Realtor.com released its list of the second quarter's top "turnaround towns" in terms of market recovery, and California once again dominated the list. More notable, however, was the presence of Detroit, which--despite its recent bankruptcy--showed a strong performance. In fact, Detroit may soon be "one of the most balanced markets in the nation," according to Steve Berkowitz, CEO of Move, an online real estate network. The Motor City claimed the No. 7 spot after its inventory age fell to 45 days.
Read More »Study: Americans Still Positive on Homeownership Following Crisis
Even after witnessing the aftermath of the housing collapse and the crisis that followed, Americans still hold positive perceptions of ownership, according to a research study from Harvard's Joint Center for Housing Studies. Despite these initial findings, the Center says more research is necessary to determine both the perceived and actual non-financial benefits of homeownership after the housing crisis--especially given the government's commitment to homeownership for American families.
Read More »FDIC Announces Collapse of Wisconsin Bank
The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.
Read More »Carrington Names New SVP, National Sales Director
The Wholesale Lending Division of Carrington Mortgage Services, LLC announced the appointment of industry veteran Rey Maninang to SVP and national sales director for the company's wholesale channel.
Read More »Builders Continue to Gain Confidence in 55+ Market
NAHB's 55+ Housing Market Index (HMI)--a measure of builder confidence in that particular market sector--increased 24 points over the same period last year.
Read More »Second Quarter Sees Prices Rising in 87% of Metros
The national median home price showed its strongest year-over-year gain in more than seven years last quarter, according to the latest quarterly report from the National Association of Realtors (NAR). NAR's data shows the median price of an existing single-family home increased 12.2 percent year-over-year to $203,500--the largest improvement since Q4 2005. Prices were boosted by shrinking market share of lower-priced homes and distressed sales (which accounted for 17 percent of last quarter's sales).
Read More »FHFA Seeks Input on Reducing GSE Multifamily Presence
The Federal Housing Finance Agency (FHFA) put out a release asking for public input on strategies for scaling back the GSEs' presence in the multifamily housing finance market in 2014.
Read More »Economists Revise Home Value Forecasts
Home values are on track to reach more than $167,000 by the end of 2013, according to economists and real estate experts surveyed by Zillow and Pulsenomics. According to Zillow, respondents predicted median home values will rise to $167,490 by the end of this year, a gain of 6.7 percent over 2012. The forecast is a significant jump from the 5.4 percent annual increase expected in the last quarterly survey. Based on current expectations, panelists on average predicted home values could approach new record highs by 2017.
Read More »Commentary: Solving the Wrong Problem
"GSE reform," according to White House propaganda, will end "an era of housing bubble and taxpayer bailouts." Obama's about the bubbles and bailouts, but wrong to blame Fannie and Freddie.
Read More »Former PNC Mortgage President Elected to Freddie Mac Board
Saiyid T. Naqvi, former PNC Mortgage president and CEO, has been elected as a director on Freddie Mac's board, the company announced.
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