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first_img Share Save July 11, 2016 1,249 Views About Author: Scott Morgan in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Rising Consumer Expectations Could Bode Well for Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago Rising Consumer Expectations Could Bode Well for Housing Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Consumer Confidence Housing Market New York Fed 2016-07-11 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Consumer Confidence Housing Market New York Fed Encouraging news about consumer earnings could lead to more home sales in an already healthy growth market, even if the labor market is less certain.On Monday, the Federal Reserve Bank of New York (New York Fed) released its latest Survey of Consumer Expectations, which showed that consumers’ earnings and income growth expectations rebounded while medium-term inflation expectations rose in June. Median expected household income growth rebounded from May’s sudden decline, increasing from 2.4 percent to 2.8 percent, the survey reported. Barring the blip in May, income growth expectations have been trending upward since January.Likewise, median household spending growth expectations remained steady, at around 3.6 percent, as did perceptions of credit access compared to a year ago were essentially unchanged. However, the perceived probability of missing a minimum debt payment over the next three months continued its recent upward trend by reaching 13.3 percent in June (up from 12.8 percent in May), a level not seen since December 2014.Meanwhile, the New York Fed reported that median home price expectations decreased by 0.1 percentage point in June to 3.1 percent, remaining within the narrow 3.0-3.2 percent band observed over the last 12 months, but well below average.More mixed were the trends in inflation and labor. According to New York Fed, expectations about inflation decreased slightly at the one-year horizon (from 2.6 percent in May to 2.5 percent in June), yet increased at the three-year ahead horizon (from 2.7 percent in May to 2.9 percent in June). Also, the uncertainty expressed by respondents regarding future inflation outcomes increased at both the one-year and the three-year ahead horizons and is now at the high end of its range for the past two years.This coincided with a bipolar perception of the labor market, where the mean perceived probability of losing a current job and finding a job both declined.  The perceived probability of losing one’s job in the next 12 months dropped from 14.9 percent in May to 13.8 percent in June, but the hope of finding a job also decreased, from 21.8 percent to 20 percent. The perceived probability that the U.S. unemployment rate will be higher one year from now, meanwhile, also decreased from 39.1 percent in May to 38.1 percent in June, still above last year’s levels.Consumer earning confidence, however, could signal a healthier housing market. Nationally, existing home sales are happening at a pace rivaling the pre-recession period, and mortgage rates are still extremely low (and likely staying there). The Federal Reserve last week, in fact, announced that it would wait until U.S. inflation steadied at 2 percent before it raised rates. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Senators Probing Effectiveness of FHFA’s Watchdog Next: Share of Student Loan Debt-Laden Borrowers Rising The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post Subscribelast_img read more

first_imgMaybe it’s because I hit one of those depressing milestones the other day when the young lady whom I was buying tickets from at the Museum of Natural History coyly asked if there was anyone I was buying tickets for who was 60 or older? Considering that my twin brother wasn’t on line and my daughters were the only ones with me, I can only assume she was talking about me even though I don’t look a day over 49 ½.But as this article underscores issues surrounding the elderly and financial mismanagement are  getting more and more attention. A suggestion by a researcher at the Federal Reserve Bank in Philadelphia is to authorize and encourage the sharing of information among financial institutions about potential financial exploitation  in much the same way they have been encouraged to share information about potential money laundering and terrorist activity since passage of the Patriot Act in 2001. I want to be absolutely clear here. Currently sharing such information among financial institutions is illegal. This is a suggested policy which would require amendments to federal law in order to take effect. Would this be worth the risks?The first question we have to answer is what exactly we are seeking to prevent? If our goal is to prevent  criminal financial exploitation then the existing framework may well be good enough.  State laws either mandate reporting by  or protect financial institutions that  choose to report suspected abuse.  And federal law keeps getting more and more robust more and more robust. Financial institutions can   file Suspicious Activity Reports specifically dealing with elder financial exploitation and  S.2155 included provisions that will soon start shielding institutions from lawsuits when they report suspected exploitation provided they comply certain training requirements. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img