The agencies’ “statement of interest” in an appraisal bias court case says lenders can’t rely on an appraisal if they knew, or should have known, it was discriminatory. WASHINGTON – The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) filed a Statement of Interest in the United States District Court for the District … Read more
In Central Fla., an increased number of homeless people is “almost exclusively the result of rising housing costs,” says the director of the Homeless Services Network. ORLANDO, Fla. – Homelessness appears to be worsening in Central Florida, though agencies paid to house more than 3,400 people last year. An ongoing housing crisis and soaring rents … Read more
A major bank failure has scared investors. It’s unclear if things will get worse, but financial stress could lower mortgage rates and push the Fed to reconsider rate increases. NEW YORK – The failure of Silicon Valley Bank and Signature banks has scared investors. If a bank the size of Silicon Valley can go under, … Read more
In a heated political era, no one can predict what the final 2024 U.S. budget will look like, but the White House’s initial proposal boosts a number of housing programs. WASHINGTON – The Fiscal Year 2024 budget will likely be a major Washington political battle, but the first volley – an initial proposal coming from … Read more
Job reports, hourly earnings and price data suggest inflation may be slowing even as bank troubles stir recession fears. But a bond-price drop could help lower mortgage rates. NEW YORK (AP) – Stocks are falling Friday as worries flare about the banking system and the painful effects of high interest rates meant to drive down … Read more
A credit crunch has infected commercial real estate investors struggling to pay 2023 bills in the face of lower operating income and a higher cost of financing. NEW YORK – At the end of 2022, credit card and auto delinquency rates continued to rise at a rate 80 points higher than in the fourth quarter … Read more
A number of people who bought homes during the bidding wars – often foregoing inspections and making offers sight-unseen – are discovering problems with the property. NEW YORK – Some homeowners who bought their homes during the pandemic say they are starting to feel some buyer’s remorse, especially those who bought their homes sight unseen. “I … Read more
SOUTHGATE, Mich. – A federal court has denied a city’s motion for summary judgment against a man who sought to keep six chickens as emotional support animals. The man, who was diagnosed with acute stress disorder and major depressive disorder, recurrent and general anxiety disorder, brought suit against the city for violations of the Fair … Read more
One year ago, mortgage rates started their rise, and people scrambled to buy homes. That means stats comparing March 2023 to March 2022 won’t make a lot of sense. CHICAGO – Are negative headlines about the housing slowdown giving homebuyers the jitters just as the busy spring season approaches? Homebuilders think so. Nearly 80% of … Read more
It’s the fifth weekly increase in a row. Last week, the 30-year, fixed-rate loan averaged 6.65%. One year ago, it was 3.85%. WASHINGTON – The average long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick … Read more
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