States Experiencing Declines Greater than 50 %
Utah, Arizona, Nebraska and Minnesota experiencing declines greater than 50 percent
Foreclosure inventory. Thirty-eight states showed declines in year-over-year foreclosure inventory of greater than 30 percent. Foreclosure inventory overall registered its 31st month of consecutive year-over-year declines. The report stressed that the battle to return to normal levels of foreclosure inventory is far from over and that there is still much more hard work to do to clear the backlog of foreclosed properties. The Ability to Pay Rule took effect in January of 2014, read more
More Markets See Price Increases
Recovery Broadens as home prices were on the rise again last month, but in a stark contrast to last year, price 
increases were more generalized and less concentrated to just a few metro pockets, according to May 2014 National Housing Trend Report. In May, the median list price of homes was $214,900 nationwide, an 8 percent increase year-over-year. All but eight of the 146 markets that realtor.com tracks reported year-over-year price increases in May. Home inventories in May were down 5.8 percent compared to year ago levels. A limited number of homes for-sale across the country is credited with lifting home prices. See June Salt Lake Market Trend Report First Quarter 2014.
Best Single Family Rental Markets
Best Markets for Renting to Boomers and Millennials: As rental prices continue to rise, investors are still hunting for the 
best buys for single-family rentals. RealtyTrac found the top markets for buying residential property to use as rentals by factoring in unemployment rates as well as annual gross rental yields. Home prices have increased at a faster pace than fair market rents in most counties over the past year.See the top Seven Markets and learn more about the Housing Market
'HAWK' Pilot Program for new homebuyers
FHA contends that HAWK will save the average buyer approximately $325 a year—or almost $9,800 over the life of 
their loan. The HAWK Pilot Program for new homebuyers provides FHA insurance pricing incentives to first-time homebuyers who participate in housing counseling that covers how to evaluate housing affordability and mortgage alternatives, financial advice, and the rights and responsibilities of home ownership. Under the program, first-time homebuyers who participate in the pilot program will benefit at closing from a 50 basis points reduction in the upfront mortgage insurance premium and a 10 basis points reduction in the annual premium. Read more and See Holiday Weekend Mortgage Rates,
Renters Feel the Pinch
As Landlords Raise Rents Again: Apartment landlords continued to push through hefty rent hikes in the second quarter, 
squeezing U.S. households that already are struggling financially after four years of steady increases. The average monthly rent for an apartment increased in the most recent quarter to $1,099, up 0.8 percent from the first quarter of this year and up 3.4 percent year over year, according to a real estate research firm. It marked the 18th consecutive quarter for rent rises at a time when income growth has mostly been stagnant. Some relief may be in sight for renters soon, read more.
Credit Scores May Soon Reflect Rental Payment
Renters who have never been late with a rent payment will find that their stellar record wont do anything to lift their credit 
scores when it comes time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, reportedly are starting to incorporate verified rental payment data into credit files and using it to compute the consumers' credit scores when they apply for a mortgage. Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. See Why? Landlord, phone and cable companies, and many other creditors don’t report your payments.
Homebuyers Can Breathe a Sigh of Relief
There’s been a dramatic change in the housing market lately, and it’s almost all good news for home buyers. As we head into summer, here are a few 
thoughts to consider, home shoppers may find there’s good reason. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year.
Home buyers this summer are finding: More options: Inventories of existing-homes are 6 percent higher than year-ago levels, read more.
Foreclosure inventory. Thirty-eight states showed declines in year-over-year foreclosure inventory of greater than 30 percent. Foreclosure inventory overall registered its 31st month of consecutive year-over-year declines. The report stressed that the battle to return to normal levels of foreclosure inventory is far from over and that there is still much more hard work to do to clear the backlog of foreclosed properties. The Ability to Pay Rule took effect in January of 2014, read more
