Dykema, a leading national law firm, announced that Luke Sosnicki has joined its Los Angeles office as senior counsel.
Double-digit price increases in some markets hard-hit by the housing crisis prompt the question, are we experiencing another housing bubble? While several factors are combining to push prices up right now, CoreLogic analysts say we are not headed into anther bubble. During the bubble leading to the recent housing crisis, real home prices increased 62 percent. When the bubble burst, prices fell 47 percent, according to CoreLogic.
With a somewhat upbeat assessment of the economy, the Federal Open Market Committee (FOMC) said Wednesday it would continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In the statement issued at the conclusion of its two-day meeting, the committee said it “sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall,” a more optimistic assessment than May 1 when the Committee said it “continues to see downside risks to the economic outlook.”
Overall, S&P believes the current pace of home price gains will not last for long; however, it’s too soon to call this a bubble. In fact, with home values still below their pre-recession peaks, it’s expected home prices will continue to rise through the rest of 2013.
Do you know any influential women in the housing finance and real estate industries? HousingWire is looking for the names of a few good women who have inspired their colleagues and business associates by actively shaping the mortgage and housing sectors with innovative ideas, timely solutions and steadfast dedication.
Firefly Legal, a nationwide civil process service company, announced Randy Mucha, the company’s civil process supervisor, was named treasurer of the Illinois Association of Professional Process Servers (ILAPPS).
The steady influx of out-of-state transplants, along with stronger than average employment growth, should keep the housing and apartment sectors in Texas strong, a report from the Dallas Federal Reserve concluded. Using data from the Census Bureau, the report authors D’Ann Petersen and Christina Daly pointed out that Texas is the No. 1 state for domestic in-migration. From July 2011 to July 2012, the Long Star state saw a net 140,888 new arrivals when excluding births or international migration.
Gains in home prices and sales surged in May, while inventory increased for the second straight month, according to Redfin. In May, home prices surged 17.4 percent year-over-year, while prices in all 19 markets tracked showed yearly gains. At the same time, home sales climbed by 15.8 percent from April to May, reaching their highest level since January 2010. Although for-sale housing inventory decreased 21.9 percent year-over-year, Redfin reported inventory inched up by 4.3 percent from April to May.
Wells Fargo’s Home Rebate Card has allowed its mortgage customers to pay down a total of $50 million from their loan balances so far.