Data

The Pending Home Sales Index gave back its entire March increase in April, falling to 95.5 from 101.1 one month earlier, the National Association of Realtors reported Wednesday. The March index was revised downward from the originally reported 101.4 adding to the gloomy report. Economists had expected the Index to increase 0.5 percent from March. Even with the decline though, the index is up 14.4 percent since April 2011, but is now at its lowest level since December, dampening expectations.

Investors helped keep interest rates for mortgage loans in record-low territory this week, as European Union leaders grappled with lurking debt crises in Spain and Italy. Real estate Web site Zillow recorded the 30-year fixed-rate mortgage at 3.6 percent, just above an all-time low of 3.59 percent set two weeks before. Rates for 15-year loans averaged 2.91 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.54 percent. Rates for 30-year fixed-rate loans largely fell in most states, climbing only in Illinois, New York, and Washington.

The Case Shiller Home Price Indexes fell for the seventh straight month in March. The drop in the broader 20-city index was barely noticeable ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô down to 134.10 from 134.14 in February ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô while the 10-city index fell to 146.61 from 146.74. Year-over-year, the 10-city index was down 2.8 percent and the 20-city index off 2.6 percent, improving from February. Economists had expected the 20-city index to show a 2.7 percent year-over-year decline. Separately, the national Case Shiller Index, reported quarterly, was down 2.0 percent in the first quarter.

First time claims for unemployment insurance dipped to 370,000 for the week ended May 19 from the previous week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós upwardly revised reading of 372,000 the Labor Department reported Thursday. Economists had expected the report would show 371,000 initial claims. The Labor Department had initially reported 370,000 claims filed for the week ended May 12. The revision turned that report to an increase of 2,000 from a previously report that filings were unchanged week-to-week. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô fell 29,000 to 3,260,000.

The number of financial institutions at risk of failure dropped for the fourth consecutive quarter, falling from 813 to 772. The FDIC reported Thursday that the decline signals the smallest number of problem banks since yearend 2009, with total assets waning from $319 billion to $292 billion. The much-weakened Deposit Insurance Fund saw its first-quarter net worth rise to $15.3 billion, up from $11.8 billion over the fourth quarter last year. Insured deposits grew by an estimated 0.7 percent over the first quarter.

Seeking to provide industry insight into the borrowers' perspective when purchasing a mortgage, eLynx has revealed the findings from its recent panel discussion with lenders and customers. To conduct its survey, eLynx, a portfolio company of American Capital, assembled an advisory group that included both lending professionals and borrowers, tapping the participants for feedback on the initiatives that could improve the mortgage loan experience and reduce stress during the process.

Brokers will have a new resource to tap into, with the launch of United Wholesale Mortgage's Elite program. The mortgage lender will use the new product to offer broker's access to the best conventional rates and pricing in the industry, according to a company statement.

A surge in refinance applications could propel mortgage originations by more than $200 billion in 2012, increasing to $1.28 trillion, according to the Mortgage Bankers Association. The trade group attributed estimates ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô upwardly revised from $1.26 trillion in 2011 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô to account for a refinance boom sparked by the crises in debt-saddled Europe. The MBA said that it expected refinance originations would amount to $870 billion this year, an amount nearly identical to forecasts from last year, when HARP led the way in estimates.

Things are looking up in California. Pending-home sales are continuing to rise on an annual basis; median prices are rising; and equity sales are starting to make up a larger portion of total sales, according to the California Association of Realtors. However, despite the year-over-year gains, April's pending home sales demonstrated a decline from March. Pending-home sales include contract signings but not closings. The index is based on 2008 contract signings with an index score of 100 equaling the average amount of contracts signed per month in 2008. The pending-home sales index for March was revised to 138.9.

A new vice president of operations and contract underwriting has been appointed at zIngenuity, Inc. The company recently named Scott Friedberg to the leadership role.