Housing Wire

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HUD outlines reverse mortgage wish list in budget proposal

Housing Wire

The White House this week submitted its fiscal year 2025 budget proposal to the House of Representatives and the Senate , outlining the priorities of the administration in providing a budgetary blueprint for the entirety of the U.S. federal government. Within the congressional justifications for the U.S. Department of Housing and Urban Development (HUD) are a few key priorities related to the Federal Housing Administration (FHA) and its Home Equity Conversion Mortgage (HECM) program.

Mortgages 430
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Redfin’s relaunched homebuyer refund program now available nationwide

Housing Wire

A little over a month after formally relaunching homebuyer refunds under its Sign & Save program, Redfin announced that Sign & Save is now available to clients nationwide. In an announcement on Tuesday, the brokerage noted that it had expanded the program to more than a dozen additional markets, including Chicago, Los Angeles, Philadelphia, San Diego and San Francisco.

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February CPI report shows strong U.S. inflation

Housing Wire

The Consumer Price Index rose again in February, undermining confidence that inflation is sustainably moving back to the 2% target. Consumer prices in February were up 3.2% from a year earlier and up from 3.1% in January, according to data released by the Bureau of Labor Statistics on Tuesday. On a monthly basis, the index increased by 0.4% in February after rising 0.3% in January.

Land 456
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Hispanic homeownership rate rose to 49.5% in 2023: NAHREP

Housing Wire

Despite elevated interest rates and tight inventory, the national Hispanic homeownership rate reached 49.5% in 2023, with a net gain of 377,000 Hispanic owner households from the previous year. In total, more than 9.5 million Hispanic households own their home, the National Association of Hispanic Real Estate Professionals ( NAHREP ) said in its 2023 State of Hispanic Homeownership Report released on Tuesday.

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Why is housing inventory growing with higher mortgage rates?

Housing Wire

The mortgage rate lockdown premise says that if rates rise, inventory can’t grow meaningfully. The idea is that nobody will trade their low mortgage rates to buy another home — even though this happened every week last year. Of course, I have a different view. My podcast partner, Editor in Chief Sarah Wheeler, disagrees, along with many others. You can see our debate on this topic here.

Mortgages 534
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Rocket Mortgage bleeds red ink in 2023 despite cutting costs

Housing Wire

Rocket Companies , the parent of Rocket Mortgage , was in the red again in 2023 as it reported a GAAP net loss of $390 million. The company reduced its cost structure by nearly 20% in 2023 following a nearly 25% reduction in 2022, but lower origination volume failed to keep the company profitable as the industry is still going through a challenging period for mortgage lending.

Mortgages 432
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‘It’s scary out there’: Mortgage industry reacts to cyberattacks

Housing Wire

Recent cyberattacks at mortgage companies have put the industry in alert mode, executives at top lenders, servicers, tech vendors and investors told HousingWire. Mr. Cooper Group , loanDepot , First American and Fidelity National Financial Inc. , parent of servicer LoanCare, have temporarily shut down their systems to contain cyberattacks that exposed their customers’ data.