From HousingWire:
Originations fall to 4-year low due to rising interest rates
The signs were all there. It was clear that mortgage originations were trending down as interest rates rose, but it’s still striking to see the results in black and white.
According to newly released data from ATTOM Data Solutions, mortgage originations plummeted to a four-year low during the second quarter, driven by a sharp decline in refinances due to increasing interest rates.
ATTOM’s Q2 2018 U.S. Residential Property Loan Origination Report, released Thursday morning, shows that there were 1,527,433 residential mortgages originated in Q2 2018, which is down 16% from the first quarter and down 27% from the same time period last year.
The 1.5 million mortgages originated in the second quarter were the fewest in any quarter since the first quarter of 2014.
…
The bulk of the decline came from refis, providing confirmation of other recent indicators that the industry is in the middle of a significant drop in refi demand.According to ATTOM’s report, just over 590,000 of the 1.5 million mortgages originated in the second quarter were refis, a drop of 26% from the first quarter of this year and a drop of 27% from the second quarter of 2017.
The cause of the drop? Rising interest rates, as shown in recent reports from Ellie Mae and Impac Mortgage’s most recent earnings information, both of which indicated that a drop in refis was likely industry-wide.
“Rising mortgage rates are cooling mortgage demand across the board, with overall originations down to their lowest level since 2014 — the last time we saw more than six consecutive months with average 30-year fixed mortgage rates above 4%,” Daren Blomquist, senior vice president at ATTOM Data Solutions, noted.
From the Record:
New Jersey economy improving, federal census data shows
Incomes up. Employment up. Health insurance coverage up.
By a host of key measures, New Jersey continued riding the national economic upturn in 2017. But even with those improvements, the reach of poverty remained wide with around 1 in 10 New Jersey residents falling below the federal standard for poverty.
New census data released Thursday showed that the state reaped some of the country’s better gains from 2016 to 2017, following a period of turtle-like recovery from the prior decade’s Great Recession. New Jersey was among the last states to recover, with notable gains showing up in 2016.
“This really is an extraordinary economic period,” said James W. Hughes, professor and dean emeritus of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “If we make it to next July, it will be longest economic expansion in history.”
In one of the most widely used barometers, median household income rose 3 percent in 2017 after accounting for inflation – the 10th largest jump among the 50 states and better than that of neighboring New York, Delaware, Pennsylvania or Connecticut. New Jersey’s median income of $80,088 moved the state up from third to second place, behind only Maryland.
US homeowners with mortgages did a nice job refinancing when rates were low, boosting their annual cash flow by thousands with the flick of a wrist. Keep in mind, in most countries, homeowners can not refinance at any time without penalty as homeowners in the US can do in our flexible, borrower-friendly mortgage market.
Now let’s see if the US mortgage industry reacts to lower refi volumes by boosting new purchase volume, and gets there by lowering underwriting standards.
And they ,the voters still believe the will get a better deal from the democrats …please vote 2018 !
Interesting research news coming out of the PPL.
Princeton Plasma Physics Lab (Right off Rt 1 in Plainsboro)
https://www.sciencedaily.com/releases/2018/09/180910111302.htm
We can only hope that they tear a hole in the time space continuum and suck NJ into another dimension.
Circa 1987 –Cold Fusion!
Cold Fusion?
That is these guys in Cranbury, NJ working on ELECTRICAL POWER FROM HYDROGEN TO DARK MATTER.
https://brilliantlightpower.com/
https://cen.acs.org/articles/94/i44/Cold-fusion-died-25-years.html
Was there ever a doubt that madonna’s daughter would be a strlpper one day just like her mama? Best to draw the eyes away from her face.
Cold Fusion-from link above
In brief
In 1989, the scientific world was turned upside down when two researchers announced they had tamed the power of nuclear fusion in a simple electrolysis cell. The excitement quickly died when the scientific community came to a consensus that the findings weren’t real—“cold fusion” became a synonym for junk science. In the quarter-century since, a surprising number of researchers continue to report unexplainable excess heat effects in similar experiments, and several companies have announced plans to commercialize technologies, hoping to revolutionize the energy industry.
Yet, no one has delivered on their promises. In the pages that follow, C&EN explores several possible conclusions: The claims are correct, but need more time to develop; those making the claims are committing an elaborate ruse; or it really is junk science that won’t go away.
That is these guys in Cranbury, NJ working on ELECTRICAL POWER FROM HYDROGEN TO DARK MATTER.
I heard they were going to bring in Elizabeth Holmes to consult.
Juice.
Nice find on the PPL. Have you toured the facility? I did back in 1990 believe it or not. That BS non-reproducible cold fusion claim set the funding back big time. Back then, the computers performing the math were Apple 2Cs and Es. Back then, they were fusing non nuclear atoms and not even coming close to break even. Of course, break even was a huge amount of energy. They were just about to try to fuse tritium which reinvited the problem of nuclear waste again when the cold fusion madness hit.
For those not familiar with the reactor. They heat plasma to the same temperature as the sun. The plasma is magnetically suspended in a thick metal donut (essentially) so it does not touch the walls as the walls would melt immediately. It’s kind of similar to the frictionless technology to be employed in MagLevs.
I really need to read up on advancements, but who has the time. Still, if France can get 10X the output from the input. We are well on our way to infinite free and cheap energy. What atoms are they fusing these days?
That Brilliant Light Power is gonna fail at the photo-voltaic cell as they are such inefficient energy producers. Unless things have changed dramatically in recent years.
I see they are still Mac-centric at the PPPL
Tard – The test was run on hydrogen and deuterium fuels.
This is how close we actually are what the news is based upon.
The KSTAR in South Korea maintained high-temperature plasma for 72 seconds, Temperature: 70×106 K, and successfully fully deterred ELM for 34 seconds.
Have you seen the two horizontally mounted 700 ton flywheels down in PPPL. They mounted them horizontally as if they ever dislodged, they would roll clear to the Atlantic Ocean before they stopped. With a horizontal mount, they would spin like a top slowing quicker and doing much less damage. They used to crank them up, only in the early AM, as it would cause mass brownouts through the town when they ran them during the day. Definitely one of the best technology tours I ever went on in my life.
Tard – I am going to take my kids there in the winter…not sure if it is a good idea living this close ,then again if a tear in space time does open hopefully that parallel universe will be full of benevolent beings that don’t want to turn us into sausages.
I notice that every democrat running for office on every level is running against Trump. Which means they have no platform and no ideas – basically saying we have nothing but vote for us anyway.
They are running against Trump within their own Primary.
Juice Box says:
September 13, 2018 at 10:19 am
Tard – I am going to take my kids there in the winter…not sure if it is a good idea living this close ,then again if a tear in space time does open hopefully that parallel universe will be full of benevolent beings that don’t want to turn us into sausages.
https://youtu.be/rAchA32z2zM?t=36s
Event Horizon is like a portal to a Saturday night in Chi’s basement as he sings Depeche Mode on his karaoke machine.
They are running against Trump within their own Primary.
LOL. Who votes democrat these days beside the misfit toys?
https://www.nytimes.com/interactive/2018/09/12/business/las-vegas-housing-crisis.html
Juicer,
A tare in space time, heh.
You probably love “Counterpart” in Starz ( I think?). First season on demand, 2nd second starting later in fall. According to series – Tare happened in 1989 right as the wall fell, really cool series.
Lots do Eddie. 60-70 MILLION immigrants in this country right now who want to keep the door open for anyone they want to follow. Anyone on the dole from public workers, to social program recipients, etc. That’s all pretty rational.
Though I think the more local the race is, the bigger the mistake it is to run against Trump. Cuomo is looking nationally obviously so running the anti-Trump ad works for him but the democrats who won the last round of special elections where running on local issues and repudiated the Waters/Pelosi crowd.
Open borders and the freak shows stuff is still a tough sell in a lot of places.
My last few weeks in Chicago in August 1997……. a huge rain storm had flooded out part of my apartment, I was playing Depeche Mode Ultra on the ride out from Philly to Chicago, and I had an afternoon/evening to kill, and everyone I knew had already blown town or was traveling before they started their new job. I saw a triple header of Event Horizon, Chasing Amy, and one other I don’t remember. Only paid for one ticket.
Funny, I was so busy back then it was a blur. I remember hearing that Gahan was dead in 1996, and then one day I heard this on the radio and was thinking…… WTF? but it was so cool to hear them back from the abyss…..
https://youtu.be/V7GCrTFCXYo?t=39s
Juice Box says:
September 13, 2018 at 11:08 am
Event Horizon is like a portal to a Saturday night in Chi’s basement as he sings Depeche Mode on his karaoke machine.
Grim
Suspect we crossed paths.
I’m sure at some point, also went to Montclair so if you hit the Torn Hat, VI, Tierneys + many others.
and can’t forget the Great Noch on special
occasion
This comment in the below article made me chuckle:
“I was never proud of my country until it was forced to pay for eight years of monthly 5-star vacations for me, my Mom and my spawn in our own jumbo jet – wheee!” – Big Mike Odumbȧss
https://www.yahoo.com/news/michelle-obama-visit-10-cities-becoming-book-tour-221735310.html
How are we doing on high earners? New Census data is out today on incomes. Percentage change in $200,000+ households 2007 to 2017.
US +87%
NJ +78%
Hudson County +144%
San Mateo County (heart of Silicon Valley) +110%
Hudson county is almost pure gentrification. NYers and even suburban NJ people moving in…
JCer, I agree. Add to that people from outside the region moving in for high paying Manhattan and North Jersey jobs. Very good trend for real estate values.
Anyone know why Garden State Plaza is relocating to Paramus Park?
The GSP Uniqlo store
Newly released federal estimates show California’s poverty rate remained the highest in the nation, despite a modest fall, and the state’s falling uninsured rate slowed for the first time since before Medicaid expansion.
According to the Census Bureau, the share of Californians in poverty fell to 19 percent — a 1.4 percent decrease from last year. However, policy experts warned that in spite of the good news more than 7 million people still struggle to get by in the state.
The poverty figures released Wednesday are said to paint the best picture of life for California’s working poor since it encompasses income from government programs and factors in the high cost of living in some corners of the state.
Read more here: https://www.sacbee.com/news/local/health-and-medicine/article218270905.html#storylink=cpy
Pumps right again. 3b, any questions? Yes, I stated this would all turn around, which is why I called the people leaving for greener pastures as IDIOTS that clearly don’t understand economics. Median household income in nj is up 3% after accounting for inflation. Only behind Maryland which has d.c. to thank. This is the place you want to be if you are competitive and want to make big money. Now the numbers show that I was not bullsh!ting about the raises my wife and I have been receiving over the past years.
Only an idiot would leave this state. The only smart people leaving this state have made their money and are retiring because they can no longer compete with the big boys.
Also, you can expect housing to go up in this state in the next 10 years dramatically. WE were late to the party, and will experience what these other locations experienced over the past 10 years. You can expect their gains to come down dramatically as ours goes into high growth rates. My wayne house purchase will be seen as a fantastic price purchase point in time.
“Incomes up. Employment up. Health insurance coverage up”
““This really is an extraordinary economic period,” said James W. Hughes, professor and dean emeritus of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “If we make it to next July, it will be longest economic expansion in history.”
In one of the most widely used barometers, median household income rose 3 percent in 2017 after accounting for inflation – the 10th largest jump among the 50 states and better than that of neighboring New York, Delaware, Pennsylvania or Connecticut. New Jersey’s median income of $80,088 moved the state up from third to second place, behind only Maryland.”
Pumps stop referencing me in your stupid posts. You are still a simpleton after all these years!
Esx, isn’t that a feature and not a bug?
Liberals, progressive elites, pols with soci@list platforms love to have hordes of poor folks around. It’s easy to find someone to clean your house, cut your grass and vote for your social experiments.
The best are the multigenerational welfare recipients. The hard work of conditioning them has already been done.
Hilarious. Is this is a sign of “Asian privilege?” Look at their wage gains and household income. Now any questions why the other immigrants can’t cut it? Any questions as to why African Americans who have been here for centuries can’t get it together except for a select few? The writing is on the wall for those that wish to see it. It’s about family structure, education, and hard work. Any questions? You are what you prioritize in your life.
“Households headed by people of Asian descent improved most, with median income up 6.7 percent, and continued to be the wealthiest by a large margin, with a median income of $118,917.
Both white and black household incomes rose at about the same amount. The amount of money flowing through black households still lagged well behind, but nevertheless improved by 3.5 percent, to $50,395, while non-Hispanic white median household income rose 3.7, to $91,454.”
That SacBee report is fake news. Here are the state poverty stats released by the Census today. Shows California poverty rate far lower than the 19% figure the reporter put in his bogus article.
https://www.census.gov/library/visualizations/2018/comm/acs-poverty-map.html
EsEssex, common sense should tell you a higher rate of people in Mississippi and West Virginia are below the poverty threshold than in California.
This simpleton has been proving you wrong for a while now. Just saying, give props when they are due. You are stubbornly calling out someone for being stupid, when I’m clearly the intelligent one on this subject. Really hope people didn’t take your advice and leave jersey over the past 10 years because of your insistent claims of death for nj.
3b says:
September 13, 2018 at 2:53 pm
Pumps stop referencing me in your stupid posts. You are still a simpleton after all these years!
Is that her son or daughter?…lmao
Nwnj says:
September 13, 2018 at 9:16 am
Was there ever a doubt that madonna’s daughter would be a strlpper one day just like her mama? Best to draw the eyes away from her face.
yO! – RENT IS TOO DAMM HIGH!
Huge. No doubt in my mind that fusion energy will become a reality. What’s great about this, it’s taking place in nj. Who says nj doesn’t innovate anymore? Look at this.
Thanks for the share.
Juice Box says:
September 13, 2018 at 7:36 am
Interesting research news coming out of the PPL.
Princeton Plasma Physics Lab (Right off Rt 1 in Plainsboro)
https://www.sciencedaily.com/releases/2018/09/180910111302.htm
“common sense”
I’ve been there! Really, the only good thing about Mississippi is catfish and hushpuppies.
Idiot.
PPPL was built in the 80s. Back when this state had a soul.
NJ did well until about 2000. It has fallen behind terribly and will not be able to catch up. If not for the recent wealth explosion in and around NYC, we’d be at our day of reckoning already. Just watch Simpleton.
Someone gets it. The nj transition has been happening right before our eyes. North Jersey real estate will be stupid expensive in a decade. Just such a valuable location in terms of economics.
Yo! says:
September 13, 2018 at 1:41 pm
JCer, I agree. Add to that people from outside the region moving in for high paying Manhattan and North Jersey jobs. Very good trend for real estate values.
I just don’t see it. The concentration of wealth combined with access to the biggest economy in our country says nj almost can’t fail long term.
Libturd…look me up in Costa Rica says:
September 13, 2018 at 3:27 pm
NJ did well until about 2000. It has fallen behind terribly and will not be able to catch up. If not for the recent wealth explosion in and around NYC, we’d be at our day of reckoning already. Just watch Simpleton.
More fuel taxes in NJ this time Newark Airport.
“Under the increase, airlines would pay four cents per gallon for fuel purchased in New Jersey.”
http://www.njbiz.com/article/20180913/NJBIZ01/180919930/lawmakers-seek-to-close-united-tax-break-airline-says-it-may-look-to-other-hubs
SacBee journalist got back to me. He said I was looking the official poverty figures. Silly me. He pointed me to “supplemental” poverty stats which are nowhere to be found in the link provided in the article and contain all sorts of wacky criteria. By the way, DC’s supplemental poverty rate is higher than California’s. More misleading work by the journalist community, but at least the SacBee guy responded to me quickly.
Newark is already #1 for delays and landing fees resulting in the most expensive airport for passengers to fly out of. Why not strive for #1 in fuel costs as well. We are all rich enough.
Lib breaking United’s hold on EWR would be a positive thing, let them give up the gates I’m sure there is no shortage of takers for their spots, the politicians know it, hence the extortion. Not that I agree with it but United will pay up, and have to eat the cost, as they are already bilking the Newark travelers as it is.
Pumps you have proved no one wrong you just prove over and over again that you are a simpleton with absolutely no critical thinking skills. Post all you want just don’t reference me.
The smart move would be to completely ignore him as if he didn’t exist. Oh wait, I forgot, you’re not smart. My bad.
3b says:
September 13, 2018 at 4:30 pm
Pumps you have proved no one wrong you just prove over and over again that you are a simpleton with absolutely no critical thinking skills. Post all you want just don’t reference me.
At the end of the day, critical thinking skills is how I made all these calls 5-6 years in advance. Quite amazing that I went against all experts, almost everyone on this board, and pretty much anyone with knowledge on this subject matter and came out ahead. No one saw this coming, hence why I was called an idiot over and over for sticking by my calls through the years.
We are seeing wage inflation at the exact time frame I called for. (You know how hard it is to make a call like this in an environment of stagnation years in advance?)
The housing market is doing exactly what I stated in the exact time frame. (Again, do you know how difficult that is to call 5-6 years in advance?)
I have called the economy almost to a tee ( do you know when I made my calls for the current economy 5-6 years ago, most economists took the position that low growth was the new norm? Not I).
So be careful who you are calling the simpleton. A simpleton doesn’t acknowledge the amazing calls I made because they simply don’t have the mental capacity to understand how difficult it is to make those calls 5-6 years in advance and be correct on the application and timeframe. For god’s sake I gave an exact timeline in my predictions and you declare I’m a simpleton….unbelievable.
3b says:
September 13, 2018 at 4:30 pm
Pumps you have proved no one wrong you just prove over and over again that you are a simpleton with absolutely no critical thinking skills. Post all you want just don’t reference me.
Why should I be ignored? For being correct on my calls? You really have to get your head out of your a$$, it makes you an a$$hole in the literal sense.
Ottoman says:
September 13, 2018 at 5:36 pm
The smart move would be to completely ignore him as if he didn’t exist. Oh wait, I forgot, you’re not smart. My bad.
The supplemental poverty report takes into account local housing and other costs which are of course dramatically higher in a California than Mississippi or similar sh!thole. That’s why Cali is tops. The regular poverty stats only benchmark against a national standard.
“EsEssex, common sense should tell you a higher rate of people in Mississippi and West Virginia are below the poverty threshold than in California.“
Pumps. I asked you to ignore me, and continue to post your simpleton comments and your other BS. I am asking you again to stop referencing me. And as for an ass hole you are the only one here as well as a simpleton. Post all the mouth diarrhea you want just leave me out of it. The same simple courtesy that left wing asked for I am asking for.
Ottoman I never once referenced you on this blog or criticized any of your posts. I ask for the same courtesy.
Maybe it will be the power source behind the pancake batter in the can?
Huge. No doubt in my mind that fusion energy will become a reality.
Pumps is just taking out his Daddy issues on you. He asked his father over and over to stop being a criminal and he wouldn’t listen. Now he’s a criminal in another country. Pumps is just looking for someone to adopt his nearly 40 year old meathead ass and tell him he’s good.
Pumps. I asked you to ignore me, and continue to post your simpleton comments and your other BS. I am asking you again to stop referencing me.
Blumpkin is Nostra dumb @$$.
3b,
You attacked me for years along with left wing and others for my calls. You again attack me today calling me a simpleton. I waited years for these predictions to come without blasting you or the others that belittled me on a daily basis to the point I started questioning my intelligence and these calls. Glad I have thick skin and stuck to my gut. The years have passed and I was correct. Now you and lefty act like 5 year olds and want me to leave your names out of it because you now know I was correct.
At least you didn’t pull lefty’s move in which he claimed my predictions were inevitable and easy to call AFTER THE FACT. These calls were not inevitable, and no one was making them except for me.
I got the handle “The Great Pumpkin” for a reason and I played along by adopting it. I was given the name as a put down in that I would always be waiting for the great Pumpkin which was representative of wage inflation. Now think about that before you call me a simpleton.
After the heat I took, you better believe I’m going to now come on this blog and taunt people with the “I told you so.”
Where is clot? Please tell him that “The Great Pumpkin” has come.
No sign of the anarchy or people huddled around garbage can fires trying to stay warm.
I think we got lots of folks everywhere that are”poor” – I knew one family in Livingston in the three years they lived in s nice home – they had zero furniture in any of the common rooms. Mercy.
I have been actually praying for fusion power to save us, look back a decade in the posts here folks. More than
A second is incredible results, we are actually close as in our lifetime….
Ottoman…I say this anonymously… as the blog winds down.
May god bless you. If I see you in a bar I’ll buy you a beer. Try not to hate man… I don’t hate you…
“most probably a motley rabble of saucy boys, negroes and molattoes, Irish teagues 226 and out landish jack tarrs”
Pumps – re:”Why should I be ignored?”
and I am the person who has said more than once you should not be banned.
Please listen, you could be wrong or right about everything in the cosmos. That is not why we spend any time time here….
They set a perjury trap for kavinaugh
https://gunfreezone.net/index.php/2018/09/13/dirtiest-trick-in-the-playbook/
Sneaky motherfcukers
I get it now. Thanks
Sorry, took it too personal and should have let it go a while ago.
Juice Box says:
September 13, 2018 at 8:07 pm
Pumps – re:”Why should I be ignored?”
and I am the person who has said more than once you should not be banned.
Please listen, you could be wrong or right about everything in the cosmos. That is not why we spend any time time here….
re: “personal ”
I’d put money on you and that c*oc(k from mass*h*ole getting along over a drink.
Lol… we prob all would get along. Like you point out, most of the people on this blog come from the upper brackets. Most are highly educated, and self made. We all have lots in common.
Juice Box says:
September 13, 2018 at 9:06 pm
re: “personal ”
I’d put money on you and that c*oc(k from mass*h*ole getting along over a drink.
Due to my age, I was on that Bernie Sanders band, but with this blog and my view taking on a mature perspective, I see the danger in Bernie. Everything must be earned and nothing given. Competition is the building block for a solid foundation.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
Good one Pumps!
but with this blog and my view taking on a mature perspective
Lol… we prob all would get along. Like you point out, most of the people on this blog come from the upper brackets. Most are highly educated, and self made. We all have
lotswhite in common.…is what I think you meant to say. Sorry. You’re still out. Truth be told, we hate all stupid, no matter the color.
There are quite a few dark skinned (Indians) among us. Though no blacks that I recall. Wonder why that is?
When this whole megaprosperous period reverses around tax season next April, I will not feel the need to say I told you so. For you will hardly find a veteran who flaunts their military decorations. And if you do find one, they will certainly be on the simpleton spectrum.