The Homeownership Rate has declined to its lowest level since 2003 according to U.S. Census Bureau data.  The homeownership rate peaked at 69.4 percent three years ago, has now declined over the last three quarters to 68.4 percent. 

The NATIONAL ASSOCIATION OF REALTORS® reports that federal regulators would get expanded power in an effort to curb appraisal abuses in a bill introduced by a key House lawmaker.

The “Fair Mortgages Practices Act, “H.R. 3012, would give authority of the federal Appraisal Subcommittee to issue binding regulations on states and require states to license appraisers based on specified qualification criteria.  It would also require states to recognize licensing from other states.

The legislation would also add a set of provisions to curb fraud, in part by beefing up restrictions on the improper influence (bribery, coercion, etc.) of appraisers, and it would take a stab at curbing subprime loan problems by requiring appraisers to conduct a physical inspection of a property if the buyer is using subprime financing.

The present terrorism insurance is set to expire at the end of this year. H.R. 2761, the Terrorism Risk Insurance Revision Extension Act, has been passed by the House Financial Services Committee.

If approved by the Senate after its summer recess, the bill would extend for 15 years the terrorism insurance program that was initiated after the September 11, 2001, terrorist attacks.  The program makes coverage available for nuclear, biological, chemical or radiological attacks; requires the Treasury Department to report on the terrorism insurance market every two years, including an analysis of terrorism insurance pricing impacts on commercial real estate; and established a blue ribbon commission tasked with recommending a long-term private market solution.

Data sharing, security, and consolidation of multiple listing services are top concerns for real estate practitioners and MLS executives, according to the 2007 REALTOR® MLS Technology Survey released by N.A.R.

The fifth annual survey showed respondents have a strong interest in expanding MLS service territories, with nearly one-third of practitioners and MLS execs saying they favor a statewide MLS, up from 19 percent last year.  Twenty-seven percent said that a market area or metro statistical area would be ideal, while 21 percent preferred a larger market region within their state.

MLS service regions commonly expand through consolidations, which the survey shows are on the rise.  Thirty percent of those surveyed said their MLS has already consolidated with one or more MLS, up from 15 percent last year, and another 38 percent are considering consolidation.

The survey also revealed that nearly one-third of respondents have reciprocal data sharing agreements with other MLSs.  Another 23 percent have considered data sharing.

The survey also revealed the growing use of technology among MLSs for sharing data.  Nearly two-thirds of MLS respondents said their MLS makes use of a RETS interface, which allows brokers, third-party software vendors, REALTOR® associations and MLSs to share real-time data, regardless of the type of software they use.  This figure is up nearly 47 percent since 2005.

The latest Census Bureau data indicates the value of private, nonresidential construction spending soared 17 percent during the month of June to $346.6 billion, led by hotels, educational institutions, office buildings, and utilities.

A Freddie Mac report says that fewer repeat borrowers chose fixed-rate loans in the second quarter than selected them in the first quarter.

In the second quarter, 85 percent of borrowers who originally had a 1-year adjustable-rate mortgage (ARM) chose a new fixed-rate mortgage when they refinanced.  In the first quarter 89 percent selected a new fixed-rate mortgage.

Likewise, in the second quarter 86 percent of borrowers who initially had a hybrid ARM refinanced into a fixed-rate loan.  In the first quarter, 88 percent did.