A leading indicator of existing-home sales fell 3.5% in May, signaling that sales activity is continuing to slow due to a lack of buyer confidence and tighter lending standards."Some transactions are being postponed from mortgage market disruptions," National Association of Realtors senior economist Lawrence Yun said, as buyers reapply for alternatives to subprime financing. The NAR Pending Home Sales Index fell from 101.2 in April to 97.7 in May, its lowest level since September 2001. Since May 2006, the index is down 13.5%. The May PHS index is based on sales contracts that were expected to close in June and July. However, Mr. Yun said he expects home sales to stay close to present levels in the months ahead due to accumulating pent-up demand.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27 -
Potential home buyers may be holding back in anticipation of lower rates to come in the second half of the year, the Mortgage Bankers Association said.
March 27