News

As analysts, industry participants, and policymakers struggle to boost homeownership among Americans, foreign activity in the U.S. housing market remains strong. According to a profile of international homebuying activity released by the National Association of Realtors (NAR), total international home sales were estimated at $92.2 billion from April 2013 through March 2013, up from the previous period's level of $68.2 billion.

As the housing recovery downshifts from last year's pace, the latest survey of real estate agents by national brokerage Redfin finds homebuyers and sellers are having trouble getting on the same page with each other and with the new shape of the market.

The United States Senate voted 71-26 Wednesday to confirm former San Antonio, Texas Mayor Julian Castro as the next Secretary of the Department of Housing and Urban Development. Castro replaces outgoing Secretary Shaun Donovan who is leaving to serve as the Director of the White House Office of Management and Budget.

Citigroup is close to a deal with the Department of Justice to resolve allegations that the bank sold defective mortgage backed securities in the lead up to the financial crisis.

Tight credit restrictions are still slowing the national housing recovery, according to a report released by the Federal Reserve Bank of Boston.

As home prices continue to rise—albeit slower than last year—many commentators insist that fears of a new bubble in the making are overblown. However, a new survey released Tuesday suggests lenders aren't buying it.

In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency, blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program.

The Consumer Financial Protection Bureau (CFPB) issued guidance Tuesday aimed at making it easier for surviving family members who have inherited a property due the death of a loved one to be added to the mortgage, allowing them to seek modification or refinance and avoid foreclosure.

Corelogic reported on Tuesday that 47,000 foreclosures had been completed in May, a year-over-year decrease of 9.4 percent from May of 2013. As of May, about 660,000 homes, 1.7 percent of all homes with a mortgage, in the United States were in some stage in the foreclosure process. While still large number, it represents a 37 percent decrease from May of 2013 when the foreclosure inventory topped one million homes.

Americans reported spending less money in June compared to May, marking the first monthly decline in self-reported consumer spending this year. In a survey of nearly 15,000 U.S. adults, Gallup found the daily amount spent by Americans was an average $91, down from a six-year high of $98 the month prior and about level with last year. The June record for average daily spending is $104, achieved in 2008.