The National Association of Realtors has updated its forecast that 2005 will be a record year because of stronger-than-expected housing sales and continued low mortgage rates.Existing-home sales are expected to rise 2.8% to 6.97 million this year, up from the record 6.78 million in 2004. (A month ago, the NAR predicted resales would total 6.89 million.) Meanwhile, new-home sale should increase 3.2% to 1.24 million in 2005, which would also be a record, the NAR said. "[M]ortgage interest rates have remained lower than expected, and job gains are providing additional stimulus" to the housing market, said NAR chief economist David Lereah. The NAR is also forecasting that house price appreciation will top last year's mark, which was the highest since 1980. Mr. Lereah projects that the national median existing-home price will rise by 9.4% this year, up from 8.3% in 2004.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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