Bloomberg, July 14, 2017–Michelle JamriskoRetail sales unexpectedly dropped for a second month in June, signaling consumers are providing only modest support for the U.S. economy, Commerce Department data showed Friday.
Category: Top National News
Edible Landscaping Takes Hold
UExpress, July 14, 2017–Lew SichelmanThe farm-to-table movement, first popularized by restaurants and grocery stores wishing to showcase the freshness of their local ingredients and produce, is slowly gaining credence in residential real estate.
Weekly Mortgage Market Index Jumps, ARMs Explode
Mortgage Daily, July 17, 2017New residential lending activity made a healthy gain following the holiday week. Even more impressive was skyrocketing adjustable-rate mortgage activity.
Chase’s Mortgage Servicing Down, Assets Up
Mortgage Daily, July 14, 2017While there was little change in quarterly mortgage originations at JPMorgan Chase & Co., the residential servicing portfolio declined as mortgage assets grew.
Hurdles to Rebound Remain for Manhattan Commercial Real Estate Sales
Wall Street Journal, July 16, 2017–Keiko Morris (subscription)Investment in Manhattan commercial real estate increased between the first two quarters of this year but dropped dramatically from last year as forces threatening a rebound in the market remain, according to a report and data from real-estate services firm Avison Young.
Ditech to Close Dallas-Area Office as Retrenchment Plan Takes Shape
National Mortgage News, July 14, 2017–Brad Finkelstein, Austin Kilgore (subscription)Walter Investment Management Corp. will close its Ditech subsidiary’s Irving, Texas, office by the end of 2017, as the nonbank lender and servicer continues restructuring efforts amid mounting losses.
China Oceanwide’s Acquisition of U.S.-Based Genworth Hits Snag
Insurance Business America, July 14, 2017–Gabriel OlanoThe planned acquisition of U.S.-based insurer Genworth Financial by China Oceanwide is facing a regulatory obstacle that could likely delay the deal’s completion beyond its original target date.
CFPB Proposes HMDA Changes for Community Banks and Credit Unions
HousingWire, July 14, 2017–Brena SwansonThe Consumer Financial Protection Bureau said it’s looking into the reporting requirements for banks and credit unions that issue home-equity lines of credit.
Housing Stocks May Not Be on Terra Firma
Reuters, July 14, 2017–Sinead Carew, Rodrigo CamposInvestors may have overbuilt U.S. housing stocks as data has yet to match up with the homebuilder sector’s biggest rally in five years.
Mortgage Rates Soar to Highest Level Since Early May
Washington Post, July 13, 2017–Kathy Orton “Rates continued to increase last week given increasing evidence that the Fed and other central banks are more likely to raise rates given the pickup in economic growth in their respective economies,” said Michael Fratantoni, Mortgage Bankers Association chief economist.