New-home sales jumped 3.4% in November and inventories of unsold homes declined to a five-month low, according to a government report that included upward revisions in the sales numbers for the previous three months.The U.S. Census Bureau reported that new single-family home sales rose from a seasonally adjusted annual rate of 1.01 million in October to 1.05 million in November. While a 6.3-month supply of unsold newly constructed homes is still high, Fannie Mae chief economist David Berson said the November report shows that builders are doing a good job of reducing their inventories. "The housing downturn is not over, but the worst is behind us," Mr. Berson said. The Fannie economist said he does not expect new-home sales to fall much below their recent levels. He is forecasting total new-home sales of 980,000 in 2007, but he conceded that he is considering a "modest" upward revision due to the Census Bureau report.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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