Single-family housing starts unexpectedly rose 2.1% in May even though builders are taking an increasingly negative view of market conditions.The U.S. Census Bureau reported that SF starts increased from a record seasonally adjusted annual rate of 1.54 million in April to 1.59 million in May. So far, SF starts are down only 2.1% compared to the first five months of 2005, but that doesn't show the extent of the slowdown, according to National Association of Home Builders economist Michael Carliner. "It is not falling off a cliff, but it is falling more sharply than we anticipated," Mr. Carliner said. NAHB is forecasting that SF starts will be off 9% from last year's record 1.72 million pace. One month ago, NAHB economists expected a 7% decline. The downward revision in starts reflects a pickup in contract cancellations by new homebuyers, which is eating into the large backlog of builders' unfilled orders.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
6h ago -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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