New-home sales will exceed 1 million units this year for the first time ever, and will do so again in 2004 despite a somewhat slower pace, according to the National Association of Home Builders."Not only will new-home sales break the million-unit mark for the first time on record, but it's now apparent that total production of new single-family homes (including homes built on owners' lots) will hit its highest level in history in 2003, at about 1.5 million units," said NAHB chief economist David Seiders. The NAHB forecast calls for a single-family production decline of 3.5%, to about 1.45 million units, in 2004. In the multifamily sector, the association is projecting that production will reach 342,000 units this year (off 1.5% from last year's total) and predicts a slowdown to 327,000 units for next year. The NAHB can be found online at http://www.nahb.com.
-
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
1h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
4h 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.
5h 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.
5h 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.
11h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24