Servicers cut principal on 10% of mortgage mods, numbers expected to rise (HousingWire) This year mortgage servicers included principal reduction on 10.2 percent of modifications during the first quarter, which is a raise of 3 percent from this past year.
Freddie Mac reduces mortgage portfolio 9.4% in May (HousingWire) Though Freddie Mac bought $30.7 million in loans this May, it sold or liquidated $46.7 million. As a result, the mortgage portfolio balance shrunk at an annualized rate of 9. 4 percent in the same month.
Pending home sales match two-year high (The Washington Post) Pending home sales rose last month and matched its highest level in two years. Contracts on existing homes were up 5.9 percent in May compared to April and 13.3 percent from a year ago.
Investors are putting cash to work in residential real estate (The Washington Post) Investors are favoring residential real estate as investment opportunities, a trend that’s been increasing during the past few years.