San Jose, Calif. is the most likely metropolitan area to see a decline in home prices in the United States, according to The PMI Risk Index.PMI Mortgage Insurance Co., the Walnut Creek, Calif.-based mortgage insurer that created the index, uses it as one of its tools to assess and manage risk levels in its own portfolio. As of October, the index value of the top 50 largest metropolitan areas was 162, meaning these cities have on average a 16.2% probability of experiencing a home price decline in the next two years. The index for San Jose is 437. The other cities at the top of the scale are Portland Ore.-Vancouver, Wash. at 370; Detroit, 306; Seattle-Bellevue, Everett, Wash., 297; and Dallas, 297. At the other end of the scale are Riverside-San Bernardino, Calif., 63; Nassau-Suffolk (Long Island), N.Y., 74; Baltimore, 74; Las Vegas, 79; and Miami, 83.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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