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Following lower bond yields, the 15-year fixed fell below 3 percent, while the 30-year fixed set a new record-low as well, according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to 3.75 percent (0.8 point) for the week ending May 31. The 15-year fixed slid into new territory, averaging 2.97 percent (0.7 point), down from 3.04 percent. A year ago at this time, the 15-year fixed stood at 3.74 percent.

The number of ""very high risk"" metropolitan statistical areas (MSAs) fell along with the national risk index, dropping from 67 to 62. Florida and California together house more than half of the nation's ""very high risk"" metros, with Florida being home to half of the top ten riskiest ZIP codes in the United States. Florida was also named third riskiest state, though California actually saw its own risk index decline from 192 last quarter to 173 this quarter and experienced declines in type-specific risk across nearly all categories.

NetDirector announced Wednesday that Manley Deas Kochalski, L.L.C. (MDK) has joined the cloud data exchange provider's network. According to a release from NetDirector, MDK has already completed the initial phase of interface deployment to automate data feeds with their client default servicing platforms.

The U.S. economy grew at a disappointing 1.9 percent in the first quarter slower than the initially calculated 2.2 percent annualized rate, the Bureau of Economic Analysis reported Thursday. The BEA report was consistent with market expectations but emphasized a moribund economy.

First time claims for unemployment insurance rose to 383,000 up from the prior week's 373,000, revised up from the previously reported 370,000, the Labor Department reported Thursday. Economists had expected the report would be unchanged at 370,000 initial claims.

For pre-foreclosure homes, which are residential properties in default or scheduled for auction, sales were at their highest quarterly level since the first quarter of 2009, according to RealtyTrac's foreclosure sales report. Pre-foreclosure sales, which are typically sold through the short sale process, accounted for 12 percent of all sales during the first quarter. Pre-foreclosure homes sold for an average price of $175,461 in the first quarter, a 10 percent decrease from a year ago. The average pre-foreclosure sales price was the lowest in the history of RealtyTrac's foreclosure sales report, which began in the first quarter of 2005.

Through a state foreclosure prevention effort known as the Mortgage Payment Program (MPP), the State Employees' Credit Union (SECU) announced it has helped nearly 500 members receive program benefits. MPP was formed through the N.C. Foreclosure Prevention Fund and helps struggling homeowners who are falling behind on payments due to no-fault job loss or other hardships such as divorce, illness, or death of a co-signer. As part of the program, homeowners are offered zero-interest loans for a maximum of $36,000 to cover mortgage and related expenses up to 36 months.

As debate continues over California Attorney General Kamala Harris' Homeowner Bill of Rights, members of the California Democratic Congressional Delegation are questioning involvement by the Federal Housing Finance Agency (FHFA). A letter issued from the delegation Wednesday criticized another letter sent to the California State Legislative Conference Committee from FHFA general counsel Alfred Pollard on May 11.

The aggregate value of Commercial Real Estate (CRE) loans increased to 88.1 percent as of April 30, 2012 from 87.3 percent as of the end of March and from 80.9 percent as of April 30, 2011, according to DebtX. The increase in April marks the fourth straight month CRE loan values rose.

In accordance with an agreement made with Memphis and Shelby County, Wells Fargo announced Tuesday it is investing $7.5 million into the area as part of new recovery efforts. Under the agreement, Wells Fargo will provide $4.5 million in grants for mortgage down payment and home renovation assistance. The agreement comes after months of negotiations and dismisses a lawsuit filed by Memphis and Shelby County against the bank at the end of 2009. The city and county alleged that Wells Fargo was engaging in discriminatory and deceptive lending practices and had violated the Fair Housing Act.