In another sign that homebuilders are pulling back, spending on residential construction fell 1.9% in October to $597.1 billion -- marking the seventh consecutive monthly decline, according to the Census Bureau.Construction spending is off 9.4% since October 2005, and builders are dealing with a 558,000 inventory of unsold homes, which represents a seven-month supply. In addition, the inventory of existing homes rose to 3.8 million in October, which is a 7.4-month supply at the current sales pace. The National Association of Home Builders has voiced concern that the large inventory of homes will make it harder for builders to sell their inventory. These concerns are heightened by a 30% jump in the number of vacant homes on the market over the four quarters ended Sept. 30. The number of vacant homes for sale totaled 1.9 million in the third quarter. "Normally, one third of existing homes are vacant, but now it is closer to half," said NAHB economist Michael Carliner. He said he suspects that a lot of these vacant homes were rentals or second homes that owners now want to sell to pocket gains or cut their losses.
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The latest statement from UWM cited TWO's settlement with its former external manager and declared its management team to be driven by ego, not sound judgement.
March 30 -
Olive Branch Home Loans is the first business established through a new LoanDepot partnership model aimed to help builders scale internal lending units.
March 30 -
The government MBS guarantor ended a 15-day advance notice mandate for extensions on a filing deadline so those with a March 31 due date can still ask for one.
March 30 -
The federal court rejected Flagstar's attempts for both a panel rehearing and an en banc hearing to overturn California's interest on mortgage escrow rule.
March 30 -
Federal Reserve Chair Jerome Powell said the central bank is cautiously monitoring consumer sentiment as tensions from the Iran war push energy prices higher, complicating efforts to bring inflation down to the Fed's target.
March 30 -
A federal appeals court ruled mortgages in REMIC trusts may qualify as ERISA plan assets, reviving fiduciary duty claims against Onity in a case brought by a union pension fund.
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