Inventory in the residential housing market will not grow until the end of 2007 (after two years of decline), and tightened credit could delay the growth to the first quarter of 2008, according to Jamie Woodwell, senior director of commercial/multifamily research with the Mortgage Bankers Association.Speaking at the MBA's commercial real estate/multifamily finance asset administration conference in San Antonio, Mr. Woodwell said the MBA expects economic growth to pick up at the end of 2007 and interest rates to remain at about current levels through 2008. The MBA forecast also calls for home prices to decline 1% in 2007 and resales to decline 6%. Ron Witten, president of Witten Advisors, said he expects solid job growth in 2008 and 2009, after a slowdown in 2007, which should be a demand driver for multifamily rentals. On the condominium front, sales of new units are "much weaker" than condo resales, according to Mr. Witten. In addition, he said a record number of single-family homes for sale, as well as for rent, are now vacant. The MBA can be found online at http://www.mortgagebankers.org.
-
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8m ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
16m ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
2h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25