The Department of Justice is about to lose another one of its top cops in its fight against mortgage fraud. The DOJ announced Friday that John Walsh, the U.S. Attorney for the District of Colorado and the co-chair of the DOJ’s Residential Mortgage-Backed Securities Working Group. While with the DOJ, Walsh played a key leadership role in securing a $7 billion settlement with Citigroup over residential mortgage-backed securities and collateralized debt obligations.
Source: Housing Wire
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New home starts in Dallas may be up, but it won’t help the affordability crisis as homebuilders made a dramatic shift in the type of homes they are building. Instead of building affordable homes, new home starts are increasing in the higher price ranges.
Source: Housing Wire
Staying true to its announcement three months ago, the Consumer Financial Protection Bureau released a set of proposed updates to its Know Before You Owe mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule. However, the changes, while welcomed, don’t address everything the industry asked for.
Source: Housing Wire
Consumer sentiment decreased in July from last year as well as last month. Some of the decrease can be credited to Brexit, and near the end of July consumers became more optimistic about the state of the economy.
Source: Housing Wire
“Over the past 12 months, the economy has expanded by only 1.2%,” Paul Ashworth, chief economist at Capital Economics, said. “What is really worrying is that pace has still been enough to reduce the unemployment rate further, suggesting that the economy’s potential growth rate could conceivably be close to zero.”
Source: Housing Wire
Despite growing number of renters in the market, most new apartment construction is high-end units
Source: Zillow Media Room
Buyers need to act quickly, as homes are flying off the market faster than at any time since 2010
Source: Zillow Media Room
Former owners of foreclosed homes have been left behind in the housing recovery while the values of their former homes zoomed up
Source: Zillow Media Room
Low-income people can expect to spend more than 30 percent of their paycheck on house payments in a third of large U.S. markets
Source: Zillow Media Room
Just in time for Independence Day, new Zillow analysis finds 15 percent of Richmond millennials live alone, the highest percentage of all major U.S. metros.
Source: Zillow Media Room