Secondary Market

An increase in prices itself does not signal a bubble. An unsustainable increase, not supported by other data, however, would.

In Seattle, Redfin announced the hiring of Chris Nielsen as CFO. Nielsen was most recently CFO and COO of Zappos.com, a destination in online apparel and footwear sales, where he oversaw the company's financial and fulfillment operations. His career has also seen him leading successful retail business segments at Amazon.

The Conference Board's Leading Economic Index (LEI) for the United States rose 0.1 percent in May to 95.2, a disappointing movement compared to April's 0.8 percent increase. However, experts at the Conference Board note the index's stability is a good sign. "Despite month-to-month volatility, the LEI's six-month growth rate remains steady, suggesting that conditions in the economy remain resilient," said economist Ataman Ozyildirim. The Coincident Economic Index rose 0.2 percent, while the Lagging Economic Index increased 0.3 percent.

Zillow expects prices will continue their upward trajectory in the short-run with a 4.1 percent increase over the following 12 months. However, as inventory increases and interest rates rise, "some demand may also ebb," said Stan Humphries, Zillow's chief economist. These predictions prompted the economist to advise, "Enjoy it while it lasts, because the housing market will undoubtedly look very different a few years down the road from how it appears now."

A plurality of prospective homebuyers responding to an industry survey anticipate down payments of less than 15 percent when they purchase a new home. Forty-four percent of respondents anticipate low down payments of no more than 15 percent, while 34 percent foresee paying between 15 and 24 percent of purchase price at closing. Nineteen percent say they will put down more than 25 percent of their home purchase price when the purchase their next home, according to the survey conducted on behalf of LendingTree.

A new concept paper from the Mortgage Bankers Association (MBA) calls for the alignment of underwriting standards as a major step in secondary market reform.

Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors (NAR) reported.

Dykema, a leading national law firm, announced that Luke Sosnicki has joined its Los Angeles office as senior counsel.

Both home sales and prices rose at double-digit rates above May 2012, and inventory is showing signs of stability, RE/MAX reported.

Commercial and multifamily mortgage debt outstanding decreased for the first time in five quarters during the first quarter of this year, according to the Mortgage Bankers Association (MBA).