Sales of existing condominiums and cooperatives slipped to a seasonally adjusted annual rate of 990,000 units in the third quarter, not far below the upwardly revised record rate of 1.01 million set in the second quarter, according to the National Association of Realtors.The condo and co-op resales rate stood at 941,000 in the third quarter of 2003. "We've seen an incredible pace of existing condo and co-op sales over the last six months, but we're also seeing some exceptional price appreciation," said NAR chief economist David Lereah. "In fact, the median condo price has been rising at more than double the rate of single-family home prices." The association also reported that the median existing-condo price was $197,000 in the third quarter, up 18% from that of a year earlier. The NAR can be found online at http://realtor.org.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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.
April 24