Sales of existing homes bottomed out in the fourth quarter, but house prices will continue to decline in the first quarter, according to the latest forecast by the National Association of Realtors.Sales of previously owned houses declined 8.2% in 2006 to 6.5 million, the third-highest level on record. NAR economists project that sales will rise gradually during 2007 but still show a 1.2% decline at year-end. "The good news is that the steady improvement in sales will support price appreciation moving forward," NAR chief economist David Lereah said. Median house prices fell from $225,000 in the third quarter to $216.5 in the fourth quarter, or 3.2%. NAR economists say they expect to see prices decline in January and February before turning up in the second quarter of 2007. "The national median existing-home price for all of 2006 is expected to rise 1.1% to $222,100 and then gain 1.5% this year to $225,300," the NAR said. The association can be found online at http://www.realtor.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18