House prices declined at a 1.4% annual rate in the first quarter, according to the Standard & Poor's/Case-Shiller national housing index, which registered its first quarterly decline in 15 years."The fall of the national index into negative territory after more than 15 years of positive annual growth is a reaffirmation of the pullback in the U.S. residential real estate market," said Robert Shiller, chief economist at MacroMarkets LLC. In the first quarter of 2006, house prices were increasing at an 11.5% annual rate. Thirteen of the 20 metropolitan areas tracked by S&P/Case-Shiller experienced annual declines in prices. "Most cities are moving deeper into negative terrain," the March report said. "Detroit and San Diego are yielding the largest annual declines, at 8.4% and 6.0%, respectively." Phoenix and Las Vegas had annual price declines of 3% and 1.6% in the first quarter.
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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.
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.
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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.
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