News

The FOMC voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language designed to assuage nervous stock investors, the FOMC statement said the committee ""reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens.""

Mortgage application volume declined last week at a more sudden rate than in previous weeks, according to data from the Mortgage Bankers Association (MBA).

Home prices in the Las Vegas area soared to the highest point in nearly five years while cash sales also reached record levels, according to DataQuick. New and existing homes and condos in Clark County sold for a median price of $169,100 in June, representing an increase of 3.7 percent from May and a 35.3 percent jump from a year ago. Despite the significant improvement, Las Vegas still has a long way from to go when compared to its November 2006 peak of $312,000.

Rising interest rates aren't just a burden for potential homebuyers. According to the latest survey from Redfin, 47 percent of sellers said they are worried about rising rates, expressing concerns that buyer demand will be lowered as a result. The share is up drastically from 23 percent in the previous quarter. Additionally, sellers expressed less interest when considering the option of renting for the first time in four months. In the third quarter of this year, 49 percent said they are considering renting rather than selling, down from 52 percent in the previous quarter and down from 46 percent a year ago.

The nation’s economy grew at a 1.7 percent annual rate in the second quarter, the Bureau of Economic Analysis reported Wednesday. Growth exceeded economist forecasts but remained slower than the growth rate needed to add jobs. In the first quarter, GDP grew 1.1 percent and in the second quarter last year, the economy grew at a 1.2 percent annualized rate.

Truman Capital Advisors and U.S. Bank filed suit against Nationstar after the servicer decided not to complete the sale and transfer of 534 mortgage loans Truman Capital bid on through Auction.com. According to the complaint Truman Advisors bought the non-performing loans for an agreed price of $150 million. A few days after Nationstar notified Truman Capital that it was the winning bidder, the complaint states Nationstar ""refused to complete the sale and transfer"" of the loans covered by the winning bids.

According to a survey from the Bankers Association (MBA), commercial and multifamily loan originations are up both quarterly and over the year. Originations increased by 36 percent from the first quarter to the second quarter, with the greatest increase in activity occurring among hotel properties, which experienced an 89 percent increase over the quarter.

The Conference Board's Consumer Confidence Index, which had increased for the third straight month in June, pulled back to 80.3 in July as its two sub-components moved in different directions. ""Consumer Confidence fell slightly in July, precipitated by a weakening in consumers' economic and job expectations,"" said Lynn Franco, director of economic indicators at the Conference Board. ""Consumers' assessment of current conditions continues to gain ground and expectations remain in expansionary territory despite the July retreat.""

Foreclosure starts in Massachusetts plunged 84 percent in June to the lowest level since the Warren Group began keeping track in 2006. Foreclosure petitions, which begin the foreclosure process in the Bay State, totaled 245 last month compared to 1,548 in June 2012. Foreclosure deeds, or completed foreclosures, fell 56 percent year-over-year to 329 in June, but are still at their highest level so far this year.

With summer drawing to a close and a new school year approaching, a new survey from Realtor.com shows school boundaries factor in heavily for many homebuyers when they consider their purchasing decision. In a poll of buyers planning to purchase a home within the next two years, Realtor.com found that three out of five respondents will consider school boundaries when choosing their next home. Out of that number, 90.53 percent said they are either an ""important"" or ""somewhat important"" factor.