The incoming director of the Federal Housing Finance Agency says that he will delay Fannie Mae and Freddie Mac’s planned increases on mortgage fees until he has time to review the reasoning behind it.
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The rise in interest rates “will get people sitting on the fence to decide, ‘We better do something or it’s going to cost us money,'” some real estate professionals predict.
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Sales of new single-family homes dropped 2.1 percent in November, but they are still keeping a pace well above a year ago.
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Sales of bank-owned homes made up 10 percent of residential sales in November, the third consecutive month for increases in REO sales, RealtyTrac reports.
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Mortgage applications dropped 6.3 percent last week on the heels of the Federal Reserve’s announcement that it would start to taper its bond-buying stimulus program after the first of the year.
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If Congress doesn’t act on the Mortgage Forgiveness Debt Relief Act, which expires at the end of this year, it could leave distressed borrowers with an additional financial burden in 2014.
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