New- and existing-home sales will both decline this year but should post their second-best totals on record, according to the National Association of Realtors.The NAR is projecting 5.85 million resales and 1.01 million new-home sales in 2004, compared with last year's record estimated totals of 6.07 million and 1.08 million, respectively, said David Lereah, the association's chief economist. He is forecasting that housing starts will total 1.71 million units in 2004, down from an estimated 1.84 million in 2003, the best performance since 1978. The NAR is projecting that the 30-year fixed mortgage rate will average 6.5% this year and that the gross domestic product will grow 4.7%. "On the heels of three consecutive record years for home sales, the uptick in mortgage interest rates will offset some of the benefits of an improving economy," Mr. Lereah said. "However, the impact will be fairly minimal, because the fundamental conditions for a strong housing market remain -- a growing number of households, an improving job market, and generally good affordability conditions." The NAR can be found on the Internet at http://realtor.org.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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