News

A notable drop in gross domestic product (GDP) in the first quarter—the largest decline since 2009, according to the Bureau of Economic Analysis—did not appear to shake consumer confidence, according to the June Survey of Consumers from Thomson Reuters and the University of Michigan. While GDP fell 2.9 percent in the first quarter, the June sentiment survey actually showed slight improvement over the month with a gain of 0.7 percent.

Massachusetts single family home sales decreased for the fourth straight month continuing the recent downward trend for the Bay State, according to a report released this week by the Warren Group. Still, there is reason to be optimistic about the market's future prospects in the state, says CEO Timothy M. Warren Jr.

A new survey from the National Association of Realtors found that Realtors spent more than on technology in 2013 than they had in previous years. The survey found that technology that allows work to be done while on the move generated the most interest among Realtors, including smartphones and tablets.

As the U.S. economy continues to improve, the challenges facing the banking industry gradually shift from recovery to risk management in an effort to avoid the pitfalls that contributed to the financial crisis, the Office of the Comptroller of Currency (OCC) said in its Semiannual Risk Perspective for Spring 2014. OCC warned that banks' boards of directors and senior managers should monitor heightened exceptions to traditional underwriting standards.

In its latest barometer report, Trulia says new construction starts, existing-home sales and delinquency and foreclosure rates have all come closer to normalizing over the last quarter. One factor still hampering the recovery, however, is the unemployment rate among Millennials—a key group for household formation and first-time homeownership.

Freddie Mac's weekly Primary Mortgage Market Survey, released Thursday, shows the average rate for a 30-year fixed-rate mortgage (FRM) falling to 4.14 percent (0.5 point) for the week ending June 26, a continued slide from 4.17 percent last week .The declines follow Wednesday's report on gross domestic product in the first quarter, which surprised most analysts with news of a worse than expected contraction in the nation's economy.

A new report from the inspector general for the Federal Housing Finance Agency (FHFA) urges the agency to "assess the merits of litigation" in dealing with servicers and providers accused of abusing lender-placed insurance practices. In 2012, lender-placed insurance issues cost Fannie Mae and Freddie Mac a combined $360 million, the report says.

The latest economic forecast from Fannie Mae shows that the underwhelming performance of the economy in the first three months of the year and a shrinking GDP have significantly dulled the optimism economists once had for the overall 2014 economy. Fannie stated that the rough U.S. first quarter has caused its Economic & Strategic Research Group to reduce 2014 economic growth expectations.

The Mortgage Bankers Association (MBA) announced Thursday the appointment of Peter Carroll to the board of directors of the Mortgage Industry Standards Maintenance Organization (MISMO).

On Wednesday, Freddie Mac released its monthly Multi-Indicator Market Index (MiMi) showing mixed signals for the U.S. housing market, with most markets struggling to improve at a pace faster than a slow crawl. Despite declining mortgage delinquencies, improving local employment, house price gains, and attractive mortgage rates, most housing markets remain weak due to weak home purchase mortgage applications.