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Fifth Third to Pay $1.52M in Discrimination Settlement

Fifth Third Bancorp has reached a settlement agreement with the Justice Department in which it will pay more than $1.5 million over allegations of loan discrimination against applicants with disability status. "Today's announcement holds lending institutions accountable for their actions, and is a reminder that every American has the right to apply for a home loan and live in the community of their choice," said Gustavo Velasquez at HUD.

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Housing Metrics at 89% of Last ‘Normal’ Levels

Of the nearly 350 metro markets survey in the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI), the group reports 56 have returned to or exceeded their previous normal levels of economic and housing activity based on housing permits, home prices, and employment. While unchanged from NAHB's June survey, the latest index reflects a yearly increase of seven markets.

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Recalibrated Credit Model Expected to Raise Scores

The company responsible for one of the most widely used measures of credit health is making changes to its current model that could boost credit scores nationwide. While the changes may have a significant impact on approval rates for credit cards and auto loans, the effects will be more subtle for borrowers and lenders in the mortgage space, says Greg McBride, chief financial analyst for personal finance website Bankrate.com.

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Economists Rein in Housing Outlook

A slower than anticipated first half has killed off any enthusiasm economists had for housing at the start of 2014, a survey published by the Wall Street Journal finds. In the Journal's latest monthly survey, a panel of economic experts called for new housing starts to average a seasonally adjusted annual rate of 1.01 million this year, a 9 percent decline from their prediction at the beginning of the year.

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Job Growth More Responsible Than ‘Rebound Effect’ for Home Price Gains

The highest home price gains for July 2014 were in the Midwest and South, and those gains are more likely a result of job growth as opposed to other market influences, according to the Trulia Price Monitor. Average month-over-month gains for the top 100 U.S. markets were 0.8 percent for July after a 1.2 percent increase for June, the company reported.

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Home Affordability Below Average in 34% of U.S. Counties

As the U.S housing market climbs back to healthy, a third of it is less affordable now than it's been all century, according to RealtyTrac. The firm's latest housing affordability report, released Thursday, found that 34 percent of the 1,200 U.S. counties it surveyed are at their least affordable, on average, since 2000.

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Housing, Economic Sentiments Turn Sour

In its latest National Housing Survey, Fannie Mae found housing sentiment among U.S. consumers was down in July compared to recent months, with fewer expecting continued growth. According to the findings, only 42 percent of Americans surveyed said they expect home prices to keep rising over the next year, continuing a downward trend that started in April.

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Mortgage Rates Remain Stuck

Nearly three months after first settling into the 4.10 percent to 4.20 percent range, long-term fixed mortgage rates continue to show little movement. According to Freddie Mac's weekly Primary Mortgage Market Survey, the 30-year fixed mortgage rate this week came to an average 4.14 percent (0.7 point), up slightly from 4.12 percent in the last survey.

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