Single-family housing starts fell 3.4% in May, but the downturn in new construction appears to be leveling off."We are basically at the bottom," said Michael Swanson, senior economist at Wells Fargo Bank, Minneapolis. The U.S. Census Bureau reported that single-family starts fell from a seasonally adjusted annual rate of 1.21 million in April to 1.17 million in May. April starts were revised downward by 14,000 units. Compared with those of May 2006, single-family starts are down 26%. "When you look at the number of homes that we are starting [per capita], it is extremely low," Mr. Swanson said. "You cannot stay this low for very long." The Wells Fargo economist said it could be another couple of quarters before single-family starts "perk back up." And he said he expects builders to shift from high-end homes to simpler homes because financing costs have risen.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
May 6 -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
May 6 -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
May 6 -
Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Ex-CEO Michael Strauss used the lender's bank various accounts to pay for his own expenses, a trustee for the failed lender claims.
May 6