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.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3