A few of the most noteworthy headlines This Week in Real Estate continue to report that the real estate market is experiencing the highest levels of activity in nearly a decade. In other welcomed news the CFPB finalized the TRID disclosure rule start date delaying it to October 3. Below are a few of the highlights from the third week in July that influence our business:
* Existing U.S. Home Sales Climb to Highest Level in 8 Years as Home Prices Surpass July 2006 Peak. Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors. Sales are now at their highest pace since February 2007, have increased year-over-year for nine consecutive months and are 9.6 percent above a year ago. The median existing-home price in June surpasses the peak median sales price set in July 2006. June’s price increase also marks the 40th consecutive month of year-over-year gains. Unsold inventory is at a 5.0 month supply. Full story… http://www.realtor.org/news-releases/2015/07/existing-home-sales-rise-in-june-as-home-prices-surpass-july-2006-peak
* Economy Building Momentum into Second Half of the Year. Incoming data suggest that domestic economic activity was stronger than expected in the second quarter, paving the way for accelerated growth in the second half of the year. “Our housing forecast remains largely unchanged, with leading housing indicator pointing to continued improvement heading into summer,” said Fannie Mae Chief Economist Doug Duncan. “We expect to see strong sales, lean inventories, and rising confidence through the rest of the year, which should support increased home building activity and give an added boost to economic growth. Full story… http://www.fanniemae.com/portal/about-us/media/financial-news/2015/6275.html
* Foreclosure Inventory Drops to Lowest Level Since 2007. The national foreclosure inventory continued to drop and dipped to the lowest level since 2007, the latest First Look report from Black Knight said. The delinquency rate is down 3% from May and down nearly 16% from one year ago. Additionally, June’s 79,000 foreclosure starts mark the second lowest post-crisis volume. Full story… http://www.housingwire.com/articles/34561-black-knight-foreclosure-inventory-drops-to-lowest-level-since-2007
* CFPB Finalizes October 3 Effective Date for TRID. The Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures Rule, to October 3. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rule. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. Full Story… http://www.consumerfinance.gov/newsroom/cfpb-finalizes-two-month-extension-of-know-before-you-owe-effective-date/
Have a productive week!