Low levels of homes available for sale have put a damper on the housing market in recent years, along with a weak labor market, tight credit and escalating residential prices.
“Further big increases in overall home sales (new and existing) will require a more robust selection of inventories to bring in conventional buyers who have been sitting on the sidelines,” Stephen Stanley, chief economist at Pierpont Securities, wrote in a research note.
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Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed.
For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday.