FNC's Residential Price Index (RPI) closed in on a three-year high in July as discounted foreclosure sales approached pre-crisis levels. "The rapid declines in foreclosure sales and new foreclosure filings have diminished the impact of distressed properties on home prices," FNC said in its monthly release. "Meanwhile, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers who are in a position to take advantage of affordable home prices."
Read More »Report: Jobs Recovery to Drive Up Home Prices
Even as housing inventory starts to recover, the basic fundamentals of supply and demand--as measured by new starts versus job growth across the nation--point to continued price growth, according to one expert at John Burns Real Estate Consulting. Nationally, the employment growth-to-permit (E/P) ratio is 2.5, up from 2.3 last year and well above the "equilibrium level" of 1.2. Eighteen of the top 20 markets have an E/P ratio higher than the equilibrium.
Read More »Consumer Sentiment Weakens in Preliminary September Report
The Thomson Reuters/University of Michigan Index of Consumer Sentiment fell to a five-month low of 76.8 in September's preliminary report, spelling a potentially weak third quarter for consumption growth. The decline in overall sentiment was largely due to a drop in the Expectations Index, which measures consumer confidence for the next six months. That index fell to an eight-month low of 67.2. Meanwhile, the Current Conditions Index fell to 91.8.
Read More »Opes Advisors Recruits Experienced Mortgage Advisor
Mari Mahoney has joined Opes Advisors as a mortgage advisor in the firm's Pleasanton, California, location.
Read More »Mortgage Litigation Up in Q1, Consumer Claims Dominate
Mortgage-related litigation remained historically high in the first quarter, according to data from Mortgage Daily. The site's First Quarter 2013 Mortgage Litigation Index shows there were 227 mortgage-related cases tracked that saw activity in Q1--little changed from Q4 2012's 223 but up from 216 the year prior. Cases related to mortgage-backed securities, regulation, commercial mortgages, and investor problems all saw increased activity.
Read More »Connecticut, Texas See First Bank Failures in Years
The FDIC announced Friday the closure of two more banks--including Connecticut's first collapse in more than a decade--bringing this year's failure tally to 22 so far.
Read More »Genworth Board Gains New Independent Director
In Virginia, Genworth announced the election of Melina E. Higgins to serve as a new independent director on the company's board.
Read More »CFPB Finalizes Changes to Mortgage Rules
With months to go before the implementation of the Consumer Financial Protection Bureau's (CFPB) qualified mortgage (QM) rules, the agency released several finalized amendments and clarifications created to ease the process.
Read More »Trends Show Shift in Market Dynamics as Summer Ends
Realtor.com released Thursday its National Housing Trend Report for August, which shows prices leveling out as the inventory recovery becomes more widespread.
Read More »Acopia to Publish Lending Libraries with AllRegs
Tennessee's Acopia Home Loans announced the publishing of its lending library through AllRegs.
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