Headlines

With all of its ups and downs in recent months, the housing market is looking "noisy" heading into spring, Freddie Mac says. "We're getting mixed signals as we start the spring home buying season. Tight inventory may pose a significant challenge for home buyers in many markets across the country, which may result in higher home prices and sales being lower than expected," said Frank Nothaft, VP and chief economist.

LenderLive Network, an end-to-end mortgage services provider headquartered in Colorado, has welcomed Claire Rhodes to the firm as regional account executive for its Northeast Correspondent Lending division.

The Deloitte Consumer Spending Index, a measure of consumer cash flow as an indicator of future spending, fell from a revised reading of 4.03 in February to 3.51 in March. Despite the drop, Deloitte maintains that conditions remain positive for consumers. “The outlook for consumer spending remains healthy,” said Daniel Bachman, senior U.S. economist for the firm, adding, “The Index declined primarily due to a slower increase in median home prices.”

March marked the end of a 17-month streak of double-digit annual price gains—just barely—according to real estate brokerage Redfin. Prices rose 9.9 percent over the year in March, according to Redfin’s data on 19 markets nationwide. Home sales also followed a downward trend in March, but on the bright side, inventory is beginning to grow, according to the brokerage.

Average fixed mortgage rates declined for the second straight week, bringing them to a six-week low—and easing affordability conditions slightly as the homebuying season gets under way. Frank Nothaft, VP and chief economist for Freddie Mac, said the latest decline fits with a disappointing—though not dismal—construction report showing homebuilding rising at a rate of 2.8 percent in March.

PNC Financial Services Group released its quarterly earnings, reporting a net income of $1.1 billion, or $1.82 per diluted common share. The group found that consumer lending decreased by $1 billion, from "lower home equity, residential mortgage and education loans as well as seasonal declines in credit card loans partially offset by growth in automobile loans."

According to DataQuick, California home sales were up 28.2 percent in February but down 12.8 percent from March 2013. While many are predicting a recovery in California, last month’s sales were the lowest for a March since 2008, when 24,565 homes sold—a record low for the month of March. Last month's sales were 23.9 percent below the average of 43,251 sales for all months of March since 1988, when DataQuick's statistics begin.

RealtyTrac estimates 9.1 million U.S. homes were seriously underwater in the year's first quarter, representing a slow improvement over the past few years. "U.S. homeowners are continuing to recover equity lost during the Great Recession, but the pace of that recovering equity slowed in the first quarter, corresponding to slowing home price appreciation," said Daren Blomquist, VP at RealtyTrac.

Assurant, Inc., a provider of specialty insurance and services for lending and property markets, announced its acquisition of StreetLinks LLC, a provider of appraisal and valuation solutions.

Lenders closed on a greater share of mortgages last month compared to February—and they did it at a faster pace, according to mortgage software provider Ellie Mae. The company’s latest Origination Insight Report, released this week, shows that out of a sampling of loan applications initiated 90 days prior to March, 58 percent closed last month. That rate is up from 55.3 percent in February and from the 2013 average of 54 percent.