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Home Prices Gain 0.6% in FHFA Index

Amid reports of subdued home sales in the year's closing months, the Federal Housing Finance Agency (FHFA) delivered a piece of good news in the form of continued house price gains. The agency's latest House Price Index (HPI) showed a month-to-month gain of 0.6 percent in October, picking up steam after posting no change in September.

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Third-Quarter GDP Gets Major Upward Revision

According to a third reading released Tuesday by the Bureau of Economic Analysis (BEA), gross domestic product (GDP) increased at an annualized rate of 5.0 percent in Q3, up from an earlier estimate of 3.9 percent and an estimate of 4.6 percent in the second quarter.

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Freddie’s Mortgage Portfolio Crawls Upward

According to Freddie's monthly volume summary, released Monday, the company's total portfolio ended November at an estimated $1.9 trillion, up an annualized 0.4 percent. Year-to-date, the portfolio's growth rate is an average -0.7 percent, the result of six straight months of declines through the year's first half and an additional month of contraction in August.

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Leading Economic Indicators Continue to Improve

The Conference Board's Leading Economic Index (LEI) increased 0.6 percent in November to 105.5, the group reported. The increase matched October's improvement and was slightly weaker than September's 0.8 percent growth.

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Regulators Shut Down Minnesota Bank; 2014 Tally Hits 18

The bank, which is Minnesota's first to close in 2014, was shuttered on Friday by the Minnesota Department of Commerce, which appointed FDIC as receiver. In a statement, the agency cited lack of capital, continuing operating losses, and a large volume of problem assets as reasons for the forced closing.

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NeighborWorks America’s Board Chooses New President and CEO

NeighborWorks America announced the appointment of a new president and CEO, naming a longtime leader in the housing and community development field to the role. Effective January 20, Paul Weech will take the reins at the organization, allowing Chuck Wehrwein, current acting president and CEO, to return to his position as COO.

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Senators Pen Letter to FHFA Chief Over FHLB Requirements

The letter, co-authored by Senators Joe Manchin (D-West Virginia) and Mark Kirk (R-Illinois), states that "(t)he proposed rule affects long-standing membership rules for the Federal Home Loan Bank system and will negatively affect new and current members in the system." Twenty-five other senators signed the letter.

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Economic Growth Projected to Lift After Fourth-Quarter Turn

Economists at Fannie Mae are forecasting full-year growth of 2.1 percent for 2014, a full point below 2013's rate of growth, due to the reverse in the final quarter of some unsustainable forces that boosted the economy in the third quarter. However, the group is predicting economic growth of 2.7 percent for 2015.

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