New home sales fell 3% in June as a long-expected slowdown finally began taking hold despite the incentives and discounts that builders are offering homebuyers.The U.S. Census Bureau reported that new single-family home sales dropped from a seasonally adjusted annual rate of 1.17 million in May to 1.13 million in June. May sales were revised downward from 1.23 million. "We are seeing incentives becoming much more widespread," National Association of Home Builder economist Michael Carliner said. Most incentives involve upgrades in kitchen cabinets or giving away optional items, he said, rather than financing. Builders are also dealing with high inventories of unsold homes. "I think there will have to be an adjustment in starts to keep inventories in line," the NAHB economist said. "If we don't see a slowdown in starts, then it is a sign of danger."
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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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