News

The Consumer Financial Protection Bureau (CFPB) announced proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. One of the clarifications specified in the announcement is the definition of a loan originator. The CFPB also clarified rules relating to loss mitigation.

IndiSoft, a global technology development firm based in Columbia, Maryland, now serves the commercial real estate industry through its RxOffice Valuation Portal.

The Federal Housing Finance Agency (FHFA) reported a 0.7 percent increase in its House Price Index (HPI) from March to April. Year-over-year, the HPI was up 7.4 percent. The latest increase marks the 15th straight monthly price improvement in the purchase-only, seasonally adjusted index.

The national delinquency rate and foreclosure inventory rate each fell to post-crisis lows in May, Lender Processing Services reported Tuesday. At 6.08 percent, the national delinquency rate in May stood at the lowest level since May 2008, when the rate was 5.96 percent. At the same time, the foreclosure inventory rate slipped to 3.05 percent, which represents the lowest point since March 2009 when the rate was 2.90 percent. Over the last year, foreclosure inventory has plunged 27 percent and also fell by 3.9 percent over the last month.

The price of a new single-family home dropped 3.2 percent in May, but sales increased 2.1 percent to 476,000, the highest level in almost five years, the Census Bureau and HUD reported Tuesday. Economists surveyed by Bloomberg expected April sales to increase to 460,000 from April's originally reported 454,000. April sales were revised to 466,000.

Home prices posted their strongest monthly gain on record in April, increasing more than 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday. The monthly 20-city index rose 2.5 percent in April, while the companion 10-city index increased 2.6 percent. Year-over-year, the 20-city index was up 12.1 percent, and the 10-city index was up 11.6 percent, each being the strongest yearly gain since March 2006.

The National Housing Conference (NHC) awarded NeighborWorks America with the Annual Housing Person of the Year Award.

Auction.com received recognition at the 11th Annual American Business Awards (also known as the Stevie Awards) for its advances in the way buyers, sellers, and agents transact residential real estate.

With strong price gains continuing to make headlines, industry analysts are quick to assure us we are not in the midst of another bubble. The current pace of price appreciation will not endure much longer, they say. CoreLogic, Zillow, and other industry observers concur prices appreciation is set to slow, and Monday's report from Capital Economics reinforces this prediction. What is unique about Capital Economics' viewpoint is the firm anticipates ""a more marked slowdown in the pace of house price gains over the next year than other commentators.""

Fitch has added its voice to the chorus of those concerned about homebuilding industry's labor shortage and the effects it may have on new housing growth. The ratings agency noted that while a deficit in workers may not lead to ""disastrous national numbers for housing,"" it--combined with a lack of available lots and overly tight mortgage qualification standards--may put a damper on the recovery.