Housing stats fell 9.3% in June to 893,000 from a 985,000 pace. The decline was driven by a nearly 30% decline in the South, the largest monthly decrease on record for that part of the country. However, many other parts of the U.S. posted increases. Construction slumped 29.6% in the South to a 375,000 pace, the weakest in almost two years. Permits for single-family homes were up 2.6% from the prior month and housing starts were up 7.5% from a year earlier.
Beauty of New Mortgage Rules In Eye of Beholder Not everyone is on the same page about mortgage regulations out of Washington this week.
Yellen, Fed Still Worried About Slowdown in Housing Recovery The Federal Reserve remains concerned about the U.S. housing recovery. It began to slow down last year when mortgage rates spiked and has so far failed to gain much traction.
FHFA asks for public comment on private mortgage insurance rules. New financial requirements for private mortgage insurers intend to fortify the companies against another downturn. They may also boost costs for thousands of borrowers, according to some insurers and industry groups. David Stevens, chief executive of the Mortgage Bankers Association, said that his industry group would want to see how the new requirements for mortgage insurers might interplay with the fees from Fannie Mae and Freddie Mac