New single-family home sales dropped 12% in November, but that is not going to stop 2004 from going into the record books.The U.S. Census Bureau reported that new-home sales fell from a seasonally adjusted annual rate of 1.28 million in October to 1.13 million in November. The October number was revised upward by 50,000 units, which exacerbated the drop. After 11 months, the pace of new-homes sales is up 10.3% from last year's record pace. "The fundamentals supporting housing demand still are quite solid," said David Seiders, chief economist of the National Association of Home Builders. "Sales of new single-family homes will hit a record in 2004 despite the surprising decline reported for November." New-home sales have remained above the 1 million mark for the last 21 months.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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