New-home sales rose 4.6% in May, but economists are cautioning that the rebound in sales that started in March is deceptive and that the real trend is downward.The U.S. Census Bureau reported new single-family home sales increased from a seasonally adjusted annual rate of 1.18 million in April to 1.23 million in May. However, sales are down 9.6% for the first five months of this year, compared with those of the same period in 2005 on a seasonally adjusted basis. Phillip Neuhart, a Wachovia Corp. economic analyst, said the government's sales numbers do not account for sales contract cancellations, and "builders are reporting a very large level of cancellations." With sales moderating on a year-to-year basis, he said, homebuilders have 127,000 completed homes for sale as of May 31. Builders are "beginning to face" an inventory problem, Mr. Neuhart said, and "you hope to see that number contained" in the coming months.
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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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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24