Retiring Baby Boomers may Cripple Stock Market Recovery

The stock market may be in for another series of blows as baby boomers retire and sell off their portfolios, economists predict in Boomer Retirement: Headwinds for U.S. Equity Markets?, released by the Economic Research Department of the Federal Reserve Bank of San Francisco (FRBSF). Historical data points toward seniors selling their equity holdings, rather […]

Digital Competency for Major Banks Falls Between “Feeble” and “Genius”

L2, a digital think tank at NYU Stern, recently released a report that attempts to measure the digital competence of 17 retail banks and 10 credit card issuers with an IQ scale ranking. The report used several methods to establish a bank’s IQ, considering the effectiveness of the brand’s website, digital marketing, social media, and […]

MBA: Purchase Activity Fuels 66% Jump in Mortgage Production Profit

The Mortgage Bankers Association (MBA) released its Second Quarter 2011 Mortgage Bankers Performance Report this week, which reveals an improvement in production profit, fueled by heavier purchase activity. Independent mortgage banks and subsidiaries made an average profit of $575 on each loan they originated in the second quarter, an improvement from the first quarter’s $346 […]

HECM Applications See 12% Decline, Saver Stays Steady

HECM applications fell 12.7% to 7,639 in July, posting a year-over-year loss of 14.8%, according to the latest Federal Housing Administration Outlook from the Department of Housing and Urban Development. Endorsements for HECMs during the month saw a loss of 5.3%, with HECM Saver volume showing its first monthly loss in 2011. There were 496 […]

Three Quarters of Middle-Income Boomers Expect to Work in Retirement

Baby boomers’ expectations for the future aren’t so rosy, especially when compared to the previous generation’s retirement experience, says a recent study from the Bankers Life and Casualty Company Center for a Secure Retirement (CSR). Replacing visions of slowing down, enjoying retirement, and being taken care of by others, 78% have a focus on work, […]

Despite National Growth Rate, Some States See 50% Increase in HECMs

Through June, HECM endorsements are 5.5% above last year’s levels, reports the latest Reverse Market Insight Industry Trends newsletter. Despite signs of significant growth in some areas, and a slightly better year-to-date showing compared to last year, RMI “fully expects” to see endorsements decline by the end of the year. While the majority of year-to-date […]

Despite Positive Signs for Home Values, Still a “Bumpy” Road Ahead

Although home values are 6.2% lower than last year, the drop in value between the first and second quarters was the smallest quarterly decline in four years, says Zillow’s second quarter Real Estate Market report. Home values fell only 0.4% in the second quarter 2011, but on a regional yearly basis there was a decline […]

Housing Scorecard Reveals “Mixed Signals” with Home Prices and Delinquency Rates

The July edition of the Obama Administration’s Housing Scorecard, released by the U.S. Department of Housing and Urban Development (HUD) and the Department of the Treasury, shows “mixed signals” when it comes to the state of the housing market, with somewhat better home prices, but continued strain from foreclosures and distressed homes, says HUD. Although […]

MetLife: 55+ Population Sees $659 Billion Income Increase Over Last Decade

Grandparents make up a large portion of the American population, and this in turn has a significant impact on the economy as consumer spending among the 55-plus demographic (many of whom are grandparents) is higher than any other age group, says a recent MetLife report. The ranks of grandparents are expanding at twice the overall growth rate, and […]