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April Cash Sales Share Dips to 37%

According to CoreLogic senior economist Molly Boesel, cash sales accounted for 36.8 percent of total home sales in April, down from 38.5 percent in March and 40.1 percent in April 2014. The percentage of cash sales as a share of total transactions averaged approximately 25 percent prior to the housing crisis, Boesel said. It peaked in January 2011 at 46.2 percent.

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Home Values Expected to Depreciate in 20% of U.S. Markets

Over the 12-month period ending in June 2015, nearly 20 percent of the more than 340 markets covered in Veros Real Estate Solutions' quarterly VeroFORECAST are expected to experience a decline in home prices, the company said Tuesday. While that leaves 80 percent of the country on an upward growth path, "all but the most upbeat markets are slowing in their value improvements," Veros said in its third-quarter update.

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JPMorgan Reports Another Stumble in Mortgage Segment

Second-quarter profits at JPMorgan Chase dipped nearly 8 percent year-over-year as the bank continued to work with a diminished mortgage market. JPMorgan's latest earnings report, released Tuesday, shows the megabank earned $6.0 billion in profits over the latest three months, putting its performance somewhere between the $5.3 billion reported in the first quarter and $6.5 billion a year ago.

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DoJ Hints at Further Bank Actions

On the heels of the government's $7 billion settlement with Citigroup over toxic residential mortgage-backed securities (RMBS), leaders at the Department of Justice revealed Monday there may be similar settlements or lawsuits on the way. The comments take on deeper meaning in the context of the government's ongoing dealings with Bank of America, which was reportedly close to reaching a settlement on its own MBS case until negotiations stalled.

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Pennsylvania Housing Market Sees Second-Quarter Slowdown

Like much of the country, Pennsylvania's housing market showed a little more life in the second quarter than in the first, though activity fell short of last year. "We're seeing some pockets of the state with positive growth, while others are a little more lackluster," said Kim Skumanick, president of the Pennsylvania Association of Realtors.

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Consumer Hopes Lift in June

The Federal Reserve Bank of New York released Monday the findings of its June 2014 Survey of Consumer Expectations (SCE), revealing a slight uptick in economic hopes among Americans as housing expectations remained flat. On the housing front, the median home price change expectation was little changed, dipping slightly to a median expected 3.9 percent over the next 12 months.

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Mortgage Insurers Offer Mixed Reactions to FHFA Reqs

The mortgage industry had a lot to say late last week following the release of new draft standards for private mortgage insurers to work with GSE loans—and not all of the reactions were positive. U.S. Mortgage Insurers (USMI), a trade group comprised of a number of member insurers, was quick to lend its support in a statement, though not all member companies agreed.

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RMBS Settlement Eats Up Citi’s Q2 Profits

Citi released its quarterly earnings report Monday morning, posting net profit of $181 million—a decline of 96 percent compared to earnings of $4.2 billion a year ago. The second quarter's results include a $3.8 billion charge related to a $7.0 billion settlement with the Residential Mortgage-Backed Securities (RMBS) Working Group, also announced early Monday.

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