In a new report, Merrill Lynch declares that housing is in a bear market and that a "buyer's market" for homes should last for "years."Merrill notes that the unsold inventories of homes continue to pile up, and that resale prices are flattening in the single-family market, while declining for condominiums. Meanwhile, a new report by Friedman Billings Ramsey says home price gains will continue to slow nationwide. FBR is still bullish on the nation's largest market, California. It predicts that house prices in the state "should rise by a median year-over-year rate of 24.1% in 1Q07, whereas they had risen by a median year-over-year rate of 21.7% in 1Q06." FBR cautions that home price gains in California will not be uniform.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
6h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h ago -
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.
11h ago -
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.
11h ago -
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