Federal Reserve Board Chairman Ben Bernanke says there are "tentative" signs that the housing market is beginning to stabilize, but that it is too early to tell whether the downturn is over.He noted that the "ultimate extent of the housing market correction is difficult to forecast" because of large inventories of unsold homes and trends in house prices. "It is early to say this problem is over," the Fed chairman told the Senate Banking Committee, and he said he wants to wait until the spring selling season to gauge the demand for housing. In response to a question, the Fed chairman said distress in the subprime market is a concern. "I am following it very carefully," Mr. Bernanke said.
-
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
23m ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
51m ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
6h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
7h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
10h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23