Purchase mortgage applications for new homes rose 8.9% year over year in December 2024, according to a report released Friday by the Mortgage Bankers Association (MBA). Application volume decreased by 3% compared to November. MBA’s Builder Application Survey for December monitors application volumes across mortgage subsidiaries of U.S. homebuilders. New-home sales estimates are pulled from…
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Compass is strengthening its presence in the Nutmeg State. On Friday, the largest brokerage in the country by sales volume announced that The Jennifer Leahy Team will be leaving Douglas Elliman to join the Robert Reffkin-helmed firm. Based in Greenwich, Connecticut, the team is led by Jennifer Leahy and consists of seven agents. The team…
The U.S. Department of Justice (DOJ) announced this week that Mark Steven Diamond, who was accused of “bilking elderly homeowners in a reverse mortgage and home repair scheme,” was sentenced to 17 years in federal prison by the U.S. District Court for the Northern District of Illinois. Diamond was criminally indicted in 2017 and “pleaded…
Today’s housing starts data exceeded estimates; however, a closer examination of the report with the builder confidence reveals that the recent rise in mortgage rates, approaching 7.25%, has negatively affected builder sentiment. Since late 2022, our analysis indicates that mortgage rates in the 6%-6.5% range are positive to grow sales, whereas rates at 7% and…