Housing prices generally will rise in each of the next four quarters, but by progressively slower rates on a year-over-year basis, and they will fall in progressively larger numbers of metropolitan statistical areas, according to Friedman, Billings, Ramsey & Co.FBR said it had re-estimated the econometric model it introduced in April to arrive at the new forecast. "The demand for housing should overcome the pressure from the higher mortgage rate in the majority of the 379 MSAs, allowing house prices to rise in the year ahead, albeit at slower rates than in the year past," said FBR analyst Michael D. Youngblood. The forecast calls for a general year-over-year house price increase of 7.1% in the second quarter, 5.7% in the third quarter, 4.4% in the fourth quarter, and 3.5% in the first quarter of 2007, FBR reported. Among the 100 largest MSAs, FBR is forecasting that house prices will fall year over year in the first quarter of 2007 by 7.1% in Honolulu; 2.5% in Little Rock, Ark.; 2.0% in St. Louis; 1.8% in Columbia, S.C.; 1.6% in Charleston, S.C.; and 0.9% in Pittsburgh. FBR can be found on the Web at http://www.fbr.com.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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