Sales of existing homes fell 0.7% in May to a seasonally adjusted annual rate of 7.13 million units, the second-best reading ever for the industry.According to figures compiled by the National Association of Realtors, sales of single-family homes fell 1.1% but were offset by a 2.2% gain in condominiums and co-operatives. Meanwhile, home prices rose year over year by a robust 12.5%. Commenting on May's number, NAR chief economist David Lereah called homes sales "red hot," adding, "I don't see an end to this." Mortgage rates are near their historic lows, but so is fixed-rate mortgage production, the trade group said. The NAR can be found online at http://www.realtor.org.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16