While summer temperatures are now consistently rising into the triple digits in many parts of the country, bidding wars for homes continue to cool, Redfin said in its Real-Time Bidding Wars report for June. Nationally, the percentage of offers written by Redfin agents that faced multiple bids fell for the third straight month to 68.6 percent, down from 69.5 percent in May and 75.7 percent in March. Redfin analyst Ellen Haberle attributed the continued decline to rising mortgage interest rates and an easing in the inventory crunch.
Read More »CohnReznick Welcomes New National Director of Governmental Affairs
Robert C. Moss has joined CohnReznick LLP, the 11th largest audit, tax, and advisory firm in the United States, as principal and national director of governmental affairs.
Read More »Mortgage Rates Resume Climb Following June Jobs Report
Mortgage rates continued to trend higher last week following last week's release of the June employment report.
Read More »Initial Jobless Claims Up to Two-Month High
First time claims for unemployment insurance jumped a surprising 16,000 to 360,000, for week ended July 6, the highest level since mid-May, the Labor Department Thursday. Economists expected the number of claims to drop to 337,000 from the 343,000 originally reported for the week ended June 29.
Read More »Agencies Propose More Exemptions for Appraisal Rules
In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."
Read More »FrontDoor Communities Acquires 158 Acres in Atlanta
FrontDoor Communities announced it has closed on 158 acres in Atlanta in what is the city's largest residential land acquisition in the last seven years.
Read More »Survey Puts Spotlight on Needs of Millenial Homebuyers
The National Association of Realtors (NAR) took a look at Generation Y's browsing and purchasing habits to determine how their presence will affect the industry.
Read More »Industry Veteran Joins LPS as SVP of Product Management
In Florida, Lender Processing Services, Inc. (LPS), announced that Vicki Vidal has joined the company as SVP of product management for its Servicing Solutions and Technology division.
Read More »Mortgage Application Volume Continues to Sink
The Mortgage Bankers Association (MBA) reported another weekly drop in applications to start July.
Read More »Affordable Housing Group Files Suit Against FHFA
The Federal Housing Finance Agency (FHFA) is facing a lawsuit from a housing group for allegedly failing to uphold the GSEs' obligations to make contributions to a housing trust fund. The National Low Income Housing Coalition announced the suit Tuesday. According to the group, Fannie Mae and Freddie Mac have not met their requirements to pay into the National Housing Trust Fund. Law requires the enterprises to transfer a portion of the value of their new business into the fund, though it was suspended in 2008.
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