Housing markets are "weak" and house prices are generally "flat or declining," according to the Federal Reserve's Beige Book."Almost all districts reported that housing markets remained weak," the Beige Book says, although a few Federal Reserve district banks reported some signs of stabilization in February. The Cleveland and Atlanta district banks noted that construction has "flattened out." The Richmond bank reported signs of a "firming" housing market. However, inventories of unsold homes in the Dallas-Fort Worth areas hit "new highs due to slowing sales and cancellations." The San Francisco bank reported "noticeable" recent price declines in some areas, while "[c]ontacts in the Boston district saw no signs that the weakness in housing was nearing an end," according to the Beige Book. Meanwhile, commercial real estate markets "continued to firm or remained solid" the Fed publication says.
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The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.
June 26 -
ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.
June 26 -
Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.
June 26 -
KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
June 26 -
If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
June 26 -
Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
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