Trulia Prices Increase, Down Payment Requirements, FHA Defaults, China Property Charts, Wells GSE Solution, ARMS Are Sexy, Higher Rates Hurt, CA is Hot, Fitch on Specialty Servicers, Student Loan Rates

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Trulia: Asking Home Prices increased in June – by Bill McBride – … Trulia Reports Asking Home Prices Up 10.7 Percent Year-over-year Nationally as Mortgage Rates Rise – Calculated Risk 
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Asking Home Prices Show Impressive Gain in June, Rents Pick Up – BY: ESTHER CHO – Asking home prices took off in June, soaring 10.7 percent year-over-year, Trulia reported Wednesday. Month-over-month, asking prices inched up by 1.5 percent and rose 4.1 percent on a quarterly basis. Trulia also tracked the 100 largest metro areas and revealed 99 markets experienced an increase in asking prices over the last year. – DS News

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(‘affordability’ proponents won’t let it happen) Legislators fail to implement down payment requirementsOC Housing News – … Given these facts, and few dispute them, it’s dismaying to see regulators waver on their intention to require a 20% down payment in the qualified residential mortgage rules. …

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FHA Swamped By Defaults; Congressional Report Shows FHA Could Suffer Losses as High as $115 Billion; Shut Down Fannie, Freddie, FHA – Mike Shedlock – An alleged “worst case scenario” shows the FHA could lose as much as $115 Billion. Since these worst case scenarios are always famously optimistic, the best course of action would be to shut the agency down MISH’S Global Economic Trend Analysis    
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(fascinating look 4 charts) New threats to China’s property bubbleSober Look Blog

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Wells Fargo: There’s a simpler way to shrink the GSEs – Posted by Jacob Gaffney – … But Wells Fargo analysts want a simpler path to reform. They suggest “continuing to increase g-fees or lowering the conforming loan limit, both of which do not require new law, would be a relatively simple way to reduce the GSE footprint and help crowd-in private markets to return.” True, it would work. But to be fair, even though everyone in mortgage finance wants to limit Fannie and Freddie’s respective roles, both tactics suggested would meet certain objections. … – Housingwire
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(taking an ARM because you have to) Purchase Applications, Investors, and ARMS – Signs of a changing housing marketOC Housing News
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The Drag From Higher Mortgage Rates – Submitted by Tyler Durden – references Goldman Sachs reportZero Hedge 
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(With mortgage rates rising at a record rate,) Scary times hit mortgage shoppers – By Les Christie @CNNMoney 
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Forecast Points to Steady Price Growth Led by California – BY: ESTHER CHO – When it comes to price appreciation, California markets are expected to continue leading growth over the next year, while certain areas concentrated in the Northeast should see a decline in home values, according to Veros Real Estate Solutions’ most recent forecast ending June 1, 2014. The company’s forecast covers 969 counties, 324 metro areas, and 13,502 zip codes. – DS News 
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(Fitch report) Fitch: The Heyday for Specialty Servicers Will Fade in Time – BY: KRISTA FRANKS BROCK – … As a result, specialty servicers will likely need to turn to originations.Fitch sees a potential for increased risk if future conditions necessitate a servicing transfer in the future. “In high stress, low probability scenarios used to analyse the ratings of high investment-grade structured finance bonds, a potential large portfolio transfer of servicing may have negative rating implications for these bonds,” Fitch said. However, an influx of small servicers in the market may help alleviate some of this risk, according to Fitch. … – DS News
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(on July 1 the rate on student debt was doubled from 3.4% to 6.8%) Student-loan debt keeping first-time buyers out of housing market – Researchers say the rate of homeownership among individuals who are paying off student loans is 36% lower than among their peers with no student debt. – By Kenneth R. Harney – LA Times 
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