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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.

Banking 52
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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.

Income 58
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In the Race to Homeownership, Millennials Are Trailing Behind

Pro Builder

Despite already spending around 30% of their income on housing, two-thirds of millennials surveyed by Bank of America in its eighth annual millennial housing survey said they still plan to buy a home within the next two years. Read more Demographics Market Data + Trends Affordability Demographics

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US Housing Affordability Is Worse Now Than It Was in 2008

Pro Builder

In fact, according to the Federal Reserve Bank of Atlanta, housing affordability is worse now than it was at any point in the lead up to the housing bubble in 2008, but a number of housing experts say the worst of an affordability crisis may already be behind us.

Housing 52