One week after spiking to a two-month high, first-time claims for unemployment insurance dropped 24,000 to 334,000 for the week ending July 13--the lowest level in 10 weeks, the Labor Department reported Thursday. Economists expected the number of claims to drop to 344,000 from the 360,000 originally reported for the week ending July 6. The number of filings for that week was revised down to 358,000.
Read More »Beige Book Again Sees Modest to Moderate Growth
Citing improvements in manufacturing, tourism, commercial and residential real estate and in the financial sector, the Federal Reserve said the nation's economy continued to increase at a modest to moderate pace from late May through early July.
Read More »Total Mortgage Services Named Corporate Partner of Yale Athletics
As a Yale Athletics Corporate Partner, Total Mortgage is the official mortgage services provider for Yale Athletics and will have a presence in multiple platforms.
Read More »Allonhill Expands Sales Force
In Colorado, Allonhill added two managing directors to its sales roster as the company finds more opportunities for growth.
Read More »What Soaring Confidence? Builders Cut Back in June
Despite soaring builder confidence, new housing permits and starts fell in June, with new construction falling to the lowest level in 10 months, the Census Bureau and HUD reported Wednesday. The seasonally adjusted annual rate of new housing permits tumbled 7.5 percent--the largest month-over-month decline since January 2011--while starts fell 9.9 percent, the second-largest drop since February 2011. Builders completed homes at an annual adjusted pace of 755,000 in June, 6.3 percent more than May.
Read More »Senators Introduce Bipartisan Bill to Strengthen FHA
The Senate Banking Committee unveiled on Monday a discussion draft of "The Federal Housing Administration [FHA]" Solvency Act of 2013," a new bill designed to provide the agency with tools to strengthen underwriting, make lenders more accountable, and bolster its reverse mortgage program. The bipartisan bill was introduced by Sens. Mike Crapo (R-Idaho) and Tim Johnson (D-South Dakota), who praised FHA's role in preventing a more severe housing crash but said action is needed to repair the agency's situation.
Read More »Recovery Chugs Along in Dallas-Fort Worth Despite Setbacks
The new home market in the Dallas-Fort Worth (DFW) Metroplex continued to see rapid growth in the second quarter, according to a report from Metrostudy, a Hanley Wood company.
Read More »Senate Confirms Cordray in 66-34 Vote
The U.S. Senate voted Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). According to the Senate website, Cordray was confirmed in a 66-34 vote. President Obama installed Cordray as a recess appointment in 2012, a move that attracted criticism from opponents, who say the Senate was not actually in recess. Critics of the CFPB had vowed not to confirm any nomination for director until the agency saw substantial changes.
Read More »Mortgage Veteran Wade Hamby Honored with Brown L. Whatley Award
The StoneHill Group's Wade Hamby received an honor from Mortgage Bankers Association of Florida for his contributions to the association and the mortgage industry.
Read More »Builder Confidence Surges Again in July
After surging in June, the National Association of Home Builders' (NAHB) Housing Market Index (HMI)--a measure of builder confidence--shot up again in July, climbing six points to 57, its highest reading since January 2006, the group reported Tuesday. The two-month 13-point gain was the strongest two-month increase since January-February 1992, when the index improved 14 points. All three of the HMI components increased for the third month in a row.
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