Led by condominiums, housing sales are slowing and prices are falling in bellwether markets such as Las Vegas, Miami, and Orange County, Calif., according to an authority on housing.Speaking to writers and editors at a National Association of Realtors conference in San Francisco, Steve Friedman of Ernst & Young also said leading housing indicators "are flashing yellow in a growing number of markets, including Phoenix, Boston, and Washington, D.C." Mr. Friedman, the firm's national director of housing, said cancellation rates for purchases of new homes are increasing; appraised values are dropping below contract prices; houses are remaining on the market longer; buyer incentives are returning; and more real estate agents are suggesting that buyers reduce their initial asking prices. However, Mr. Friedman said he does not see a national overvaluation problem. "There's no national housing bubble, only 'bubblettes' in markets like Las Vegas," he said. The NAR can be found online at http://www.realtor.org.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18