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 new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10