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Redfin: Prices, Sales, Inventory All Climb in April

Redfin's monthly report--based on home prices, sales, and inventory across 19 U.S. markets--shows prices rose 4.9 percent in April on a monthly basis and 16.1 percent on a yearly basis. Out of the 19 metros measured in Redfin's report, 18 reported month-over-month increases in April. "The housing market across the nation was hot again in April. Yes, home prices are up. But the big story in this month's report is that inventory posted its largest month-over-month increase in over three years," wrote Redfin blogger Tim Ellis.

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NAHB: Home Affordability Little Changed in Q1

The most recent Housing Opportunity Index (HOI) from the National Association of Home Builders (NAHB) and Wells Fargo shows home affordability slipping slightly in the first quarter. According to the index, 73.7 percent of new and existing-homes sold in the first quarter of this year were affordable to families earning the U.S. median income, a decline from 74.9 percent in Q4 2012. Despite the decrease, NAHB Chairman Rick Judson noted the HOI has still stayed high over the past four years.

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RE/MAX: April Inventory Shows Evidence of Rebound

According to RE/MAX's data, taken from a survey of multiple listings service (MLS) data from 52 U.S. metro areas, the months' supply of homes for sale at the April's sales pace was 3.6 months--the lowest supply since the National Housing Report began in August 2008. However, the company observed a monthly increase in April in the overall number of homes for sale--the first since June 2010. In addition, the year-over-year percentage drop in inventory was 26.6 percent, the lowest annual drop in the last 12 months.

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Pacific Union Financial Welcomes New EVP and Chief Legal Officer

New

In Texas, Pacific Union Financial, LLC announced the hiring of Ron Fountain as EVP and chief legal officer. Fountain joins the company from JPMorgan Chase, where he was SVP and managing director. During his time there, he directed all aspects of compliance relating to Chase Bank mortgage servicing operations, including regulatory and investor reviews and audits and the acquisition and disposition of mortgage assets.

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Mortgage Rates Climb for Second Week

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.51 percent (0.7 point) for the week ending May 16, a significant climb from last week.

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