Real estate news

• California district court upholds constitutionality of CFPB

  24-05-2017 23:56
  
  As the Consumer Financial Protection Bureau and PHH begin their oral arguments in their landmark case over the constitutionality of the bureau, there is one court that's apparently on the CFPB's side. A U.S. district court judge in the Central District of California defended the constitutionality of the Consumer Financial Protection Bureau after rejecting multiple challenges to the bureau’s authority.
  
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• Black Knight Financial Services unveils municipal lien search

  24-05-2017 23:47
  
  Black Knight Financial Services is rolling out a new tool that it will help identify municipal liens that would go unseen in a typical property report and are outside the scope of title insurance coverage. Here are the details.
  
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• Have issues with the Zestimate? Zillow is offering $1 million to fix it

  24-05-2017 23:23
  
  Zillow knows its “Zestimate,” the online real estate giant’s property value estimation tool, isn’t perfect. Even after years of consistently working on the algorithm that powers the Zestimate, Zillow still acknowledges that its Zestimate error rate is still 5% nationwide. But Zillow wants to do something about it, and it’s offering up a sizable carrot for anyone who can make the Zestimate better: $1 million.
  
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• Fed minutes show June rate hike isn’t guaranteed

  24-05-2017 22:41
  
  Despite common consensus that the Federal Reserve will raise interest rates in June, the latest Federal Open Market Committee meeting minutes created a seed of doubt. As a result, investors will likely be paying close attention to economic data released over the next several weeks.
  
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• Existing-Home Sales Sink 2.3 Percent

  24-05-2017 22:08
  
  Existing-home sales sunk in April, dragged down by virtually absent supply, the National Association of REALTORS® (NAR) reports.
  Existing-home sales totaled 5.57 million, a 2.3 percent decrease from March, but a 1.6 percent increase from one year prior. Inventory increased, however, by 7.2 percent to 1.93 million—though still 9 percent below one year prior.
  “Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2
  
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• Trump Administration Proposes 2018 HUD Budget

  24-05-2017 22:04
  
  The Trump Administration on Tuesday announced its 2018 proposed budget for the U.S. Department of Housing and Urban Development (HUD), scaling back funding to the agency approximately 13 percent to $40.68 billion.
  The proposed budget preserves rental assistance for 4.5 million low-income households, but recommends reforms to the Housing Choice Voucher (HCV), Housing for the Elderly (Section 202) and Housing for Persons With Disabilities (Section 811) programs, and Project-Based Rental Assistance
  
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• SEC accuses Texas mortgage lender of running massive Ponzi scheme

  24-05-2017 21:38
  
  A North Texas man who raised nearly $23 million from investors under the guise of investing in the mortgage business actually used some of the money for his own personal use, while funneling money to a supposed concert promoter who claims to represent Taylor Swift and Drake, the Securities and Exchange Commission said this week.
  
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• Guild Mortgage launches nationwide 1% down mortgage program

  24-05-2017 19:52
  
  Guild Mortgage announced a new nationwide 1% down mortgage product to cater to the upcoming surge in Millennial homebuyers. To make the down payment so low, the borrower’s 1% down will be combined with a 2% grant from the lender. While it’s not the first lender to roll out a 1% down, there are a couple key factors that make Guild’s 1% down mortgage stand out.
  
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• Fannie Mae rolls out Healthier Housing Rewards for multifamily properties

  24-05-2017 18:27
  
  Fannie Mae this week rolled out a new program designed to boost the development of healthy living options for residents of multifamily properties. The program, called Healthy Housing Rewards, is an initiative that targets the developers and offers them an incentive to include healthy design features for newly constructed or rehabilitated affordable, multifamily rental properties.
  
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• Freddie Mac: Cash-out refinance activity highest since the bust

  24-05-2017 18:23
  
  This year is shaping up to outpace expectations thanks to a resurge in refinance demand, especially when it comes to cash-out transactions. In fact, according to Freddie Mac’s May Economic and Housing Research Outlook report, 2017 is performing so well that it increased its 2017 forecast for mortgage originations.
  
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• Fannie Mae EXCLUSIVE: The crisis in affordable rental housing, Part 1

  24-05-2017 18:00
  
  Multifamily construction didn’t really rebound after the crash until 2013. Even still, it's playing “catch up.” In addition, construction of subsidized housing has declined as a percentage of all new multifamily construction and now represents only around a fifth of new construction annually – not enough to keep pace with demand. This is the first of a two-part EXCLUSIVE from Fannie Mae to readers of HousingWire.
  
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• FHFA: Home prices continue climbing in first quarter

  24-05-2017 17:34
  
  Home prices rose during each month of the first quarter, continuing a climb that began in the early part of this decade, a new report from the Federal Housing Finance Agency showed. “The steep, multi-year rise in U.S. home prices continued in the first quarter,” FHFA Deputy Chief Economist Andrew Leventis said.
  
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• Macy's Reaps a Windfall From Its Real Estate -- The Motley Fool - Motley Fool

  24-05-2017 17:32
  
  Macy's Reaps a Windfall From Its Real Estate -- The Motley Fool
  Motley Fool
  In the face of challenging retail sales trends, Macy's is starting to get serious about monetizing its real estate.and more »
  
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• NAR: Existing homes are flying off the market, but sales fall back from record pace

  24-05-2017 16:28
  
  Existing homes stayed on the market for less time in April than in any month since 2011, but tight inventory drove a decline in existing home sales over March’s record pace, a new report from the National Association of Realtors shows. Here's a full breakdown.
  
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• Essential California: Boom time for California real estate, but is a bust coming? - Los Angeles Times

  24-05-2017 14:33
  
  Los Angeles Times
  Essential California: Boom time for California real estate, but is a bust coming?
  Los Angeles Times
  Good morning, and welcome to the Essential California newsletter. It's Wednesday, May 24, and here's what's happening across California: TOP STORIES. Boom times. The median home price in Los Angeles County rose nearly 6% in April from a year earlier, ...and more »
  
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• MBA: Mortgage application rollercoaster continues

  24-05-2017 13:05
  
  Mortgage applications continued a trend this week, bouncing back after falling the week before, the newest data from the Mortgage Bankers Association shows. The seesaw effect is in full effect, so to speak.
  
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• China Life Acquires US Real Estate Portfolio for $950 Million - Barron's - Barron's

  24-05-2017 08:48
  
  Barron's
  China Life Acquires US Real Estate Portfolio for $950 Million - Barron's
  Barron's
  Hong Kong-listed life insurer China Life Insurance (2628.HK) will spend USD950 million on commercial real estate projects in the U.S.. Under the deal, a unit of ...and more »
  
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