A leading indicator of existing-home sales published by the National Association of Realtors fell 7% in July, but NAR economists are still predicting that sales will level off in the months ahead.The pending sales index fell from 113.5 in June to 105.6 in July, which is 16% lower than the level recorded in July 2005. The June number was revised downward from 113.9. NAR chief economist David Lereah said a year-to-year comparison of the pending sales index looks favorable. "Based on recent changes from a year ago, the index shows existing-home sales should continue to ease after a stronger-than-expected decline in July, but are likely to flatten in the months ahead," he said. Mr. Lereah stated that psychological rather than economic factors, such as interest rates and jobs, are causing buyers to remain on the sidelines -- waiting for prices to stabilize. "Contributing to this hesitancy is a lot of negative news stories, but in the end we believe that underlying market fundamentals will prevail," he said. The NAR can be found online at http://www.realtor.org.
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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.
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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.
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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