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Builders apply the brakes amid canceled contracts

Housing Wire

For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history. If the builders could, they would take some of the past contracts back, but they’re just stuck with these homes. I personally wouldn’t do it.

Contracts 545
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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

On March 22, Moulder, who worked with Keller Williams from 2002 to 2011, filed a complaint aiming for class-action status in the U.S. Allegations include breach of contract and unjust enrichment, with damages sought at $250 million. Hill, a former KW agent from 2002 to 2013, filed a similar complaint in the U.S.

Brokerage 511
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Housing starts data lags reality of higher mortgage rates

Housing Wire

As you can see below, the housing demand data from 2002 to 2005 was never apparent in any housing data lines from 2018 to 2022. This demand curve prevents a boom and bust cycle from happening, as we saw from 2002 to 2008. family housing starts in April were at a rate of 1,100,000; this is 7.3 percent (±7.7 From Census: Privately?owned

Mortgage 493
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List of lawsuits against Keller Williams continues to grow 

Housing Wire

Alper, who worked with Keller Williams from 2002 to 2006, filed a complaint aiming for class-action status in the U.S. Alper’s complaint challenges adjustments made to Keller Williams’ profit-sharing program and includes charges of breach of contract, declaratory judgment and unjust enrichment.

Brokerage 456
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Mortgage apps reach the lowest level in 25 years

Housing Wire

Depositary banks such as JPMorgan Chase , Wells Fargo and Bank of America have already experienced double-digit contraction in their production in the third quarter, which is also expected of their non-depository peers. That indicates lenders may still face substantial declines in their origination volume in the last quarter of 2022.

Mortgage 418
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Mortgage demand declines at a slower pace

Housing Wire

“The 30-year fixed rate decreased for the first time in over two months to 7.06%, but remained close to its highest since 2002.”. The Fed will announce the new federal funds rate’s target on Wednesday, which industry observers expect to increase by 75 basis points to 3.25%-4%.

Mortgage 459
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Mortgage applications fell another 3.1% last week

Housing Wire

The rate for FHA mortgages increased to 7.02%, its highest rate since 2002. The average contract interest rate for 5/1 ARMs climbed to 6.36% from 6.18% a week prior. The downgrading of the U.S. As a result, rates increased for all loan types. And the U.S. Department of Agriculture loans’ share fell to 0.4%

Mortgage 370