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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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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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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