, South Carolina, Union Pacific, Automotive Designs, . Tennessee The Volunteer State, Headquarters, FedEx, Tractor, Delta Airlines, Peach State, Assurant, Intercontinental Exchange, Universal, North, Bank of America, Duke Energy, Just Energy Group, Texas, Lone Star State, Oracle, Tesla, AFP Locations: U.S, States, Wilmington , Delaware, Delaware, Middlebury , Indiana, , Indiana, CBH, Calvary Springs, Nampa , Idaho, Idaho, California, York County , South Carolina, South Carolina, Palmetto, South, Salt Lake City , Utah, Utah, Bristol , Indiana, Tennessee, Alpharetta , Georgia, Georgia, Denver , North Carolina, North Carolina, Houston , Texas, The Texas, Texas, New York, Miami , Florida, Florida

[1/2] People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls//File PhotoLONDON, July 12 (Reuters) - Britain's economy is so far proving resilient to a surge in interest rates over the past year and a half, but it will take time for the full impact to feed through, the Bank of England said on Wednesday. "The UK economy has so far been resilient to interest rate risk, though it will take time for the full impact of higher interest rates to come through," it said. It said British banks were less exposed than households to the adverse effects of higher interest rates, especially compared with financial institutions in other countries, while the corporate sector remained "broadly resilient". "Nevertheless, higher financing costs are likely to put pressure on some smaller or highly leveraged firms," it added.

Persons: Henry Nicholls, BoE, BoE Governor Andrew Bailey, David Milliken, Huw Jones, William Schomberg, Kevin Liffey Organizations: Bank of England, REUTERS, The Bank, Bank, Silicon Valley Bank, Thomson Locations: City, London, Britain, Silicon

☆ Australia's central bank holds rates, signals more hikes might be required
▼ + stars: | 2023-07-04 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SYDNEY, July 4 (Reuters) - Australia's central bank on Tuesday held interest rates steady saying it wanted more time to assess the impact of past hikes, but reiterated its warning that further tightening might be needed to bring inflation to heel. Reuters GraphicsIn Tuesday's policy statement, RBA Governor Philip Lowe said that higher interest rates are working to establish a more sustainable balance between supply and demand in the economy. "In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month." Global policymakers are still grappling with relatively high inflation despite sweeping rate increases for more than a year. Both the Federal Reserve and the European Central Bank are almost certain to hike by a quarter-point this month, which could pressure an already soft Australian dollar.

Persons: Philip Lowe, Lowe, Stephen Smith, Marcel Thieliant, Reuters Graphics Lowe, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Deloitte, Capital Economics, Global, Federal Reserve, European Central Bank, Thomson

☆ HDFC Bank director says Indian mega merger won't face 'insurmountable challenges'
▼ + stars: | 2023-07-04 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

In this article HDFC-INHDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTThe merger between HDFC Bank and HDFC now makes the entity the world's fourth largest bank. Nurphoto | Nurphoto | Getty ImagesThe merger between India's HDFC Bank and the Housing Development Finance Corporation (HDFC) will increase the entity's customer base and provide more opportunities for cross-selling, the non-executive director of HDFC Bank told CNBC. HDFC, India's largest mortgage lender, merged with HDFC Bank, the country's biggest private lender, in a $40 billion deal which took effect on July 1. HDFC Bank has around 83 million customers but only 2% have a housing loan with HDFC. HDFC Bank is currently India's second most valued company by market cap after Reliance Industries .

Persons: HDFC, Keki Mistry, Mistry Organizations: HDFC Bank, Nurphoto, India's HDFC Bank, Housing Development Finance Corporation, CNBC, HDFC, Mortgage, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Reliance Industries Locations: India, China, South East Asia

☆ US regulators consider to limit major lenders' borrowings from FHLBs - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ US regulators consider to limit major lenders' borrowings from FHLBs, Bloomberg reports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency (FHFA) might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, FHFA, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Reuters, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

In the fiscal year 2022 through 2023, HDFC raised 784.15 billion from the debt market, higher than the 500 billion rupees a year before. It has raised 460.62 billion rupees since April this year. Mutual funds hold around 270 billion rupees of HDFC's bonds as of May 31, data from information service provider Prime Database showed. Rival LIC Housing Finance may be the biggest beneficiary of HDFC exiting the market, fund managers said. Other competitors such as ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance and Shriram Housing Finance could also see an increase in demand for their debt issuances, they said.

Persons: HDFC, Raju Sharma, HFCs, Ajay Manglunia, Laukik Bagwe, Bagwe, IDBI Mutual Fund's Sharma, Dharamraj Dhutia, Dhanya Ann Thoppil Organizations: Housing Development Finance Corp, HDFC Bank, Reuters, IDBI Mutual Fund, Securities and Exchange Board of India, JM Financial, AAA, Mutual, LIC, Finance, ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance, Shriram Housing Finance, Mutual Fund, IDBI Mutual, Thomson Locations: MUMBAI, India, HDFC

☆ What Is a Jumbo Mortgage, and How Do You Get the Best Rates?
▼ + stars: | 2023-06-21 | by ( Beth Decarbo | ) www.wsj.com time to read: +9 min

What is a jumbo mortgage? Do jumbo loans come with jumbo mortgage rates? Many times, jumbo rates are lower than those for conforming loans, in part because the stringent requirements to qualify for a jumbo loan lessen the risk that borrowers will default. Tips to save on a jumbo loanWith some savvy strategies, house hunters in need of a jumbo mortgage can reduce their costs. Chase, for example, offers the highest jumbo limits (up to $9.5 million), which is one of the reasons it is Buy Side’s pick for best jumbo mortgage lender.

Persons: Beth DeCarbo, Fannie Mae, Freddie Mac won’t, Greg McBride, ”, Jacob Channel, Andy Wagner, Wagner, Bankrate’s McBride, Michael P, aren’t, Lani, —, Guy Cecala, ” Cecala Organizations: New, Federal Housing Finance Agency, Government, Jumbo, Nations Lending, ARM, American Mortgage Resource Inc, Inside Mortgage Finance, Bank of America, Chase, Mortgage Finance Locations: Minneapolis, Sacramento, CA, Denver, Boston, San Diego, New York City, Jackson, Chicago, Massachusetts, Wells, Fargo

☆ US consumer confidence dips to six-month low, labor market views soften
▼ + stars: | 2023-05-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The Conference Board's consumer confidence index slipped to 102.3 this month, the lowest level since last November, from an upwardly revised 103.7 in April. The cutoff date for the survey, which places more emphasis on the labor market, was May 22. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, fell to 31.0, the lowest since April 2021, from 36.9 in April, suggesting the labor market was loosening up. More timely data like first-time applications for state unemployment benefits suggests the labor market remains tight, but is gradually easing. "Investors should expect Friday's job report to reveal emerging cracks in the labor market."

Persons: Christopher Rupkey, Joe Biden, Kevin McCarthy, Jeffrey Roach, Nicole Bachaud, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Labor, Conference, Social Security, Medicare, Reuters, University of, Republican U.S . House, Sunday, U.S . Labor Department, LPL, Treasury, Federal Reserve, National Association of Realtors, Federal Housing Finance Agency, Thomson Locations: WASHINGTON, New York, North Carolina, U.S, Seattle

☆ House prices are declining in these 7 Western states while continuing to hit new heights across the rest of the country
▼ + stars: | 2023-05-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US house prices rose modestly in the first quarter, said the FHFA on Tuesday. The agency's House Price Index reached just under 400, hitting an all-time high with figures tracking back to 1991. "However, year over year prices in many western states have started to decline for the first time in over ten years." Over the last four quarters, house prices rose in 78 of the top 100 largest metropolitan areas, fronted by a 14% rise for the Miami area. The start of the spring selling season showed house price gains in March in a separate S&P CoreLogic report released Tuesday.

Persons: —, Fannie Mae, Freddie Mac, Anju Vajja, Black Knight, San, FHFA Organizations: Service, Federal Housing Finance Agency, FHFA's Research, Statistics, of Columbia, Pacific, Federal Reserve, Black, Nationwide Locations: . Utah, Nevada, Washington, Idaho , Oregon, Colorado, West Coast, San Francisco, Seattle, Miami, San Mateo, Redwood City , California

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