The speed and severity of the downturn in the housing market have dashed Wall Street's hopes for a "soft landing" in the industry, according to Mike Larson, a real estate specialist with Weiss Research's MoneyandMarkets.com.Mr. Larson, an analyst with the Jupiter, Fla.-based Weiss Research, said five consecutive months of decline in existing-home sales and a 13% drop over the past year have discredited the soft-landing forecasts. "We have just witnessed the first year-over-year drop in median home prices in 11 years -- and the second-worst such decline in 38 years of record-keeping," the analyst declared. "With the pile-up of new and existing unsold homes now the largest in history, the latest price decline could be just the first of many." Weiss can be found on the Web at http://www.moneyandmarkets.com.
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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.
7h ago -
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.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11