Market Studies

If Pollard is correct, the impact on the U.S. economy would be seismic. Overvalued homes, according to his report to President Obama, make up $23 trillion of consumer asset value and "serve as the psychological linchpin" for $17 trillion of invested capital.

The national credit default rate, which includes bank cards, auto loans, and both first and second mortgages, edged up to 1.03 percent in August from July's historical low of 1.01 percent, according to data compiled by S&P Dow Jones Indices and Experian. The monthly increase was fueled by a rise in first mortgage default rates, which were up to 0.91 percent from 0.88 percent the month prior, ending a nine-month declining streak.

Even as the aftermath of the housing crisis continues to show in the market, a new survey shows the vast majority of Americans still regard homeownership as a "highly desirable goal." In findings released Tuesday, COUNTRY Financial revealed 89 percent of Americans in its most recent Security Index survey feel that buying a home is a key part of achieving the American Dream despite their recent memories of the crash.

While nearly seven in 10 Americans agree that now is a good time to become a homeowner, a large number remain reluctant due to their own misconceptions of the financing process, according to survey results. For example, Wells Fargo reported, 30 percent of respondents expressed belief that only people with high incomes can obtain a mortgage at this point, and 64 percent said they believe only those with a "very good"” credit score can buy a home right now.

Despite growth in mortgage revenues at banks nationwide, industry employment continued to move down in the second quarter as banks cut staff, according to a report from Mortgage Daily. All of the reported cuts in the second quarter happened at banks, which lost approximately 28,600 jobs from the first quarter to the second.

The number of residential properties repossessed by lenders by way of foreclosure in August declined on a year-over-year basis for the 21st consecutive month, according to RealtyTrac's monthly U.S. Foreclosure Market Report for August 2014 released September 11.

Foreclosure activity took a significant upward turn in the historically foreclosure-slow state of Colorado in August, according to RealtyTrac's monthly U.S. Foreclosure Market Report for August 2014 released September 11.

Foreclosure activity skyrocketed in New Jersey for the month of August, giving the Garden State the fourth highest foreclosure rate in the nation, according to RealtyTrac's monthly U.S. Foreclosure Market Report for August 2014 released September 11.

Beginning with the release of the June report last month, the monthly Case-Shiller reports now include an expanded national series going beyond the previously covered 20 markets. Previously, the national series was only released every quarter.

A slight increase in single-family home sales in Connecticut for the month of July marked the fifth time in 2014 that single-family home sales increased year-over-year, according to a report released on Wednesday by the Warren Group, publisher of the Commercial Record. The 3,152 homes sold in Connecticut in July represented the highest total for any month since June 2010, when 3,400 homes were sold in the state, according to the Warren Group. July's total of 3,152 was an increase of less than 1 percent from June's home sales of 3,129 in Connecticut. Year-to-date, through the end of July, home sales in the state have fallen by 1.2 percent (from 14,230 down to 14,059).