Once again, data compiled in the Obama administration's Housing Scorecard pointed to both signs of promise and reasons for concern. One positive indicator for housing was the 7.4 percent rise in home equity to $457.1 billion in the first quarter of 2012. On the downside, the impact of serious delinquencies and underwater mortgages continues to strain the housing market. One popular administration program for underwater borrowers is the Home Affordable Refinance Program (HARP). So far, HUD Acting Assistant Secretary Erika Poethig said almost half a million families have taken advantage of the program, and refinanced families save an average of $2,500 per year.

While still in positive territory, June marked another month of feeble gains in employment with the addition of 80,000 jobs. This was followed by 77,000 jobs added in May and 68,000 in April. While the second quarter gains look bleak in comparison to first quarter growth, Capital Economics said June's employment report doesn't mean the recovery has come to a complete halt - it has just lost momentum.

Fitch Ratings released a note Thursday stating that Fannie Mae and Freddie Mac won't be slowing down on repurchase requests and focus seems to be shifting from the largest institutions to midtier regional banks.

The Kansas Court of Appeals ruled in favor of U.S. Bank and rejected an appeal of wrongful foreclosure by a borrower, MERSCORP Holdings, Inc. announced in June.

Out of 11 categories of loan types, only home equity lines of credit (HELOC) rose, according to a report from the American Bankers Association (ABA). The report showed that for the first quarter of 2012, the delinquency rate for open-end home equity lines of credit rose from 1.69 percent to 1.78 percent. Open-end loans are those with a fixed amount of available credit but a balance that changes based on usage. ABA Chief Economist James Chessen attributed the increase to the painful adjustment still underway in the housing sector.

In a report released by the OCC Thursday, the banking industry's levels of capital and allowance for loan losses were described as robust and of higher quality, but banks of all sizes are still facing specific risks as they adjust to aftershocks following the financial crises. The main risks the OCC said banks are facing include the effects of a weak housing market, revenue challenges related to slow economic growth and market volatility, and the potential that banks may take excessive risks to improve profitability.

Field Asset Services (FAS) has decided to transition out of a large property services agreement with a government sponsored entity (GSE), FirstService Corporation announced in a release Thursday.

After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures.

The search for a new low is still on as fixed-rates continue to break record-lows week after week. According to Freddie Mac's survey, fixed rates fell again following reports showing a slowdown in consumer spending and the manufacturing industry. The 30-year fixed-rate mortgage fell to 3.62 percent (0.8 point) for the week ending July 5. Last week, it averaged 3.66 percent. The 15-year fixed-rate dropped down to 2.89 percent (0.7 point) from last week's 2.94 percent.

Radian Guaranty Inc. announced two new appointments as part of an effort to create additional support for credit union and community bank customers.