New-home sales rose 2% in September (from their August level) to a seasonally adjusted annual rate of 1.22 million units, a sign that the red-hot housing market still has some steam left.However, compared with sales in the same month last year, new-home sales were essentially flat. September's reading was the third-weakest of the year, according to figures released Thursday by the Census Bureau and the Department of Housing and Urban Development. In addition, home sales fell in the Northeast and the West, two of the hottest markets, but rose in the Midwest and the South. Sales in the South likely were aided somewhat by consumers looking for new housing in the hurricane-ravaged states of Alabama, Louisiana, and Mississippi.
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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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24