In yet another ominous sign for the housing industry, new-home sales plunged 25% in October from the level of a year earlier to a seasonally adjusted annual rate of just over 1 million units.Meanwhile, there is now a seven-month supply of new homes for sale, a 55% increase from that of a year ago. It was the third-worst reading for new-home sales this year, according to sales figures compiled by the Census Bureau and the Department of Housing and Urban Development. Compared with those of the previous month, new-home sales fell 3%. On Tuesday, the National Association of Realtors released figures showing that existing-home sales in October fell 11.5% from the level recorded in October 2005. The NAR also reported that resale prices fell a record 3.5% year-over-year. Two weeks ago, the National Association of Home Builders reported that builder confidence was still low, but improving. "More and more builders are seeing the light at the end of the tunnel," said NAHB president David Pressly.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
2h ago -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27