Monday Morning Cup of Coffee: Is housing strong enough to weather rate hikes?

Monday Morning Cup of Coffee: Is housing strong enough to weather rate hikes?

Plus the mortgage bond outlook, the NYT joins the GSE investor struggle, and more

Sources: Morris Schneider Wittstadt declaring bankruptcy, closing immediately

LandCastle Title’s operations will not be affected

8 avoidable mistakes first-time homebuyers keep making

Stop doing these things
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The Ticker

Here’s the team that caused the Detroit foreclosure crisis

Op-Ed: You break it, you fix it
Brena Swanson
Detroit didn’t stumble into the foreclosure mess by itself, so it shouldn't be left to recover all on its own. So who is to blame? The government and lenders, but not the borrowers, according to an opinion piece in the Detroit News.
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Scammers targeting families seeking affordable housing programs

Identity theft, phony payments and fraud
Trey Garrison
Fraudsters are preying on low-income families who are seeking government-subsidized housing, setting up websites and help lines to get personal information and phony fees and rent deposits. It's ugly.
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Consumer spending flat in June

Americans hold fast even as rates increase
Trey Garrison
Americans' daily self-reports of spending averaged $90 for the month of June, essentially unchanged from the previous two months, despite the surge in homebuying brought on by worries about rising interest rates. Here's what's happening.
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Corpse found in $1M San Francisco house for sale

Price could go higher
Brena Swanson
Despite finding a mummified corpse of the homeowner in a Lake District Victorian house for sale in San Francisco, the house still received a $1 million bid.
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Manhattan real estate has never been more expensive

Average sales price for an apartment hits all-time high in 2nd quarter
Ben Lane
No one has ever argued that living in New York isn’t an expensive proposition, but a new report shows just how expensive it is to live in New York’s priciest borough. According to data from Douglas Elliman, it’s never been more expensive to live in Manhattan than it is right now.
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Family flees dream home because it used to be a meth house

Sells home at “significant” loss
Ben Lane
An Indiana family was driven from its “dream home” after discovering the home's history made the property a health hazard. Shortly after moving in, children started getting sick and it got worse from there.
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Tim McGraw partners with Chase to give homes to veterans

6 awarded so far, 30 more to come
Trey Garrison
Country star and actor Tim McGraw is a big supporter of the military and veterans, and now he’s teaming up with Chase Bank and Operation Homefront to give mortgage-free homes to veterans. Happy Independence Day, indeed.
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Fannie, Freddie CEOs awarded $3 million raises

Granted compensation of $4 million each
Brena Swanson
Both Fannie Mae and Freddie Mac CEOs were granted multimillion-dollar paydays by the Federal Housing Finance Agency. A move that comes with great objection from lawmakers and the White House.
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Optimal Blue launches mortgage pricing application

QuickSearch now available to loan officers
Brena Swanson
Optimal Blue introduced QuickSearch, a privately branded mortgage pricing app for mobile devices, during its 2015 Client Conference to allow loan officers to perform real-time pricing searches for their borrower.
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Chicago biz pub: Redfin school data isn’t accurate

School ratings critical for many buyers
Trey Garrison
Chicago Real Estate Daily, a Crain’s publication, says that Redfin is posting inaccurate ratings on some schools, which could potentially turn some buyers away from the neighborhoods around them.
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