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NMP News

Existing Home Sales Hit High 2014 Mark in July

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Existing-home sales increased in July to their highest annual pace of the year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of RealtorsTotal existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million in July from a slight downwardly-revised 5.03 million in June.Click to continue

West Coast Housing Market Heating Up

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Pro Teck Valuation Services’ July Home Value Forecast (HVF) reports this month that many of the West Coast metro areas are toward the top of the market ranking while the East Coast is toward the bottom. The authors look at the top and bottom 10 rankings from 2011 to see if there are any major similarities or differences in the markets today. New top and bottom 10 market rankings are also updated for the month.Click to continue

HOPE NOW Reports 116,000-Plus Loan Mods Granted in Q2

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HOPE NOW has released data for the second quarter of 2014, which shows that approximately 421,000 homeowners received non-foreclosure solutions from mortgage servicers between the months of April and June. Permanent loan modifications totaled approximately 116,000 and short sales totaled 33,000.Click to continue

CFPB Fines Texas-Based Firm for FCRA Violations

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The Consumer Financial Protection Bureau (CFPB) has taken action against an auto finance company that distorted consumer credit records for years. Texas-based First Investors Financial Services Group Inc., which lends primarily to sub-prime borrowers, failed to fix known flaws in a computer system that was providing inaccurate information to credit reporting agencies. This potentially harmed tens of thousands of its customers.Click to continue

July's National Credit Default Rates Remain at Historic Lows

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Data through July 2014, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a slight decline in default rates. The national composite posted 1.01 percent in July, down one basis point from last month. The composite’s default rate remains the lowest in over 10 years of history.Click to continue

FHFA: Monthly Refi Volume Rises in June

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The Federal Housing Finance Agency (FHFA) has reported that the total volume of mortgage refinances increased slightly in June as mortgage rates decreased from May, according to FHFA's Second Quarter 2014 Refinance Report. Total refinance volume for the second quarterClick to continue

Housing Starts Up Over 15 Percent in July

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Fueled by strong single and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July, the highest level since November 2013, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

Zillow: Mortgage Rates Remain Slightly Above Four Percent Mark

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.06 percent, down two basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, falling to 3.97 percent on Friday before returning to the current rate.Click to continue

REMN Wholesale to Present Free Renovation Lending Webinar

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REMN Wholesale continues to own its leadership role in renovation lending with an upcoming Webinar titled “Time To Renovate!” Produced in conjunction with National Mortgage Professional, the “Time To Renovate!” Webinar will take place Thursday, Aug. 21 at 2:00 p.m.Click to continue

All-Cash Sales Down in Second Quarter

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RealtyTrac has released its Q2 2014 U.S. Institutional Investor & Cash Sales Report, which shows all-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter, down from a three-year high of 42 percent in the previous quarter but still up from 35.7 percent in a year ago.Click to continue