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The Federal Housing Finance Agency announced Aug. 25 that its Home Affordable Refinance Program will be extended to Sept. 30, 2017, and that a new refinance product aimed at borrowers with high loan-to-value ratios will be available next year through Fannie Mae and Freddie Mac.
The 2nd U.S. Circuit Court of Appeals in New York on Aug. 22 rejected a request to reconsider its ruling that overturned a $1.27 billion penalty against Bank of America for mortgage fraud, Reuters reported. Manhattan U.S. Attorney Preet Bharara had hoped the government could pursue a new trial.
Average fixed mortgage rates were unchanged during the past week, remaining near historic lows ahead of Fed Chair Janet Yellen’s comments on a possible rate hike, Freddie Mac reported Aug. 25 in its Primary Mortgage Market Survey.
So-called “McMansions,” which are tract-built luxury homes, do not hold their value as well as other types of residential properties, Bloomberg reported Aug. 23. The premiums buyers can expect to pay for such properties fell in some areas by as much as 84 percent between 2012-16.
Homes in counties with lower natural disaster risks sell twice as fast as those located in high-risk areas, according to the U.S. Natural Hazard Housing Risk Index released Aug. 25 by housing data firm RealtyTrac.
Vallejo, California, topped the list of hottest real estate markets for the fourth consecutive month, with an 8 percent year-over-year increase in median home prices, Realtor.com reported Aug. 25. Dallas and Denver rounded out the top three on the list.
New home sales climbed 12 percent in July amid increased household formation, job gains and low mortgage rates, marking the highest monthly rate of sales since October 2007, according to data from the U.S. Department of Commerce, the National Association of Realtors reported Aug. 24.
The sales of existing homes fell 3 percent in July, a result of rising home prices brought on by an unusually low inventory of affordable homes, the National Association of Realtors reported Aug. 24.
Investors already have snapped up numerous student housing properties this year, but acquisition activity is expected to keep coming in this “frothy and active” market, which is especially attractive to foreign investors, according to commercial real estate firm Colliers International, National Real Estate Investor reported Aug. 22.
Analysts said they expect commercial construction to taper off through 2020 as rapidly evolving technologies impact the sector — especially brick and mortar retail and warehouses — and influence what properties are built, according to analytics firm ConstructConnect, National Real Estate Investor reported Aug. 25.
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