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New Homes Hit Record Median Price in April, Sales Rise

Home Price Gains Triple Inflation, but Not Without Distressed...

FHFA Watchdog Sends Milestone Report to Congress

House Rejects CFPB Testimony on Qualified Mortgage Rule

Distressed Sales Fall Under 25 Percent in California

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Record New Home Prices; Fast Appreciation Not So Fast Without Distressed Sales; Mortgage Rates EVEN Higher

Published: 5/23/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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New Homes Hit Record Median Price in April, Sales Rise

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by Jann Swanson on May 23 2013, 11:30 AM

New home sales rose 2.3 percent on a seasonally adjusted basis in April to an annual rate of 454,000 units . The Census Bureau and the Department of Housing and Urban Development also revised the March estimate of new home sales dramatically upward from...
Home Price Gains Triple Inflation, but Not Without Distressed Sales

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by Jann Swanson on May 23 2013, 10:46 AM

As has every other price-related report, the one issued by the Federal Housing Finance Agency (FHFA) today confirmed the upward momentum of home prices in the first quarter of 2013. FHFA's Home Price Index (HPI) rose 1.9 percent, the seventh consecutive...
FHFA Watchdog Sends Milestone Report to Congress

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by Jann Swanson on May 22 2013, 1:15 PM

The fifth Semiannual Report from the Office of Inspector General ( OIG ) of the Federal Housing Finance Agency ( FHFA ) was released to Congress today. The report, prepared under the direction of Steve A. Linick, Inspector General, catalogues the audit...
House Rejects CFPB Testimony on Qualified Mortgage Rule

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by Jann Swanson on May 22 2013, 7:32 AM

Members of a House Financial Services subcommittee issued a press release Tuesday afternoon which essentially dismissed testimony heard earlier in the day from two officials of the Consumer Financial Protection Bureau (CFPB) regarding the impact efficacy...
Distressed Sales Fall Under 25 Percent in California

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by Jann Swanson on May 22 2013, 3:04 PM

In April 2012 distressed properties accounted for 45.8 percent of home sales in California the states Association of Realtors® said Wednesday, but last month that share dropped to 24.4 percent and was down 3.5 points compared to March. There was of...
Despite Tight Credit and Inventories, Existing Home Sales and Prices Continue Recovery

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by Jann Swanson on May 22 2013, 12:24 PM

Existing home sales remain constrained by limited inventory and tight credit but still managed to eke out a small increase in April the National Association of Realtors® (NAR) said today. Total existing home sales rose 0.6 percent to a seasonally...
Substantial Decline in Foreclosure Inventory Noted in LPS Report

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by Jann Swanson on May 22 2013, 11:17 AM

Lender Processing Services (LPS) has provided its regular advanced release of data from its Mortgage Monitor . This " first look " at April 2013 month-end mortgage performance data will be followed by the full report in early June. LPS reports that the...
Mortgage Applications Fall Sharply as Rates Rise

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by Jann Swanson on May 22 2013, 8:21 AM

A big drop in applications for refinancing dragged the Mortgage Bankers Associations Market Composite Index, a measure of mortgage applications volume , lower during the week ended May 17. The index was down 9.8 percent on a seasonally adjusted basis...
Most Real Estate Investors in CA Plan on Selling Inside 6 Years

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by Jann Swanson on May 21 2013, 12:10 PM

Recognizing that real estate investors have played a key role in the state's housing market recovery, the California Association of Realtors® (C.A.R.) recently surveyed its members about their interactions with investor customers and have developed...
MBA Highlights Opportunity For Private Capital Risk-Sharing With GSEs

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by Jann Swanson on May 20 2013, 2:23 PM

Maintaining that the conservatorships of Fannie Mae and Freddie Mac (the GSEs) have caused government involvement in the mortgage market to balloon to unhealthy proportions , the Mortgage Bankers Association (MBA) Monday released the second in a planned...
Fannie Forecast Serves up Feast for Housing Recovery Bulls

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by Jann Swanson on May 20 2013, 12:13 PM

Fannie Mae's economic and strategic research team today called the housing recovery "undeterred" after it contributed 0.3 percentages points to economic growth in the first quarter. Doug Duncan, Orawin T. Velz, and Brian Hughes-Cromwick said this was...
Delinquencies to Decrease Slightly, Price Appreciation Sustainable -FICO Survey

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by Jann Swanson on May 20 2013, 10:27 AM

Most risk professionals who participated in a recent survey believe the status quo is going to prevail when it comes to loan delinquencies over the next six months. In survey conducted in the first quarter by FICO and the Professional Risk Managers Association...
Consumer Mortgage Choice Act Under Fire From CRL

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by Jann Swanson on May 17 2013, 4:56 PM

The Center for Responsible Lending (CRL) has released a brief issues paper voicing objections to HR 1077 , The Consumer Mortgage Choice Act. The bill currently sits in the House Financial Services Committee of which its sponsor Representative Bill Huizenga...
Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

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by Jann Swanson on May 16 2013, 4:23 PM

Lawrence Yun, chief economist for the National Association of Realtors® (NAR) said Thursday it might be time to " dial down the credit stringency ." If the credit scores required for a mortgage returned to the more normal levels of about 720 for conventional...
Kickback Accusations Resolved by CFPB Consent Filing

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by Jann Swanson on May 17 2013, 2:26 PM

A Texas homebuilder will surrender more than $100,000 to the Consumer Finance Protection Agency under a consent order filed on Friday. Paul Taylor, a principal of Paul Taylor Homes Unlimited and Paul Taylor Corporation was accused of receiving kickbacks...

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