Daily Dose

The mortgage meltdown and its somewhat predictable fallout—tighter regulations that ensure such a crisis cannot recur but choke lending and borrowing at the source—have led to an equally inevitable outcome: a glut in cash sales for homes. A recent report by Redfin shows that in 17 metro markets in the United States, a full third of sales this year have been all-cash deals. And that figure has been essentially flat since 2011.

In its most recent monthly release, Deloitte reported a slight rise in its Consumer Spending Index, which measured 3.88 as of the end of the month. Daniel Bachman, senior U.S. economist for Deloitte, said the improvement was thanks to April's decrease in initial unemployment claims and a double-digit pickup in real median new home prices.

As part of its efforts to improve consumer housing education, HUD announced it was given out an additional $40 million in grants to national, regional, and local organizations nationwide to aid housing counseling programs. HUD projects the housing grants will help assist more than 1.5 million households find housing, keep their current homes, and make more informed housing choices.

In a new report, PropertyRadar found that single-family home sales in the Golden State were up 20 percent month-to-month, though year-to-date sales are still lagging compared to last year. In fact, according to PropertyRadar's director of economic research, Madeline Schnapp, "year-to-date sales volumes in 2014 are the lowest since 2008."

In its weekly Primary Mortgage Market Survey, Freddie Mac recorded the average rate for the 30-year fixed-rate mortgage (FRM) at 4.14 percent (0.6 point), down from 4.20 percent last week. Last May, the 30-year fixed was at 3.59 percent and climbing amid speculation the Federal Reserve would soon start tapering its monthly asset purchases.

An index measuring leading economic indicators in the United States posted its third straight increase in April, suggesting economic growth might be ready to take off in the coming months following a weak first quarter. The Conference Board's Leading Economic Index, a gauge of the near-term economic outlook, increased 0.4 percent last month to a reading of 101.4.

According to the National Association of Realtors (NAR), total existing-home sales rose 1.3 percent to a seasonally adjusted annual rate of 4.65 million in April. "Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point," said Lawrence Yun, NAR chief economist.

According to the Mortgage Bankers Association (MBA), independent mortgage banks and mortgage subsidiaries of chartered banks earned an average $1,242 on each loan originated in 2013, down 43.5 percent from $2,199 the previous year. MBA's VP of industry analysis, Marina Walsh, called 2013 net production profits "respectable," even with the massive decline.

According to Zillow, more than half of metros in the U.S. currently have fewer homes for sale than last year at this time. In many metros, the company found that inventory is tightest at the lower end of the market, a common price point often desirable by first-time homebuyers.

A mayor in the Miami area has been suspended by Florida Gov. Rick Scott following a federal indictment alleging mortgage fraud. According to a report from the Miami Herald, North Miami Mayor Lucie Tondreau was suspended Tuesday after appearing in court to face charges related to her role in an $8 million fraud scheme.