House prices rose at a 1.8% annualized rate in the first quarter, the slowest rate in a decade, according to the Office of Federal Housing Enterprise Oversight.The OFHEO house price index shows that price appreciation has come down dramatically from an 8.9% annual rate in the first quarter of 2006, but it did not fall into negative territory. "Although some forecasters expected to see a drop in the HPI, nationwide house prices continued to rise in the first quarter of 2007, albeit at the lowest rate in 10 years," OFHEO Director James McLaughlin said. From the fourth quarter to the first quarter, house price rose by 0.5%, and a separate home purchase index (which excludes refinancing transactions) also rose by 0.5%. However, "the purchase-only index grew about 3% over the latest four quarters, less than the 4.3% growth in the all-transactions HPI," OFHEO said. A national house price index published by Standard & Poor's/Case-Shiller and released earlier indicated that house prices declined at a 1.4% annual rate in the first quarter.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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