Housing starts rebounded in July, according to numbers from the Commerce Department released today. Privately owned starts increased by 8.3% in July to a seasonally adjusted annualized rate of 1.978 million units compared to 1.826 million in June. The market had expected only a showing of a 1.87 million annual rate. Meanwhile, single-family housing starts increased 8.5% to a 1.651 million units annualized rate. This tops June's 1.522 million units. Building permits increased as well in July to a 2.055 million annualized rate, up 5.7% from year-ago levels. Though many thought that the June numbers were on the low side, analysts still believe that today's results are a testament to the continued strength in the housing market. There are also other factors that point to sustained growth in housing including the current historically low mortgage rates. Last week's primary mortgage market survey from Freddie Mac showed the 30-year fixed-rate mortgage averaged 5.85% for the week ending August 12.
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Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
April 17 -
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The bank is a top auto lender, with a managed portfolio of $7.1 million through December 2023, and has a strong servicing track record.
April 17 -
The initial protection amount, Moody's says, is 12.5% of the total reference pool and equals the principal amount of the rated and unrated issued notes.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16