Single-family housing starts fell 11% in November as the hurried pace of housing construction finally took a breather.The U.S. Census Bureau reported that single-family starts fell from a seasonally adjusted annual rate of 1.64 million in October to 1.45 million in November. National Association of Home Builders economists have been expecting a slowdown for some time, and they expressed surprise at the 5.7% jump in October to a 1.64 million rate. They deemed 1.54 million a more sustainable pace -- which on a chart would level out the jump in October and the drop in November. Despite a slower pace, "we are still on track for a record year in single-family starts," NAHB economist Michael Carliner said. The Census Bureau also reported that multifamily starts dropped 19.3% in November to 288,000.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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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