Wall Street Journal, Mar. 24, 2016–Kusisto, Laura The rate at which Americans are moving to the suburbs is once again outpacing the rate at which they are moving to cities. That picks up on a decadeslong trend that only very temporarily reversed during the recession, according to U.S. Census data.
Category: Top National News
Rediscovering the Campus-Style Family Home
Wall Street Journal, Mar. 24, 2016–Rohwedder, Cecilie
Architects call them campus or compound-style homes. Like small university campuses, they are made up of separate wings or buildings that have distinct functions, such as sleeping, cooking or lounging.
All-Cash Sales Hit Seven-Year Low
National Mortgage Professional, Mar. 24, 2016–Hall, Phil
One-third of all home sales during 2015 were all-cash transactions, according to new data from CoreLogic. Last year’s cash sales sum was the lowest recorded since 2008 and is 13 percent below the 46.6 percent peak in January 2011.
Lawmakers Object to Discounts on Nonperforming Loan Sales
National Mortgage News, Mar. 24, 2016–Collins, Brian
In a letter, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Senate Banking Committee Chairman Richard Shelby, R-Ala., claim the Federal Housing Finance Agency and the Federal Housing Administration have a duty to maximize recoveries on defaulted mortgages.
Jobless Claims Rise Marginally
HousingWire, Mar. 24, 2016–Barraza, Cynthia
Jobless claims for the March 19 week increased to 265,000, an increase from 259,000–last week’s level. The four-week average, at 259,750, is trending slightly lower.
U.S. Manufacturing Still Weak; Labor Market Flexes its Muscles
Reuters, Mar. 24, 2016–Mutikani, Lucia
New orders for long-lasting U.S. manufactured goods fell in February as the sector continued to struggle with the lingering effects of a robust dollar and lower oil prices.
Vacant, Abandoned Houses are Dwindling in Most Places, But Not in These Communities
Minneapolis Star-Tribune, Mar. 24, 2016–Henderson, Tim
A relic of the Great Recession, zombie houses have receded in many states – but not all. They remain, and are growing in number in several states. The rate of foreclosure rose more quickly during the crisis, and stayed higher afterward, in states with lengthy court-supervised foreclosure procedures, Mortgage Bankers Association surveys of loan performance show.
Credit Suisse to Pay $29 Million in U.S. Regulator’s Mortgage Case
Reuters, Mar. 24, 2015–Raymond, Nate
Credit Suisse Group AG agreed to pay more than $29 million to resolve a U.S. regulator’s claims that it sold toxic mortgage-backed securities to credit unions that later failed, according to court papers filed on Thursday.
Proposal: Shift Control of Appraisals to Mortgage Borrowers
Huffington Post, Mar. 24, 2016–Guttentag, Jack
There are two ways to make the home loan market much more efficient by empowering borrowers. The first is to authorize borrowers to order their own appraisals. The second is to eliminate misleading features of the Annual Percentage Rate.
Mortgage Lender Wins $23 Mln Jury Verdict for File Theft
Reuters, Mar. 24, 2016
The decision followed a seven-week trial in Irvine, California-based Mount Olympus’ 2014 lawsuit against Chicago-based Guaranteed Rate. In its complaint, Mount Olympus claimed one of its former employees, mortgage banker Benjamin Anderson, acted as corporate spy and fed Guaranteed Rate information for several months.