New home sales collapse, erasing recent surge

New home sales collapse, erasing recent surge

Sales 11.5% down YOY; fall to 406,000 annual pace

HousingWire TECH100 winner FormFree issued pioneering patent

All-digital verification is now a thing

Fannie Mae offers new suite of HomePath financing

Goodbye HomePath Mortgage and HomePath Renovation
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Investments

New home sales collapse, erasing recent surge

Sales 11.5% down YOY; fall to 406,000 annual pace
July 24, 2014
Sales of new single-family houses plummeted in June to an annualized rate of 406,000, at least 20% below most analyst estimates. It was the biggest miss for new home sales in a year, and brings new home sales down to a level not see since December 2012.
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Home price increases boost PulteGroup revenue and profit in 2Q2014

New home construction orders down slightly from 2Q2013
July 24, 2014
PulteGroup posted net income was $42 million, or $0.11 per share, after pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs for the second quarter of 2014.
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D.R. Horton posts net income of $113.1M

Pre-tax impairment costs drive down D.R. Horton earnings
July 24, 2014
Fort Worth, Texas-based D.R. Horton, the largest U.S. homebuilder, said fiscal third-quarter earnings declined as sales margin shrank and it incurred $54.7 million in pretax costs.
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CoreLogic slashes 2014 mortgage origination estimate by 10%

Still reports revenue growth of 13%
July 23, 2014
CoreLogic’s second-quarter revenue increased to $349.4 million, which was also up 0.4% from 2Q13. The company said that the increase was “despite an estimated 50% contraction in U.S. mortgage volumes.”
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Single-family rental companies swallow small investors

Small companies priced out of market
July 23, 2014

Smaller investors with limited capital or deadlines to repay investors are now selling houses as bigger firms eagerly wait to buy them out.


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The first: Jefferies trader Litvak gets 2 years for TARP fraud

Sole conviction of rogue RMBS trader carries $1.75M fine
July 23, 2014
Former Jefferies & Co. Managing Director Jesse Litvak was sentenced to two years in prison for lying to clients about mortgage-backed securities, Bloomberg is reporting. The conviction is the first of its kind and very rare generally.
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IMF forecasts interest rates lower than Fed's estimates

Rate path well below Fed's median rates
July 23, 2014
The Federal Reserve will be able to hike rates gradually given the slack in the labor market and continued low inflation, with the first rake higher likely to come in midsummer of 2015, according to the International Monetary Fund.
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Ginnie Mae ditches paper and goes electronic application

Electronic filing to start very soon
July 23, 2014
Ginnie Mae, the only issuer of government-backed mortgage bonds, announced it is moving away from paper-based issuer applications to an all-electronic system. As of September 1, all applicants will be required to file electronically, via the Application Connection.
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Kroll weighs in on Silver Bay Realty’s $312M rental securitization

Awards $147M in AAA ratings
July 23, 2014
“Large-scale institutional ownership and management of single-family rentals is a fairly new business model and US securitization structures of the assets are still evolving,” Kroll’s presale report states. “While SBY 2014-1 is the sixth transaction of its kind, performance data for the sector is limited.”
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Is this the way to cut housing costs when facing hardship?

The household is the biggest household expense
July 23, 2014
What’s the No. 1 way people would reduce their housing costs if they were hit with an unexpected financial burden?
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