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The MReport Webcast: Tuesday 8/12/2014

A new survey shows consumers' home price predictions for the year ahead slipped slightly further in July, with opinions divided along regional lines. Over the next 12 months, Americans expect median home prices to rise 3.87 percent, according to the latest data from the Federal Reserve Bank of New York. That figure is down slightly from the New York Fed's June survey, marking the second consecutive month of declining price change expectations. The decline is in line with Fannie Mae's most recent National Housing Survey, which showed a decline in expected price growth to a consensus 2.3 percent.

Hopes rose most for the Northeast, where the expected median price change jumped from 3-point-61 percent over the next year to 4.44 percent. Forecasts also picked up slightly for the South, climbing from 3.78 percent in June to 3.84 percent in July. The next 12 months are expected to be less bright for the West and Midwest, where median price change expectations dropped to 4.85 percent and 3.09 percent, respectively.

Less than two years after being confirmed as the head of the Federal Housing Administration, Commissioner Carol Galante is making plans to step down from her post. In a message sent to her staff Monday morning, Galante revealed that she intends to depart from HUD by the end of this year, after which she will assume a distinguished professorship at the University of California, Berkeley. The announcement is expected to come later this week. Before leaving, the commissioner said she plans to continue focusing on FHA's recently announced Homeowners Armed With Knowledge initiative, which aims to increase credit availability to first-time homebuyers by offering reduced premiums to those who participate in buyer education programs.

About Author: Jordan Funderburk

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