According to Fannie Mae's May 2013 National Housing Survey, Americans expressed record confidence in price gains, with 55 percent--a survey high--saying they believe prices will go up in the next year. Only 7 percent of respondents in the survey expect prices to drop, the lowest level since the survey's inception. In addition, the average 12-month home price chance expectation was 3.9 percent, the highest level in the survey's history and a leap over April's 2.7 percent forecast.
Read More »Vericrest Changes Corporate Name, Now Caliber Home Loans
Vericrest Financial, Inc., a financial services company with centers in Texas, Oklahoma, and California, announced it has changed its corporate name to Caliber Home Loans, Inc., effective immediately.
Read More »More Refinancers Opt to Shorten Loan Terms in Q1
Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term. The analysis also found that refinancing borrowers "overwhelmingly" opted for the safety of fixed-rate loans, with more than 95 percent taking that route. Of those who previously had a hybrid adjustable-rate mortgage (ARM), 87 percent chose a fixed-rate loan during the first quarter.
Read More »Informative Research Names New COO
Informative Research, a mortgage information services provider based in Garden Grove, California, appointed Stan Baldwin as COO.
Read More »Vegas Bank Rolls Snake Eyes, Failure Count at 15
FDIC's failed bank tally rose to 15 as an institution in Las Vegas shut down, the agency announced.
Read More »Survey: Renters See Sensibility in Homeownership
To better gauge the future of homeownership and the current shift toward renting, Fannie Mae's National Housing Survey took a look at renter attitudes and preferences in Q3 2012 to get an idea of their aspirations and expectations. According to the findings, the majority of respondents believe renting has its advantages in terms of current finances and stress. However, when asked about control, privacy, security, and financial prospects, the vast majority (64 percent and up across each question) said owning is the better choice.
Read More »Demand Retreats as Housing Heads into Summer
Markets across the nation can expect to see sales soften in June and July, based on early reports from Redfin agents around the country.
Read More »Economy Adds 175K Jobs in May, Unemployment Rate Up to 7.6%
The economy added 175,000 jobs in May, and the unemployment rate ticked up to 7.6.percent, the first month-over-month increase since January, the Bureau of Labor Statistics (BLS) reported Friday.
Read More »LRES Hires New VP of Operations
LRES, a California-based provider of commercial and residential valuations and asset management, welcomed Scott Pickell as its new VP of operations.
Read More »Mortgage Rates Continue Upward March
According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.91 percent (0.7 point) for the week ending June 6, up 10 basis points over last week. Last year at this time, the 30-year FRM averaged 3.67 percent. Meanwhile, Bankrate's weekly national survey had the 30-year fixed rising to 4.1 percent, its highest level since April 2012. The 15-year fixed increased to 3.28 percent, while the 5/1 ARM rose 12 basis points to 2.93 percent.
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