Skip to main content

Freddie Mac survey: Reversing trend, mortgage rates shoot up

National Mortgage Professional
Sep 26, 2008

NAHB: Weak new home sales show urgent need for financial rescue planMortgagePress.comNational Association of Home Builders, bailout, housing market, NAHB, Commerce Department In the latest evidence of severe and ongoing weakness in the housing and financial markets, the Commerce Department has reported that sales of newly built single-family homes fell 11.5 percent to a seasonally adjusted annual rate of 460,000 units in August. This is 34.5 percent below the August 2007 rate of a year earlier and the lowest level since January of 1991. "This report is yet another example of how the housing sector is suffering the effects of the financial meltdown and extreme tightening of consumer and business credit," Sandy Dunn, president of the National Association of Home Builders (NAHB) and a home builder from Point Pleasant, W. Va., said while attending the association's board of directors meeting in San Diego. "Now is the time for Congress to come together in a bipartisan fashion to pass a financial rescue plan that stabilizes financial markets and gets at the root problems of declining home values and rising foreclosures. This legislation will help shore up home values and unfreeze credit lines, two moves that are absolutely essential to get the economy moving again," Dunn added. "The major downshift in new-home sales in August reflected a weakening economy and job market as well as tight mortgage credit market conditions," said NAHB Chief Economist Dave Seiders. "And this occurred well before the most recent round of financial market turmoil, accentuating the urgent need for immediate action on the Administrations financial rescue plan." For more information, visit www.nahb.com.
Published
Sep 26, 2008
FormFree Enters Deal To Offer Products to Lenders One Members

Mortgage Cooperative Hopes Automated Borrower Verification Tools Will Enhance Customer Experience

Industry News
Aug 03, 2021
AHP Servicing Names Charles Halko Jr. CFO

Brings 30-Years Of Experience to Chicago-Based Servicer

Industry News
Aug 03, 2021
Ready Capital Announces Deal To Acquire Red Stone

Real Estate Finance Company Expands In Multi-Family Affordable Housing Sector

Industry News
Aug 03, 2021
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021