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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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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