National vacancy rates in Q210 were overall level from the previous quarter, according to updated data today from the Census Bureau.

The 2.5% vacancy rate of owner-occupant housing units was only 10 basis points (bps) below the previous quarter and remained level with the year-ago quarter. The rental housing market's vacancy rate of 10.6% in Q210 was level with the previous quarter and year-ago quarter.

Additionally, the homeownership rate slipped to 66.9%, nearly level with 67.1% in the previous quarter:

The ownership housing vacancy rate in principal cities — 3% — was higher than in the suburbs and outside metropolitan statistical areas (MSAs) — 2.4% each. Vacancy was lowest in the Northeast — 1.4% — where the rate was also much lower than 2% in the previous year. Vacancy in Q210 was highest in the South — 2.9%.

Approximately 85.6% of housing units were occupied in Q210, and the remaining 14.4% were vacant. Owner-occupied housing units made up 57.3% of total housing units, while renter-occupied units made up 28.3% of inventory.

Write to Diana Golobay.

The Conference Board Consumer Confidence Index for the month of July retreated even more than it did in June, slipping to 50.4 from 54.3. The Present Situation Index fell, to 26.1 from 26.8, as did the Expectations Index, down to 66.6 from 72.7.

An index score of 100 represents sentiments seen in 1985.

Assessment of current conditions, especially with regard to the job market, by those polled brought in more negative results. Those saying that conditions are "bad" increased to 43.6% from 41%; however, 9% reported they think conditions are "good," up from 8.4%.

The percentage of survey takers that claimed jobs are "hard to get" rose to 45.8% (up from 43.5%) while those saying "jobs are plentiful" remained constant at 4.3%.

Lynn Franco, director of The Conference Board Consumer Research Center, attributes the drop in consumer confidence to a growing pessimism about the short-term outlook.

In July, the percentage of consumers expecting an improvement in business conditions over the next six months decreased to 15.9% from 17.1%. Those anticipating that conditions of the economy will worsen over the same time period rose to 15.7% from 13.9%.

"Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves," Franco said.

The survey polls a population sample of 5,00 U.S. households and measures the degree of optimism they as consumers feel about the overall state of the economy and their personal financial situation.

Write to Christine Ricciardi.

The average contract mortgage rate on conventional 30-year fixed-rate mortgages slipped to 5% in June, 12 basis points (bps) down from a month earlier, according to the Federal Housing Finance Agency (FHFA).

The rate had held at 5.12% for the past two months.

The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) fell 9 bps to 4.9%:

The FHFA, in its June report (download here), also noted the average 15-year fixed mortgage rate similarly slipped 11 bps to 4.47%.

The average contract rate for purchase mortgages on existing homes by combined lenders, which the FHFA noted is used as an index in some adjustable-rate mortgage (ARM) contracts, slipped 8 bps to 4.91%.

FHFA calculated its June survey from purchase mortgages closed during the June 24-30th period. As the interest rate is typically determined 30 to 40 days before closing, the FHFA noted the reported rates depict prevailing market conditions in mid- to late-May.

Write to Diana Golobay.

House prices in 20 major metropolitan areas rose 1.3% in May from April and 4.6% from a year earlier, according to the latest Standard & Poor's (S&P)/Case-Shiller House Price Index (HPI).

The 10-city composite index similarly rose 1.2% from last month and 5.4% from last year:

The May composites are largely in line with expectations, as economists anticipated a 4% year-over-year rise in the 20-city index in May. Authors of the index are warning that, despite the positive results, prices have essentially remained flat over the past seven months.

The May results widened from the April S&P/Case-Shiller, which found the 20-city composite grew 3.8% and the 10-city composite grew 4.6% from a year earlier.

Positive month-on-month results in 12 of the metropolitan statistical areas (MSAs) fed into positive monthly changes for both composites in May.

Authors of the index warned, however, that the positive May results might be attributed to strong seasonal trends and "residual impact" of the first-time homebuyer tax credit.

"We need to watch where the housing market will go after these temporary stimuli go away," said managing director of the S&P indices David Blitzer. "June's existing and new home sales and housing starts data have not shown real improvement either."

He added: "It still looks possible that the housing market might bounce along the bottom for the foreseeable future before showing any real improvement that will filter through to the rest of the economy."

Blitzer also noted a look at house price levels over the past year do not indicate a "sustained recovery" in housing. Instead, he said, the two composites improved between 5% and 6% since housing's April 2009 trough and are now registering around what was seen in October of 2009.

"The last seven months have basically been flat."

Write to Diana Golobay.

The Federal Housing Administration's Mortgagee Review Board (MRB) published a notice today to announce dozens of administrative actions against FHA-approved lenders who failed to meet its requirements. The total amount of originators that used to write FHA-backed mortgages, the report shows, but are restricted from doing so today, has surpassed the 900 mark.

The Department of Housing and Urban Development (HUD) was recently enticed to investigate claims that certain lenders were discriminating against individuals applying for loans. As of today, the MRB is taking nearly 1,500 administrative sanctions against those lenders, including reprimands, probations, suspensions, civil money penalties and, at worst, withdrawals of approval for FHA funded programs.

"Lenders should know by now that FHA will not tolerate fraudulent or predatory lending practices," said FHA commissioner David Stevens. "Any FHA-approved lender that does business with us must follow our standards. If we determine that our partners are not playing by the rules, we will take action — it's that simple."

Over 900 lenders have been completely withdrawn from annual recertification of HUD/FHA approval while others are suffering serious penalties.

The list of lenders that are being punished, but that have not had their approvals withdrawn by the MRB includes big names such as US Bank, Nations Direct, U.S. Mortgage Corp., Strategic Mortgage Corp., Liberty State Finance, Assurity Financial Services, Meridian Lending, North Shore Financial, and Automated Finance Corporation.

Write to Christine Ricciardi.

The former editor of a mortgage technology trade publication left his position and announced his founding of a new trade group that will promote technology innovations in the mortgage space.

Anthony "Tony" Garritano spent more than a decade as a journalist, most recently as editor of Mortgage Technology News. He's recently left his position working for the publisher, SourceMedia, to form the PROGRESS in Lending Association. This information was made available through HousingWire's sources, however Garritano is still listed as an active employee on the SourceMedia website. Garritano's LinkedIn profile lists his tenure at SourceMedia as ending "July 2010."

The group announced today the six-person team of volunteers that will lead the new association. In addition to Garritano serving as the group's chairman and founder, the team includes Roger Gudobba, the chief strategy officer at technology vendor Compliance Systems, who will serve as PROGRESS CEO and Gabe Minton, the chief strategy officer for business intelligence provider Motivity Solutions, who will serve as PROGRESS chief technology officer.

The group aims to bring mortgage industry professionals together to discuss new ideas, new automation strategies and new processes to move the mortgage industry forward. The group was reportedly founded in response to the ever-changing regulatory environment and dramatic changes to the mortgage industry since the onset of the credit and housing crises.

“Technology is going to play a critical role in how mortgage lenders comply with new regulation, remain competitive, ensure profitability, and serve borrowers looking to get their piece of the American Dream," Garritano said in a press statement.

Garritano is well known among mortgage technology professionals, having spent years in this space a journalist. His background as a reporter and editor is made evident on the group's website, where a number of articles and industry research is accessible to registered members logged into the site. Membership is $180 per year.

"This new association provides a place for thoughts and ideas to flow freely. It’s easier to move things forward when you’re in a group," Gudobba said. "This association is a central place for industry participants to have discussions about how technology can improve the process.”

In addition to Garritano, Gudobba and Minton, other executives on the team include:

Michael Hammond, founder and president of NexLevel Advisors, serving as PROGRESS chief strategy officer

Kelly Purcell, executive vice president, global sales and marketing for e-signing and e-vaulting vendor eSignSystems, serving as PROGRESS chief information officer

Michael Blair as PROGRESS chief operations officer. Blair has more than 15 years experience in the financial services industry, including serving as president of Allpointe Mortgage

Write to Austin Kilgore.