HPS Housing Policy Brief Jan 7, 2013

7/30/2019 HPS Housing Policy Brief Jan 7, 2013

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WEEKLY BRIEFINGHOUSING: POLICY & FINANCE

1/7/2013

Hamilton Place Strategies | 805 15th Street NW, Suite 700 | Washington, DC 20005

FISCAL CLIFF DEALS HOUSING GOOD HAND

x Two major provisionsIRFXVLQJRQWKHKRXVLQJLQGXVWU\ZHUHSDUWRIODVWZHHNVILVFDOFOLIIGHDO7KHILUVW provision, which deals with mortgage debt tax reliefwas extended through 2013. Without the extension, homeowners unable to make their monthly payment would resort to outright foreclosure rather than seeka short sale due to the amount of taxes required through a sale. Borrowers have historically not taken the other alternative route of a loan modification, aslenders are hesitant to adjust principal. Short sales increased to 98 thousand for the year as of the end of the third quarter of 2012, according to RealityTrac.

The second provision is a tax deduction for homeowners with private mortgage insurance. Borrowers are able to deduct the amount paid to insurers, thusreducing the cost of ownership. Industry participants believe this rule is a significant step for the revitalization of the private-label market; which has all butdisappeared since the financial crisis. The deal is said to also be positive formortgage insurers. David Stevens, CEO of the Mortgage Bankers Association,

viewed it as a positive and reiterated the broader intention of the deal: 7KHJRDOLV to PRYHPRUWJDJHILQDQFLQJDZD\IURPJRYHUQPHQWDJHQFLHV

THE 2013 REGULATORY OUTLOOK IS BANK-CENTRIC

x Annet Nazareth and Gabriel Rosenberg of Davis Polk & Wardell released a comment piece in the Financial Times: 5HJXODWRU\3UHGLFWLRQVIRULQZKLFKrules for financial institutions dominate the discussion. Among the 13 predictions, as market participants would expect, Basel III capital rules and newUHJXODWLRQVVXFKDVWKH4XDOLILHG0RUWJDJHUXOHDUHDWWUDFWLQJDORWRIDWWHQWLRQ$FFRUGLQJWRWKHDXWKRUVWKH&)3%VSURILle will expand significantly this year.Unfortunately, but perhaps not surprising, broader changes in the housing market via reform of the government-sponsored entities Fannie and Freddie ZLOOEHSDVVHGDQRWKHU\HDUZLWKWDONEXWQRUHDODFWLRQ

HOUSING STOCKS POST-&/,))

x &1%&V'LDQD2OLFNgave us the idea to look at housing-related stock performance post-FOLII$IWHUWKHGHDOPDUNHWVURVHDFURVVWKHERDUGKRZHYHUZHVDZsome housing stocks significantly outperform the Dow (Exhibit 1 see chart appendix). As the data shows, this was not true across the board. Yet, with thehousing sector expected to be a tailwind in 2013, the bounce after the cliff deal between the Senate and the White House illustrates the potential danger the

fiscal cliff posed to a crucial sector in 2013.

WHAT TO WATCH FOR IN THE WEEK AHEAD (Jan. 7-11)

x This week will be relatively quiet in regards to data releases; though, a number of Fed members will speak to constituents at various regional conferences ongeneral outlook for 2013. This could provide insight into future policy direction. Based on the FOMC minutes released last week, the panel was split on whenthey would deem it appropriate to slow or stop asset purchases. For more information on the FOMC minutes, see Cardiff Garcias FTAlphavillepost FOMCminutes: hawkish hints, but not really

x The CFPB is likely to release their finalized version of the Qualified Mortgage (QM) rule January 10 at aneventheld in Baltimore. According to the CFPB,(DFKHYHQWZLOOIHDWXUHUHPDUNVIURP&)3%'LUHFWRU5LFKDUG&RUGUD\DVZHOODVWHVWLPRQ\IURPFRQVXPHUJURXSV industry representatives, and members of

WKHSXEOLF7KHDJHQF\LVH[SHFWHGWRILQDOL]HWKHUXOHVE\-DQXDU\

KEY DEVELOPMENTS
http://www.cnbc.com/id/100349018http://www.cnbc.com/id/100349018http://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttps://twitter.com/diana_olick/status/286485733882081280https://twitter.com/diana_olick/status/286485733882081280http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/https://twitter.com/diana_olick/status/286485733882081280http://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://www.cnbc.com/id/100349018


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x Congress is out of session until the House and Senate return on January 14 and January 21, respectively. No hearings or events are currently scheduled, butactivity will pick up once they start the new session. The swearing-in of the113th Congressoccurred last Thursday, which included a record number of womenas well as a record number of Latinos, Asians, and Iraq and Afghanistan war veterans.

SOURCES: HPS INSIGHT, BLOOMBERG, FEDERAL RESERVE, CALCULATED RISK, LINKTANK

Monday1/7

Tuesday1/8

Wednesday1/9

Thursday

1/10

Friday

1/11

Indicators & Reports

MBA PurchaseApplications

Jobless Claims

Treasury Budget

Fed Activity

Jeffrey Lacker Speaks

Esther George Speak

James Bullard Speaks

Narayana Kocherlakota

Speaks

Charles Plosser Speaks

Congressional Hearings

& Events

CFPB: Mortgage Policy

ECONOMIC CALENDAR (DEC. 17

21)
http://www.nytimes.com/2013/01/04/us/first-day-of-113th-congress-brings-more-women-to-capitol.htmlhttp://www.nytimes.com/2013/01/04/us/first-day-of-113th-congress-brings-more-women-to-capitol.htmlhttp://www.nytimes.com/2013/01/04/us/first-day-of-113th-congress-brings-more-women-to-capitol.htmlhttp://www.nytimes.com/2013/01/04/us/first-day-of-113th-congress-brings-more-women-to-capitol.html


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Key Banking Rules Likely in Year AheadAmerican Banker

1/3/2013By: Joe AdlerBankers are expected to learn in 2013 what trades the Volcker Rule allows,

what qualifies as a "qualified mortgage" and what it means to be "systemicallyimportant."

Comment: 13 regulatory predictions for 13Financial Times1/3/2013By: Annette L. Nazareth and Gabriel D. RosenbergLast year we offered our 12 Regulatory predictions for 12 with a number ofhits and a few misses. We accurately predicted an increase in court challengesto regulatory reform but were wrong in our view that the Consumer FinancialProtection Bureau would remain director less. So with the clear warning that allcrystal balls are slightly cloudy, here are our predictions of 13 key regulatoryissues for 2013.

FOMC minutes: hawkish hints, but not reallyFTAlphaville1/3/2013By: Cardiff GarciaThese minutes are for the meeting at which the Fed announced its switch to a

version of the Evans Rule. While that change was expected, it wasnt expected

to be made as soon as it ultimately was.

Fiscal cliff deal gives mortgage insurers confidenceHousingWire1/3/2013By: Kerri Ann PanchukThe fiscal cliff deal preserved a tax deduction for the premium cost ofmortgage insurance on homeowners with an adjusted-gross income of under$100,000.

TRULIA NAMES LAS VEGAS AND SEATTLE AS 2012S TOPTURNAROUND HOUSING MARKETSTrulia1/3/2013By: TruliaTrulia today released the latest findings from the Trulia Price Monitor and the

Trulia Rent Monitor, the earliest leading indicators available of trends in homeprices and rents. Based on the for-sale homes and rentals listed on Trulia, thesemonitors take into account changes in the mix of listed homes and reflecttrends in prices and rents for similar homes in similar neighborhoods throughDecember 31, 2012.Housing Lobbys Win Costing U.S. $600 Billion: MortgagesBloomberg1/3/2013

By: Jody Shenn & Noah BuhayarCongressional efforts to reduce the U.S. deficit revived tax breaks formortgage insurance and extended interest deductions for homeowners that willcost the government $600 billion over five years.

Fiscal Cliff Avoided: What it Means for Housing and Home BuildersNAHB1/2/2013By: NAHBThe fiscal cliff, an economically damaging set of tax hikes and spendingreductions scheduled to begin in 2013, has been avoided (for now) and that is

good news for housing in the short-run.

'Fiscal Cliff' Deal Favors Housing RecoveryCNBC1/2/2013By: Diana OlickThe housing market is on firmer ground today, as two major tax provisionssurvived the "fiscal cliff." Congress did not touch the mortgage interestdeduction, and it extended tax relief for one year on mortgage debtforgiveness.

TOP NEWS AND RESEARCH
http://www.americanbanker.com/countdown2013/news/year-of-action-top-new-rules-to-expect-in-2013-1055581-1.html?ET=americanbanker:e13655:2307502a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=AB_Washington_Regulatory_010413http://www.americanbanker.com/countdown2013/news/year-of-action-top-new-rules-to-expect-in-2013-1055581-1.html?ET=americanbanker:e13655:2307502a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=AB_Washington_Regulatory_010413http://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://www.bloomberg.com/news/2013-01-03/housing-lobby-s-win-costing-u-s-600-billion-mortgages.htmlhttp://www.bloomberg.com/news/2013-01-03/housing-lobby-s-win-costing-u-s-600-billion-mortgages.htmlhttp://www.bloomberg.com/news/2013-01-03/housing-lobby-s-win-costing-u-s-600-billion-mortgages.htmlhttp://www.bloomberg.com/news/2013-01-03/housing-lobby-s-win-costing-u-s-600-billion-mortgages.htmlhttp://eyeonhousing.wordpress.com/2013/01/02/fiscal-cliff-avoided-what-it-means-for-housing-and-home-builders/http://eyeonhousing.wordpress.com/2013/01/02/fiscal-cliff-avoided-what-it-means-for-housing-and-home-builders/http://www.cnbc.com/id/100349018http://www.cnbc.com/id/100349018http://www.cnbc.com/id/100349018http://eyeonhousing.wordpress.com/2013/01/02/fiscal-cliff-avoided-what-it-means-for-housing-and-home-builders/http://www.bloomberg.com/news/2013-01-03/housing-lobby-s-win-costing-u-s-600-billion-mortgages.htmlhttp://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://info.trulia.com/trulia-price-and-rent-monitor-dec-2012http://www.housingwire.com/news/2013/01/03/fiscal-cliff-deal-gives-mortgage-insurers-confidencehttp://ftalphaville.ft.com/2013/01/03/1321183/fomc-minutes-hawkish-hints-but-not-really/http://www.ft.com/intl/cms/s/0/6d088686-558a-11e2-bbd1-00144feab49a.html#axzz2GwO99ZTJhttp://www.americanbanker.com/countdown2013/news/year-of-action-top-new-rules-to-expect-in-2013-1055581-1.html?ET=americanbanker:e13655:2307502a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=AB_Washington_Regulatory_010413


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Americas Bubble Dependent EconomyGlobal Macro Monitor1/2/2013By: Global Macro Monitor

"Interesting chart (which we marked up) from the JEC of the U.S. Congressillustrating household net worth as a percent of personal income. If thatGRHVQWORRNOLNHDKHDGDQGVKRXOGHUVIRUPDWLRQLQWKHPDNLQJQRWKLQJGRHV

Mortgage-Fee Plan Faces PushbackThe Wall Street Journal1/2/2013By: Nick TimiraosThe federal regulator of Fannie Mae FNMA +0.76% and Freddie Mac FMCC0.00% is running into opposition from lawmakers, state attorneys general, andconsumer advocates over a proposal to raise fees on loans in five states whereforeclosures take the longest.

QE3 and beyondEconbrowser1/1/2013By: James D. Hamilton1RZWKDWZHYHFORVHGWKHERRNVRQ,WKRXJKWLWPLJKWEHXVHIXOWRWDNHa look at where monetary policy has led XVRYHUWKHODVWIRXU\HDUV

Tax Bill: Cancelled Mortgage Debt Relief extended for one year in Senate BillCalculated Risk Blog1/1/2013

By: Bill McBrideIt appears that the Mortgage Debt Relief Act of 2007 will be extended for oneyear. Usually cancelled debt is considered income, but a provision of the DebtRelief Act allowed borrowers "to exclude certain cancelled debt on [a] principalresidence from income. Debt reduced through mortgage restructuring, as wellas mortgage debt forgiven in connection with a foreclosure, qualifies for therelief."

Drawing Up New Mortgage Rules Proves a Balancing ActThe Wall Street Journal1/1/2013By: Alan Zibel

The White House has begun preparations to nominate a new director to leadthe agency that oversees Fannie Mae and Freddie Mac as soon as early nextyear, according to people familiar with the discussions. This would pave the

way for PresidentBarack Obama to fill what has become one of the mostimportant economic policy positions in Washington.

Housing to Software Fueling Western U.S. Jobs ReboundBloomberg12/31/2012By: Steve Matthews, Aki Ito & Amanda Crawford+LULQJ E\ KRPHEXLOGHUV DQG VRIWZDUH DQGPRELOH DSSOLFDWLRQGHYHORSHUV LV

helping the western third of the U.S. lead the nation in employment growth,accorGLQJWR0RRG\V$QDO\WLFV,QFDQG,+6*OREDO,QVLJKW,QF

Mortgage Rates Start the New Year Near All-Time Record LowsFreddie Mac12/31/2012By: Freddie MacFreddie Mac (OTCBB: FMCC) today released the results of its PrimaryMortgage Market Survey(R) (PMMS), showing fixed mortgage ratescontinuing to hover near their all-time record lows helping to keep homebuyeraffordability high and aiding the ongoing housing recovery

Settlement Expected on Past Abuses in Home LoansThe New York Times12/30/2012By: Jessica Silver-Greenberg%DQNLQJUHJXODWRUVDUH FORVHWR D ELOOLRQ VHWWOHPHQWZLWK EDQNV WKDWZRXOGHQGWKHJRYHUQPHQWVHIIRUWVWRKROG OHQGHUVUHVSRQVLEOHIRUIRUHFORVXUHabuses like faulty paperwork and excessive fees that may have led to evictions,DFFRUGLQJWRSHRSOHZLWKNQRZOHGJHRIWKHGLVFXVVLRQV
http://macromon.wordpress.com/2013/01/02/americas-bubble-dependent-economy/http://macromon.wordpress.com/2013/01/02/americas-bubble-dependent-economy/http://macromon.wordpress.com/2013/01/02/americas-bubble-dependent-economy/http://macromon.wordpress.com/2013/01/02/americas-bubble-dependent-economy/http://online.wsj.com/article/SB10001424127887323689604578217311926309142.htmlhttp://online.wsj.com/article/SB10001424127887323689604578217311926309142.htmlhttp://www.econbrowser.com/archives/2013/01/qe3_and_beyond.htmlhttp://www.econbrowser.com/archives/2013/01/qe3_and_beyond.htmlhttp://www.calculatedriskblog.com/2013/01/tax-bill-cancelled-mortgage-debt-relief.htmlhttp://www.calculatedriskblog.com/2013/01/tax-bill-cancelled-mortgage-debt-relief.htmlhttp://online.wsj.com/article/SB10001424127887324407504578185771570523916.html?mod=wsj_share_tweethttp://online.wsj.com/article/SB10001424127887324407504578185771570523916.html?mod=wsj_share_tweethttp://topics.wsj.com/person/O/barack,-obama/4328http://topics.wsj.com/person/O/barack,-obama/4328http://www.bloomberg.com/news/2012-12-31/housing-to-software-fueling-western-u-s-jobs-rebound.htmlhttp://www.bloomberg.com/news/2012-12-31/housing-to-software-fueling-western-u-s-jobs-rebound.htmlhttp://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-start-the-new-year-near-all-time-re-otcbb-fmcc-970618http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-start-the-new-year-near-all-time-re-otcbb-fmcc-970618http://www.nytimes.com/2012/12/31/business/settlement-expected-with-banks-over-home-loans.html?partner=rss&emc=rss&_r=0http://www.nytimes.com/2012/12/31/business/settlement-expected-with-banks-over-home-loans.html?partner=rss&emc=rss&_r=0http://www.nytimes.com/2012/12/31/business/settlement-expected-with-banks-over-home-loans.html?partner=rss&emc=rss&_r=0http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-start-the-new-year-near-all-time-re-otcbb-fmcc-970618http://www.bloomberg.com/news/2012-12-31/housing-to-software-fueling-western-u-s-jobs-rebound.htmlhttp://topics.wsj.com/person/O/barack,-obama/4328http://online.wsj.com/article/SB10001424127887324407504578185771570523916.html?mod=wsj_share_tweethttp://www.calculatedriskblog.com/2013/01/tax-bill-cancelled-mortgage-debt-relief.htmlhttp://www.econbrowser.com/archives/2013/01/qe3_and_beyond.htmlhttp://online.wsj.com/article/SB10001424127887323689604578217311926309142.htmlhttp://macromon.wordpress.com/2013/01/02/americas-bubble-dependent-economy/


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Monday, Jan. 7, 2013

Tuesday, Jan. 8, 2013

Jeffrey Lacker SpeaksRichmond Federal Reserve Bank President Jeffrey LackerV speech on theeconomic outlook to the South Carolina Business & Industry PoliticalEducation Committee in Columbia.

Wednesday, Jan. 9, 2013

MBA Purchase ApplicationsThe Mortgage Bankers' Association compiles various mortgage loan indexes.

The purchase applications index measures applications at mortgage lenders.

This is a leading indicator for single-family home sales and housingconstruction.

Thursday, Jan. 10, 2013

Jobless ClaimsNew unemployment claims are compiled weekly to show the number ofindividuals who filed for unemployment insurance for the first time. Anincreasing (decreasing) trend suggests a deteriorating (improving) labor market.

The four-week moving average of new claims smoothes out weekly volatility.

Esther George Speaks.DQVDV &LW\ )HGHUDO 5HVHUYH %DQN (VWKHU *HRUJH VSHDNV WR WKH &HQWUDOExchange on the "2013 Economic Outlook," and after will answer questions ofWKHDXGLHQFH

James Bullard Speaks6W /RXLV )HGHUDO 5HVHUYH %DQN 3UHVLGHQW -DPHV %XOODUGV speech on theeconomy and monetary policy to the Wisconsin Economic Forecast LuncheonLQ0DGLVRQ

Narayana Kocherlakota Speaks0LQQHDSROLV)HGHUDO5HVHUYH%DQN3UHVLGHQW1DUD\DQD.RFKHUODNRWDV speechDQGWRZQKDOOPHHWLQJLQ0LQQHDSROLV

CFPB Event: Mortgage PolicyEach event will feature remarks from CFPB Director Richard Cordray, as wellas testimony from consumer groups, industry representatives, and members ofthe public.

Friday, Jan. 11, 2013

Treasury BudgetThe U.S. Treasury monthly budget report for November showed a monthlydeficit of $172.1 billion and was much greater than expected but most of the

difference reflects calendar timing of payments. Adjusting for calendar shifts sofar this fiscal year, the Treasury says the budget was running only s lightly worsethan last year, at $269 billion versus $266 billion. Looking ahead, the month ofDecember typically shows a moderate deficit for the month. Over the past 10years, the average deficit for the month of December has been $22.2 billionand $51.8 billion over the past 5 years. The December 2011 deficit came in at$86.0 billion.

Charles Plosser SpeaksPhiladelphia Federal Reserve Bank President Charles Plosser V speech on theeconomic outlook at New Jersey Economic Leadership Forum in Somerset,

New Jersey.

ECONOMIC CALENDAR
http://wsj-us.econoday.com/byshoweventfull.asp?fid=457305&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=457305&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450989&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450989&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450935&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450935&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://www.consumerfinance.gov/blog/save-the-date-baltimore-md-and-atlanta-ga/http://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://online.wsj.com/mdc/public/page/2_3063-economicCalendar.htmlhttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450935&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=450989&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#tophttp://wsj-us.econoday.com/byshoweventfull.asp?fid=457305&cust=wsj-us&year=2012&lid=0&prev=/byweek.asp#top


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ABOUT HAMILTON PLACE STRATEGIES

This report was prepared byPatrick SimsandRussell Grote.

Hamilton Place Strategies is a policy and communications consulting firm based in Washington. As a firm, our focus and expertise lie at the intersection ofgovernment, business and media. Our deep experiences in all of these dimensions allow us to serve industry leaders seeking to navigate the paths between Washingtonand the private sector.
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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!Hamilton Place Strategies

Exhibit 2

HOUSING STARTS REMAIN ELEVATED IN NOVEMBER

DUE TO STRONG GROWTH IN MULTIFAMILY SECTOR

Source: Federal Reserve Bank of St. Louis, U.S. Dept. of Commerce, HPS Insight

0

100

200

300

400

500

600

700

800

900

Starts(Thousands)

Sep-12 Oct-12 Nov-12Aug-12Jul-12Jun-12May-12Apr-12Mar-122010Y Feb-12Jan-122011Y

Multifamily Single UnitHousing Starts (SAAR)

Hamilton Place Strategies

Exhibit 3

DROP IN THE PERCENT CHANGE FROM A YEAR AGO IN

STARTS REDUCED HOUSING ACTIVITY IN NOVEMBER

-20

0

20

40

60

80

100

120

Feb-12Jan-122011Y2010Y Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12

PercentChangeFrom

aYearAgo(%

)

Nov-12

Permits StartsSalesHousing Activity, Percent Change From a Year Ago (SAAR)

Source: Federal Reserve Bank of St. Louis, U.S. Dept. of Commerce, HPS Insight


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Documents

HPS Housing Policy Brief Jan 7, 2013