Pending home sales rise in June, but below year-ago

Pending sales of existing houses nationwide rose slightly in June from May, but they remain 12.3 percent below the level of June 2007, the National Association of Realtors reported yesterday. In the Philadelphia region, pending sales - those for which agreements were signed in June but will close in 30 to 90 days - were unchanged from May but about 22 percent lower than June 2007, according to Prudential Fox & Roach's HomExpert Report, based on data from Trend Multiple Listing Service. "The market is continuing to favor first-time home buyers," said Steve Storti, senior vice president of marketing for Prudential Fox & Roach.

To read the complete details, please visit: http://www.philly.com/philly/business/20080808_Pending_home_sales_rise_in_June__but_below_year-ago.html

AllRegs Delivers FHA Hotline Support Service for Mortgage Lenders

Congress, HUD and FHA continue to make fantastic changes to loan programs and guarantees available to Americans purchasing homes. AllRegs, the leading information provider for the mortgage lending industry, supports these changes and announces its creation of a service to support the increased growth of homeownership through FHA loan programs. Known as the AllRegs FHA Hotline, this service is being made available to support the industry at a time when FHA business is growing exponentially and organizations are looking for resources to get them in the game.

To read the complete details, please visit:
http://www.marketwatch.com/news/story/allregs-delivers-fha-hotline-support/story.aspx?guid=%7B224A3183-2E3B-4DB4-B789-D1B2B26F6E71%7D&dist=hppr

FHA has helped 300,000 families find relief with government-backed mortgages

U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's affordable mortgage insurance program. Since September 2007, FHASecure - the Federal Housing Administration (FHA) refinancing product - has provided struggling families with expanded access to safe and affordable mortgage financing. FHA is on pace to help 500,000 families by the end of the year.

For the full comments from HUD, please visit: http://www.hud.gov/news/release.cfm?content=pr08-118.cfm