New-home sales increased 4.1% in August, according to a government report, but the unexpected pop resulted from a downward revision in July sales by nearly 6% and not an upturn in market activity."The housing market is weakening," said Celia Chen, director of housing economics at Moody's/Economy.com. "The trend is still downward." The U.S. Census Bureau reported new single-family home sales rose from a seasonally adjusted annual rate of 1.01 million in July to 1.05 million in August. July sales were revised downward from 1.07 million. The Economy.com director said she doesn't expect new-home sales to flatten out until mid-2007. She is projecting that sales will be down 14% this calendar year and another 8% in 2007. The Census Bureau report shows that new-home sales are off 17.4% since August of last year.
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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.
March 28 -
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