A "glut" of unsold homes is putting downward pressure on prices and construction, while mortgage delinquencies have "increased significantly" in many areas, according to the Federal Reserve Board's Beige Book."Most districts pointed to further increase in inventory of available homes, with the earlier tightening of credit conditions for mortgage lending continuing to create barriers for some buyers," says the Fed's survey of economic conditions in the 12 Federal Reserve districts. The November survey also noted that local contacts generally don't expect a pickup in home construction until well into next year at the earliest. Meanwhile, "residential mortgage lending continued its downward slide," the Beige Book says.
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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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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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