Existing-home sales slipped 0.4% in February while prices on single-family homes and condominiums continued to surge.The National Associations of Realtors reported that sales of single-family homes, condos, and co-ops fell from a seasonally adjusted annual rate of 6.82 million in January to 6.79 million in February. Separately, single-family homes declined 0.3% to a seasonally adjusted annual rate of 5.94 million in February, and condo/co-op sales declined 1.2%. Condo prices surged at a 20.5% annual rate in February, while single-family home prices jumped 9.4%. The February sales rate was 6.1% above the rate in February 2004. Nevertheless, NAR chief economist David Lereah said he believes the market is settling down after setting sales records for the past three years. "The cooling in sales this year means we'll be transitioning from a white-hot housing market to a very strong market," Mr. Lereah said. The NAR can be found online at http://www.realtor.org.
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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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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.
April 24