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Mortgage Industry Continues to Lose Jobs

Just less than 19,000 tracked mortgage jobs were cut in April, May, and June, according to Mortgage Daily, with more than 20,000 job losses offsetting about 1,600 gains. The net loss is a major jump from the 8,100 reported losses in the first quarter and the nearly 3,000 reported a year ago. All of the reported cuts in the second quarter happened at banks, with credit unions and other non-banks adding jobs.

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California Home Sales Weaken in August

Real estate information firm CoreLogic DataQuick estimated Friday that August home sales in the state—including new and resale houses and condos—totaled 37,228 last month, down 6.0 percent from July's estimate of 39,608. Compared to a year ago, sales fell 12.5 percent short. California sales have come in below average every month for more than eight years, the firm said.

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Report: CFPB’s Proposed Expanded Complaint Database Poses Risks to All Involved

The Consumer Financial Protection Bureau (CFPB) recently proposed an expansion of its consumer complaint database that would include publicly publishing full narratives of consumers' complaints against financial institutions. While the bureau suggests such action supports the goal of "[improving] the functioning, transparency, and efficiency of markets," not all agree.

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Consumer Sentiment Hits 14-Month High

The Thomson Reuters/University of Michigan's Index of Consumer Sentiment edged up more than two points in a preliminary September reading, putting it at a 14-month high of 84.6. The increase in the headline index was driven by a more than four-point improvement in the gauge of consumer expectations, which rose to 75.6.

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Forecast Still Positive for Economic, Housing Growth

UCLA Anderson Forecast's third quarterly report of 2014, released Thursday, points to real GDP growth of about 3 percent over the next two years, following last year's full-year growth of 1.9 percent. Though housing has struggled to keep up its momentum so far this year, the market is still expected to fuel economic growth.

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Housing’s Slowdown: Setback or the New Normal?

After a summer of ups and downs, mortgage application volumes (as reported by the Mortgage Bankers Association) stunned in early September with a 7.2 percent week-over-week drop, bringing the association's index to its lowest level in 14 years. While there are a number of factors that could have played a role in the latest plunge, general unsteadiness in the current economic picture remains the underlying problem.

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New Case-Shiller Index Shows Smaller Fall, Recovery in Housing

As more companies launch their own home price metrics, the much-watched Case-Shiller indices have readjusted their methodology to adapt—and revealed a different picture of home prices in the last few months than originally reported. While the new index comes as a "welcome improvement," it also throws a wrench into what analysts previously knew about home prices during and after the crash, says Paul Diggle, property economist for Capital Economics.

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