House prices declined by 0.36% in the third quarter, but still managed to post a gain of 1.8% from the level recorded a year ago, according to a housing price index published by the Office of Federal Housing Enterprise Oversight.The quarterly decline is the first in 13 years, and the OFHEO report shows that 21 states experienced price declines in the third quarter. Seventeen of the 20 cities having the most depreciation are in Florida and California, and the other three are in Michigan. Thirteen cities in California had price declines of 5% or more. "Rising inventories of for-sale properties are clearly having material impact on home prices," said Patrick Lawler, OFHEO's chief economist. "Until those inventories shrink, that will be a great source of resistance to prices increases."
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28