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Initial Unemployment Claims Continue to Fall

Unemployment

First-time claims for unemployment insurance for the week ending May 4 dropped 4,000 to 323,000-- once again, the lowest level in more than five years, the Labor Department reported Thursday. Economists expected initial claims to increase to 335,000. First-time jobless claims for the week ending April 27 were revised up to 327,000 from the originally reported 324,000.

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CoreLogic: Home Price Gains Accelerate to 7-Year High in March

Including distressed sales, home prices rose 10.5 percent year-over-year in March, marking the biggest annual gain in seven years, according to CoreLogic's Home Price Index (HPI). "For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year," said Dr. Mark Fleming, chief economist for CoreLogic. "The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season."

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Former CFPB Attorney Joins Team at Venable

New

A former attorney for the Consumer Financial Protection Bureau (CFPB) has joined Venable LLP as a partner in its Washington, D.C., office, the firm announced. Allyson Baker was among the initial team of enforcement attorneys at CFPB, helping to formulate agency policies regarding investigations and litigation in the aftermath of the financial crisis.

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Gains in Mortgage Applications Point to Sustainable Trend

After examining mortgage application data throughout April, Capital Economics sees "mounting evidence that mortgage-dependent buyers are starting to play a fuller role in the housing market recovery." Compiling information provided by the Mortgage Bankers Association (MBA), Capital Economics found that total application volume was up 3.5 percent from March to April. In its latest Weekly Mortgage Applications Survey (for the week ending May 3), MBA reported a 7.0 percent increase in applications.

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Mortgage Rates Continue to Attract HARP Activity in February

The Home Affordable Refinance Program (HARP) continued to bolster refinance numbers in February, according to a refinance report from the Federal Housing Finance Agency (FHFA). Fannie Mae and Freddie Mac reported 97,738 HARP refinances throughout the month, bringing the total number of HARP refinances (from the program's inception) to approximately 2.3 million. FHFA also reported HARP refinances accounted for 21 percent of total refinance volume in February.

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