The National Association of Realtors is warning that sales of existing homes could decline in March simply due to unusually cold weather and without any impact from the slowdown in subprime lending.Winter storms in February brought real estate markets to a halt in much of the country, and it "should drag sales down in March," chief economist David Lereah said. "This means we may not see an upturn in closed transactions before May 25 when we report sales for April." Mr. Lereah said he sees underlying trends pointing to a housing recovery in 2007, even though home sales could be "marginally reduced" by tighter restrictions on subprime lending. He is projecting that resales will pick up as the year progresses and total 6.42 million for 2007, down only slightly from 6.48 million last year. "Lending problems in our nation's subprime marketplace are building, which could inhibit future lending activity and further dampen our forecast," Mr. Lereah said. "Even so, these problems will be contained and not spill over into the prime mortgage market."
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24