Headlines

The Federal Reserve reported continued growth in economic activity through the United States over the past month, reinforcing recent reports that the economy is moving in a more positive direction after a dismal first quarter. Reports on real estate activity were mixed across the country, though low inventory and rising home prices were common themes in most districts.

Bank of Americaposted second-quarter net income of $2.3 billion on revenue of $22.0 billion. A year ago, the megabank reported bringing $4.0 billion. The bulk of the year-over-year drop in profits stemmed from a $4.0 billion litigation expense, "substantially all" of which was related to legacy mortgage-related matters, the bank said.

The New York Title Insurance Rate Service Association (TIRSA) has elected Michael Kelly of WFG National Title Insurance Company to serve as VP of the board, the company announced.

The National Association of Home Builders' (NAHB) Housing Market Index (HMI) registered a score of 53 in the group's July survey, increasing four points from June. "This is the first time that builder confidence has been above 50 since January and an important sign that it is strengthening as pent-up demand brings more buyers into the marketplace," said NAHB Chair Kevin Kelly.

According to the Mortgage Bankers Association (MBA), total mortgage loan application volumes decreased 3.6 percent on a seasonally adjusted basis for the week ending July 11. Breaking down the overall decline, the refinance component of MBA's market index fell 0.1 percent week-over-week, putting a dent in the 0.4 percent rise reported at the start of July. Meanwhile, the seasonally adjusted measure of purchase applications fell 8 percent.

In a testimony before the Senate Banking Committee on Tuesday, Federal Reserve Chair Janet Yellen made the case that while the economy has seen improvement, the economic recovery is still too fragile to deviate from the present course of Fed policy. Notably, Yellen noted the recent cooling in housing as a sign.

In a report released Tuesday, market research firm ORC International revealed 59 percent of investors are interested in dipping their toes into SFR properties, citing the associated tax benefits and the potential for higher cash flows than traditional fixed-income products. At the same time, without the same resources institutional investors have, the majority of individuals surveyed said they would need outside help.

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.

Former JPMorgan Chase VP William Carr is now overseeing business growth at Kalamazoo Mortgage (KM), the Michigan-based firm announced.

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.