Single-family housing starts fell 4.1% in February as construction activity declined for the third consecutive month.The U.S. Census Bureau reported that single-family starts fell from a seasonally adjusted annual rate of 1.55 million in January to 1.49 million in February. But National Association of Home Builders economists are expecting an improvement in March due to the recent drop in mortgage rates and a high level of unused permits. For the first quarter, NAHB expects starts will total 1.54 million. The forecast for the second quarter is 1.45 million SF starts. In February, housing starts rebounded in the Northeast and Midwest after severe winter weather in January. However, starts in the South and West fell -- probably reflecting worst than average weather, according to NAHB economist Michael Carliner. Meanwhile, multifamily starts fell 4% from a seasonally adjusted annual rate of 350,000 in January to 336,000 in February.
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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