News

As the United States' neighboring countries lose their economic edge in the nation's home market, analysts at Capital Economics suggest China might soon become the biggest foreign buyer of U.S. housing. In a report released earlier this week, the National Association of Realtors (NAR) found foreign purchases of U.S. real estate surged in the 12 months ending in March to $92.2 billion, an increase of 35 percent over the prior period.

The Consumer Financial Protection Bureau (CPFB) issued guidance Friday to curb mortgage brokers transitioning into the “Mini-Correspondent” lender model in the hopes of avoiding the Mortgage consumer protections affecting broker compensation that took effect in January of 2014.

Wells Fargo reported strong financials for the second quarter, driven in part by an uptick in mortgage lending and ongoing improvements in credit quality.

Applications for new home purchases slipped again in June, though the annualized rate of new home sales is forecast to have increased. The Mortgage Bankers Association's (MBA) Builder Applications Survey (BAS), a gauge of application volume from mortgage subsidiaries of homebuilders, suggests new home purchase applications slipped 5 percent from May to June, the group reported Thursday. The change does not include any adjustments for typical seasonal movements.

The Federal Housing Finance Agency (FHFA) put out the call on Thursday for public comment regarding the draft of requirements that would apply to private mortgage insurance companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac.

Home price increases have started to plateau, but with wages remaining stagnant, cash-strapped shoppers are still feeling put out. According to Trulia, asking prices on listed homes rose 1.2 percent month-to-month in June, the highest monthly increase in more than a year. The increase was the same both with and without foreclosures.

U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the June edition of the Obama Administration's Housing Scorecard Thursday. It paints a picture of a housing market that is improving but still subject to ebbs and flows of the broader economy.

The latest in a series of proposed GSE reforms was announced on Thursday. Congressional Representatives John K. Delaney (D-Maryland), John Carney (D-Delaware), and Jim Himes (D-Connecticut) introduced housing finance reform legislation, aimed at winding down Fannie Mae and Freddie Mac and replacing them with a federally backed insurance program administered through Ginnie Mae.

RealtyBid.com Founder and CEO Tony Isbell announced that the company is naming Jenny Atchley as President of the company. Atchley is the former manager of operations manager at RealtyBid and has been employed there since its inception 15 years ago.

RealtyTrac released a study Thursday for the first time ever profiling what single family homes sell at the deepest discounts and what single family homes sell at the highest premiums.