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Low inventory in the housing market has increased competition among home shoppers. According to the first quarter Zillow Real Estate Market Report, there were fewer homes for sale in June than one year ago and much of the decline came from the lowest-valued homes sought by first-time homebuyers.

Loosening credit standards, demographics, pent-up demand, and attractive affordability and housing valuations are on track to promote a healthier housing market for the rest of 2015 in the homebuilding and construction sectors, according to an analysis from Fitch Ratings released Wednesday.

Many housing markets are still finding their footing following the unforgettable financial crisis and housing market collapse. Recent data from WalletHub found that the housing market is a major driver of economic growth within major cities.

According to a report released Tuesday by the Department of Commerce's Census Bureau, this quarter's homeownership rate is the lowest since 1967 and the rate has been on a steady downward fall since 2009 when the rate was 67.4 percent for the second quarter.

The share of cash sales in the housing market have dropped to their lowest point since September 2008. According to the CoreLogic July 2015 MarketPulse report, cash sales made up 33.7 percent of total home sales in April 2015, a decrease from 37.4 percent in April 2014.

Republican presidential candidate Ben Carson discusses how busing failed to address the lack of a racial utopia in America, but the Obama administration has recently implemented a new HUD rule that will "desegregate" housing.

Black Knight Financial Services' Data and Analytics division released its May 2015 Home Price Index report. The report, which examines residential real estate transactions found that U.S. home prices were up 1.1 percent in May, increasing 5.1 percent on a year-over-year basis.

The Federal Housing Finance Agency recently determined that the U.S. Purchase-only House Price Index has recovered to pre-crisis levels recorded in April 2006, leaving the national index of house prices just 1.8 percent below the peak level of May 2007.

In June, new single-family home sales dropped below the rate in May, but remain strong on a year-over-year basis, according to HUD and the U.S. Census Bureau's joint release of their June New Residential Sales data on Friday.

The U.S. government has filed an opposition to Bank of America's appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports. Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae andFreddie Mac before the crisis.