Mark Zandi expects sales of new and existing homes to grow from between 5.5 million and 6 million this year to between 6 million and 6.5 million next year, and hit about 7 million in 2012. According to the IPD Quarterly Property Index, returns on commercial real estate investments reached 1.2% in Q110. Trulia reports real estate sellers made at least one price reduction on 22% of listings currently on the market in the US through April.
The MBA reports mortgage loan application volume decreased 2.9 percent last week. The House Financial Services Committee approved a bill to increase capital reserves in the Federal Housing Administration (FHA) and reduce risks to its insurance fund.Republicans voted against the Restoring American Financial Stability Act of 2010. New HUD regulations require all new lender applicants must hold at least $1 million.