Housing markets continued to soften in December and demand for residential mortgages continued to weaken, according to a Federal Reserve report on current economic activity called the Beige Book."Nearly all [Federal Reserve Bank] districts reported a continued softening of housing markets, and high inventories of new homes have generally led to slowing in residential building," the Beige Book says. All of the 12 Federal Reserve Banks reported "slow" home sales except the Richmond district, which reported a modest increase. The Boston, New York, Atlanta, and Chicago district banks reported decreases in home prices. In the San Francisco district (where homes are still appreciating), Realtors "are offering significant incentives to sell properties," the Beige Book says. The Dallas bank stated that the "lower-priced home market was slower than the higher-priced segments."
-
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
2h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
3h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
10h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23