Secondary Market

Existing home sales rose 7.8 percent to 4.82 million in August the highest level since May 2010 the National Association of Realtors reported Wednesday. The median price of an existing single in August was $187,400, down $400 from July but up $16,200 or 9.5 percent from August 2011. Economists had expected the sale pace to be 4.55 million. The percentage gain in sales was the strongest since last August when sales improved 8.9 percent month-over-month, the strongest month-month gain of the year.

Twenty-four percent of loan officers think their firm leaders lead with "unclear" and "illogical" visions, according to a recent survey. Hammerhouse, LLC, a recruiting and strategic growth firm for the financial services industry, recently released a survey it conducted with loan officers. The findings touched on leadership, culture, business, and technology for loan officers from around the residential mortgage lending industry. Thirty-two percent of mortgage industry professionals believe their firm's technology needs an upgrade.

Economic growth isn't looking good for the rest of the year, according to Fannie Mae's Economic & Strategic Research Group. According to the GSE's most recent Economic Outlook report, downside risks such as the European debt crisis, the fast-approaching fiscal cliff, and the recent slowdown in hiring have created a drag on the second quarter's modest economic growth. Fannie Mae is setting growth expectations to 1.8 percent, a slight increase from Q2, but under Q1's projected 2.0 percent pace.

The Federal Housing Administration (FHA) is receiving industry support for its revisions to mortgage-related guidelines on condominium properties. Having been adamant about the need for changes to the previous standards, the Community Associations Institute (CAI) recently spoke out in support of the FHA's decisions, which the group says will create greater stability in the condo market.

Lending specialist A10 Capital has announced the appointment of a new head of business development for the company's Tri-State market. Adding industry veteran Bruce Dashevsky, A10 is gaining a new leader for development efforts throughout Connecticut, New Jersey, and New York.

The CEO of Hope Enterprise Corporation/Hope Credit Union (HOPE),Bill Bynum, has been appointed to a leadership position with the Consumer Financial Protection Bureau (CFPB). Bynum was named the vice chairman of the organization's new initiative, the Consumer Advisory Board.

In London, a home that's considered to be the largest single-family residence in the city has hit the market for a mind-blowing $484 million. According to Curbed, if the home achieves anything close to its list price, it will become the most expensive property ever sold in London.

TD Bank is capturing the consumer perspective on the American Dream of homeownership, recently releasing the results of its Home Buyer Poll. Among TD Bank's most significant findings - statistics showing that women are nearly 10 percent more likely to aspire to purchase property than men. According to TD Bank's survey, 64 percent of women believe that homeownership is "essential in defining the American Dream."

When he ran for the presidency in 1980, Ronald Reagan, then Republican governor of California, struck at then-President Jimmy Carter over the strength of the economy. His question for Americans: "Are you better off now than you were four years ago?" That's the question Paul Ashworth and Paul Dales, senior analysts with Capital Economics, offered to answer in a report released by the consultancy on Friday. The report breaks down recent economic trends, including GDP, home sales, and median income.

Rep. John Campbell introduced to Congress a piece of legislation designed to keep local governments from using eminent domain to seize homes with underwater mortgages. Titled ├â┬ó├óÔÇÜ┬¼├àÔÇ£The Defending American Taxpayers from Abusive Government Takings Act,├â┬ó├óÔÇÜ┬¼├é┬Ø the bill would prohibit Fannie Mae, Freddie Mac, FHA, and the Veterans Administration from purchasing or guaranteeing loans originating in counties where a municipality has seized a mortgage loan through eminent domain in the last decade.