Industries

Residential starts rose 3.9% last month to a 1.62 million annualized rate after an upwardly revised July print, according to government data released Tuesday.

The builder was found guilty of stealing over $1 million from home buyers, lenders, businesses and a family member’s special needs trust between 2016 and 2020.

Residential construction was up 27% year over year in July, according to the U.S. Census Bureau.

The guarantor of mortgage-backed securities has been without a Senate-confirmed president for four and a half years. The vacancy makes it difficult for other government agencies to coordinate housing objectives, according to stakeholders.

The hot hot real estate market has pulled homeowners out of a debt trap that many had been stuck in since the great financial crisis more than a decade earlier.

The industry had tightened up last year in the face of COVID-19. But as the economic outlook improves, banks are now easing criteria amid heightened competition, according to the Federal Reserve’s survey of loan officers.

Sales of new U.S. homes dropped unexpectedly in June to the lowest since April 2020, showing a further weakening in demand against a backdrop of elevated prices and tight supply.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

In states where it is legalized, cannabis sales tax revenues led to greater home value appreciation through community reinvestment, according to an analysis by Clever Real Estate.