Housing Inventory Grows

According to Movoto, housing inventory continues to increase from last month bringing good news to home-buyers as competition over homes will slow due to the increased inventory. Approximately 3,574 more properties were up for sale last month compared to May 2013. Additionally, price per square foot also increased meaning that inventory rates have yet to effect housing prices. New Orleans and Chicago are the only cities in the United States that experienced a drop in price per square foot. More here

Many Borrowers Will See Mortgage Payment Reductions

The Streamlined Modification Initiative goes into effect this week and will help many home loan borrowers save large amounts of money. The effort is targeted toward borrowers with mortgages from Freddie Mac or Fannie Mae and are 90 days or more late on payments. The Mortgage Bankers Association stated in May 2013 that there were approximately 1.1 million delinquent homeowners at the time. David Berenbaum, a coordinator for the fair housing and fair lending compliance initiatives for the National Community Reinvestment Coalition talked about the initiative saying “this is a no-brainer and should have been done years ago.” More here

Consumer Sentiment Grows

A new survey showed that consumer sentiment has shown great improvement over the last few months ending June with a high near 82.7. Richard Curtin, the surveys director indicated that the increase in mortgage rates and fall in stock prices have not negatively changed consumer opinion about the economy. “To be sure, few high or low income consumers expect the economy to post robust gains or think the unemployment rate will drastically shrink during the year ahead,” Curtin said. More here