Construction of single-family houses fell in California last year to the lowest level in 25 years as builders in the Golden State cut back their production dramatically in response to softer sales. According to statewide data compiled by the Construction Industry Research Board, permits for 112,300 new homes, condominiums, townhouses, and apartments were issued statewide, down nearly 32% from the level recorded in 2006 and 100,000 units less than in the most recent peak year of 2004. Multifamily construction -- both for-sale and rental properties -- was down 21%, to 44,307, while single-family construction dropped by 37% to 67,993, the lowest number of starts since 51,160 starts were recorded in 1982. However, construction picked up in December as builders rushed to pull permits before new, more expensive building codes were set to go into effect, and housing industry spokesmen say they are hoping it is a sign that a recovery will soon be at hand, perhaps by the third quarter of 2008. "The combination of declining interest rates, increasing the conforming loan rate, and improvements in the FHA lending practices will lead to a more rapid recovery than initially anticipated," said Alan Nevin, chief economist of the California Building Industry Association.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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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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