Home prices rose 1.17% in the second quarter, the slowest growth rate since the end of 1999, according to figures released by the Office of Federal Housing Enterprise Oversight.Based on the second-quarter reading, house prices grew at an annualized rate of 4.68%. OFHEO Director James Lockhart said in a statement that the housing market "is cooling in a very significant way." Compared with those of a year earlier, home prices grew at a 10.06% rate. Greenwich Capital analyst Stephen Stanley said, "Looking ahead, home price appreciation will undoubtedly continue to slow, and we would not be shocked to see a quarter or two where the annualized growth rate is measly or even flattish."
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
5h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
6h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16