Investors overwhelmingly believe that the U.S. housing market is overvalued, but they still see real estate as a better investment than the stock market, according to an investor survey released by TIAA-CREF, New York.The study, conducted by Roper Public Affairs and Media for TIAA-CREF, found that 73% of surveyed investors believe U.S. housing is overvalued, while only 19% believe it is valued appropriately. Nevertheless, 69% of the investors said real estate is a better investment than stocks, compared with 24% who said stocks are better, the company reported. "There is a notable disconnect between the run-up in housing market values investors are seeing as homeowners, and their desire to participate in an attractive asset class like real estate over stocks and bonds," said Tom Garbutt, managing director and head of real estate at TIAA-CREF. The study also found that only 58% of the surveyed investors say housing in their own community is overvalued, and 75% say they have no plans to sell their primary residence to generate retirement income. The company can be found online at http://www.tiaa-cref.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11