Single-family housing starts rose 4.7% in May to a seasonally adjusted annual rate of 1.70 million from a downwardly revised April rate of 1.63 million.The U.S. Census Bureau also reported that single-family starts in May were up 3.3% from a seasonally adjusted annual rate of 1.65 million in May 2004. The National Association of Home Builders said its latest survey shows that homebuilders are more confident now than they've been all year. "In the past four weeks, the average rate on a 30-year mortgage declined 21 basis points, ending at 5.56% as of June 9," said NAHB chief economist David Seiders. "Combined with the very solid appreciation rates we've seen, and the widespread expectation that mortgage rates will begin creeping up soon, that's a powerful incentive to make a move." The Census Bureau also reported that multifamily starts dropped 19.1% in May, to 266,000 units.
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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.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
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