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

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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

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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

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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

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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

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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

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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

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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 …

Underwater Loans Down by Half in First Quarter

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The M Report – Tory Barringer The number of underwater borrowers dropped by nearly half from Q1 2012 to Q1 2013, Lender Processing Services (LPS) reported in its May Mortgage Monitor. According to the monthly report, the number of loans in negative equity was an estimated 7.3 million in the first quarter of 2013, down 47 percent from the approximately …

Citi, Fannie Mae Announce $968M Repurchase Agreement

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The M Report – Tory Barringer Citigroup and Fannie Mae announced Monday an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012. According to release from Citi, the agreement covers 3.7 million residential first mortgage loans sold to Fannie Mae. Citi is not released from liability regarding servicing …

Hot Texas markets draw homebuilders

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HousingWire – Megan Hopkins It seems the Dallas-Fort Worth area housing market is luring many national homebuilders to the area. At least that’s what Phil Crone, executive officer at the Dallas Builders Association, claimed Monday. "Obviously home builders are going to flock to where the population growth and, more specifically, job growth is," Crone said. "And the job growth is …