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Tech Industry Drives San Francisco Economy, Housing Market

A booming tech sector and overall job and income growth have helped fuel a real estate boom in San Francisco, according to a recent special commentary from the Wells Fargo Economics Group. The group found that the city's perennially tight housing market has gotten even tighter, pushing rents and home prices up.

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Home Price Growth Slows in Q1

Real Estate Market

According to the latest quarterly report by the National Association of Realtors (NAR), year-over-year home price growth continued in most metros, albeit at a slightly lessened pace. The median existing single-family home price increased in 74 percent of measured markets.

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Mortgage Risk Jumps from Increased FHA Loan Volume

The American Enterprise Institute (AEI) put out on Monday a "flash release" of its National Mortgage Risk Index (NMRI), a measure of the likelihood of purchase loan defaults under stressful economic conditions. According to the group, the index climbed last month to 11.89, indicating nearly 12 percent of loans would be at risk of default in the event of another downturn.

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GSE Quarterly Report Card Positive

The Federal Housing Finance Agency (FHFA) released its Quarterly Performance Report of Fannie Mae, Freddie Mac, as well as the Federal Home Loan Bank System. Overall, the performance report was good, noting increases in Fannie and Freddie earnings, as well as substantial advances by the Federal Home Loan Bank System.

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HUD: Housing Improves; Still Needs Further Recovery

The U.S. Department of Housing and Urban Development (HUD) released its April 2014 Housing Scorecard, noting that home prices remained stable, foreclosure completions continued to their lowest levels since mid-2007, existing home sales stabilized, new home sales slowed, and the administration's foreclosure mitigation efforts continued to provide relief for troubled homeowners.

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Fannie/Freddie Reform Bill Stalls in Senate

A recently unveiled plan to phase out Fannie Mae and Freddie Mac and overhaul the secondary mortgage market may have hit a snag in the Senate. Six key senators reportedly decided not to give their support to the bill unless they’re able to make major changes during markup.

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Yearly Asking Price Gains Slow Despite Solid Monthly, Quarterly Gains

Nationally, asking prices rose 0.8 percent month-over-month in March and 2.8 percent quarter-over-quarter in April. Yet asking prices rose a mere 9.0 percent year-over-year, the smallest gain in 11 months according to an analysis of data from Trulia’s Price Monitor and Rent Monitor. With monthly and quarterly increases holding steady, why are yearly increases slipping?

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Mortgage Credit Availability Down in April

A report released by the Mortgage Bankers Association (MBA) showed that mortgage credit availability was down slightly in April, which means a tightening of standards in the mortgage industry. The results showed that the Mortgage Credit Availability Index decreased by 0.18 percent to 113.8 from March to April. Credit availability is, however, still above the index benchmark of 100, which was set in March of 2012.

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New Hampshire Foreclosure Deeds Fall

The number of foreclosure deeds in New Hampshire fell in March, suggesting that New Hampshire's long term foreclosure outlook will continue to improve, according to the New Hampshire Housing Finance Authority (NHHFA). The foreclosure activity in the first quarter of 2014 was below that of every year since 2007, and is 21 percent below last year's first quarter.

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