Secondary Market

Home construction starts are on the rise in 2012, and updates to a recent survey from the McGraw-Hill Companies indicate a forecasted increase of 2 percent for the year. According to projections from the 2012 Dodge Construction Outlook Midyear Update, total construction starts will hit $445 billion, besting the $434 billion recorded during 2011. Compiled by McGraw-Hill Construction, the outlook report calls the predicted performance "slightly better than" flat in a still-recovering economy dogged by recurring problems.

A new survey from Mortgagebot includes promising findings for community-based lenders hoping to increase their market share. The technology company's recent report shows that upticks in visibility and accessibility via online channels can help level the playing field for smaller lenders competing with the nation's big banks. Mortgagebot's study revealed specific strategies that are enabling the company's clients to capitalize on market share including generating better borrower-facing accessibility online, targeting new customers through an online approach that is tailored to a particular demographic.

CitiMortgage announced Thursday the launch of its proprietary ├â┬ó├óÔÇÜ┬¼├àÔÇ£Citi Military Road to Recovery Tour├â┬ó├óÔÇÜ┬¼├é┬Ø designed to help current and former Armed Services members who need assistance with their mortgages. The tour will feature five homeowner-support events near military bases all around the United States. At these events, Citi├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Homeowner Support Travel Team of mortgage experts and HUD-approved housing counselors will have individualized discussions with both current service members and veterans. The first event will take place in San Diego, California on June 29.

Landmark Mortgage Group has added a new advisor to its roster of lending and real estate professionals. The company recently promoted Adina Erridge to mortgage advisor from her previous role as a production assistant.

For baseball fans, it doesn't get any greater than Babe Ruth, and now that a Massachusetts estate once belonging to Ruth is on the market, homebuyers have the chance to live like the Sultan of Swat. The property, which is known as Home Plate Farm, is listed for $1.

Consumer spending fell $4.7 billion, less than 1 percent in May, reversing the 0.15 percent increase in April, the Labor Department reported Friday. Personal income meanwhile grew $25.4 billion or 0.18 percent, down from April's 0.22 percent growth. The numbers suggest GDP growth for the second quarter which ends Saturday could be slip from the first quarter's weak 1.9 percent growth rate. In dollars, income growth in May was less than the $29.4 billion in April, while spending fell from a gain of $16.2 billion in April.

Mortgage rates remained somewhat flat for the week ending June 28, according to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey. Average fixed mortgage rates remained largely unchanged, helping to keep affordability high for buyers in the market to purchase a home or looking for a refinance. The 30-year fixed averaged 3.66 percent (0.7 point), staying level with the all-time low that was achieved the previous week. At this time in 2011, the 30-year fixed averaged 4.51 percent. The 15-year fixed averaged 2.94 percent (0.7 point), down slightly from 2.95 percent the previous week.

The US economy grew at an annual rate of 1.9 percent in the first quarter, the Labor Department said Thursday. The BEA report was consistent with market expectations but emphasized a moribund economy. The economy had expanded at a 3.0 percent pace in the fourth quarter of 2011. In economic measurement terms, these data are ancient economic history, since the second quarter ends Saturday. The advance first quarter GDP report will be released on July 27. The data released so far for April, May, and early June suggest second-quarter 2012 economic activity may have grown even less rapidly.

LenderLive Network Inc. is welcoming a new client for its loan fulfillment program. The company recently announced that Illinois-based Alliant Credit Union has selected LenderLive's end-to-end mortgage servicing platform, eOriginator.

Legendary Hollywood couple Warren Beatty and Annette Bening are selling their Beverly Hills home. The Beatty-Benings put their luxury pad up for for lease last year, but after failing to snag an interested tenant, they've listed the property, which is located on famed Mullholland Drive, for $6.995 million.