Single-family housing starts fell 1.7% in April to a level not seen in 17 years as the rapid decline in construction activity appears to be slowing. The U.S. Census Bureau reported that single-family housing starts declined from a seasonally adjusted annual rate of 704,000 in March to 692,000 in April. The bureau revised the March number upward by 24,000 starts. However, single-family starts are down 44% since April 2007 and fell below 700,000 in April for the first time since 1991. Few builders expect market conditions to improve over the next six months, according to a National Association of Home Builders/Wells Fargo survey. "Despite the Federal Reserve's concerted efforts to lower short-term interest rates, free up credit markets and shore up the national economy, the housing market has shown no evidence of improvement thus far. In fact, conditions have continued to deteriorate in recent times," said NAHB chief economist David Seiders.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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