Nationally, asking prices increased 9.5 percent year-over-year in May, but in the ten least affordable metros, asking prices spiked 16.3 percent during the same time period.

Though Radar Logic's home price index continued to see strong gains in March, the firm says there are several signs that the trend won't last, the main one being the issue of limited supply. According to Radar Logic, the three supply constraints that will ease with rising prices are low and negative equity, seller psychology, and building activity, all of which are just temporary factors that will fade as the market continues to pick up steam. Once these "unorthodox" market forces fade, demand will also cease, the report says.

Equifax approved of DocMagic's eSign for electronic 4506-T requests. This means Equifax clients can use DocMagic's eSign for electronic signatures when submitting orders.

Mortgage Contracting Services (MCS), a national property preservation and inspection company, announced it is teaming up with Pruvan, a Round Rock, Texas-based company that offers a photo app for field-based businesses.

Lender Processing Services' (LPS) Home Price Index (HPI) averaged $213,000 in March, an increase of 1.4 percent month-over-month and 7.6 percent year-over-year.

Pacific Union Financial, LLC appointed industry veteran Scott Conradson as EVP of mortgage servicing. With over 28 years of servicing and default management experience, Conradson will manage the company's growing servicing portfolio.

Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.

The Mortgage Bankers Association (MBA) shared a proposal that it says would bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers.

In its most recent economic outlook, Fannie Mae's Economic and Strategic Research Group revealed expectations for the economy to continue the modest recovery and grow 2.2 percent this year.

The most recent Housing Opportunity Index (HOI) from the National Association of Home Builders (NAHB) and Wells Fargo shows home affordability slipping slightly in the first quarter. According to the index, 73.7 percent of new and existing-homes sold in the first quarter of this year were affordable to families earning the U.S. median income, a decline from 74.9 percent in Q4 2012. Despite the decrease, NAHB Chairman Rick Judson noted the HOI has still stayed high over the past four years.