A leading indicator of existing-home sales edged up 1.3% in May, signaling that the housing market may be stabilizing after a long but gradual decline, according to the National Association of Realtors.The NAR's pending sales index rose from 111.9% in April to 113.4 in May. However, the index has been trending downward over the past eight months and is down 10.1% since May 2005. "The slight change in pending home sales indicates the market is beginning to level off," said NAR chief economist David Lereah. "We are entering the second phase of the transition period from the housing boom, in which sellers are becoming more realistic about their expectations -- sales are stabilizing and annual home price appreciation is returning to historic norms." Pending sales indicate that a contract has been signed and the sale is within one or two months of closing.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
April 23