Demand for housing remained "strong" in January and February, while commercial real estate markets remained "soft," according to a periodic Federal Reserve Board report on economic activity."Although cold temperatures and winter storms interrupted homebuilding in January, housing demand remained strong," the Fed's Beige Book says. "Overall builders and real estate agents in most [Federal Reserve Bank] districts expect home sales in 2004 to be close to the 2003 sales record." Home price appreciation remained steady in most bank districts with the exception of San Francisco, where "the rate of increase was said to have slowed somewhat recently," the report says. Meanwhile, mortgage lending declined in Atlanta, Dallas, and San Francisco and increased slightly in Chicago and Richmond, Va. Most CRE markets continue to deal with high vacancy rates and slow leasing activity. "In New York and San Francisco vacancies have moved down slightly and rents have begun to recover," the Beige Book says. "Leasing activity picked up in the Washington, D.C. area."
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
5h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
9h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24