The Bureau of Economic Analysis (BEA) reported Monday that personal consumption expenditures increased $57.5 billion—0.5 percent—month-over-month in August. The increase in spending followed a meager revised increase of less than 0.1 percent for July. Spending was helped by a 0.3 percent pickup in personal income, totaling an increase of $47.3 billion.
Read More »Pending Home Sales Retreat in August
The National Association of Realtors (NAR) reported a 1.0 percent decline in its Pending Home Sales Index for August. The drop brings the index down to 104.7, its second highest reading so far this year. The drop in the pending sales measure came in the same month that the association reported a dip in existing-home sales.
Read More »FHFA Names Deputy Director for Enterprise Regulation
The Federal Housing Finance Agency (FHFA) announced the appointment of a new deputy director of its Division of Enterprise Regulation, appointing Nina Nichols to the position.
Read More »Home Prices Now 10.2% from 2006 Peak with Slowing Appreciation
Home price appreciation continues to slow across the country, registering a 0.2 percent increase over the month of July, according to Black Knight Financial Services. The firm's home price index stands at $241,000 as of the end of July.
Read More »Consumer Confidence Reaches Post-Recession High on Income Growth Expectations
Consumer confidence reached its highest level since the Great Recession in September, according to the Thomson Reuters and University of Michigan Surveys of Consumers. The index rose 2.5 percent over the month to 77.5. However, "confidence has repeatedly failed to move above this level," according to the survey.
Read More »Housing Market Stability Slips in July
Freddie Mac's Multi-Indicator Market Index (MiMi) fell back nearly half a percentage point to 73.4 in its latest reading, the company reported earlier this week. According to the company, the decline "appear[ed] to be broad-based, and not concentrated in a handful of state or metro markets." As of the latest reading, Freddie Mac says the index is up 22.7 percent from its all-time low in 2011.
Read More »GDP Growth Crawls Up in Third Estimate
In its third estimate, the Bureau of Economic Analysis (BEA) reported Friday that gross domestic product (GDP) increased at an annualized rate of 4.6 percent in the second quarter. The figure marks a step up from the bureau's last estimate of 4.2 percent growth, which in turn was up from an advance guess of 4.0 percent.
Read More »Report: Low Appraisals Not at Fault for Slow Housing Recovery
As home values have made a rapid ascent in the past few years, those on the sales side point to lagging appraisal models as a major hurdle to finalizing transactions. In a newly released report, however, FNC maintains that despite anecdotal reports, "there is no strong evidence that low appraisal valuations contributed to mortgages falling through."
Read More »Tech Authority Joins Pro Teck’s Strategic Advisory Board
Technology expert Arny Epstein has joined the strategic advisory board at Pro Teck Valuation Services, the company announced.
Read More »Maryland Woman Convicted in Mortgage Fraud Case
A jury has convicted Maryland woman Annika Boas for her role in a residential mortgage fraud scheme. According to an announcement from U.S. Attorney Rod Rosenstein, Boas stood accused of working with other defendants to falsify or steal identity documents to secure residential mortgage loans.
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