Choose your path
The Federal Housing Finance Agency reported Aug. 7 that government-sponsored enterprises Fannie Mae and Freddie Mac failed stress tests and may need as much as $100 billion in assistance should another financial crisis hit, Bloomberg reported.
Wells Fargo agreed to pay $108 million to the federal government to settle accusations that it overcharged veterans who refinanced their mortgages, HousingWire reported Aug. 4. The bank was alleged to have collected unauthorized fees, which would have made some loans ineligible for Department of Veterans Affairs guarantees.
Mortgage lender PHH will pay more than $74 million to resolve claims that it generated defective loans that were purchased by Fannie Mae and Freddie Mac, the U.S. Department of Justice announced Aug. 8, Reuters reported. The settlement is the latest between DOJ and lenders over faulty loans issued during the financial crisis.
The White House will undergo significant renovations while President Trump is away from the Oval Office, CNN reported Aug. 4. Much of the work, estimated at around $3 million, will focus on the West Wing and includes structural repairs, HVAC replacement and IT upgrades. The East Wing will receive infrastructure improvements.
Suburban office markets that combine office, retail, entertainment and housing options are well positioned to capture strong user demand, according to a study from commercial real estate services firm CBRE of the nation’s 25 largest suburban markets, World Property Journal reported Aug. 10.
The office sector in the nation’s top 10 major metros remained solid during the second quarter, according to real estate services firm Colliers International, GlobeSt.com reported Aug. 10. Rents leveled off, and tenant downsizing and new supply put upward pressure on vacancy rates.
The current real estate cycle has peaked, according to a National Real Estate Investor survey of property owners and real estate executives. The survey, released Aug. 10, showed that 52 percent of respondents said the market reached its peak; 24 percent said they thought the market was still recovering.
A majority of Americans believe the housing market is overheated and that current home prices are unsustainable and a correction is imminent, according to the Modern Homebuyer Survey from insurer ValueInsured, HousingWire reported Aug. 9.
Luxury home prices grew 7.5 percent during the second quarter, marking the first time in three years that price growth for homes more than $1 million outpaced those of non-luxury homes, real estate broker Redfin reported Aug. 3. Year-to-year sales also were up a significant 22.2 percent.
Average fixed mortgage rates during the past week dropped to their lowest point in six weeks, moving in tandem with falling Treasury yields, Freddie Mac reported Aug. 10 in its Primary Mortgage Market Survey.
Pop up content here.