Newsbytes

Household Debt Tops 2008 Peak

Outstanding household debt increased by a 1.2 percent in the first quarter, rising by $149 billion to a new record level of $12.73 trillion, the Federal Reserve Bank of New York said yesterday. The quarterly increase brought household debt above its 2008 peak and was driven by increases in nearly every debt category. The first quarter saw growth in mortgage ...

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ABA Calls for Revisions to Cyber Standards for Insurers

ABA today submitted comments to the National Association of Insurance Commissioners on its draft of the insurance data security model law, which would establish data security and data breach notification standards for insurance licensees (insurers and insurance agencies).

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FHFA: HARP Refinances Down as Rates Climb

More than 510,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the first quarter, with 13,425 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.

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Industrial Production Increased 1.0% in April, Largest Gain Since February 2014

Industrial production increased 1.0% in April after a revised 0.4% March increase. This was the third consecutive monthly increase and largest gain since February 2014. Over the last year, industrial production was up 2.2%. Manufacturing output increased 1.0% in April after a 0.4% decline in March. As with the overall index, this increase was its largest since February 2014. Production ...

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Carson Signals FHA Policy Shift on PACE Loans

Housing and Urban Development Secretary Ben Carson signaled today that the administration may revisit an Obama-era policy on Property Assessed Clean Energy, or PACE, loans, a controversial financial product that allows homeowners to pay for energy-efficient retrofitting -- such as solar panels and high-efficiency air conditioners -- through their property tax assessments.

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Housing Starts Declined in April

Housing starts fell to a seasonally adjusted annual rate of 1.172 million in April, 2.6% below the revised March rate of 1.203 million but 5.7% above the April 2016 rate. Housing activity increased in two out of the four regions as the Midwest and West saw housing starts increase 1.0% and 8.7%, respectively. The Northeast and South experienced declines of ...

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Builder Confidence Strengthens in May

The National Association of Home Builders/Wells Fargo Housing Market Index grew to 70 in May, a two point increase from April’s reading of 68. “This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,” said NAHB Chairman Granger MacDonald, a home builder and ...

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