Existing-home sales slipped 1.2% in May as the inventory of unsold homes continued to rise and sales in high-cost markets were slowing, according to the National Association of Realtors."There's now a clear pattern of slower home sales activity in many high-cost markets, which are more sensitive to rises in interest rates," NAR chief economist David Lereah said. The NAR reported that sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 6.75 million in April to 6.67 million in May. Single-family home sales slipped 1.5% to 5.91 million in May, while the median price of a single-family home was up 6.6% from May 2005. In April, annual price appreciation had slipped to 4.7%. The NAR also reported that the inventory of unsold existing homes was 3.60 million units in May, compared with 2.56 million units in May 2005.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25