The slowdown in home sales continued through December, according to a leading indicator of existing-home sales that has declined for four consecutive months.The National Association of Realtors reported that its index of pending home sales fell from 120.0 in November to 116.4 in December, a 3% drop. The seasonally adjusted annual index peaked at 129.2 in August. Despite the slowdown, NAR chief economist David Lereah said mortgage applications have trended up in recent weeks, and he is looking for a pickup in sales. "So we shouldn't be surprised to see pending home sales rise in the next couple of months," Mr. Lereah said. The NAR pending home sales index fell 8.1% in the West and 9.3% in the Midwest. The index rose 2.3% in the South and 1.5% in the Northeast. The NAR can be found online at http://www.realtor.org.
-
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.
1h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
3h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
8h ago -
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 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16