The Census Bureau on Tuesday reported construction spending in November rose to a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent higher than the revised October estimate of $1,803.2 billion and 8.5 percent higher than a year ago.
Category: News and Trends
Annual Home Price Growth Slows to Two-Year Low
CoreLogic, Irvine, Calif., said year-over-year home price growth ended its 21-month streak of double-digit momentum in November, posting an 8.6% gain, the lowest rate of appreciation in two years.
CFPB: Annual Report on Credit Reporting Companies Cites ‘Ongoing Challenges’
The Consumer Financial Protection Bureau on Tuesday issued its annual report on the industry’s three largest credit reporting companies, based on nearly a half-million complaints it received about TransUnion, Equifax and Experian.
Dealmaker: Gantry Secures $20M Office Refinance
Gantry, San Francisco, secured a $19.5 million permanent loan to refinance Esquire Plaza, a 22-story office tower in Sacramento, Calif.
Mark P. Dangelo: In the ‘Year of the Rabbit,’ Data is a Slow Tortoise (Part 1)
Academics, consultants, and vendors advocate for “data-driven” enterprises underpinned by augmented analytics, adaptative AI/ML, digital ethics, consumer privacy, and AI security. Yet, as the pace of innovation rises across financial markets and consumer models, the organizational capabilities of leveraging data are declining. What is wrong with this picture?
Top National News Jan. 4, 2023
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
Quote
“Purchase applications have been impacted by slowing home sales in both the new and existing segments of the market. Even as home-price growth slows in many parts of the country, elevated mortgage rates continue to put a strain on affordability and are keeping prospective homebuyers out of the market.”
–Joel Kan, MBA Vice President and Deputy Chief Economist.
Former MBA Chair Regina Lowrie, CMB, Passes Away
Regina Lowrie, CMB, who made history in 2005 as the first female elected Chair of the Mortgage Bankers Association, passed away suddenly on Jan. 1. She was 68.
MBA News Jan. 4, 2023
Today in MBA News: MBA National Advocacy Conference; MBA Education School of Mortgage Banking I online; MBA Education Future Leaders Program; NMLS License Renewal period ends Dec. 31. To read more, click on today’s MBA News headline.
MBA Chart of the Week: New, Existing Home Sales
We are forecasting a weak start to 2023 for the housing market. Driven by a recession in the first half of the year and a continuation of the trends outlined above, we expect a 13% drop in existing home sales and a 4% decrease in new home sales for 2023, following 16% decreases in both segments in 2022.