The Federal Reserve Bank of Boston is forecasting a modest decline in housing construction and a flattening of house prices in New England, but "we could be wrong," the bank's president says.The residential housing sector is one of the "greatest areas of uncertainty" in forecasting economic activity, president Cathy Minehan told a Realtors conference. The Fed bank president warned that house prices could actually decline and rising interest rates could impede consumer spending more than expected. "Thus, changes in the residential real estate present a source of downside risk to growth," she said. "I should also note that in recent times residential real estate markets have often outperformed expectations." The Boston Fed can be found online at http://www.bos.frb.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11