Pending home sales in September decreased by 7.3% month-over-month and 11.3% year-over-year, according to the National Association of Realtors. The West had the largest decrease, followed by the South, Midwest and Northeast.
“Market conditions weakened in September due to fast-rising mortgage rates,” said NAR Chief Economist Lawrence Yun. “Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates.”
ABA recommended that Treasury make four changes to upcoming guidance to promote a workable and competitive trustee framework that also protects beneficiaries.
A Treasury Department proposal to implement the Genius Act should not allow nonbank entities to bring unregulated stablecoins into the U.S. market through intermediaries, nor should it constrain legitimate bank activities, ABA today.
Dime Commercial Bancshares to buy ES Bancshares in New York. Texas Banc Financial to buy Haskell Bancshares in Texas.
ABA economists believe results are consistent with a sluggish housing market challenged by affordability concerns, labor shortages, and increasing input costs and suggests residential building activity could remain subdued in the face of elevated mortgage rates.
ABA submitted a list of frequently asked questions from bankers about the CFPB’s upcoming implementation of its revised small-business lending data rule.
FinCEN has identified more than $270 million in suspicious financial activity potentially linked to fraud against federal student aid programs, the Treasury Department said.
