A National Association of Realtors study last year found that investors accounted for about 23% of home sales transactions, but the NAR's chief economist said investor activity in 2006 is a "wildcard" that could affect home prices and home sales activity.David Lereah, like other economists who participated in a Homeownership Alliance teleconference, said he expects investor activity to decline in 2006. If investors pull out of the market too quickly, that could "hurt housing," he said. David Seiders, chief economist at the National Association of Home Builders, said the biggest risk would be that investors not only stop buying, but also move the properties they have purchased back onto the market en masse, putting downward pressure on prices. Economists said that investor activity will have the most impact in markets where home values have risen quickly in recent years and those with significant resort and tourism industries. The alliance can be found online at http://www.homeownershipalliance.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
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