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US homebuilding sees biggest drop since April 2020

US homebuilding sees biggest drop since April 2020

16 February 2024

Washington, DCCNN —  US homebuilding dropped significantly in January, as winter storms and higher mortgage rates stymied progress on the housing shortage. Housing starts, a measure of new home construction, fell by 14.8%, compared with the previous month, according to data released Friday by the Census Bureau. It was the biggest monthly drop since April 2020. Starts […]

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Housing Market Hit by Bad Weather, High Mortgage Rates

Housing Market Hit by Bad Weather, High Mortgage Rates

16 February 2024

Construction of new homes falls 14.8% in January, but weather could explain a lot of the drop.The housing market began 2024 in the doldrums as housing starts and permits for new construction both fell, the Census Bureau reported on Friday. Starts fell 14.8%, way more than the flat reading expected by economists. Permits fell 1.5%, in line with estimates. […]

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New Jersey bill to revamp tax sale law is likely unconstitutional, experts say Bill is a response to a U.S. Supreme Court ruling on ‘home equity theft’

New Jersey bill to revamp tax sale law is likely unconstitutional, experts say Bill is a response to a U.S. Supreme Court ruling on ‘home equity theft’

16 February 2024

New Jersey lawmakers are trying to conform state law with a new constitutional mandate barring governments from taking more than they are owed when collecting tax debt, but the attempt got off to a rocky start Thursday. Advocates for investors and homeowners warned members of the Senate Urban and Community Affairs Committee that the proposal […]

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Mortgage rates rise on higher inflation, dimmed rate cut hopes

Mortgage rates rise on higher inflation, dimmed rate cut hopes

15 February 2024

Mortgage rates surged this week with homebuyers retreating from the housing market — taking with them hopes of the Fed cutting rates by the spring buying season as inflation remains higher than expected. The average mortgage rate for a 30-year fixed loan surged past 7% from 6.97% a week prior and peaked at 7.13% on […]

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Mortgage Interest Continues To Wane In Latest MBA Report

Mortgage Interest Continues To Wane In Latest MBA Report

15 February 2024

According to the Mortgage Bankers Association, mortgage applications decreased 2.3 percent from one week earlier for the week ending February 9. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week and was 12 percent higher than the same week one year ago. […]

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Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks

Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks

15 February 2024

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the […]

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New York Foreclosure Abuse Prevention Act Update: Latest Challenges and Implications

New York Foreclosure Abuse Prevention Act Update: Latest Challenges and Implications

14 February 2024

Just over a year has passed since the enactment of the New York Foreclosure Abuse Prevention Act (“FAPA”). FAPA was enacted as a response to the New York Court of Appeals’ 2021 holding in Freedom Mortg. Corp. v. Engel, 37 N.Y.3d 926 (2021), which affirmed the (then-existing) convention under which a lender could start foreclosure proceedings and […]

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Missouri House passes bill addressing evictions

Missouri House passes bill addressing evictions

14 February 2024

(JEFFERSON CITY, Mo.) The Missouri House of Representatives announced on Wednesday, February 14, 2024, that they passed House Bill 2062 this week which addresses evictions. HB 2062 was sponsored by State Representative Chris Brown and was passed with 111 votes for and 26 votes against. HB 2062, according to a media release from the House, […]

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Opinion: The true victims of the US eviction crisis

Opinion: The true victims of the US eviction crisis

14 February 2024

Before Kiarcia Schields and her four children were evicted from their home for the first time in August 2020, she saw it coming. The Covid-19 pandemic had shuttered her children’s schools, child care, after-school programs and summer camps. As a single mother living far away from family in rural Georgia, there was no one else but […]

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The Hottest U.S. Housing Markets

The Hottest U.S. Housing Markets

12 February 2024

Despite 30-year, fixed-rate mortgage rates falling to about 6.8% from October’s highs, which approached 8.0%, the national U.S. housing market remains somewhat frozen given the huge share of existing owners locked in place with mortgages well below 6%. However, with continuing signs that inflation is ebbing and predictions that the Federal Reserve will begin cutting its own rates by […]

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A record number of Americans can’t afford their rent. Lawmakers are scrambling to help

A record number of Americans can’t afford their rent. Lawmakers are scrambling to help

12 February 2024

DENVER (AP) — Single mom Caitlyn Colbert watched as rent for her two-bedroom apartment doubled, then tripled and then quadrupled over a decade in Denver — from $750 to $3,374 last year. Every month, like millions of Americans, Colbert juggled her costs. Pay rent or swim team fees for one of her three kids. Rent […]

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San Diego rent can increase up to 10% after CA law

San Diego rent can increase up to 10% after CA law

12 February 2024

SAN DIEGO — Rent could increase up to 10 percent at tenant’s next renewal because of a California law. A law passed in 2019 kicked back into effect on Aug. 1, because the federal eviction moratorium expired July 31. The California Tenant Protection Act of 2019, or AB1482, limits annual rent increases to no more […]

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NYCB Pursues Mortgage Risk Mitigation and Restores Investor Confidence

NYCB Pursues Mortgage Risk Mitigation and Restores Investor Confidence

09 February 2024

New York Community Bancorp (NYCB) shares have recently witnessed a surge, hinting at a potential market recovery on February 9, 2024. This positive movement follows reports of the company actively seeking ways to mitigate its mortgage-related risks. NYCB has been engaged in discussions to unload mortgage risk by exploring various loan sales strategies, with a […]

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New York Community (NYCB) Explores Selling Residential Mortgages

New York Community (NYCB) Explores Selling Residential Mortgages

09 February 2024

New York Community Bancorp, Inc.  is exploring the option of selling its portfolio of residential loans in order to reduce its mortgage risk amid mounting troubles. Per a Bloomberg report, citing people familiar with the matter, the company is seeking third-party capital for a portfolio of residential mortgages held under its Flagstar Bank unit. The […]

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Average long-term U.S. mortgage rate edged higher

Average long-term U.S. mortgage rate edged higher

09 February 2024

The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%. “Mortgage rates remain stagnant, hovering in the mid-6% range over the past several weeks,” said Sam Khater, Freddie Mac’s chief economist. The move echoes an increase this week in […]

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US Mortgage Rates Tick Up as Fed Signals Its Fight’s Not Over

US Mortgage Rates Tick Up as Fed Signals Its Fight’s Not Over

08 February 2024

The average for a 30-year, fixed loan was 6.64%, up from 6.63% last week, Freddie Mac said in a statement Thursday. Borrowing costs have been hovering close to 6.6% after falling from a peak of 7.79% in late October. That decline has pushed more buyers into the market, with a gauge of US existing-home contracts […]

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Spillover effect from strong U.S. economy could boost Canadian mortgage rates

Spillover effect from strong U.S. economy could boost Canadian mortgage rates

08 February 2024

It seems central bankers can’t keep the United States economy down — despite a 23-year high in the world’s most important interest rate, the U.S. Fed funds rate. That’s a problem if you’re craving lower mortgage rates. U.S. Federal Reserve policy ripples through global borrowing costs, including Canada’s. With real-time U.S. GDP estimates tracking at well over three per cent, […]

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Average long-term US mortgage rate edged higher this week

Average long-term US mortgage rate edged higher this week

08 February 2024

LOS ANGELES — The average long-term U.S. mortgage rate edged higher this week, reflecting a recent uptick in the 10-year Treasury yield. The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%. “Mortgage rates remain stagnant, hovering in the […]

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Why the U.S. economy is doing so well

Why the U.S. economy is doing so well

02 February 2024

The Jan. 29 front-page article “U.S. recovery outpaces other nations’” missed one major reason the U.S. economy is growing, and it’s thanks to Fannie Mae and Freddie Mac. The article underscored U.S. consumer spending, but that is the result of the fact that almost 60 percent of U.S. homeowners have a fixed-rate mortgage under 4 percent. In […]

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Rates drop following this week’s Fed announcement | Mortgage rates, February 2, 2024

Rates drop following this week’s Fed announcement | Mortgage rates, February 2, 2024

02 February 2024

Mortgage interest rates dropped on all loan terms from a week ago, according to rate data collected by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped. Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. As the Federal Reserve stopped raising rates in […]

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Evicted Migrant Families Were Told They Could Reclaim Their Stuff. Then It Disappeared.

Evicted Migrant Families Were Told They Could Reclaim Their Stuff. Then It Disappeared.

02 February 2024

After nine days waiting at the Roosevelt Hotel migrant intake center to get placed in a new shelter room, Karolynn Díaz returned to the Row Hotel, where she’d spent her first five months in New York City. Along with a bag of her children’s toys and clothing, the 27-year-old single mother from Venezuela, unable to […]

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Why the housing market looks stronger in 2024

Why the housing market looks stronger in 2024

01 February 2024

In the United States, pent-up demand for single-family homes is as high as 6.5 million units. But supply is very limited because many homeowners are locked into existing mortgages with rates as low as 3%.  Because of inflation, caused by excess stimulus and global supply chain disruptions, prices for single-family homes have soared. Now housing inflation has stabilized, and […]

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