Sales of existing condominiums and cooperatives set a record in the second quarter with a seasonally adjusted annual rate of 996,000, the first time the condo and co-op resales rate has neared the one-million mark, according to the National Association of Realtors.The condo and co-op resales rate in the first quarter was 934,000, and in the second quarter of 2003 the rate stood at 863,000. "First-time homebuyers and baby boomers, the 'bookends' of the housing market, are driving condo sales," said NAR chief economist David Lereah. "While affordability is a factor for entry-level buyers, changing lifestyles are a major reason that condos are a bigger market share today than in years past." The association also reported that the median existing-condo price was $189,400 in the second quarter, up 12.1% from that of a year earlier. The NAR can be found online at http://realtor.org.
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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.
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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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