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The president for the first time endorsed an approach to remake the housing finance system as Fannie Mae and Freddie Mac are wound down.

Tagged with: Barack Obama Fannie Mae Freddie Mac housing bubble

The firm is planning to reduce how much it pays on a $1.9 billion term loan that it repriced in February.

Sales of new homes rose in June to the highest level in five years, pointing to gains in residential construction that will support the economic expansion in the second half of the year.

With prices rising at the fastest pace since the real estate peak in 2006, buying and selling houses within six months, or flipping, is back in vogue.

Sales of new U.S. homes climbed more than forecast in May to the highest level in almost five years, a sign of continued strength in a market that’s helping fuel economic expansion.

Tagged with: housing market

The increase in mortgage rates, sparked by expectations that the Federal Reserve will scale back bond purchases, provides a test for a yearlong housing recovery that’s been fueled by home-loan costs near record lows.