House prices declined 4.9% during the 12-month period from September 2006 to September 2007, according to the Standard & Poor's/Case-Shiller housing price index, which covers 20 metropolitan areas."Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis," said Robert Shiller, chief economist at MacroMarkets LLC. Only five of the 20 metro areas -- Atlanta; Charlotte, N.C.; Dallas; Portland, Ore.; and Seattle -- posted positive price increases, but they are all under 5%. Mr. Shiller told reporters that a futures index based on the S&P/C-S HPI 10-city index is predicting that house prices will decline by over 5% next year, and he thinks that is a "reasonable" estimate. "We are in the aftermath of the biggest housing boom in history," which was fueled by unprecedented speculation on residential properties, Mr. Shiller said. He sees a greater-than-50% chance of a recession due to declining housing starts, falling house prices, rising foreclosures, and problems in the financial markets. Further information on the index can be found online at http://www.homeprice.standardandpoors.com.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24