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Home Prices Could Continue to Rise Into 2023, Says Bank of America

Pro Builder

Home Prices Could Continue to Rise Into 2023, Says Bank of America. Bank of America predicts that home prices across the U.S. While climbing mortgage rates could pour some cold water on the housing market over the long term, Bank of America says it could increase buyer urgency—as they rush to lock in rates—in the short term.

Banking 98
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Mortgage Banks Reported Negative Profits for the First Time Ever in 2022

Pro Builder

The 2022 deficit represents a 113% decrease from the previous year's average income of $2,339 per mortgage. Negative profits in 2022 are likely a result of slower housing activity caused by higher financing costs coupled with elevated home prices, leading to lower purchase and refinance volume.

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Federal Reserve Bank Leaders Express Worries About Housing Market

Pro Builder

Federal Reserve Bank Leaders Express Worries About Housing Market. The Federal Reserve has been closely watching the housing market and some are more nervous than others about the bank’s role in bond purchases and housing's financial stability. President of the Federal Reserve Bank of St. cbroderick. Mon, 08/02/2021 - 09:49.

Banking 98
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Central Bank Isn’t Backing Down—More Rate Hikes Ahead in 2023

Pro Builder

Incoming inflation data, however, could lower—or raise—these forecasts. Bond investors expect a top rate of 4.94%, but economists at Goldman Sachs expect the Fed will deliver quarter-point hikes at their next three meetings—holding top interest rates at 5.25%, the highest level since 2007, for the rest of the year.

Banking 52
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Banks Step In to Shrink Black Homeownership Gap

Pro Builder

Banks Step In to Shrink Black Homeownership Gap. More banks are rolling out initiatives in order to bolster historically low homeownership rates for minorities. In Washington, DC, one firefighter and his family were able to purchase a home with the help from Chase Bank’s Chase Homebuyer Grant, according to the Washington Post.

Banking 52
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Unique High-Profit Contractors Count All Their Income

Contractor Bookkeeping

The Ripple Effect Of Not Counting All Your Income Happens When You Go To The Bank For A Loan. You need to be able to show the bank that you have enough sales to pay back the loan. This Income or That Income doesn’t count. For most contractors, an excessive amount of profit is NOT an issue.

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Trump Turnaround on Infrastructure Bank?

Construction Equipment

Former Goldman Sachs partner and Trump advisor, Steven Mnuchin, said the incoming administration is considering establishing an infrastructure bank with which to fund roads and bridges projects, according to a report on Bloomberg.com.

Banking 48