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Market Studies

Monthly Increase in Inventory Eases Competition for Homes in May

Competition for homes eased in May due to a monthly increase in inventory, according to Redfin's latest bidding war report. Although 69.5 percent of offers that came from Redfin agents faced competition last month, the share is down from 73.3 percent in April. Competition was the most heated in California markets. In San Francisco, 87.9 percent of offers faced multiple bids in May, the most out of the 21 major markets tracked.

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Report: Secondary Market Key to Promoting Housing Affordability

The key to a viable, accessible mortgage market lays in the structure of the secondary market, according to opinions expressed by the Center for American Progress, a policy think tank, and the National Council of La Raza, a Hispanic advocacy group. In a report, the two groups propose ways the secondary market can accomplish the goals of accessibility and affordability.

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Fannie Mae: Confidence in Home Price Gains Reaches Record Levels

Reports of strong home price gains drove confidence in the housing market up to record levels in May, Fannie Mae reported. According to the GSE's May 2013 National Housing Survey, Americans expressed record confidence in price gains, with 55 percent--a survey high--saying they believe prices will go up in the next year. In addition, the average 12-month home price change expectation was 3.9 percent, the highest level in the survey's history and a leap over April's 2.7 percent forecast.

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Firm Forecasts 8% Increase in Prices, Decrease in Mortgage Rates

The pace at which home prices are rising should moderate later this year, with home prices forecast to rise by 8 percent this year then increase by another 4 percent in 2014, according to an analysis from Capital Economics. Although the research firm agrees with analysts who have warned recent home price gains are not sustainable, housing bubble concerns were described as ""premature."" Unlike other projections, the firm also doesn't expect to see a swift increase in mortgage rates over the next year.

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Commentary: Does Homeownership Cause Unemployment?

Can the drop in homeownership be good news? When President George W. Bush followed his predecessor Bill Clinton in pushing homeownership, one loud dissenter was British economist Andrew Oswald who argued that far from improving the economy, as Bush (and Clinton before him) said it would, homeownership hurts the economy in the long run. Oswald produced data to show that every five percent rise in homeownership results in a one percentage point increase in the unemployment rate.

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Freddie Mac: 28% of Refinancers Shortened Loan Term in Q1

Freddie Mac released the results of its first-quarter 2013 refinance analysis, showing more refinancers are interested in shortening their loans. Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term.

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Survey: 67% of Renters Cite Lack of Assets as Hurdle to Homeownership

A little more than half of American renters believe owning a home is a more sensible choice than living in rental housing, according to a research study from Fannie Mae's Economic & Strategic Research Group. At 57 percent, young renters (ages 18-34) were more likely to answer that owning is the better choice. Out of those who would prefer to own, many find themselves blocked by a number of hurdles. The most commonly cited problem was a lack of assets; 67 percent of aspiring owners have less than $10,000 in assets.

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Housing Improves in Key Areas, but Homeowners Still Need Assistance

In the Obama administration's overall assessment on housing, the market was described as showing ""important progress across many key indicators"" but the millions of underwater homeowners still call for a need to provide homeowner assistance, according to the May housing scorecard released jointly by Treasury and HUD. For example, homeowners' equity grew by more than $815 billion in the first quarter of 2013. ""Despite the positive news, we have important work ahead since there are so many families and individuals still ‘underwater' with mortgage balances higher than their home's value,"" said Kurt Usowski, HUD deputy assistant secretary for economic affairs.

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List of Improving Markets Trends Upward After Falling

After falling in April and May, the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) resumed its upward trend in June, NAHB reported. According to the association, the number of U.S. housing markets showing sustained growth in housing permits, home prices, and employment rose to 263 in June, five more than May's total. The index grew for several months to a record high of 274 in March before falling to 273 in April and then 258 in May.

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Bay State Foreclosure Starts, Completions See Dramatic Declines in April

Massachusetts foreclosure starts and completions plummeted over the last year in April, the Warren Group reported. For the month, the number of foreclosure petitions, which mark the first step in the foreclosure process in the Bay State, stood at 370, down 79 percent from April 2012 when there were 1,750 foreclosure petitions.

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