Economists at the National Association of Realtors see existing-home sales stabilizing in the near term and gradually rising over 2008 to end the year with 5.7 million in total sales -- up slightly (0.5%) from this year's pace."Now that the mortgage market conditions have improved, some postponed activity should turn up in existing homes over the next couple of months, and I expect sales at fairly stable to slightly higher levels," NAR chief economist Lawrence Yun said in releasing the 2008 forecast. He noted that the 12.5% dropoff in sales in 2007 largely reflects the meltdown in subprime lending, and he said he expects a pickup in Federal Housing Administration lending that will help sales in 2008. Mr. Yun says he also expects the jumbo mortgage market to improve, although he pointed out that the spread on jumbos over conforming mortgages has widened again. The NAR also expects prices of previously owned home to stabilize and show a slight increase of 0.3% for 2008, compared with the 1.9% decline this year. The NAR can be found online at http://www.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.
March 28 -
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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28