New-home sales dropped 11.8% in April but remained above the 1 million mark for the 14th consecutive month.The U.S. Census Bureau reported that the sales of new single-family homes fell to a seasonally adjusted annual rate of 1.09 million in April from 1.24 million in March. The March number was revised upward by 6.4%. Mortgage Bankers Association chief economist Doug Duncan noted that the new-home sales numbers are very strong and very volatile and said he wouldn't jump to any conclusions based on one month's data. He pointed out that new-home sales are ahead of last year's pace by 6% and that the MBA's index of mortgage purchase applications hit a monthly record of 458 in April. "Our mortgage application data, which are a really good leading indicator of sales, says sales are remaining very strong," he said. He said he expects sales to slow later this summer, but he is forecasting that 2004 sales will come in slightly above last year's record of 1.09 million in new-home sales.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22