Existing home sales decreased 5.5% to a seasonally adjusted annual rate of 3.75 million in October, according to the National Association of Realtors. Existing home sales decreased 8.8% year over year.
Unsold inventory increased 1.3% to 1.59 million units in October, equal to a 5.1-month supply. The median existing home sales price increased 0.4% to $416,700.
The U.S. cattle herd has shrunk to its smallest level in 75 years, according to USDA data.
The CFPB is asking a federal court to dismiss a lawsuit brought by consumer groups and vendors to prevent the agency from removing disparate impact as a prohibited practice from Regulation B, which implements the Equal Credit Opportunity...
The Federal Reserve has announced upcoming pricing for payment services the Federal Reserve Banks provide to banks and credit unions. In addition, it announced the FOMC will hold eight meetings next year, with one dedicated to monetary policy...
The proposed changes began under the Biden Administration as an attempt to simplify how financially distressed homeowners obtain assistance and avoid foreclosure. It’s not yet clear how the final version compares with the original proposal issued in July...
“We’re disappointed but not surprised by the merchants' lawsuits, which seek only to undermine the nation's trusted and tested payments system,” ABA and its co-plaintiffs said.
Despite rising inventory, home prices continue to rise. For banks, continued weakness would likely keep mortgage originations, refinancing activity, and related fee income muted.
