Housing affordability

The median monthly amount on new purchase applications fell for the first time since early summer, according to the Mortgage Bankers Association.

The National Association of Realtors' index of contract signings increased 1.1% from a month earlier to 72.6, the group reported Thursday.

After regulators deemed special-purpose credit programs compliant with housing law, their numbers have grown, but lenders are still trying to determine the best way to develop them and achieve their intended purpose.

Expected income earned through rental of the units will be considered in underwriting for FHA-backed mortgages and rehabilitation loans.

But even as housing costs slowed on a quarterly basis, they still came in 5.3% higher than a year ago, according to Fannie Mae's Home Price Index.

The rise in the number of reductions runs against typical seasonal norms, Redfin said.

The move comes after the e-commerce giant has provided some $1.7 billion to create or preserve affordable rental units as part of a $2 billion initiative launched two years ago. 

The long climb in mortgage rates has also kept an additional $200 billion in equity out of the hands of borrowers, and the economy at-large, the firm said.

The decision highlighted conflicts between insurance providers and detractors, with supporters of alternative products underscoring it had no effect on the services they offer, while a major industry trade group critical of the program lauded the outcome.

Active listings fell in July on an annual basis, while median home prices also showed signs of a downward trend, according to new data from Realtor.com.