Problems in the mortgage market are creating more headwinds for homebuyers, and a monthly survey indicates that builders are not anticipating a pick-up in sales anytime soon.The National Association of Home Builders/Wells Fargo Housing Market Index fell two points in August to 22 -- its lowest level since January 1991, when the index stood at 20. "There is no question that problems in the subprime mortgage sector have spilled over to other components of the housing finance, including alt-A and jumbo markets, delaying a revival of the single-family housing market," said NAHB chief economist David Seiders. But Mr. Seiders acknowledged that the government-related part of the mortgage market, where Fannie Mae, Freddie Mac, and the Federal Housing Administration operate, is "functioning well."
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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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