Wells Fargo Shrinking Lending Business, Plans To Focus On Existing And Underserved Borrowers
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Wells Fargo Shrinking Lending Business, Plans To Focus On Existing And Underserved Borrowers

Wells Fargo is reducing its home lending footprint, a move that experts say will have major ramifications in the mortgage industry. Formerly the nation’s largest mortgage lender, the bank announced Tuesday that it is exiting the correspondent lending channel and shrinking its mortgage servicing portfolio. “We are making the decision to continue to reduce risk…

Inventory Sees Record Uptick As Homes Linger On Market

Inventory Sees Record Uptick As Homes Linger On Market

Inventory saw a record uptick in the four weeks ending December 4th as buyer demand dwindled and homes lingered on the market, according to new data from Redfin. The total number of homes for sale rose 15% YOY in that period, the largest increase recorded in Redfin’s Homebuyer Demand Index. New listings fell by 20%,…

Price Appreciation Slows To Half Of April Peak

Price Appreciation Slows To Half Of April Peak

Home price appreciation is now half of what it was in April, its lowest recorded point since early 2021, according to new data from CoreLogic. October’s CoreLogic Home Price Index recorded a 10.1% increase YOY. Though still elevated, it continues to decrease from record highs earlier this year. The coming months are expected to push…

Ivy Zelman: Housing Demand “Grossly Exaggerated”

Ivy Zelman: Housing Demand “Grossly Exaggerated”

The hot housing market has been attributed to historically low-interest rates, Millennials reaching homebuying age, and a desire for spacious living created by the pandemic. Across the industry, experts agree that all of this has been exacerbated by a shortage of houses that started with underbuilding in the aftermath of the 2008 financial crisis. Everyone…

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