Sales of existing single-family homes rose 2.1% in June to a new monthly record, and house price appreciation jumped 9.6% on an annualized basis.The National Association of Realtors reported that sales of previously owned homes rose to a seasonally adjusted annual rate of 6.95 million in June, up from 6.81 million in May. Resales have not dipped below 6 million since June 2003, and NAR economists are expecting another annual record in 2004. Until the 30-year fixed-rate mortgage hits 7%, "homebuying should remain very, very healthy," NAR senior economist Lawrence Yun told reporters. Rising home prices are being driven by strong demand and a lean supply of single-family homes on the market. The national median resale price rose to $191,800 in June, up from $175,000 in June of last year. Median home prices rose by more than $10,000 in 2002 and in 2003. Homeowners can expect "another $10,000-plus gain in 2004," Mr. Yun said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27