Michael McKee provides a great chart on “Bloomberg Surveillance” showing how falling mortgage rates are not pushing mortgage apps up.
Tags: Bloomberg Surveillance, Michael McKee
Matrix Blog
Posts Tagged ‘Bloomberg Surveillance’
[Bloomberg Video] Falling Mortgage Rates Aren’t Driving More Mortgage Loans
October 25, 2012 | 11:29 am |
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[In The Media] Bloomberg Surveillance 9-18-12 QE3, Low Rates and Housing
September 18, 2012 | 9:14 am |
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Very much enjoyed my conversation with Tom Keene and Scarlet Fu on Bloomberg Television’s Surveillance.
Scratch notes before my appearance:
Some thoughts about the Fed’s QE3 as it relates to housing (Einstein defines insanity as doing something for a 3rd time hoping it works).
-Focus of QE3 seems to be housing, but it shows how little Fed understands housing since this seems to be an effort to press borrowing costs lower.
-Falling rates until now have increased affordability 15% this year but reaction in sales is less. A diminishing return for this action. Yes it temporarily helps but is more akin to the 2010 tax credit – remove it and consumers stop buying.
-Fed must believe recent “happy housing news” isn’t sustainable. Prices and sale generally showing improvement.
-Banks prob won’t drop rates all that much-could even see a slight increase in short term: admin backlog from existing business, guarantee fees by Fannie Mae to kick in a few months and spreads already low. This action provides little traction.
-QE3 doesn’t address THE REAL PROBLEM – mortgage underwriting remains irrationally tight. Smaller universe qualifies for mortgaged and a large number of contracts fall through – approx 15%.
-Telegraphing low rates through 2015 eliminates any urgency for consumers to take action. National volume up YOY but 2011 was the aftermath of 2010 tax credit so comparing against low.
Bernanke’s Speech on QE3 [MarketPlace.org]
Benanke Statement on QE3 [Federal Reserve]
QE3: What is quantitative easing? And will it help the economy? [WaPo Wonk Blog]
Fed’s Evans Says QE3 Will Make Economy More Resilient [Bloomberg]
Low Rates Not Improving Housing Market, Miller Says [Bloomberg Surveillance TV]
Tags: Tom Keene, Scarlet Fu, Bloomberg Surveillance, Fannie Mae, Television, Ben Bernanke
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Bloomberg Surveillance Midday with Tom Keene 6-15-12, On The Housing Market
June 18, 2012 | 12:41 pm |
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Got to join Tom Keene on his Bloomberg Surveillance Midday to talk housing – national and NYC metro, credit, distressed and donuts. I love the show structure, one of the few networks that provides a longer interview format for more substantive conversations in their programming.
Ironically I rode in on the train with Tom that morning:
Jonathan Miller on Housing Market [Bloomberg TV]
Tags: Tom Keene, Bloomberg Surveillance
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About Jonathan Miller
Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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Columns by Jonathan Miller
Forbes ('20-)
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'Three Cents Worth' column 3CW ('05-'16)
When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.
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New York Times experiment ('08-09')
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