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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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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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