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An Illinois bank has closed its doors for good, bringing the national tally of FDIC-insured bank collapses to seven so far this year. The agency announced Friday the closure of AztecAmerica Bank, which was shut down by the Illinois Department of Financial & Professional Regulation. The bank, based in Berwyn, is the state's second failure of 2014.

Despite many beginning-of-the-year predictions about spring growth in the housing market falling flat, and despite a still chugging economy that changes its mind quarter-to-quarter, economists at the National Association of Realtors and other industry groups expect an uptick in the economy and housing market through next year. The key to NAR's optimism, as expressed by the organization's chief economist, Lawrence Yun, last week, is a hefty pent-up demand for houses coupled with expectations of job growth—which itself has been more feeble than anticipated.

In a survey of 106 experts in housing and investments, Zillow found a slight majority—28 percent—pinned the most blame for declining affordability on stagnant income growth across the country, even as the rest of the economy has moved in a generally positive direction. At the same time, the number of respondents pointing to "abnormally high rates of home price and rent appreciation" as the main problem was only slightly smaller at 27 percent.

According to the Commerce Department and HUD, privately owned housing starts last month were at an estimated seasonally adjusted annual rate of 1.07 million, representing a 13.2 percent jump from March’s barely revised pace of 947,000. Unfortunately for the supply-constrained single-family market, most of that spike came in apartment buildings.

Prices rose 9 percent year-over-year for the first quarter of this year, according to FNC, Inc.'s Residential Price Index, which measures sales activity for non-distressed homes in the 100 largest metros in the country. On a monthly basis, prices rose 0.6 percent in March. On an annual basis, Western states continue to lead the nation with drastic price gains.

In a recent blog post for the company, Trulia chief economist Jed Kolko notes that certain discrepancies do arise, specifically along the coasts, for middle-class homeownership. Kolko found that the middle class is getting priced out of California but finds more success in the Midwest. In fact, in 80 of the 100 largest U.S. metros, most of the homes for sale are within reach of the middle class.

The continued—and oddly sluggish—recovery cycle the U.S is currently experiencing in not, according to a new report by Fitch Ratings and Oxford Analytica, on course to run the typical peaks-and-valleys cycle of the five major economic expansion periods the U.S. has experienced since the early 1970s.

According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year average fixed-rate mortgage (FRM) eased to 4.20 percent (0.6 point) for the week ending May 15, a drop from the last survey. "These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven't already refinanced possibly a reason to take another look," said Frank Nothaft, chief economist at Freddie Mac.

The Johnson-Crapo housing finance reform bill, which would phase out Fannie Mae and Freddie Mac in favor of a more limited federal insurer, has passed through the Senate Banking Committee. While the bill always had enough support in the committee to make it to the Senate floor, whether or not it goes any further is the real question.

In Fort Washington, Pennsylvania, LoanLogics introduced its newly launched LoanHD AppQ Network, a service designed to provide users with service ordering and delivery interfaces to third-party providers all through the company’s single-source LoanHD solution.