The Atlanta-based bank reported $411 million in net income, or 78 cents per share, which translates to a 7 percent increase over Q1 of 2014 and $33 million more than in Q4.
Read More »Slow Q1 Does Not Change Fannie Mae’s 2015 Forecast for Economic Growth
Purchase mortgage applications rebounded sharply in April from a recent slowdown, reaching their highest level in almost two years, marking the second monthly surge in purchase apps this year. Combined with continued low mortgage rates, the rise in purchase apps could indicate a strong homebuying season in the spring and summer.
Read More »Lack of Equity to Blame for Low Existing Home Sales
According to Mark Fleming, chief economist at First American, the biggest takeaway is that the housing market, particularly the existing homes sector, is drastically underperforming. The impetus for this underperformance, he said, is an overall lack of buyer equity throughout the nation.
Read More »Renters Aren’t Converting into Homebuyers, Report Shows
But these declining numbers are nothing new. The numbers of renters making the transition to homeownership has dropped consistently over the past couple of years, and rates have remained below 17 percent mark (the historical average) since 2008.
Read More »Goldman Sachs, Citigroup Report Strong First Quarters
Goldman CEO Lloyd Blankfein said he was pleased with the fact that “all of our major businesses contributed” to the strong first quarter. “Given more normalized markets and higher levels of client activity, we remain encouraged about the prospects for continued growth,” he said.
Read More »Survey Indicates Builder Confidence on the Rise
But improved builder confidence isn’t the only thing the HMI survey found. The report also shows jumps in other measurables as well. Builders’ expected buyer traffic increased four points, current sales conditions rose three points, and future sales expectations saw an increase, too, jumping from 59 to 64 points in the last month. According to NAHB Chief Economist David Crowe, these sales expectations numbers are at the highest level they’ve been all year–a good omen for the months to come.
Read More »Study Finds Houses Moving Fast in the West, Slow in the East
Compared to a year ago, the overall pace of sales nationally has sped up. Last spring, about 62 percent of all homes Trulia track nationwide were still on the market at the 60-day mark. Wednesday’s report showed that number is now down to 60 percent.
Read More »Top Single-Family Homes Markets Follow Job Growth
Auction.com today released its latest look at the top 49 markets for single-family homes and found that Denver, San Antonio, Nashville, Fort Lauderdale, and Dallas lead the pack in terms of rising home prices, affordability, demand, and economic and demographic conditions that pave the way for future demand.
Read More »Chase, Wells Fargo Post Solid Q1 Revenues
Wells Fargo's noninterest income for Q1, $10.3 billion, was an increase of $29 million from the previous quarter. The bank received higher income from trading activities, debt security gains, mortgage origination gains, and insurance, which were offset by lower other income, such as from mortgage servicing (which were $108 million for Q1, compared to $235 million for the previous quarter).
Read More »Many Borrowers Face Higher Payments When HELOCs Reset
In raw dollars and cents, take this example from Bankrate: A $30,000 balance at 3.25 percent interest (the current prime rate) equals a minimum payment of $81.25. But after the 10-year mark, that balance resets to a 20-year repayment schedule and the minimum due each month bloats to $170.16.
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