Single-family housing starts fell 3.7% in October, but construction activity remained slightly above the 1.7 million mark for the sixth consecutive month.The U.S. Census Bureau reported that single-family starts declined from a seasonally adjusted annual rate of 1.77 million in September to 1.70 million in October, but the October starts were 2.3% above the level recorded a year earlier. Single-family starts were flat in the South, where the Gulf Coast states were battered by hurricanes in September and October. Meanwhile, homebuilders registered a sharp decline in future sales expectations in a National Association of Home Builders/Wells Fargo survey. The survey index of sales expectations for the next six months dropped 9 points to 64. Any reading above 50 indicates that more builders view sales conditions as good than poor. NAHB chief economist David Seiders said the sharp decline in the index "probably overstates the actual degree of deterioration in the single-family market." He said he expects the market to cool, with slightly lower sales and production next year. "We' re looking for a 5% or 6% decline in home sales next year," Mr. Seiders said.
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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.
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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.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28