Sales of new homes rose 2.1% in May to a seasonally adjusted annual rate of 1.298 million units, the second-best reading ever for the industry.According to figures compiled by the Census Bureau and the Department of Housing and Urban Development, sales rose 4.4% compared with those of May 2004. (The 2.1% gain compares May sales to April's.) The sales figure is yet another sign that the housing market continues to be red hot. However, there could be storm clouds on the horizon. New homes sold in the Northeast fell 24.5% during the month, but the decline was offset by a 22.9% gain in the Midwest. Nationwide, the median sale price of a new home was $217,000 in May.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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.
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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.
March 28