Secondary Market

Zillow's Home Value Index climbed to $162,100 in August, up 0.4 percent month-over-month and 6.6 percent annually--the largest yearly gain since July 2006, when values rose 7.9 percent. "August marked the end of one of the hottest summer home shopping seasons in years, as home value appreciation rates continued their rocket ride upward--perhaps dangerously so in some metro areas," said Zillow chief economist Stan Humphries, noting that the monthly pace of appreciation has started to moderate.

The Mortgage Bankers Association (MBA) has appointed Harry Gardner to the board of directors for the Mortgage Industry Standards Maintenance Organization (MISMO), the trade group announced.

Home prices rose in July by less than 2 percent for the first time since March but still reached their highest level since August 2008, according to the Case-Shiller Home Price Indices released Tuesday. All 20 cities included in the survey improved both month-to-month and year-to-year. The two surveys have improved both monthly and yearly for 14 consecutive months.

Originators and servicers are going to have to step up their documentation procedures as regulatory guidelines dovetail, financial services firm PwC says in a new white paper. "The age-old question asks: if a tree falls in the forest and no one hears it, does it make a sound? A modern version to that question might be: if a lender in fact determines a borrower's ability to repay, or originates a Qualified Mortgage (QM), but cannot evidence it, has the lender complied with the Ability-to-Pay (ATR) or QM standards?" PwC asks.

The Appraisal Institute announced the 14th edition of The Appraisal of Real Estate, the newest update to the profession's most comprehensive source of information for appraisers and other real estate professionals.

Entitle Direct Group, Inc. (EDG), the parent company of EnTitle Insurance Company, announced the appointment of John Sheffield as its new CFO and corporate secretary.

Home price increases slowed on a monthly basis in July as more markets approach their pre-crash peaks, Lender Processing Services (LPS) reported in its monthly Home Price Index (HPI) report. Nationally, LPS' index was up to $231,000 in July, a 0.6 percent gain over June. Compared to last year, July's index was up 8.7 percent. Meanwhile, several of the largest metros across the United States--including many of Texas' bigger cities--continue to outperform their pre-recession highs.

Home sales and prices both improved year-over-year for the 19th straight month in August, according to multiple listing service (MLS) data from RE/MAX.

In a blog for the company, Trulia chief economist Jed Kolko posits his own theory for why new construction is moving so slowly.

Sen. Mark R. Warner (D-Virginia) is seeing tremendous momentum toward GSE reform in Congress, he said during a discussion with Zillow chief economist Stan Humphries this week. He also expressed his optimism that the Housing Reform and Taxpayer Protection Act of 2013--a bill he helped co-sponsor--"actually has a chance" of passing. Fellow co-sponsor Sen. Bob Corker (R-Tennessee), who was also part of the discussion with Humphries, expressed similar sentiment, saying the bill is "gaining momentum."