Single-family housing starts rose 1.4 % in May, and construction activity remained strong despite rising mortgage rates.The U.S. Census Bureau reported that single-family starts increased from a seasonally adjusted annual rate of 1.62 million in April to 1.64 million in May. Meanwhile, multifamily housing (five or more units) starts fell 15.8% from a seasonally adjusted annual rate of 323,000 in April to 272,000 in May. The Census Bureau's construction statistics can be found online at http://www.census.gov/const/www/index.html.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10