News

In its latest survey results, Freddie Mac recorded the average 30-year fixed rate at 4.14 percent (0.5 point) for the week ending June 5, up from last week's average 4.12 percent. A year ago, the 30-year fixed-rate mortgage (FRM) was 3.91 percent and rising.

Among the 36 million people who moved between 2012 and 2013, a new study from the United States Census Bureau found that the most important reason to move was to find a new/better home or apartment. The study reported that 8 percent cited a desire for cheaper housing, while 5 percent said the most important reason for moving was to be closer to work or for an easier commute.

The First American Leading Markets Index (LMI) , a report released Thursday by the National Association of Home Builders showed that 56 of approximately 350 metro markets nationwide have returned to or exceeded their last normal levels of economic and housing activity, as recorded before the recession. This is nine more metros than a year ago, suggesting that even though the lion's share of metros in the U.S. are still underperforming, more are coming back to stable ground.

CoreLogic released an analysis of residential properties in the first quarter of 2014, focusing specifically on homes with negative equity. The company found that more than 300,000 homes returned to positive equity in the quarter, bringing the total number of mortgaged residential properties with equity to more than 43 million.

First Lady Michelle Obama, the U.S Department of Housing and Urban Development (HUD), and the U.S. Department of Veterans Affairs (VA) announced the creation of the Mayors Challenge to End Veteran Homelessness at an event at the White House. At the event, more than 75 mayors and county and state officials from across the country pledged they are committed to ending veteran homelessness in their communities.

Mortgage Master, a super-regional mortgage lender and one of the country's largest privately-owned mortgage companies, announced they have hired Brian Moggan as the new North California Regional Manager. A 14-year industry veteran, Moggan is tasked in his new role with attracting high quality mortgage originators, opening new retail branches, and expanding market share throughout Northern California.

The New Hampshire Housing Finance Authority (NHHFA) released foreclosure data for April, which found that 210 foreclosure deeds were recorded in the month, a 9 percent increase. This is the first time in over a year that the Granite State saw in increase when compared to the same month in the prior year.

In its latest Beige Book, released Wednesday, the Federal Reserve noted economic activity has expanded in recent months, with the pace of growth "characterized as moderate in the Boston, New York, Richmond, Chicago, Minneapolis, Dallas, and San Francisco Districts, and modest in the remaining regions."

According to a consumer survey conducted by Trulia, 60 percent of American adults age 18–34 say a lack of savings, poor credit, and severe debt stand between them and homeownership. As a result, 50 percent would have to ask for help from their parents or grandparents to put together enough money to clear the initial hurdle of making a down payment.

In a blog post, RealtyTrac VP Daren Blomquist analyzed data from the company's newly created and interactive, county-level heat map, which shows the returns on home flipping over the last 12 months in 1,050 counties nationwide. He found that although flipping was down nationally in the first quarter of 2014 compared to a year ago, flippers are making bigger profits per flip.