DSNews The homepage of the servicing industry
New home sales have been trending up for the last three years and the National Association of Home Builders expects that to continue on into next year as job gains drive up demand for housing. Sales of new single-family homes rose 18 percent year-over-year in June at a seasonally adjusted annual rate of 482,000 compared to June 2014's pace of 408,000, according to the survey. This yearly increase occurred even with a month-over-month decline from May to June of 517,000 down to 482,000, a drop of 6.8 percent.
Existing home sales also showed the same trend – month-over-month decline despite climbing year-over-year, according to the June National Association of Realtors Pending Home Sales Index. The index showed an increase of 8.2 percent from a year earlier, the 10th straight year of year-over-year gains. The index showed a decline of 1.8 percent from the previous month. The NAHB says an increase in household formations over the last year and improved economic growth for Q2 are positive news for the housing market.
Borrowers that close their mortgage using an electronic platform typically feel a greater understanding toward the process compared to those that take the paper route, according to the Consumer Financial Protection Bureau. The CFPB published on Wednesday its Know Before You Owe eClosing project. The report determined that borrowers can benefit from electronic closings when wrapping up their mortgage closing process, the last step before consumers are contractually obligated to their loan.
