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Home Price Growth Slows More than Expected

The S&P/Case-Shiller Home Price Indices, released Tuesday, showed house prices gained 9.3 percent across 20 of the country's biggest cities, down substantially from the 10.8 percent increase recorded for April and the slowest growth rate since February 2013. Economists had expected an increase of 9.9 percent for May.

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Mortgage Loan Risk Recedes

According to the American Enterprise Institute's (AEI) latest National Mortgage Risk Index, the share of home purchase loans at risk of going sour in the event of an economic downturn fell nearly half a percentage point last month to 11.44 percent. According to the group, the risk value of loans securitized in Fannie and Freddie's portfolios fell slightly to 5.8 percent, while the risk index for FHA slipped to 23.6.

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Pending Home Sales Wane in June

NAR's Pending Home Sales Index, an indicator of future home sales based on contract signings, fell to 102.7 last month, down 1.1 percent from May and 7.3 percent from June 2013. NAR chief economist Lawrence Yun said that while the housing market is stabilizing, ongoing challenges are holding sales back from their full potential.

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Large Lenders Loosen Credit Standards, Small Lenders Tighten Up

Credit standards at large lenders appear to be loosening somewhat, while criteria at small and mid-sized lenders appear to be tightening, according to a new survey from Fannie Mae. Lenders that reported tightening credit standards most often stated "changing regulatory requirements" as the rationale for their stricter standards.

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New Home Sales Tumble in June; May Sales Sharply Revised

The Commerce Department reported on Thursday that sales of new homes in June were at an estimated seasonally adjusted annual rate of 406,000, reflecting a decline of 8.1 percent from May. May's sales rate, originally reported at 504,000, was revised down to 442,000, erasing much of the 18.6 percent gain that had been recorded previously.

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Community Banks Argue for Expanded CFPB Exemptions

Independent Community Bankers of America (ICBA) submitted a letter to the Consumer Financial Protection Bureau asking the agency to expand the small creditor exemptions set out under its mortgage rules that went into effect in January. ICBA's main request is that mortgage loans held in small creditors' portfolios automatically receive qualified mortgage safe harbor status for as long as the loans are held in those portfolios.

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Uneven Recovery Continues with Home Price Acceleration in May

While home prices continue to decelerate on an annual basis after reaching peak speed in February, price gains did pick up slightly from April to May, according to FNC's latest price index. After rising 0.6 percent over the month in both March and April, national home prices rose 1 percent in May, according to FNC's data, which excludes the sales of distressed properties.

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