Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
Housing on mend, work still to be done: HUD
WASHINGTON (8/14/14)--The housing market has taken positive steps of late, but more work needs to be done as the economy continues its recovery. That according to the Obama administration's July Housing Scorecard, released Tuesday by the U.S. Department of Housing and Urban Development (HUD).

Progress such as rising existing-home sales and fewer foreclosure starts and completions have materialized, but new-home sales and a slowing of house-price appreciation nationwide has given pause to officials.

Existing-home sales, including single-family homes, townhouses and condos, sold at a pace of 5.04 million annualized units in June, the fastest pace since October and 2.6% higher than May, HUD reported.

Foreclosures, meanwhile, dropped 4% in June and have fallen 18% below levels seen a year ago.

On the other hand, June was the fifth-straight month of slower year-over-year home-price appreciation, while new-home sales declined a drastic 8.1% from May, 11.5% below the pace of sales seen a year ago during the month.

"The market indicators for the housing market recovery were mixed in July as foreclosure filings continue to improve, but home sales, particularly for new homes, showed unexpected weakness," said Katherine O'Regan, assistant secretary for policy development and research for HUD.

"Home prices, while still increasing, are doing so at slower rates," O'Regan added. "Indications are that continued improvements in the economy, such as the July employment report which marked the sixth straight month that more than 200,000 jobs have been added, along with slowly easing mortgage credit, will keep the U.S. housing market on the path to recovery."


RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
9 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
9 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
9 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
10 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
11 hours ago