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Las Vegas Sun Stories: Real Estate in Crisis
  • Home means Nevada (for Californians, Utahans and Arizonans, too)
    While the addition of more than 100,000 residents since 2016 and three professional sports teams has certainly had a positive role in helping the market, those in the industry claim our local growth is thanks to Vegas’ booming economy ...
  • Average price of existing homes climbs to $290,000
    The average sales price for an existing single-family home in Southern Nevada in July was $290,000, an 11 percent increase from $260,000 in July 2017, according to ...
  • iBuyers offer another option to quickly sell homes in Las Vegas
    Instead of selling their homes through traditional real estate agents, some Las Vegans are opting to sell directly to so-called iBuyers such as Opendoor. San Francisco-based Opendoor has operated in the Las Vegas Valley for ...
  • Raiders impact: Team's facility making St. Rose Parkway hot commodity
    Land near the planned Raiders corporate offices and practice facility along St. Rose Parkway in Henderson has become a hot commodity. Stable Development won a competitive bidding war before Tuesday’s Henderson City Council meeting, with a winning bid of $8.25 million, for a 8.15-acre parcel on St. Rose Parkway and Spencer Street. The group plans to build “The Village,” a mixed-use project with ...
  • Southern Nevada housing prices take rare monthly dip
    The median home price in Southern Nevada was valued at a solid $290,000 in June, up 12.7 percent from last year's median price, according to a housing market report released this morning. The Greater Las Vegas Association of Realtors reported June's median price was up 12.7 percent from the June 2017 median price of $257,373, but down 1.7 percent from May's median price of $295,000. GVLAR President Chris Bishop said the ...

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Mortgage News Daily

Mortgage Rate Watch
  • Mortgage Rates Almost Perfectly Unchanged This Week

    Mortgage rates were almost perfectly unchanged today.  That leaves them right in line with last Friday's levels.  I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday.  Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making.  In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates.  In actuality, that drop happened at the end of last week.  From there, rates have barely budged.  

    ...(read more)

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  • Mortgage Rate Misinformation Run Amok!

    Be careful what you read--or perhaps, who you trust--about mortgage rates today.  There's a lot of misinformation out there.  Don't be mad.  No one is out to get you.  No one is out to intentionally deceive you (at least not when it comes to today's mortgage rate news.  Rather, the misinformation is a byproduct of a few unfortunate realities that we contend with on a regular basis.

    The first reality is that Freddie Mac's weekly rate survey is widely relied upon by media outlets.  There's nothing wrong with Freddie's data as long as you understand what you're getting.  It is a stale, loosely accurate report of what a few lenders are offering on a few days of any given week.  Over time (preferably, a LONG time), it does a nearly perfect job of capturing the ups and down in mortgage rates. 

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  • Mortgage Rates Barely Lower Despite Bond Market Cues

    Mortgage rates fell only modestly today despite a much stronger move in broader bond markets.  I spend a lot of time espousing the fact that rates are based on bonds, so it's fair to wonder how days like today happen.

    Indeed, interest rates are based on bonds, but there are a wide variety of rates and bonds!  It's a common misconception that mortgage rates are actually and firmly linked to the 10yr Treasury yield.  In reality, this only appears to be the case because the bonds that underlie mortgage tend to move in the same direction as 10yr Treasuries.  The magnitude of their moves is also generally the same, but there are notable exceptions.  Today was one such exception.

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  • Mortgage Rates Edge Higher Ahead of Retail Sales Data

    Mortgage rates were sideways to slightly higher today, depending on the lender.  With the exception of the past two days, this leaves us at the best levels in more than 3 weeks.  In general, that move was made possible by financial drama in Turkey, but caveats abound. 

    It's taken a massive amount of pain in Turkish markets/currency to result in a fairly modest move for US interest rates in the bigger picture.  Moreover, US rates continue paying attention to multiple sources of inspiration.  Turkey was just one among many in that regard, and even then, only when Turkish market movement was its most extreme. 

    ...(read more)

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  • Mortgage Rates Hold Steady at 3-Week Lows

    Mortgage rates stayed steady at the lowest levels in more than 3 weeks as financial markets are still accounting for additional risks relating to Turkey.  Simply put, Turkey is in the midst of a debt/currency/banking crisis and investors are worried about some sort of domino effect among banks that are heavily invested in Turkish banks.  All this is worth a bit of "safe-haven" demand for US Treasuries, which offer essentially risk-free returns and a liquid place to park money temporarily.

    When investors buy more bonds--all other things being equal--it causes bond prices to rise.  When bond prices rise, investors are technically willing to accept lower interest payments, and it's that part of the equation that speaks to lower interest rates on US Treasuries and mortgage rates.

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  • Judge: Wells Fargo $142 million fake account settlement may not be enough
    Wells Fargo's proposed $142 million settlement in the class action lawsuit brought on behalf of the bank's customers who had a fake account opened in their name is moving closer to being finalized, but the judge overseeing the settlement cautioned the bank that $142 million may not be enough money to compensate all the affected customers.
  • Pro Teck: These 7 housing markets close mortgages faster than anywhere else
    Out of all 200 metros Pro Teck analyzed, only seven metros are selling in 50 days or less. “These numbers represent the average for the entire metro,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “This doesn’t take into account the hot micro-markets inside of these metros, some of which have sold days on market as low as 30.”
  • Second estimate revises 1Q GDP higher
    The second estimate revised the real gross domestic product higher, increasing the annual rate from the original 0.7% estimate. This estimate is based on a more complete source data than what was available for the advance estimate issued last month. But even though there was a sluggish start to the year, it doesn’t reflect how the rest of the year will perform.
  • CBC offers new LexisNexis FCRA report for lien and judgment data
    Starting July 1, the three national credit reporting agencies will stop collecting and reporting information on lien and judgement data obtained from public records, leaving lenders with a significant hole in their assessment of a borrower’s creditworthiness. To fill that information gap, two subsidiaries of CBC Companies — CBCInnovis and Factual Data — are offering the LexisNexis RiskView Liens & Judgments Report.
  • Grassroots military organizations ask Congress to save the CFPB
    As the Financial CHOICE Act winds its way through the House of Representatives, two grassroots organizations that represent current and former members of the military are asking the members of Congress to leave the Consumer Financial Protection Bureau alone and allow the bureau to continue functioning as it does now.