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The nation's economy grew at a "modest to moderate pace" from early April through the end of May, the Federal Reserve said Wednesday in its periodic Beige Book. The report cited growing strength in the housing and residential construction sector and the impact on the broader economy, with residential real estate and construction activity increasing "at a moderate to strong pace in all Districts." In addition, "overall bank lending improved modestly since the previous report."

In Michigan, United Shore Financial Services (USFS) announced the appointment of Mat Ishbia to CEO. Ishbia currently serves as president of USFS and its wholesale operation, United Wholesale Mortgage (UWM), which has become the fourth largest wholesale mortgage lender in the United States under his leadership.

Total Mortgage Services, LLC announced it has been approved as a Ginnie Mae issuer for the GNMA I and II single-family mortgage-backed securities (MBS) program.

According to Capital Economics' data, total mortgage application volume fell 2.0 percent from April to May, the first monthly drop since February and the biggest decline since January.

Regional prices increased across the nation over the three-month period ending in May, according to Clear Capital's most recent home price report, but metro prices were mixed. According to Alex Villacorta, VP of research and analytics, "the diversity in price performance at the local level is mainly a function of the severity to which a particular housing market was hit during the housing crash." Consistent with this observation, Las Vegas and Phoenix continue to lead the recovery at the metro level.

Alliant National Title Insurance Company, a title insurance underwriter headquartered in Longmont, Colorado, announced the hiring of Tim Tillman as VP, Tallahassee and Northwest Florida agency manager.

Guardian Mortgage Company, an independent mortgage lender with offices in Texas and Michigan, is seeking help to raise relief funds for Oklahomans affected by the Moore tornado on May 19.

As National Homeownership Month kicks off, the NAHB is taking a look at the features today's young homebuyers want most.

CoreLogic's Home Price Index (HPI) continued to grow stronger in April, according to the company's latest HPI report.

Though Radar Logic's home price index continued to see strong gains in March, the firm says there are several signs that the trend won't last, the main one being the issue of limited supply. According to Radar Logic, the three supply constraints that will ease with rising prices are low and negative equity, seller psychology, and building activity, all of which are just temporary factors that will fade as the market continues to pick up steam. Once these "unorthodox" market forces fade, demand will also cease, the report says.