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Mortgage Rates Stabilize, with 30-Year Unchanged from Prior Week

Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 4.40 percent (0.7 point) for the week ending August 15, flat from last week. Last year at this time, the 30-year FRM averaged 3.62 percent. The 15-year FRM this week averaged 3.44 percent (0.6 point), up very slightly from 3.43 percent in the last survey. Bankrate.com also reported slight movements in average fixed rates.

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Cost of Renting, Owning Unaffordable for Many Workers Across the U.S.

With the home price recovery moving along faster than income growth, many workers across the country are finding hard work is not enough to pay the bills, according to the 2013 Paycheck to Paycheck report from the Center for Housing Policy (CHP). After exploring housing affordability for mid-career professionals in travel and tourism, the report found only flight attendants could afford rent for a two-bedroom unit at fair market value in the 207 metros examined. On the other hand, housekeepers and wait staff could not afford a two-bedroom unit in any of the 207 metros.

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August Builder Confidence Up; Reaches Record High in Midwest

The National Association of Home Builders' Housing Market Index (HMI)--a measure of builder confidence--increased again in August, climbing three points to 59, its highest reading since November 2005, the group reported Thursday. The index has improved 15 points (34 percent) in the last three months. At the same time, the index reading for the Midwest rose to a record high (64), and the reading for the South hit the highest level (56) since April 2006. While NAHB's national survey began in January 1985, the regional readings began in December 2004.

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First-Time Jobless Claims at Pre-Recession Levels

First-time claims for unemployment insurance for the week ending August 10 fell to the lowest level since January 2008, the Labor Department reported Thursday. The department said there were 320,000 new claims for unemployment insurance, a drop of 15,000 from the previous week. Economists expected the number of claims to drop to 330,000 from the 333,000 originally reported for the week ending August 3. The number of filings for that week was revised to 335,000.

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Foreclosures Filings Rise in July Following 78-Month Low

Foreclosure filings increased 2 percent in July, rising from a reported 78-month low in June, according to RealtyTrac's latest U.S. Foreclosure Market Report. The worst foreclosure rates continue to take place in judicial states, according to the report. In fact, six of the top 10 foreclosure rates took place in judicial states in July, RealtyTrac found. Blomquist also pointed out that July's foreclosure filings are 64 percent below the peak reached in March 2010 but 54 percent above the historical average prior to the housing crisis.

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Demand Continues to Cool in July

According to Redfin's Real-Time Demand Pulse for August (using July data), the brokerage's agents continue to report declines in both the number of customers touring homes and the number of signed offers. Both metrics have been on a downward slope since peaking in April. ""Although there are finally more homes for sale to satisfy pent-up demand after months of historically low inventory, buyers are not responding,"" said data analyst Tommy Unger, who attributed the decline to buyer fatigue following a cutthroat spring season.

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Housing Affordability Drops to 4-Year Low as Rates, Prices Rise

Having been historically high for the past few years, affordability dipped somewhat in the second quarter of this year, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity index. Increasing prices and mortgage rates ""contributed to affordability slipping to the lowest level in four years,"" said David Crowe, chief economist at NAHB. Affordability fell from 73.7 percent in this year's first quarter to 69.3 percent--meaning 69.3 percent of Americans earning the national median income could afford a home sold during the quarter.

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Household, Mortgage Debt Decrease in Q2

Mortgage debt decreased with overall household debt in the second quarter, the Federal Reserve Bank of New York reported Wednesday. Mortgage balances stood at $7.84 trillion in the second quarter, down by $91 billion from the first quarter. The New York Fed report explained the decrease was partly ""due to reporting gaps associated with the servicing transfer of a higher-than-usual number of loans."" Overall consumer debt continued to fall, ending at $11.15 trillion in the second quarter, down by $78 billion, or 0.7 percent, compared to the first quarter.

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Loan Mods Up from Year Ago in Q2; Foreclosure Starts Plummet

Although the pace of loan modification activity slowed from the first to the second quarter this year, foreclosure starts saw an even greater quarterly decline, according to data from HOPE NOW. In the second quarter, servicers provided 204,000 loan modifications to distressed borrowers, down by about 16 percent from the prior quarter. However, loan modifications were still up 13 percent from a year ago. Meanwhile, foreclosures starts were down 30 percent compared to the first quarter and down 38 percent from last year.

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Inventory Declining at a Slower Pace

The pace of inventory declines appears to be slowing, which may in turn slow price appreciation in some markets, according to Realtor.com. ""Dramatic national year-over-year inventory declines have evaporated,"" Realtor.com said in its National Housing Trend Report released Tuesday. National housing inventory declined 5.24 percent year-over-year in July, which is a slowdown from the 16.47 percent year-over-year decline reported in January. At the same time, the number of markets with declining inventory year-over-year decreased to 118 in July, down from 125 markets in June.

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