Housing markets have "moderated" in many parts of the country with slowing sales and rising inventories of unsold homes, according to the Federal Reserve Board's Beige Book."Generally, residential real estate market activity remained high, but many [Federal Reserve banks] reported a slowing or cooling of activity," in their districts, the Beige Book says. The previous Beige Book, released in October, found that demand for housing had "eased" in some districts. But the November Beige Book says "cooling" is evident in Southern California. Home sales have "slowed" in New Jersey, while in Minneapolis/St. Paul homes are on the market longer and price appreciation has slowed. Meanwhile, demand for mortgage financing "eased in the New York, Philadelphia, Chicago, and St. Louis districts, and in some areas of the San Francisco district," the Fed said.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28