News

Single family home and condominium sales in California experienced a month-over-month increase of 3.9 percent for July but saw a 9.2 percent decline year-over-year, according to PropertyRadar's July 2014 Real Property Report for California. Sales for single family homes and condos for the first seven months of 2014 year-to-date are at their lowest levels since 2008, the report stated.

The Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans. The new rule, published in the Federal Register on Friday, updates the limits on points and fees that loans must meet in order to fit the QM definition and be considered a "safe" loan.

While overall national consumer credit default has hit its lowest levels in 10 years, the first mortgage default rate continues to decline, according to the July 2014 S&P/Experian Consumer Credit Default Indices released on August 19.

The second quarter of 2014 saw fewer all-cash home sales than the first quarter as institutional investors backed off from the market. In a quarterly report released Tuesday, RealtyTrac reported all-cash transactions made up 37.9 percent of all single-family home and condo sales in April, May, and June, down from the first quarter's three-year high of 42.0 percent but up from 35.7 percent in the year-ago quarter.

A first-look reading shows consumer sentiment plummeted to a nine-month low in August as expectations dimmed. The Thomson Reuters/University of Michigan Index of Consumer Sentiment came in at 79.2 in the preliminary August reading, down from a final reading of 81.8 in July and several points below the consensus forecast of 82.3. It was the lowest reading since last November, when the country was still shaking off the effects of October's government shutdown.

The unemployment rate in Florida for July remained unchanged from the previous month at 6.2 percent despite losing 1,600 jobs from the payrolls, according to a report recently released by the Wells Fargo Securities Economics Group.

William "Bill" Leatherberry has departed from Century Aluminum to join NMI Holdings as general counsel. "We are pleased to bring on a general counsel with Bill’s experience and expertise. His corporate background and experience with mergers and acquisitions, securities law, ...

The Accurate Group has hired on Chris McLain as SVP and National Account Manager. His new position will let him expand on title and valuation services sales by managing large accounts from across the country. McLain is a 20-year veteran ...

For the second time in as many days, New York-based hedge fund Pershing Square Capital Management sued the U.S. government over the handling of Fannie Mae and Freddie Mac profits.

A second quarter rebound combined with an upward revision for first quarter economic activity has given a boost to 2014 full-year economic expectations, according to the August 2014 Economic Outlook put together by Fannie Mae's Economic and Strategic Research Group.