Origination

State regulators shuttered a bank in Georgia this weekend, raising the bar to 39 for bank failures nationally this year. Jasper-based Jasper Banking Company fell dark with about $216.7 million in total assets and $213.1 million in total deposits. Stearns Bank National Association swooped in to sign a purchase-and-assumption agreement with the FDIC, as well as a loss-share transaction on $106 million of the assets. The acquirer assumed essentially all of the assets and deposits, along with three branches, which reopened under new management on Saturday.

Following the recent month├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós change in the national Pending Home Sales Index from the National Association of Realtors, pending home sales declined month-over-month in June in Miami-Dade County, but went up year-over-year. While the national index moved down 1.4 percent from May to June, Miami's pending home sales declined 13 percent, according to the association and Miami├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Multiple Listing Services system. Miami├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós change in pending sales year-over-year was also more exaggerated than the change reported in the national index.

The chairman and CEO of ION Financial, Inc., John D. Koch, has a new title to boast about, having been named to the advisory board of LTVtrade. The company announced Koch's appointment in preparation for the upcoming launch of a new trading initiative for LTVtrade Marketplace.

Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firm citing a 10 percent decline in foreign interest for the U.S. housing market. Releasing its International House Hunter Report Thursday, Trulia found that asking prices rose 0.3 percent year-over-year, nixing helpful influence from still-falling home prices. The housing bust attracted a number of foreign and cash buyers interested in low prices and the safe haven of U.S. real estate investment, according to Trulia.

As global investor activity picked up in the second quarter, a number of U.S. cities saw more than half a billion dollars each in foreign real estate investment. Jones Lang LaSalle revealed in its most recent Global Capital Flows Report that global transactional volumes rose to $108 billion in Q2 2012, up 24 percent from a worrying dip in activity in Q1. The Americas posted the most activity, contributing $47 billion to the second quarter's overall total. Activity levels in Q2 still fell 1 percent from the same period in 2011.

The nation's homeownership rate rose to 65.5 percent in the second quarter, according to the Census Bureau. The rate for the first quarter, however, was revised downward from the originally reported 65.5 percent to 65.4 percent, the lowest since Q1 1997 when the rate was also 65.4 percent. The Census Bureau also reported the number of housing units for sale fell to 1,595,000 in the second quarter, a drop of 364,000 from a year earlier. Over the same period, the number of housing units held off the market increased 265,000 to 7,612,000.

Lingering worries about the European debt crisis continue to drive investors to U.S. government bonds, sending fixed mortgage rates down to another record low. According to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 3.49 percent (0.7 point) for the week ending July 26, down from 3.53 percent the previous week. At the same time in 2011, the 30-year FRM averaged 4.55 percent. Adjustable rate mortgages actually saw a small boost, with the 5-year ARM averaging 2.74 percent (0.6 point), an increase from 2.69 percent the previous week.

First time claims for unemployment insurance fell 35,000 for the week ended July 21 to 353,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 380,000 initial claims. The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total was revised up to 388,000 from the originally reported 386,000. The surprisingly strong report came just two weeks after initial claims had plunged to a four-year low ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 352,000 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reflecting seasonal adjustments to account for annual auto industry furloughs as car makers retool for a new model year.

The Aloha State recently passed three new bills related to mortgage servicing and mortgage origination. All three went into effect at the beginning of this month. The first requires the Office of Consumer Protection to educate consumers regarding fraud schemes aimed at homeowners facing foreclosure. The second offers adjustments to loan originator registration fees and amends Hawaii's Secure and Fair Enforcement for Mortgage Licensing Act to comply with a host of recent changes to federal law.

New home sales fell to 350,000, setting a five-month low in June, the Census Bureau and HUD reported jointly Wednesday. Economists had expected sales to inch up slightly from the preliminary sales report in May. May sales were revised up to 382,000 from the originally reported 369,000. Both the average and median price of a new home fell in June from May. The median price was also down from June 2011 while the average price was up slightly. The average price of a new home fell in June to $273,900.