As demand for residential mortgages continues to slow, most Federal Reserve district banks are noticing a pick-up in commercial real estate construction and lending."Commercial construction gained strength in most of the country" during September, according to the Federal Reserve Board's Beige Book. "Reports on residential real estate indicated, however, widespread cooling with the majority of districts citing lower asking prices, rising inventories of homes on the market and softening sales." Several Federal Reserve banks reported that homebuilders and home sellers are offering incentives to attract buyers. "Softer home demand in San Francisco led to layoffs for mortgage brokers and real estate agents," the Fed report said. The Beige Book said the "weakness" in residential lending is being offset by increases in CRE and business lending.
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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.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18