U.S. Home Prices Rose 0.3% in April, FHFA Says
First-Time Buyers Drive U.S. Home Sales to Best Since 2009
Concerns lurk beneath the good news in May existing-home sales
Jumbo reverse mortgage a hit with high-value homeowners
California Median Home Prices and Sales Retreat in May
Millennials getting more positive about homebuying
Supreme Court upholds disparate impact
Today’s News Synopsis:
In The News:
“Former Federal Deposit Insurance Corp. chair Sheila Bair has announced as the keynote speaker for the Third Annual Women in Housing Leadership Forum at the 12th Annual Five Star Conference and Expo on September 18 in Dallas, according to an announcement from the Five Star Institute.”
Housing Wire- “Hurdles remain for disparate impact claims in housing despite SCOTUS ruling” (6-26-15)
“On Thursday the Supreme Court ruled in a contentious and qualified opinion that the legal doctrine of “disparate impact” is cognizable under the Fair Housing Act, but a closer look at the ruling shows it may not be as perilous for the mortgage industry as initially thought.”
Mortgage Professional America - “Organization makes plea that will benefit originators” (6-26-15)
“The U.S. Conference of Mayors is urging the U.S Department of Housing and Urban Development, Fannie Mae and Freddie Mac to sell non-performing mortgage loans to non-profit organizations instead of Wall Street investors”
Bloomberg - “BofAML: These Asset Classes Are Most at Risk When Interest Rates Rise” (6-26-15)
“As we enter the second half of the year, more and more investors are talking about when the Federal Reserve will first increase its benchmark interest rate. A number of FOMC members have continued to speak out on a liftoff sometime this year, so it’s no wonder that investors and analysts are thinking about which asset classes are the most exposed to the loss of zero interest rate policies, or ‘Zirp’.”
Housing Wire- “Digging deeper: May new home sales increase has weak foundation” (6-26-15)
“Sales of new single-family houses in May 2015 came in Monday at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April. And looking at the report on an annual basis, May new home sales were a staggering 19.5% above the May 2014 estimate of 457,000, with huge gains in the Northeast region markets.”
“J.K. Huey, SVP of asset management and preservation with Wells Fargo Home Mortgage, has been appointed the chairperson of the Five Star Institute National Mortgage Servicing Association (NMSA), according to an announcement from Five Star.”
Mortgage Professional America - “Millennials more optimistic about home buying” (6-26-15)
“U.S. millennials are becoming more optimistic about home ownership and may gain market share in the latter half of the year, according to new data from realtor.com.”
DS News - “HUD Appropriations Bill Passes in Senate Committee” (6-26-15)
“The U.S. Senate Committee on Appropriations recently approved the FY2016 Transportation, HUD (THUD), and related agencies Appropriations Bill. The major goals of the bill are to increase the efficiency and affordability of federal housing programs and provide funding for transportation and infrastructure priorities, working within the guidelines of the Budget Control Act. The bill was approved on a 20-10 vote.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Mortgage rates decreased again and were at levels below 2014. 30-year rates stood at 4.14%, and 15-year rates were at 3.22%. The number of foreclosures completed was only half of what it was before according to a recent report by the Office of the Comptroller of the Currency. 90,852 foreclosures were completed in the first quarter, down 50% for the quarter and 33.9% year-over-year. Recent date from Trulia showed there was not expected to not be another housing bubble anytime soon due to an increasing number of undervalued homes.
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