Housing

The House approved a bill 427-0 that would revamp the Federal Housing Administration’s condominium loan program and expedite the approval process for Rural Housing Service guaranteed loans.

Mortgage applications declined last week, despite having a favorable comparison to the previous week, which had only four business days, according to the Mortgage Bankers Association.

Home prices rose in December in both yearly and monthly comparisons, according to CoreLogic.

The Federal Housing Finance Agency's Duty-to-Serve rule must include a substantive commitment from the government-sponsored enterprises to purchase chattel loans.

The national median-priced home requires 21% of median incomes for purchase, Black Knight Financial Services said.

Urban homes are now worth more than suburban homes, as Americans place a greater value on living in cities and in high-rise condos, according to Zillow.

Lenders are originating more mortgages for subprime borrowers, according to Equifax.

TFS Financial in Cleveland reported a higher fourth-quarter profit, citing a $1 million negative loan-loss provision.

Radian Group reported net income of $287 million, compared with $960 million for 2014, but that year's results were boosted by a tax allowance reversal.

Contracts to purchase previously owned homes rose less than forecast in December, indicating more tempered progress in residential real estate early this year.