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Tag Archives: Wells Fargo

More Potholes for Housing Recovery

While home sales prices posted moderate gains in September, the housing market recovery as a whole is moving slowly, according to the Wells Fargo Economics Group Housing Wrap Up for October 2014.

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Profits Rise at Wells Fargo, JPMorgan Chase

Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.

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Forecast: Housing to Follow Economy to Solid Ground

Now that the overall economy is on more solid ground, Wells Fargo economists suggest that housing may soon follow in its footsteps. While some predict that the housing market is poised for more rentals than buys for years to come, particularly among millennials, Wells Fargo suggests the contrary.

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Wells Fargo Settles Over Maternity Discrimination Claims

HUD announced a $5 million settlement with Wells Fargo Home Mortgage to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave. Among other accusations, the six complaints allege that Wells Fargo made loans unavailable to families based on familial status and forced women to give up their maternity leave and return to work before their loans closed.

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Personal Income, Spending Pick Up Steam in August

The Bureau of Economic Analysis (BEA) reported Monday that personal consumption expenditures increased $57.5 billion—0.5 percent—month-over-month in August. The increase in spending followed a meager revised increase of less than 0.1 percent for July. Spending was helped by a 0.3 percent pickup in personal income, totaling an increase of $47.3 billion.

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Survey: Americans Stymied by Homebuying Confusion

In a poll of more than 2,000 consumers, Wells Fargo found 68 percent feel that now is a good time to buy a home, and 95 percent want to own if they don't already. On the other hand, while nearly three-quarters of respondents in Wells Fargo's survey said they "know and understand" the financial process involved in buying a home, large numbers also expressed doubt or misguided notions about homebuying requirements.

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Report: Mixed Housing, Economic Picture in Alabama

While the state of Alabama has been slow to recover economically since the recession officially ended five years ago, the housing market's recovery in the state has struggled along with the rest of the nation so far this year, according to a commentary from Wells Fargo's Economics Group.

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Despite Struggles, High Hopes for Colorado’s Housing

Colorado's unemployment rate dropped to 5.3 percent in July, and the state's real gross domestic product (GDP) grew at a rate of two points faster than the national average in 2013, according to a recent report from Wells Fargo's Economics Group. Where housing recovery is concerned, however, Colorado's struggles mirror those of the country as a whole, according to Wells Fargo.

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Firms Boost Originations, Shrink Servicing in Q2

Based on data collected from April through June, Mortgage Daily reported a 24 percent quarterly increase in mortgage originations to an estimated $296 billion among all lenders as of June 30. Production still fell short 51 percent on an annual basis as consumer demand for mortgages remained anemic and credit standards stayed tight.

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Housing Affordability Takes a Hit, Still Looks Favorable

Housing affordability took a hit in the second quarter but remains historically high, according to the Housing Opportunity Index (HOI) released by the National Association of Home Builders (NAHB) and Wells Fargo. However, the decline in affordability is nothing to worry about, according to NAHB.

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