Meanwhile, the National Association of Realtors has also reported that the median prices of existing homes rose at double-digit rates during the second quarter in many metropolitan areas.The association's metro area home price report for the second quarter found that 49 of the 128 areas surveyed experienced double-digit annual increases in median resale prices. "A tight supply of available homes in a record sales market has been favoring sellers," said NAR chief economist David Lereah. "Even so, the low level of mortgage interest rates and loan origination costs are providing the headroom necessary for buyers to handle higher prices in most areas." The top rates of year-over-year increases in median resale prices were in Las Vegas, where the median price was up 52.4%, to $269,900; Anaheim-Santa Ana (Orange County, Calif.), up 38.7%, to $655,300; and the Riverside-San Bernardino area of California, up 38.5% to $294,500.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18