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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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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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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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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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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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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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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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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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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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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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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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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01 February 2024
Yesterday, the Federal Reserve announced it will keep the federal funds rate steady for now. In his press conference following the meeting, Fed Chair Jerome Powell said that while officials do expect to lower rates this year, they’re not in a rush to do so. Mortgage rates are expected to go down in 2024 once we get a […]
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01 February 2024
Regional U.S. bank stocks sank on Wednesday, dragged by a 38% plunge in the shares of New York Community Bancorp (NYCB.N), opens new tab after it cut its dividend and posted a surprise loss, renewing fears over the health of similar lenders. The KBW Regional Banking Index (.KRX), opens new tab closed down 6%, its biggest one-day drop since […]
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31 January 2024
Last week, my students and I worked with several unhoused persons who had been recently living in dangerous, unhealthy apartments or homes in our community of Indianapolis. One, a young mother of a toddler with another baby soon on the way, had just left a home where eight people across three generations were living. The […]
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31 January 2024
A federal judge has ruled that a Chapter 13 debtor whose home was sold at a foreclosure auction before he filed his bankruptcy petition did not retain his equity of redemption. The debtor, plaintiff Andy Luu Tran, argued in an adversary proceeding in U.S. Bankruptcy Court that because the foreclosure deed was not notarized, it […]
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31 January 2024
I recently had a crucial need for a comprehensive mortgage audit and found invaluable assistance through Mortgage Audit Online (MAO). From the outset, their founder and CEO, Shawn, promptly addressed my concerns and explained their services in clear and understandable terms. What initially caught my attention was their commitment to providing a free consultation, along […]
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30 January 2024
Half of renters in the United States have found themselves paying more than they can afford, following years of surging rents. But an increase in the construction of multiple-unit buildings has boosted the supply of apartments, which is slowly beginning to rein in runaway rents. Nationally, rents declined annually in December for the eighth straight month, […]
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30 January 2024
Renters in the city of Los Angeles face a big deadline this week. If they don’t repay all of the rent debt they accrued during the COVID-19 pandemic by Thursday, they could be evicted. Feb. 1 marks an end to the city’s long-running eviction protections for delayed payment of rent due to the economic fallout […]
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30 January 2024
Mayor Brandon Johnson preempted an outcry from migrants and their supporters Monday, announcing he would not enforce a looming Thursday deadline to start kicking recent arrivals out of city-run shelters. On the eve of a Chicago City Council hearing called to probe conditions at the city’s migrant landing zone and shelters and days before thousands […]
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26 January 2024
NEW YORK (Reuters) – Pending U.S. home sales shot up in December by the most since June 2020, a report showed on Friday, indicating prospective buyers may be getting drawn from the sidelines by stabilizing mortgage rates. The National Association of Realtors Pending Home Sales index rose 8.3% to 77.3, rebounding from a downwardly revised […]
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26 January 2024
In 2022, half of all renters were cost burdened, spending more than 30 percent of their income on rent and utilities. According to a new report from the Harvard Joint Center for Housing Studies, this represents a record high of 22.4 million Americans who are cost burdened. In fact, among those renters, 12.1 million were […]
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