A leading indicator of existing-home sales declined in November for the third consecutive month, providing further evidence that the housing market is slowing.The National Association of Realtors reported that its index of pending home sales slipped by 2.5% in November, from 123.7 to 120.6. The seasonally adjusted annual index peaked at 129.2 in August. The index reflects sales contracts signed in November, but the actual closings will not occur until December or January. "We are clearly experiencing a market transition, moving from a prolonged boom to a more balanced period of sustainable sales," NAR chief economist David Lereah said. While 2005 is slated to be the fifth consecutive record year for existing-home sales, the NAR economist is forecasting only a 4% decline in sales in 2006. The NAR can be found online at http://www.realtor.org.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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