Today’s news that may be of interest to you:
U.S. MBA Mortgage Applications Index Decreased 4.4% Last Week
Bloomberg | July 28, 2010
An index of mortgage applications in the U.S. decreased last week as refinancing cooled after borrowing costs jumped from a record low.
‘Systemic Risk’ Theory Gains in Stature as Way to Prevent the Next Bubble
The Washington Post | July 28, 2010
Americans might be counting on the day when home and retirement-fund values start to rise again, but anyone expecting to benefit from a future boom in prices should take note: Economic policymakers around the world are looking for ways to make sure that doesn’t happen, or at least not with such intensity that it risks the kind of bust that usually follows.
FHA’s Mortgagee Review Board Cracks Down on Hundreds of Lenders
DSNews | July 27, 2010
So far this year, the MRB has taken action against almost 1,500 FHA-approved lenders who failed to meet its requirements, according to a notice published Monday in the Federal Register.
Rules Set for Reverse-mortgage Lenders
Pittsburgh Post-Gazette | July 28, 2010
Two state agencies have announced new guidelines for reverse-mortgage lenders aimed at protecting older homeowners from getting bad advice or being duped by fraudulent operators.
Home Ownership Falls to Lowest Level in 11 Years
CNNMoney | July 27, 2010
The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.
Warren Debate May Prod White House On Watchdog Post
CNBC | July 27, 2010
With Wall Street and Congressional Republicans trying to scuttle the possible nomination of Elizabeth Warren as the director of the powerful new Consumer Financial Protection Bureau, there’s growing speculation that the White House will announce its choice for the post in August, after Congress has adjourned for its summer recess.
U.S. Plans Talks on ‘Broken’ Housing-Finance System
Bloomberg | July 27, 2010
The Obama administration plans an Aug. 17 conference to discuss ways to fix the country’s “broken” housing-finance system and intends to submit a proposal by January to overhaul Fannie Mae and Freddie Mac.
Check out Ted Jones’ excellent commentary on a recent WSJ article regarding the chicken vs egg role of housing demand vs. job recovery in our economy.
From the National Association of Realtors®:
New Home Sales Climb in June
The U.S. Commerce Department announced a 24 percent rise in new home sales in June, a positive sign for the housing market.
Anthony V. Carollo / President
Stewart Title of Spokane
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Direct Fax: 866.652.8834
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