Origination

A gauge of contract signings from the National Association of Realtors decreased 2.1% to 70.8 last month, the lowest reading in data going back to 2001, the group said Thursday.

But economists seem to differ on what the latest movement in mortgage rates means for the summer home sales business.

The pace of growth is more than double the recent historical average, adding further affordability hurdles for some homeowners.

The cloud storage provider has notified 165 potentially exposed businesses.

Across the country over the past two years, the share of homes affordable to a first-time home buyer has fallen to 29% from 34% in 1Q23 and 45% in 1Q22, First American Financial said.

Almost two-thirds of those aged 55 or over said they are sentimental about the house they have occupied long-term.

The sales pace is now at the low end of the range seen over the past year, suggesting limited momentum amid a lack of affordability.

Borrowers in the government-purchase market returned to the table in greater numbers, as rates declined, the Mortgage Bankers Association said.

A tough mortgage market has pushed some lenders to shed their middle management as a way to cut costs. This has ignited debate around what value regional and divisional managers bring to the table.

Local governments must use funds to address hurdles in zoning, financing and infrastructure to produce new units and preserve others.