Activist investors critique Zillow, Trulia deal

Activist investors critique Zillow, Trulia deal

Valuations skyrocket while earnings expectations have fallen

CoreLogic: Foreclosure inventory tumbles 35%

But don't celebrate just yet

4 factors weighing down housing in the second half of 2014

Will housing collapse?
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News

Plosser speaks on FOMC dissent vote

Only president to vote no
August 1, 2014
Due to the clear progress the economy has made toward its long-term goals, the Philadelphia Fed president no longer believes the forward guidance language in the Fed statement is appropriate or warranted.
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Construction spending falls 1.8% from May in biggest drop since Jan. 2011

Construction spending in June up 5.5% year-over-year
August 1, 2014
Construction spending in June came in at a seasonally adjusted annual rate of $950.2 billion, down 1.8% from the revised May estimate of $967.8 billion, but 5.5% above the June 2013 estimate of $900.3 billion. It's the biggest monthly drop since January 2011.
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MERS and ICE in talks to merge

Steps into $9.4 trillion mortgage market
August 1, 2014
Intercontinental Exchange, which is best known for energy trading, could possibly be stepping into the mortgage market. The company is currently in negotiations to form a partnership with Mortgage Electronic Registration Systems.
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Unemployment rate rises to 6.2% as job growth misses expectations

Housing industry experts not impressed with July numbers
August 1, 2014
Total nonfarm payroll employment increased by 209,000 in July, well below the expected 230,000 and below June’s 298,000.
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Two Harbors brings $268 million prime jumbo RMBS to market

Agate Bay Mortgage Trust 2014-1 receives AAA ratings from S&P
July 31, 2014
Standards & Poors Ratings Services has awarded primarily AAA ratings to the securitization’s classes due to the high quality of the collateral, among other positive indicators.
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Trulia posts 2Q14 net loss of $2.4M on rising revenues of $64.1M

Acquisition target posts dramatic web traffic gains
July 31, 2014
Trulia reported total revenue of $64.1 million, up 116% year-over-year, with a net loss of $17.9 million, compared with a net loss of $2.4 million for the second quarter of 2013.
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Ellie Mae 2Q14 earnings overcome outages

Encompass users increase 12% y/y
July 31, 2014
Ellie Mae recorded an increase in its second-quarter earnings despite additional operating expenses from its outages experienced at the end of March.
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Moody’s: HFA single-family bond financing will increase

Bond financing will drive revenue growth
July 31, 2014
As housing finance agencies seek to rebuild their balance sheets amid a favorable bond market, Moody’s Investors Service expects bond financings to become a more significant part of HFAs’ mortgage funding sources, reversing the downward trend since 2011, a note to clients says.
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GAO takes up investigation into discrimination at CFPB

Non-partisan investigation comes at request of House Republicans
July 31, 2014
The Government Accountability Office will look into the CFPB’s organizational culture and management practices in light of allegations that bureau managers are discriminating against employees based on race and gender and retaliating against employees who complain.
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Mortgage-bond price tumbles amid increased risks

Fannie, Freddie witness significant drops
July 31, 2014
Prices of a new type of U.S. Mortgage bond are tumbling as investors discover the risks in the market from Wall Street banks, with Fannie Mae and Freddie Mac bonds witnessing some of the biggest drops.
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