The U.S. homeownership rate rose to 68.4% in the third quarter, topping the previous record of 68.3% set in the fourth quarter of 2002, according to the U.S. Census Bureau.Since the fourth quarter, the homeownership rate had dropped to 68.0% in the first and second quarters of this year. The homeownership rate for minorities also dipped during the first half of the year. But homeownership for blacks jumped from 47.3% in the second quarter to 48.0% in the third quarter, while the homeownership rate for Hispanics was basically unchanged at 46.1%. Housing Secretary Mel Martinez said the Bush administration's initiative to increase homeownership for 5.5 million minority families by the end of the decade is working. "These figures show that since the second quarter of 2002, we have an additional 1.03 million minority homeowners to count toward that goal."
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10