Median house prices in nearly half the covered metropolitan statistical areas were lower in the fourth quarter than they were a year earlier, and the sales of existing homes were down in most states, according to the National Association of Realtors.The NAR's fourth-quarter metro area home price report shows that 73 of 149 MSAs experienced price declines in median existing-home prices, while 71 had increases and five were unchanged. The NAR also reported that the national median resale price stood at $219,300 in the fourth quarter, down 2.7% from $225,300 a year earlier. "This information confirms 2006 was the year of contraction, and hopefully the fourth quarter was the bottom of the current business cycle," said NAR chief economist David Lereah. "Home sales are leveling at historically high levels, and examination of data within the quarter shows home prices stabilizing toward the end." The NAR can be found on the Web at http:/www./realtor.org.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28