Moody's Economy.com is forecasting that nearly 20 metropolitan areas will experience a "crash" in house prices over the next 24 months, with double-digit price declines, and another 80 metro areas will experience measurable declines."Indeed, odds are high that national house prices will decline in 2007 -- the first decline in nominal house prices since the Great Depression," says the Moody's residential real estate market outlook report. The biggest price declines will occur along the southwest coast of Florida, metro areas in Arizona and Nevada, nine California markets, throughout the broad Washington, D.C. area, and in and around Detroit, according to Economy.com. Housing prices in Cape Coral, Fla., are projected to take the biggest hit -- off 18.6% from their peak in the fourth quarter of 2005 till they bottom out in the second quarter of 2007. The Washington market won't reach its trough until the second quarter of 2008 after a 12% decline in house prices, the report forecasts. Most California markets will bottom out in 2008, but the drop in prices in the Las Vegas market won't stop until mid-2009 after backtracking 12.9%. The Moody's affiliate can be found online at http://www.economy.com.
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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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