Today’s News Synopsis:

Despite all odds, existing-home sales are continuing to show positive signs of increase, having risen 1.7% to 5.45 million.  Many housing advocacy groups and stakeholders in the industry are urging FHFA director Mel Watt to bring more changes to housing finance reform.  Mortgage applications decreased 4.1% according to the Mortgage Bankers Association.

In The News:

DS News – “FHFA to Make Delinquent Loan Sales More Transparent” (6-1-16)

“In mid-May, HUD announced that some changes were coming to its Distressed Asset Stabilization Program (DASP), the program through which the Department sells deeply delinquent, non-performing loans.”

NAHB – “Builders Call for End to Regulatory Overreach During National Homeownership Month” (6-1-16)

“As the National Association of Home Builders (NAHB) celebrates National Homeownership Month in June, builders continue to demand affordable housing for all Americans, calling for sensible reforms to burdensome regulations that increase the cost of housing.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-1-16)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 27, 2016.”

Housing Wire – “Do you think CFPB TRID changes will heal mortgage market pain?” (6-1-16)

“The Consumer Financial Protection Bureau TRID rule is finally up for revisions after industry cries for changes and clarifications.”

DS News – “Existing-Home Sales Defy Unfavorable Odds” (6-1-16)

“Despite the unfavorable odds including inventory shortages, continued home price appreciation, and stagnant household income growth, existing-home sales continue to emerge triumphant, and that odds-defying trend is expected to continue.”

Housing Wire – “Is the FHA about to cut mortgage insurance premiums again?” (6-1-16)

“Early last year, the Obama Administration shook up the housing world when it ordered the Federal Housing Administration to cut its annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.”

Mortgage Professional America – “Morning Briefing: House prices continue steady gains” (6-1-16)

“House prices edged higher across the US in March according to the latest S&P/Case-Shiller House Price Index.  There was an annual gain of 5.2 per cent, down 0.1 percentage points from February, while the 10 and 20 city composites held steady at 4.7 and 5.4 per cent.”

DS News – “Groups Call for Action on Housing Finance Reform” (6-1-16)

“This week, housing finance reform is once again taking center stage as several industry stakeholders have sounded off on the topic, stressing the importance of protecting taxpayers and the mortgage industry in general.”

 

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

Image copyright source: www.flickr.com/photos/imuttoo

 

Looking Back:

Household debt continued to increases despite delinquency rates showing signs of improvement.  Spending on construction increased 2.2% in April according to the U.S. Census Bureau of the Department of Commerce.  Richard Green was brought on as the new senior advisor for HUD’s housing finance.