Many Millennials wary of that first home purchase

Julie C. Nichols General

Las Vegas Review-Journal – Jennifer Robinson Andrew Baca looks at the world today and frets over what he sees. Federal debt grows at eyebrow-raising levels. Jobs are scarce. Economic instability reigns. A Web marketing business he launched as a UNLV undergraduate closed as the recession peeled away clients. Plus, Baca’s still wrangling down debt from finishing his master’s in informatics …

Bank Of America: Justice Department Intends To File Civil Charges Against Us

Julie C. Nichols General

Huffington Post – Associated Press Bank of America may be facing civil charges over mortgage backed securities and other mortgage-related matters. The bank said in a regulatory filing Thursday that the Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitizations. The SEC is also considering filing civil charges against …

Bill protecting service members from foreclosure gains traction

Julie C. Nichols General

HousingWire – Kerri Ann Panchuck The House Veterans Affairs Committee passed legislation designed to protect military members, disabled veterans and military spouses from wrongful foreclosures this week, Rep. Elijah Cummings, D-Md., reported. The committee’s acceptance of the bill merely sets the legislation up to reach the full House for a vote. The bill, which was added to the Military Home …

Case-Shiller Detects First Double-Digit Price Gain in 7 Years

Julie C. Nichols General

M Report – Krista Franks Brock In its first-quarter report, the CoreLogic Case-Shiller Home Price Indexes experienced a double-digit national price gain for the first time since the housing bubble that took place seven years ago. Prices increased an average of 10.2 percent from the first quarter of last year to the first quarter of this year across the 380 …

Fed recommits to current pace of MBS purchases

Julie C. Nichols General

HousingWire – Christina Mlynski The Federal Open Market Committee announced plans to stay the course on the Fed’s agency mortgage-backed securities purchase program. The FOMC stuck to its current pace of MBS acquisitions — $40 billion per month — and also recommitted to acquiring longer-term Treasury securities at a pace of $45 billion a month. "The committee expects that, with …

Survey Shows Buyers More Willing to Adopt Aggressive Tactics

Julie C. Nichols General

M Report – Esther Cho Low inventory coupled with rising mortgage rates and home prices are leading prospective buyers to consider using “aggressive” tactics such as overbidding to obtain a home, according to recent survey from Trulia. In order to secure the desired home, 25 percent of prospective buyers in the survey said they were willing to bid 1 to …

Tax Foundation: End of mortgage deduction equals 659,000 jobs lost

Julie C. Nichols General

HousingWire – Kerri Ann Panchuk The mortgage interest deduction remains the hot potato of tax reform and U.S. deficit debates. To cut it, or not to cut it, that is the question. If you accept new research that the Tax Foundation – a nonprofit that focuses on tax reform – released, the end of the MI deduction will stifle economic …

Home sales dip in June

Julie C. Nichols General

By Les Christie @CNNMoney Sales of existing homes stumbled in June after hitting a three and a half year high in May. The number of sales dipped 1.2% to an annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, according to the National Association of Realtors. However, sales were up 15.2% compared to June, …

Survey: Mortgage Rate Spike Changing Consumer Attitudes

Julie C. Nichols General

The M Report – Tory Barringer Responses to Fannie Mae’s latest National Housing Survey indicate potential homebuyers may enter the purchase market sooner rather than later. According to the GSE’s findings, 57 percent of respondents expect prices will continue to rise in the next 12 months—a survey high. The share of those expecting prices will fall stayed flat at 7 …

Mortgage rates poised to jolt up again

Julie C. Nichols General

MarketWatch – Capitol Report With the government reporting surprisingly good jobs news on Friday, the 10-year Treasury yield posted a large jump, signaling that mortgage rates may see yet another jolt higher in coming days. The 10-year Treasury yield rose almost one-quarter of a percentage point to 2.74% on Friday. The last time there was a similar-sized jump up was …