iShares Mortgage Real Estate Capped

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  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Mortgage Refinance Applications Rise

    Mortgage refinance applications, as measured by the MBA Refinance Index, rose 16.7% from 1,693 to 1,902 for the week ending August 28.

    By Brent Nyitray, CFA, MBA
  • uploads///Ginnie Mae TBA
    Macroeconomic Analysis

    Ginnie Mae TBAs Caught a Bid on Last Week’s Bond Market Rally

    Like Fannie Mae TBAs, Ginnie Mae TBAs caught a bid and picked up 18 ticks to 104 17/32, underperforming Fannie Mae TBAs.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    Jobs Report Postponed until Friday, May 8

    The jobs report should have gone out last Friday. But the BLS decided to postpone it until this Friday, May 8. Unless the report is unusually good, the bond market will probably take it in stride.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA House Price Index
    Macroeconomic Analysis

    US Home Prices Rise 5.1% Year-over-Year

    In January 2015, home prices grew 0.3% month-over-month, up 5.1% year-over-year. Prices are now within 3.5% of their April 2007 peak.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fall as Bond Yields Rise

    Last week, mortgage rates rose while bond yields fell. While the ten-year bond yield rose from 2.16% to 2.19%, mortgage rates fell from 3.93% to 3.90%.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    10-Year Bond Yield Rose Last Week on Release of FOMC Minutes

    After closing out the prior week at 1.99%, bond yields, as tracked by the iShares 20+ Year Treasury Bond ETF (TLT), rose by 10 basis points to go out at 2.09%.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Fell as Earnings Disappointed Last Week

    After closing out the prior week at 2.35%, bond yields, as tracked by the iShares 20+ Year Treasury Bond ETF (TLT), rose early last week on Greek optimism.

    By Brent Nyitray, CFA, MBA
  • uploads///
    Macroeconomic Analysis

    The Housing Industry Is Painting a Positive Outlook for the Economy

    In April, the number of building permits issued was reported at 1.35 million, a decrease of 1.8% from the downward revised March reading of 1.37 million permits.

    By Ricky Cove
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Costs Tick Down in the Second Quarter of 2015

    The Obama administration increased employment costs by having the Department of Labor mandate time-and-a-half overtime pay for workers who had previously been classified as managerial.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Macroeconomic Analysis

    Week in Review: Strong JOLTS Data

    The biggest number last week was the JOLTS job openings number, which came in at 5.7 million, well in excess of the 5.3 million estimate.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    Home Prices Hit New Records: What Does This Mean for REITs?

    The recent 5.5% year-over-year gain for home prices has put the FHFA House Price Index about 3% past its April 2007 levels.

    By Brent Nyitray, CFA, MBA
  • uploads///Fannie Mae Attitudes about housing go up
    Company & Industry Overviews

    Consumers Are Tempering Their Bullishness on Real Estate Prices

    Rising real estate prices can be positive for non-agency REITs. However, they can be negative for agency REITs.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Company & Industry Overviews

    Behind Home Prices: Status Compared to Incomes

    April’s 5.9% year-over-year gain for home prices has put the FHFA (Federal Housing Finance Agency) House Price Index at about 3% above its April 2007 level.

    By Brent Nyitray, CFA, MBA
  • uploads///caafdeaadaa
    Financials

    Mortgages: An Alternative outside the Stock Market

    Jeffrey Gundlach thinks that in today’s environment, investors will need to find alternatives outside the stock market if they want returns.

    By Surbhi Jain
  • uploads///MFA basics
    Earnings Report

    Background on MFA Financial

    As a REIT, MFA Financial must distribute 90% of its income to its shareholders, and it isn’t subject to income tax at the corporate level.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Macroeconomic Analysis

    Average hourly earnings tick up along with inflation to $24.78

    Average hourly earnings increased 0.1% month-over-month and 2.0% year-over-year to $24.78 an hour. Average weekly hours were flat at 34.6.

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Costs Rise with Healthcare Inflation

    Employment costs rose 0.6% in the quarter ending March 31, 2016. Over the past 12 months, compensation costs for civilian workers have risen 1.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///
    Macroeconomic Analysis

    Analyzing the Fall in December’s Existing Home Sales

    According to the January report from NAR, existing home sales decreased 3.6% to a seasonally adjusted annual rate of 5.57 million homes in December.

    By Ricky Cove
  • uploads///NLY book value
    Earnings Report

    Why Annaly’s Book Value per Share Fell in the Fourth Quarter

    Annaly Capital’s (NLY) book value per share fell from $11.99 in the third quarter to $11.73 in the fourth quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed  Unemployment Forecast
    Macroeconomic Analysis

    In Spite of Falling Unemployment, the Fed Lifts Its Forecast

    After the June FOMC meeting, the Fed forecast that 2015 unemployment would come in at 5.2%–5.3%, an increase from 5.0%–5.2% forecast in March. This is somewhat surprising.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Macroeconomic Analysis

    Retail sales and job openings loom large for real estate investors

    The week after the jobs report is usually pretty data-light, and this week is no exception. The most important data will be the JOLTS and retail sales.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise as Bonds Fall: A Critical Investor Input

    Last week, the ten-year bond yield increased 7 basis points, and mortgage rates rose from 3.85% to 3.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///Top Sub Group Performances in I shares US Real Estate
    Macroeconomic Analysis

    Why International Investors Are Investing in US Real Estate

    The United States real estate industry was in the news recently, as it replaced China to become the world’s largest real estate market.

    By Arthur Penn
  • uploads///Fannie Mae Attitudes about housing good time to buy
    Macroeconomic Analysis

    Introduction to the Fannie Mae National Housing Survey

    Homebuilders use data from the Fannie Mae survey to measure consumers’ attitudes toward future home price appreciation. This affects attitudes about risk-taking.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Fall on the Risk-Off Trade

    After closing out the prior week at 2.18%, bond yields, as tracked by the iShares 20+ Year Treasury Bond ETF (TLT), fell by 6 basis points to go out at 2.12%.

    By Brent Nyitray, CFA, MBA
  • uploads///cedcebcbfd
    Financials

    Why Investors Should Consider Mortgage-Backed Securities

    In a webcast in April, Jeffrey Gundlach suggested that mortgage-backed securities are what investors should be looking at right now.

    By Surbhi Jain
  • uploads///Standard Businss Cycle
    Financials

    Jeffrey Gundlach: Buy Mortgage REITs, Short Utilities

    Gundlach thinks that investors should short low volatility equity funds. People invest in them thinking that they’re safe, but they aren’t.

    By Surbhi Jain
  • uploads///SP  profitability
    Financials

    Why Gundlach Prefers Mortgages versus the High-Yield Market?

    Gundlach prefers mortgages versus the high-yield bond market. He identifies inherent risks when investing in the high-yield market.

    By Surbhi Jain
  • uploads///cbdfcffafcdfabfc
    Consumer

    This Income Arbitrage Can Get You a 35% Return on Your Investment!

    Jeffrey Gundlach shared his thoughts on how you could earn a 35% return through an income arbitrage involving buying mortgage REITs and shorting utilities.

    By Surbhi Jain
  • uploads///education and future income
    Company & Industry Overviews

    Why Student Debt May Not Affect the US Economy Like Sub-Prime

    According to the White House Council of Economic Advisers, “Student debt is less likely to make a recession more severe or slow an expansion in the way that mortgage debt may have.”

    By Surbhi Jain
  • uploads///trump rally
    Financials

    Gundlach: Invest in Industrials, Materials, Financial Sectors

    “Industrials, materials, and financials are the sectors. . .you want to be invested in,” said Jeffrey Gundlach recently in a CNBC interview.

    By Surbhi Jain
  • uploads///
    Consumer

    Could New Home Sales Continue to Rise?

    The US Census Bureau and Department of Housing and Urban Development report monthly data on the number of new homes sold in the United States.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why Existing Home Sales Have Been on a Continuous Slide

    The United States National Association of Realtors (or NAR) releases a monthly report on the existing home sales (ITB) market.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    What American Builders Were Worried about in June

    The HMI was reported to have decreased by two points to 68 in June as compared to a May reading of 70.

    By Ricky Cove
  • uploads///house _
    Macroeconomic Analysis

    Are Rising Rates Affecting Housing Markets?

    Rising interest rates increase the cost of owning a home for prospective buyers, but the housing market hasn’t yet felt the impact of rate increases.

    By Ricky Cove
  • uploads///sean pollock  unsplash
    Macroeconomic Analysis

    What Drove the Leading Economic Index Higher in May?

    According to the June 21 Conference Board report, the May LEI was 109.5—a 0.2% increase from the revised April LEI of 109.3.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why the Fall in April New Home Sales Isn’t a Reason to Worry

    As per the recent report, new single-family homes (XHB) sold in April were at a seasonally adjusted rate of 662,000 units.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why Existing Home Sales Continued Their Decline in April

    The US National Association of Realtors (or NAR) releases a monthly report on the existing home sales (ITB) market.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Should Housing Investors Worry about Declining Building Permits?

    An increase in the number of building permits in any given month is a signal for increased activity in the housing sector (DHI) in the future.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why American Builders Remain Confident about the Housing Industry

    The housing market index was reported to have increased by two points to 70 in May compared to the downwardly revised April reading of 68.

    By Ricky Cove
  • uploads///usa _
    Macroeconomic Analysis

    Why Drove the Leading Economic Index Higher in April?

    The latest Conference Board LEI reading was released on May 17. The LEI for April came in at 109.4, an increase of 0.4% from the March reading of 109.0.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Here Are March’s Trends in Existing Home Sales

    According to the NAR’s April 2018 report, existing home sales rose 1.1% to a seasonally adjusted annual rate of 5.6 million homes in March.

    By Ricky Cove
  • uploads///
    Consumer

    What to Make of the March Increase in Building Permits Issued

    The US Census Bureau and Department of Housing and Urban Development report monthly data on building permits issued in the United States.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why American Builders’ Confidence Fell 1 Point in March

    The HMI (housing market index) was reported to have decreased by one point to 69 in April 2018.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    How Existing Home Sales Trended in February

    The United States National Association of Realtors (or NAR) releases a monthly report on the existing home sales (ITB) market.

    By Ricky Cove
  • uploads///
    Consumer

    What to Make of the Drop in Building Permits Issued in February

    The decrease in building permits spanned across the sectors in February.

    By Ricky Cove
  • uploads///building _
    Macroeconomic Analysis

    How Confident Are American Builders?

    The March housing market index reading is at 70, a one-point decline from the revised February reading of 71.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why the Rebound in Building Permits Is Positive for the US Economy

    The Conference Board uses the number of building permits issued as one of the key constituents of its LEI (Leading Economic Index) model.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why Declining Existing Home Sales Are Considered a Positive Sign

    The United States National Association of Realtors (or NAR) releases a monthly report on existing home sales (ITB).

    By Ricky Cove
  • uploads///building _
    Macroeconomic Analysis

    Why American Homebuilders Are Confident about Industry

    February’s HMI reading was reported at 72, unchanged from the January reading and two points below the 18-year peak reported in December.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why Building Permits Plateaued in December

    The Conference Board uses the number of building permits issued as one of the constituents of its LEI (Leading Economic Index) model.

    By Ricky Cove
  • uploads///
    Consumer

    Why Building Permits Didn’t Change in December

    For 2017, 1,263,400 housing units have been authorized by building permits—a 4.7% increase from 1,206,600 housing units in 2016.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    How Confident Are Homebuilders at the Beginning of 2018?

    Comments from NAHB members indicated that homebuilders are optimistic about the future demand and projected increased activity in the housing sector.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Existing Home Sales: Strongest Pace in 11 Years

    According to the latest report from NAR, existing home sales rose 5.6% to a seasonally adjusted annual rate of 5.81 million homes in November.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Housing Market: Builders’ Confidence Reaches an 18-Year High

    For November, the NAHB Housing Market Index was reported as 74—an increase of five from October and an 18-year high.

    By Ricky Cove
  • uploads///
    Consumer

    Should Investors Be Concerned about Fewer Building Permits?

    In November 2017, housing units (XHB) authorized by building permits were at a seasonally adjusted rate of 1.298 million—a decrease of 1.4% from October.

    By Ricky Cove
  • uploads///
    Consumer

    Households Think It’s a Good Time to Buy a Home

    According to the latest report from NAR, existing home sales have risen 2% to a seasonally adjusted annual rate of 5.48 million in October.

    By Ricky Cove
  • uploads///
    Consumer

    Housing Market: What a Rise in Building Permits Signals

    In October 2017, building permits were at a seasonally adjusted rate of 1.297 million—an increase of 5.9% from the reading of 1.225 million in September.

    By Ricky Cove
  • uploads///
    Consumer

    Is the Drop in September Building Permits Cause for Concern?

    In September 2017, building permits were at a seasonally adjusted annual rate of 1.215 million—a fall from August’s 1.272 million and 4.3% below September 2016.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    How Has the US Economy Fared since the Last FOMC Meeting?

    Since the last FOMC meeting in July, economic conditions in the US have continued to improve.

    By Ricky Cove
  • uploads///
    Macroeconomic Analysis

    Why Improving Economic Conditions Aren’t Enough for the FED

    In the last few months, the performance of the US economy has been impressive. The unemployment rate fell to 4.3% in August.

    By Ricky Cove
  • uploads///REITs Property Types
    Macroeconomic Analysis

    REITs Explained: Qualifications and Types of REITs

    To qualify as a REIT, a company must have most of its assets and income tied to real estate investment and must pay out almost all of its taxable income to shareholders in the form of dividends. In the U.S., a REIT must meet the following four requirements. The REIT must distribute at least 90% […]

    By Michael Orzano
  • uploads///REITs Property Types
    Macroeconomic Analysis

    REIT Explained: Qualifications and Types of REITs

    Let’s talk about the two main types of REITs (ICF)—equity REITs and mortgage REITs.

    By Michael Orzano
  • uploads///Ginnie Mae TBA
    Financials

    Ginnie Mae TBAs Rise with the Bond Market

    The ten-year bond yield fell by 8 basis points to 1.51% for the week ending August 12, 2016. Ginnie Mae TBAs rose by 4 ticks and closed at 104 28/32.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Financials

    State Foreclosure Laws Impact Home Price Appreciation

    There are two basic types of state foreclosure laws—judicial and non-judicial. In non-judicial states, foreclosures are handled through a streamlined process.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Didn’t Move despite a Volatile Bond Market

    Lately, mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen in the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Financials

    The Employment Cost Index Was Flat in 2Q16

    Employment costs rose 0.6% in the quarter ending June 30, 2016. Over the past 12 months, compensation costs for civilian workers have risen 2.3%.

    By Brent Nyitray, CFA, MBA
  • uploads///NLY financial performance Q
    Earnings Report

    What’s Annaly Capital’s Take on the Bond Market’s Volatility?

    Annaly positioned itself to reduce its interest rate risk and increase its credit risk. Since 2009, global bond markets have risen in value by about $17 trillion.

    By Brent Nyitray, CFA, MBA
  • uploads///NLY book value
    Earnings Report

    How’s Annaly Capitalizing on Commercial Real Estate?

    By investing in commercial real estate, Annaly Capital is increasing its returns. At the same time, it’s taking on credit risk.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Rise despite a Big Bond Market Rally

    Mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen over the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Geographic
    Financials

    Real Estate Market Hot in the West, Cold in the Northeast

    Home prices in the Pacific and Mountain states have outperformed prices in the rest of the country over the past two years.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Financials

    Home Prices Are Almost 4% above the Bubble Peak

    May’s 5.6% year-over-year gain in home prices has put the FHFA (Federal Housing Finance Agency) House Price Index at about 4% above its April 2007 level.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Financials

    Why Are State Foreclosure Laws Important?

    There are two basic types of state foreclosure laws—judicial and non-judicial. In non-judicial states, foreclosures are handled through a streamlined process.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    How Much Did Mortgage Refinance Applications Fall Last Week?

    Mortgage refinance applications, as measured by the MBA (Mortgage Bankers Association) Refinance Index, fell last week. Since mid-2013, refinances have been dropping dramatically.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage Applications Fell on the Brexit Vote

    Mortgage applications fell 2.6% last week after rising 2.9% the week before. Rates were increasing for most of the week, only to fall on Friday on the Brexit vote.

    By Brent Nyitray, CFA, MBA
  • uploads///Corr coeff
    Company & Industry Overviews

    The Impact of an Interest Rate Hike on Different Industries

    Since insurance companies are highly dependent on their ability to generate interest income, rising interest rates can significantly boost profits.

    By Lynn Noah
  • uploads///Case Schiller
    Macroeconomic Analysis

    The Case-Shiller Index Is 10% below Its 2006 Peak

    In April, the Case-Shiller Index rose by 1% month-over-month. It’s up by 5.4% YoY. Prices are still about 10% below the peak set in the summer of 2006.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Why Did Bonds Rally on Brexit?

    After closing the prior week at 1.6%, bond yields, as tracked by the iShares 20+ Year Treasury Bond ETF (TLT), fell by 5 basis points to 1.6% last week.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Company & Industry Overviews

    Why Is the Median Income to Median Home Price Ratio Elevated?

    The recent 5.5% year-over-year gain for home prices has put the FHFA House Price Index about 3% above its April 2007 level.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Geographic
    Company & Industry Overviews

    Home Prices Dropped in a Quarter of States in 1Q16

    From March 2015 to March 2016, the Pacific states took the lead with home price appreciation of 9.5%, followed by the Mountain states with a gain of 8.5%.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Company & Industry Overviews

    Bonds Get Slammed on FOMC Minutes

    On May 18, 2016, the Fed released its minutes from the April FOMC meeting. In this series, we’ll take an in-depth look at those minutes and their implications for investors.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Macroeconomic Analysis

    Bond Yields Rose Slightly as the Stock Market Rallied

    Ten-year bond yields influence everything from mortgage rates to corporate debt. Now, they’re the benchmark for long-term US interest rates.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Macroeconomic Analysis

    Why States Affect the Valuation of Mortgage Servicing Rights

    State laws affect the value of mortgage servicing rights. Typically, the rights in states like New York and New Jersey trade at a 25% discount to other states.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    Home Prices Are at Record Levels According to the FHFA

    The recent 6% year-over-year gain for house prices put the FHFA House Price Index about 2% past its April 2007 levels. Prices are nearly back to their prior peak.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Refinance Applications Fall as Interest Rates Rise

    Mortgage refinance applications fell 2.3% from 2,104 to 2,056 for the week ending March 4. Since mid-2013, refinances have been dropping dramatically.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    How Home Price Appreciation Is Driving Consumption

    The recent 5.9% year-over-year gain for house prices has put the FHFA1 House Price Index about 1% past its April 2007 levels.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Refinance Activity Surges as Rates Fall, Impacts Mortgage REITs

    Mortgage refinance applications, as measured by the MBA (Mortgage Bankers Association) Refinance Index, rose 16% for the week ending February 5.

    By Brent Nyitray, CFA, MBA
  • uploads///MFA dividend
    Earnings Report

    MFA Financial Maintains Its Dividend

    MFA Financial ended up declaring a dividend of $0.20 per share for 4Q15, which works out to a 12.2% current yield. This was flat with what it had been paying for the past couple of years.

    By Brent Nyitray, CFA, MBA
  • uploads///REITs and interest rates
    Macroeconomic Analysis

    How Would Negative Interest Rates Impact REITs?

    A fall in interest rates makes REITs more attractive dividend-yielding investments compared to bonds. This is because REITs have been traditionally viewed as dividend-yielding investments.

    By Rebecca Keats
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    House Prices Eclipse Their Bubble Peak of April 2007

    The recent 5.9% year-over-year gain for house prices put the FHFA House Price Index ~1% past its April 2007 levels. Prices are nearly back to their prior peak.

    By Brent Nyitray, CFA, MBA
  • uploads///SP case shiller
    Macroeconomic Analysis

    Why Barbara Corcoran Credits Donald Trump for Changing Manhattan

    In an interview with Wall Street Week, Corcoran was asked about her views on Trump. According to Corcoran, Trump is “due the credit of changing the view of Manhattan to the view of luxury Manhattan.”

    By Surbhi Jain
  • uploads///aedccbbbdbeab
    Macroeconomic Analysis

    Corcoran and Cisneros’s Housing Market Talk Merits a Closer Look

    In an interview with Wall Street Week, Shark Tank’s Barbara Corcoran and former Housing and Urban Development Secretary Henry Cisneros shared their views on the housing market.

    By Surbhi Jain
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates: Unchanged in a Volatile Week for Stocks and Bonds

    Mortgage rates have largely ignored the moves in bond markets. In the week ended January 22, they were unchanged at 3.7%. The ten-year bond yield rose to 2.05%.

    By Brent Nyitray, CFA, MBA
  • uploads///Ginnie Mae TBA
    Macroeconomic Analysis

    Ginnie Mae TBAs Rallied and Rose by 10 Ticks

    Ginnie Mae TBAs rose ten ticks to go out at 104 6/32. Mortgage REITs are big users of TBAs because they can raise or lower exposure very quickly.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Macroeconomic Analysis

    Foreclosure Laws Impact Home Price Appreciation

    There are two basic types of state foreclosure laws—judicial and non-judicial. In non-judicial states, foreclosures are handled through a streamlined process.

    By Brent Nyitray, CFA, MBA
  • uploads///Case Schiller
    Company & Industry Overviews

    Case-Shiller Index of Home Prices Continued to Rise in October

    The seasonally adjusted Case-Shiller Index rose by 0.8% month-over-month and is up by 5.5% year-over-year. Since home prices bottomed out, we’ve had a couple of years of low double-digit returns in prices.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    Home Prices Are Nearly Back to Their Prior Peak Levels

    Many homeowners hold 2006-vintage and 2007-vintage MBS that have high coupons and low prepayment rates. As home prices appreciate, these loans will pay off.

    By Brent Nyitray, CFA, MBA
  • uploads///FHFA HPI Cumulative
    Macroeconomic Analysis

    Home Prices Near Peak Levels: Good News for the Middle Class?

    The recent 5.8% year-over-year gain for home prices has put the FHFA (Federal Housing Finance Agency) House Price Index back at April 2007 levels.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise despite Lower Bond Yields

    Mortgage rates have lagged behind the drop in interest rates we’ve seen over the past few weeks. Last Friday, they reacted to the strong jobs report and increased from 3.8% to 3.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///foreclosure heat map
    Macroeconomic Analysis

    Why Home Price Appreciation Differs from State to State

    In the judicial states, particularly New York, New Jersey, and Connecticut, we’re seeing much lower home price appreciation.

    By Brent Nyitray, CFA, MBA
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