Daily Dose

This week, the National Association of Homebuilders and Wells Fargo will release their latest Housing Market Index (HMI) for May, a measure of market conditions based on three factors, with a range of zero to 100. While the March HMI was unusually high, reaching 71, April stayed steady at 65. All three individual components (present single family sales, next six-month single family sales, and prospective buyer traffic) reported losses month over month, but were still strong.

Findings show that though you may be able to get a 3,500 square foot home in Indiana for $300,000, the same dollar amount will only get you 600 square feet in Washington, D.C. Getting a realistic sense of how many square feet for the dollar can be purchased before shopping will ultimately save your potential homebuyers heartache. Learn the top, and bottom, states where homebuyers can get the most space for their dollar.

According to an executive at Wells Fargo, the bank will begin issuing private-label bonds—the first time it's done so since 2008. Backed by non-government guaranteed mortgage loans, these bonds offer lower risk to banks and, therefore, lower interest rates for borrowers. JPMorgan and Redwood Trust have also begun issuing these types of bond as of late.

A years-old case between Bank of New York Mellon and JPMorgan Chase is back on again—at least in part— after a New York state appeals court revived the suit this week. BNY claims that JPMorgan and affiliate WMC Mortgage breached contracts, failed to repurchase certain defective loans, and failed to provide notice of faulty loans. The case was originally filed in 2015.

Orlando is the single best spot for first-time homebuyers, according to a new analysis. Tampa took the No. 2, followed by other cities in the Southeast and Midwest. The analysis took into account median home value, forecasted values, inventory, and other factors.

On Thursday, FHFA Director Melvin Watt told a senate committee that the future of the U.S. housing finance system is unsustainable as-is. He implored Congress to solve numerous tough questions involved in moving Fannie Mae and Freddie Mac out from under federal conservatorship. If not, taxpayers could be on the hook.

Housing affordability is finally starting to improve. According to a new index, affordability is up from Q4 of 2016. More than 60 percent of all homes sold in Q1 were affordable for the nation's median income of $68K.

For those looking to save on housing, heading southward may be the answer. According to a new study, Mississippi and Alabama have the lowest housing costs in the nation, coming in 31.6 percent and 26 percent lower than the national average, respectively. Mississippi was also named the most affordable city in the country, taking into account healthcare, housing, utlities, transportation, and miscellaneous expenses.

The second-annual Five Star Diversity Symposium, a day-long event focused on advancing the conversation on diversity within the mortgage industry, featured keynote addresses from diversity leaders as well as roundtable discussions and panels. The Diversity Symposium includes representatives by several key companies and government agencies within the mortgage industry.

The industry's inventory problem may begin to ease, as move-up buyer confidence rises and more homeowners put their homes on the market. According to a new survey, repeat buyer confidence is up, with a confidence level of 75 out of 100. That’s higher than the confidence levels of first-time buyers, non-homeowners, and all Americans as a whole.