Existing-home sales slipped 2.6% in July but remained above a 7.1 million-unit sales pace for the fourth consecutive month.The National Association of Realtors reported that resales of single-family homes, condominiums, and cooperatives fell from a record seasonally adjusted annual rate of 7.35 million units in June to a 7.16 million rate in July. Meanwhile, house prices in July were 14.1% higher than they were a year earlier, and the four-and-a-half year housing boom is spreading geographically. "In examining the hottest markets for home price appreciation, we see a rolling boom moving from one metro area to another over time, as well as a spillover effect into nearby areas with lower home prices," NAR chief economist David Lereah said. Resales of single-family homes slipped 2.3% in July to a 6.24 million seasonally adjusted annual rate. The median single-family home price was $217,900 in July, up 14.6% from a year ago.
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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.
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