News

According to a new survey, homebuilders are largely optimistic about the next two years, with 82 percent anticipating an uptick in residential construction over the period. Builders also expect most buyers to need 30-year loans or construction-to-permanent loans. The survey also polled builders on working with loan officers, buyer hurdles, and the impact of rising mortgage rates.

Home sales should remain strong as the year goes on, even despite rising mortgage rates, tight inventory, and declining affordability. Potential existing-home sales rose 0.6 percent over the year and 83 percent over their all-time high. Wage growth, strong employment, and an uptick in building permits will encourage sales further.

A new list reveals the country’s most overleveraged cities—areas where mortgage balances far outweigh home values and median incomes. San Luis Obispo, California, topped the list, with a mortgage debt-to-income ratio of more than 2,000 percent. The market’s historically low mortgage rates are likely to blame for overly ambitious buying.

With the Consumer Financial Protection Bureau and the Dodd-Frank Act coming under federal scrutiny, Trulia wondered how effective the consumer protections have been in the CFPB’s first half-decade. According to the firm, very. A new report suggests the bureau has been a powerful ally for U.S. mortgage holders in all markets.

OrangeGrid, a California-based provider of configurable business process workflow solutions to the financial services industry, announced that Michele McCoy has joined as VP of business development. McCoy brings over 30 years’ experience in financial services industry to the OraneGrid team, along with a proven track record of success driving long-term organizational growth following key leadership positions with Fifth Third Bank, Bank One, National City, and Citigroup.

Recently, Linda and Alison Orlans launched Orlans PC, the second largest Women’s Business Enterprise National Council certified women-owned law firm in the U.S. Linda Orlans will serve as Executive Chair, and Alison Orlans will assume the role of President and CEO.

Weltman, Weinberg & Reis, a debt collection firm, claimed that the allegations brought against it by the CFPB are false. Claims that the firm falsely represented in millions of collection letters that attorneys were involved in collecting the debt have been defended by the firm, and Weltman, Weinberg & Reis noted that they have not been involved in any other government action or disciplinary review.

A new survey revealed that millennials may not want the homebuying process to be as digital as most expect. In fact, two-thirds actually would prefer using a local real estate agent or lender over an online-based one. The survey also revealed that 56 percent of millennials plan to purchase a home in the next two years.

Low inventory continues to hinder the housing market. Many potential sellers simply aren’t selling out of fear of not being able to afford a new home. Moving may mean losing their low mortgage rates, which were locked in after the crisis.

Goldman Sachs released its earnings from Q1 2017. Overall, the bank reported revenues of $8.03 billion, and net earnings of $2.26 billion at the end of the quarter on March 31. However, the bank still failed to meet Wall Street expectations. Thomson Reuters had predicted Goldman Sachs share value to be $5.31 a share, and the actual value was $5.15 a share.