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NASB Financial Inc is a federally chartered stock savings bank, whose business is to attract deposits from the general public and to originate real estate loans, other loans, and short-term investments. It has a portfolio of mortgage loans that are secured by multifamily, construction, development, and commercial real estate properties. Its sources of income include interest on loans, interest on MBS, interest on investment securities, customer service fees, and mortgage banking fees.

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The cost of two-by-fours has returned to what it was prior to the Covid-19 pandemic construction boom as lumber prices drop to their lowest position in more than two years, signaling a significant slowdown in development.

5 Stocks To Watch As Lumber Prices Return To Pre-Pandemic Levels

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After months of going down, sales of new homes unexpectedly increased despite widespread turbulence in the housing market.

In August, new home sales increased by 28.8% to a seasonally adjusted annual rate of 685,000, the Census Bureau reported on Tuesday.

US Home Sales Rise In August: Temporary Relief In A Downtrend?

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As of Sept. 23, the national average for a 30-year fixed mortgage is 6.43%, stalling the housing market across the country.

Home-Purchase Agreements In Sun Belt Cities Falling Through At Highest Rate In US

NASB Financial Inc

The cost of two-by-fours has returned to what it was prior to the Covid-19 pandemic construction boom as lumber prices drop to their lowest position in more than two years, signaling a significant slowdown in development.
Lumber futures rebounded from Monday lows on Wednesday, but down more than 70% from its peak in March when the Fed started hiking interest rates to combat inflation.
The pandemic greatly increased demand for suburban homes as well as home renovations. Lumber prices had tripled from pre-pandemic levels during that time, indicating an impending inflationary environment.
See Also: <a href="https://www.benzinga.com/news/small-cap/22/09/29054517/potential-home-sellers-are-digging-in-and-holding-on-to-their-low-morgage-interest-rates">Potential Home Sellers Are Digging In, Holding On To Their Low Morgage Interest Rates</a>
For the&nbsp;prospective buyer who has already found their dream home,&nbsp;mortgage lender&nbsp;NASB Financial Inc.&nbsp;(OTCPK: NASB)&nbsp;is offering a variety of banking products including checking, savings&nbsp;and certificate of deposit accounts. It is also offering mortgage and refinancing options,&nbsp;<a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga" rel="nofollow noopener noreferrer" target="_blank">including self-employed mortgage options for the handyman or self-incorporated day trader.</a>&nbsp;
The Russia-Ukraine conflict and supply chain bottlenecks have further increased the price of commodities this year.
With lumber prices showing signs of easing, here are a few lumber stocks that could be interesting to add to a portfolio.
<h3>International Paper</h3>
International Paper (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ip#NYSE">IP</a>), one of the largest paper producers in the world, focuses mostly on industrial packaging like cardboard, which enables the business to take advantage of the e-commerce boom. Today, industrial packaging accounts for the majority of IP&#39;s business.
The stock is down 30% year to date.
<h3>Resolute Forest Products</h3>
Market pulp, tissue, wood products, and paper are all sold by this Canadian lumber firm. Resolute Forest Products&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rfp#NYSE">RFP</a>) is investing in emerging markets like wood goods instead of relying on dated and decreasing items like paper.
The stock is up 37% year to date.
<h3>Lumber Liquidators</h3>
By offering exposure to the need for finished wood products like flooring, Lumber Liquidators (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ll#NYSE">LL</a>) provides another avenue to play the lumber sector.
If you want to wager on strong demand for wood flooring but moderate timber costs, this company is an excellent investment to purchase because it benefits from lower commodity pricing.
The stock is down 58% year to date.
<h3>UFP Industries</h3>
Michigan-based UFP Industries&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ufpi#NASDAQ">UFPI</a>) is a multibillion-dollar holding company with subsidiaries around the globe that serve three markets: retail, industrial, and construction.
The stock is down 21% year to date.
<h3>West Fraser Timber</h3>
Diversified wood prodcuts company West Fraser Timber Co.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfg#NYSE">WFG</a>) is a diversified wood products company with more than 60 facilities in Canada, the U.S, the U.K, and Europe. The company produces lumber, engineered wood, and other products including pulp, newsprint, wood chips, and renewable energy.
The stock is down 23% year to date.
See Also: <a href="https://www.benzinga.com/news/22/09/29073809/surprise-jobless-claims-fall-to-lowest-levels-since-april-what-you-need-to-know-now">Surprise! Jobless Claims Fall To Lowest Levels Since April</a>
Image: Pixabay

After months of going down, sales of new homes unexpectedly increased despite widespread turbulence in the housing market.
In August, new home sales increased by 28.8% to a seasonally adjusted annual rate of 685,000, the Census Bureau reported on Tuesday.
Although the growth is positive for the housing market, new home sales have generally declined significantly in recent months as a result of interest rate hikes by the Federal Reserve.
However, August&#39;s report should at least temporarily ease concerns that the country is teetering on the brink of a recession.
&ldquo;With housing affordability at a more than a 10-year low and the Federal Reserve continuing to aggressively raise interest rates to rein in stubbornly high inflation, policymakers must find ways to reduce construction costs that are delaying home projects and putting upward pressure on home prices,&rdquo; said Jerry Konter, chairman of the National Association of Home Builders.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/commodities/22/09/28988261/moving-trends-these-are-the-most-moved-to-states-in-2022">Moving Trends: The Top States Americans Are Relocating To</a>
While it is important to keep in mind that new home sales are a volatile indicator, August&#39;s report may exaggerate actual sales as it does not fully take into consideration the recent rise in cancellations as a result of rising <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates.
In August, the median sales price for a new home was $436,000, down from the previous month.
The information was released a week after it was disclosed that existing house sales had dropped for a seventh straight month and are currently at their lowest point since the beginning of the COVID-19 pandemic.
According to data released by the National Association of Realtors, existing-home sales decreased by 0.4% in August to a seasonally adjusted annual pace of 4.8 million. Sales were down about 20% from the previous year.
Mortgage rates are significantly influenced by the Fed&#39;s interest rate targets. Since the Fed began raising interest rates this year, <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates have been rising quickly alongside it.
According to Freddie Mac, the typical 30-year fixed-rate <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> had a rate of 6.29% as of Tuesday, an increase of more than 3.4% over the previous year. The typical fixed-rate 15-year mortgage increased to 5.44%.
The central bank raised interest rates by 0.75% last week, marking the third 3/4 increase in less than four months.
The likelihood of a recession has been increasing as inflation appears to be more deeply ingrained in the economy than previously assumed and the Fed keeps raising rates.
For the prospective buyer who can&rsquo;t wait for a downturn to purchase their dream home, mortgage lender&nbsp;NASB Financial Inc. (OTCMKTS:&nbsp;<a href="https://www.benzinga.com/quote/nasb" rel="noopener noreferrer" target="_blank">NASB</a>) is offering a variety of banking products including checking, savings&nbsp;and certificate of deposit accounts. It is also offering mortgage and refinancing options,&nbsp;<a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga" rel="nofollow noopener noreferrer" target="_blank">including self-employed mortgage options for the handyman or self-incorporated day trader.</a>
Photo:&nbsp;<a href="https://www.shutterstock.com/g/BillionPhotos">Billion Photos</a>&nbsp;via Shutterstock

As of Sept. 23, the national average for a 30-year fixed mortgage is 6.43%, stalling the housing market <a href="https://www.benzinga.com/markets/commodities/22/09/28985861/this-is-the-fastest-cooling-housing-market-in-america-new-analysis-finds">across the country</a>.
The standard home value in the U.S. is $356,026, up 16.5% over the past year, although home values fell by 0.3% from July, the largest monthly decrease since 2011, per Zillow Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/z#NASDAQ">Z</a>).
What Happened: Approximately 64,000 home-purchase agreements fell through in August, identical to 15.2% of homes that went under contract for the month, <a href="https://www.redfin.com/news/home-purchases-fall-through-august-2022/">RedFin</a> reported.
The percentage of home-purchase agreements that fell through has floated around 15% over the past three months, and before the pandemic,&nbsp;this percentage had&nbsp;maintained at 12%.
Although home values have fallen since their peak in April, they are still up 43.6% since August 2019, according to Zillow.
On top of record home values, the Fed&#39;s interest rate policy is also adding to higher mortgage payments as the monthly mortgage is now $1,643 from $897 at the end of August 2019, up 83% from before the pandemic.
<img alt="" src="https://www.benzinga.com/files/u1108081/screen_shot_2022-09-26_at_11.05.25_am.png" style="height:273px; width:500px" />
The locations most impacted by rising rates are the Sun Belt cities that were rising in popularity during the pandemic, including&nbsp;Jacksonville, Las Vegas, and Atlanta.
In Jacksonville, 26.1% of homes that were under contract in August fell through, the highest percentage among 50 of the most populous U.S. cities.
Also Read:&nbsp;<a href="https://www.benzinga.com/money/best-real-estate-crowdfunding-platforms">BEST REAL ESTATE CROWDFUNDING PLATFORMS</a>
Why It Matters: On Sept. 21, Federal Reserve Chair Jerome Powell acknowledged that the housing market has been running hot and that there needs to be a &ldquo;reset&rdquo; as home values have reached record levels.
&ldquo;Some homebuyers are finding that by the time they go under contract and lock in their mortgage rates, rates could be much higher than they were when they toured the home and/or got pre-approved. That can kill the deal because the buyer is no longer financially comfortable with the purchase,&rdquo; said Sam Chute, a Redfin (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdfn#NASDAQ">RDFN</a>) real estate agent who works with sellers in Miami.
With more buyers backing out of the market due to sky-high home values, the rental market has been surging as the typical monthly rent is $2,090, up 12.3% year-over-year.
Furthermore, cities such as Miami and New York are&nbsp;leading the way in annual rental growth, up 21.9% and 17.9%&nbsp;year over year respectively.
It should be noted that metropolitan areas&nbsp;in the Sun Belt saw the highest growth in home-buyers since the pandemic. Inevitably causing home values to skyrocket, leaving those unwilling or unable to lock in a mortgage to rent.
For prospective buyers who are looking to purchase their dream home, mortgage lender&nbsp;NASB Financial Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTC">NASB</a>)&nbsp;is offering a variety of banking products including checking, savings, and certificate of deposit accounts. It is also offering mortgage and refinancing options,&nbsp;<a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga" rel="nofollow noopener noreferrer" target="_blank">including self-employed mortgage options for the handyman or self-incorporated day trader.</a>

John Paulson, the billionaire hedge fund investor who made around $15 billion shorting $25 billion worth of subprime mortgages back in the &quot;no credit, no money, no cash, no problem&quot;&nbsp;underwriting debacle back in 2007-2008, says another downturn in the current &quot;frothy&quot;&nbsp;housing market may be in the cards.
Still, it could be different this time as the banking system is in a much better position to handle it, says Paulson.
First, some history for the uninitiated:
Paulson noticed there was a problem with the mortgage business around 2005. With low limits and credit standards, banks were giving mortgages (often at adjustable rates). When the rates rose and borrowers were unable to make their payments, they had two options: refinance or default.
Read also:&nbsp;<a href="https://www.benzinga.com/news/22/09/28724350/housing-prices-jumped-just-0-1-last-month-but-it-could-be-a-sign-for-the-next-big-price-hike-heres-w">Housing Prices Jumped Just 0.1% Last Month, But It Could Be A Sign For The Next Big Price Hike: Here&#39;s Why</a>
The loans were predicated on the assumption that home prices would rise further. In 2010, Paulson <a href="https://oversight.house.gov/sites/democrats.oversight.house.gov/files/migrated/20081113120443.pdf">testified </a>before the Financial Crisis Committee that he started purchasing securities against low-graded loans that were likely to default as soon as he noticed that home values had stopped rising.
Mortgage brokers assured Paulson that the loans were secure because there had never been a nationwide decrease in home values since the Great Depression. &ldquo;Our opinion was [homes] were overvalued, and they were going to correct and that the quality of mortgages was very poor, and the losses would likely be substantial,&rdquo; Paulson said.
In order to profit from the consequences, by June 2006, he had established a fund for credit default swaps, a type of insurance that would pay him if borrowers were unable to repay their loans.
His return surged to 66% by February 2007, just before the credit crisis truly began. His fund generated $15 billion in revenue by the end of 2007.&nbsp;Paulson, incidentally, was not featured in the Michael Burry-focused film&nbsp;&ldquo;The Big Short.&rdquo;
&ldquo;Well, the financial market, the banking system and the housing market are much different today than in &lsquo;06 and &lsquo;07,&rdquo; Paulson said to <a href="https://archive.ph/ifPb3#selection-3893.599-3893.600">Bloomberg</a>. &ldquo;The underlying quality of the mortgages today is far superior. You don&rsquo;t even have any subprime mortgages in the market &hellip; And the FICO scores are very, very high.&rdquo;
The banks during the 2008 financial crisis&nbsp;were also heavily leveraged, with average capital in large institutions like Credit Suisse and Morgan Stanley hovering around 3% and significant off-balance sheet exposure.
&ldquo;So, you know, it doesn&rsquo;t take a lot to fail if you have, let&rsquo;s say, a hundred dollars in assets, and then on the liability side you only have $3 in equity and $97 in various types of borrowing,&rdquo; Paulson explained. &ldquo;If you&rsquo;re not really careful on the asset side, all the assets have to do is fall 3% and your equity is wiped out. You go into default.&rdquo;
The investor noted that because banks held a sizable proportion of subprime, high-yield, leveraged loans, their equity was put under pressure when the market started to collapse because banks were very speculative about the investments they were making.
Looking ahead, Paulson says another collapse in the U.S. housing market&nbsp;wouldn&#39;t resemble 2008 since underwriting standards have gotten considerably more sober since the Great Financial Crisis, the banking system is much more protected, there are greater capital requirements, and there are many more regulations in place.
&ldquo;Today, the average bank is probably 9% equity, the systemically important banks are 11%-12% equity,&rdquo; Paulson said. &ldquo;Almost between three and four times as much equity as before. So we&rsquo;re not at risk of a collapse today in the financial system like we were before. Yeah, it&rsquo;s true, housing may be a little frothy. So housing prices may come down, or they may plateau, but not to the extent it happened.&rdquo;
For the prospective buyer who can&rsquo;t wait for a downturn to purchase their dream home, mortgage lender NASB Financial Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTC">NASB</a>) is offering a variety of banking products including checking, savings, and certificate of deposit accounts. It is also offering mortgage and refinancing options, <a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga">including self-employed mortgage options for the handyman or self-incorporated day trader.</a>

Billionaire Big-Shorter John Paulson Says The Housing Downturn May Be Different This Time Around

Is Seattle the tip of the iceberg, or a healthy correction in a seemingly ever-growing market?
It may be too early to tell. Yet, home demand in the hometown of Amazon.com Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) is falling at a rapid pace.
According to&nbsp;Redfin <a href="https://investors.redfin.com/news-events/press-releases/detail/796/redfin-reports-seattles-housing-market-is-cooling-faster">research</a>, Seattle&#39;s home market is slowing down more quickly than any other housing market in the nation due to rising mortgage rates, inflation, a stock market testing June lows, and overall economic uncertainty.
Per the price changes, price decreases, supply, pending sales, sale-to-list ratios, and the pace of home sales, the analysis ranks the 100 most populous U.S. metropolitan regions according to how quickly they are cooling over the past six months.
A significant change from the 7% gain in February was the 34% decrease in house sales in August on a 15-day basis compared to the same month last year. Relative to February, when prices rose by 23% year over year, the average property sold for 5% more per square foot in August.
Though, the typical property sold for 2% less in August than it did a month earlier, reflecting the fact that home prices are declining from their peak.
<h3>Buyers Market? Sure, A Variation Of One, Anyway.</h3>
Prospective homebuyers must balance current macroeconomic factors like rising rates, inflation, and the volatile stock market.
Those factors make it more challenging for potential home buyers, but they also make the housing market more accommodating for those who can afford it.
Potential buyers who still have the financial means to purchase a home have negotiating power. This gives them more time to find the ideal property, the ability to include provisions like audits and appraisals in their offers, and a lower chance of getting into a bidding war, and the potential to get their offer accepted for less than the asking price.
For the prospective buyer who can&rsquo;t wait for a downturn to purchase their dream home, mortgage lender NASB Financial Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTCQX">NASB</a>) is offering a variety of banking products including checking, savings, and certificate of deposit accounts. It is also offering mortgage and refinancing options, <a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga">including self-employed mortgage options for the handyman or self-incorporated day trader.</a>
According to Redfin, increasing <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates are a significant contributor to the rapid cooling down of the housing market in hotspots for migrating remote workers including Las Vegas, Sacramento, Phoenix, and North Port, making such regions appealing for purchasers who can afford to stay in the market.
Image: Pixabay

AMZN

Now May Be The Right Time To Buy In This City, The Fastest Cooling US Housing Market

For the fifth week in a row, mortgage rates increased sharply, reaching beyond 6% in response to the Federal Reserve&#39;s latest aggressive interest rate increase.
According to <a href="https://www.freddiemac.com/pmms">Freddie Mac</a>, the 30-year fixed-rate mortgage averaged 6.29% in the week ending Sept. 22, up from 6.02% the week before. This is the highest level seen since October 2008, when then-President George W. Bush signed the&nbsp;$700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks.
Rates have been rising since the beginning of the year, and this trend will continue through 2022. Interest rates respond to a wide range of economic circumstances, so they are dynamic and unpredictable &mdash; at least on a daily or weekly basis.
&ldquo;The housing market continues to face headwinds as <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates increase again this week, following the 10-year Treasury yield&rsquo;s jump to its highest level since 2011,&rdquo; Freddie Mac said. &ldquo;Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.&rdquo;
To control inflation, the Federal Reserve has raised interest rates several times this year, recently <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28953963/federal-reserve-issues-third-straight-0-75-interest-rate-hike-what-it-means-for-the">on Sept. 21</a>, and has indicated that it will do so again.
Increased interest rates will probably result in increased mortgage rates and higher monthly mortgage payments for potential borrowers.
For an eager buyer who can&rsquo;t wait for a downturn to purchase their dream home, mortgage lender NASB Financial Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTCQX">NASB</a>) is offering a variety of banking products including checking, savings and certificate of deposit accounts. It is also offering mortgages and refinancing options, including self-employed mortgage options for the handyman or self-incorporated day trader.
How does The Fed&#39;s raising rates affect my mortgage? 10-Year Treasury Bonds.
The 10-Year Treasury Bond is a debt obligation with a 10-year initial maturity issued by the US government. A 10-year Treasury note pays the holder the face amount at maturity and a fixed interest rate once every six months.
Simply Said: Investors generally seek safe and consistent returns on their capital and are continuously looking for the best rate of return on their assets.
They often assess the potential returns on various fixed-income products, including money market funds, certificates of deposit (CDs), mortgage-backed securities, corporate bonds, and Treasury notes, as a consequence. For these investors, one of the safest and most secure bond investment options is Treasury notes, backed by the U.S. government.
The 10-year Treasury note, which has the most extended term to maturity of any Treasury note, is one of the most closely monitored and tracked forms of public debt issuance in the financial industry today. Given this, the 10-Year is a tool used as a benchmark against other interest rates, such as those for home mortgages, are measured.
Changes in the yields impact current mortgage rates on 10-year Treasury notes; the higher 10-year Treasury yields rise, the higher mortgage rates should be.
In contrast, mortgage-backed securities (based on the value of specific home loans) may provide more significant returns in exchange for more investor risk. In light of this, investors seek greater rates of return on mortgage-backed securities as Treasury yields rise to offset the most significant threat, resulting in higher interest rates for potential house buyers.
The current mortgage rates for homeowners are influenced by treasury bills, bonds, and notes. Furthermore, mortgage interest rates tend to rise in tandem with rising Treasury yields.
Steep mortgage rates will significantly elevate the monthly cost of homes, shutting out many buyers, decreasing overall demand, and affording leverage to the buyers who remain.
Last Call: To bring prices under control, the Fed is boosting interest rates. That does not preclude buyers from becoming homeowners or sellers from moving on to their next residence. It becomes even more crucial to be ready, so ensure you&#39;re selling for the right reasons and take precautionary steps like getting preapproved.

Mortgage Rates Spike To Levels Not Seen Since Bush's $700B Bailout: What It Means For Borrowers

Starter homes in New York City typically cost anywhere from $400,000 to $800,000. But, for those seeking to purchase their first home, there&rsquo;s a catch: you get less space.
In fact, a starter home in Manhattan may be no larger than a few parking spaces, <a href="https://streeteasy.com/blog/nyc-starter-homes-offer-less-square-footage-august-2022-market-reports/">according to StreetEasy</a>.
Across New York City&#39;s other boroughs, the median footprint of a typical starter home has decreased by 90 square feet to 900 square feet in August. That&#39;s 9% less than it was three years earlier.
See Also: <a href="https://www.benzinga.com/markets/commodities/22/09/28955752/jerome-powell-said-the-housing-sector-has-weakened-significantly-heres-the-data-that-supports">Powell Says Housing Sector Has &#39;Weakened Significantly&#39; - Here&#39;s The Data That Supports It</a>
The reduction in median square footage was most obvious in the historically more affordable neighborhoods of Queens, Staten Island, and the Bronx. Here&#39;s a breakdown:
<ul>
<li>Manhattan. Starter homes in Manhattan have consistently been the smallest in the city, measuring 686 square feet. Given that a normal parking space in New York City is about 153 square feet, this is equivalent to about four and a half spaces.</li>
<li>Brooklyn. Starter homes in this borough are the second most costly after Manhattan, at $658 per square foot. As of August, the median size for starter houses in Brooklyn was 924 square feet. That&#39;s 8% less than it was three years prior.</li>
<li>Queens. Since the pandemic, there are currently 11% fewer starter houses available in Queens due to sharp hikes in asking prices. Additionally, it is the borough where the cost per square foot of a home has increased the greatest. Although still more inexpensive than Manhattan and Brooklyn, the average Queens starter house has lost 150 square feet in the last three years.</li>
<li>The Bronx &amp; Staten Island: With a median price per square foot of $386 and $414, respectively, The Bronx and Staten Island continue to be the most desirable neighborhoods for first-time homebuyers. These neighborhoods&#39; starter home inventories have significantly decreased in recent years, falling by 51% in Staten Island in August from three years earlier and by 23% in the Bronx, as more properties are now being listed for more than $800,000.</li>
</ul>
<h3>House Hunting</h3>
Listings between $400K and $800K in price are not only becoming smaller in square footage but also tougher to find.
There were roughly 4,500 listings for sale in this price bracket as of last month. There were 5,300 listings at this price point three years ago, before the Covid-19 pandemic. That means there were 15% fewer listings available in August for typical first-time homebuyers.
For an eager buyer who can&rsquo;t wait for a downturn to purchase their dream home, mortgage lender NASB Financial Inc. (OTCMKTS: <a href="https://www.google.com/finance/quote/NASB:OTCMKTS">NASB</a>) is offering <a href="https://www.nasb.com/landing-pages/bank-statement-loans-bezinga">self-employed mortgage options</a> for the handyman or self-incorporated day trader.
<h3>Asking Prices</h3>
Asking prices across New York City are beginning to moderate after sharp increases this spring, as buyers jumped into the market to get ahead of rising interest rates.
After a hyper-competitive market led to the tightest market in six years by April, the median days on market rose modestly by three days month-over-month to 69 days in August. As the sales market continues to rebalance, some priced-out first-time buyers should be able to find opportunities to rejoin the market if they have the salary to do so.
The most recent Census Bureau data says the median yearly salary of top-earning young adults that live in New York City hovers at around $87,446. Current 30-year fixed mortgage rates vary from 6.6% to 6.9%. The $400K&ndash;800K range is consistent with these figures.
Image: Pixabay

A Home No Bigger Than A Few Parking Spots? NYC Living Gets Smaller And Smaller

Homeowners and prospective homebuyers alike are concerned about the future of the housing boom at the moment.
Will the recent surge in property values result in a crash like the one that caused the Great Recession to be so painful? Will prices just slow down from their extreme rate of appreciation?
Nobody knows, not even the head of the most prominent central bank in the world.
During the news conference following the meeting of the Federal Reserve Open Markets Committee, Fed Chairman Jerome Powell acknowledged a sharp rise in mortgage rates. They&rsquo;ve gone from 2.86% in September 2021 to 6.02% now, according to <a href="https://ycharts.com/indicators/30_year_mortgage_rate">YCharts 30-year mortgage rates</a>.
&ldquo;Activity in the housing sector has weakened significantly, in large part reflecting higher mortgage rates,&rdquo; Powell said on Wednesday after delivering the third consecutive 75-basis point rate hike.
Last month, existing home sales fell in the U.S. for the seventh consecutive month as affordability continued to worsen due to rising mortgage rates and persistently high home prices, though the rate of loss slowed from previous months.
<a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">The National Association of Realtors said on Wednesday</a> that existing home sales decreased 0.4% last month to a seasonally adjusted annual rate of 4.80 million units. This was the lowest sales level since November 2015, except for the decline in the spring of 2020.
The housing market has been severely impacted by the Fed&#39;s aggressive tightening of monetary policy, which is manifested in interest rate hikes. In contrast, despite the Fed&#39;s efforts to cool demand, other areas of the economy, such as the job market, have exhibited resilience.
For an eager buyer who can&rsquo;t wait for a downturn to purchase their dream home, NASB Financial, Inc.&nbsp;(OTCMKTS: <a href="https://www.google.com/finance/quote/NASB:OTCMKTS">NASB</a>) is a full-service bank that offers a variety of banking products including checking, savings&nbsp;and certificate of deposit accounts.
NASB is also one of the leading national mortgage lenders in the country, offering affordable mortgages and refinancing options, including self-employed mortgage options for the handyman&nbsp;or self-incorporated day trader.
Will Housing Costs Fall?
Double-digit house price drops are occurring in frothy markets in Australia and Canada, and economists predict that the global downturn is just getting started.
&ldquo;We will observe a globally synchronized housing market downturn in 2023 and 2024,&rdquo; said Hideaki Hirata of Hosei University, a former Bank of Japan economist. He warns the full impact of this year&rsquo;s aggressive rate hikes will take time to play out for households.
Photo:&nbsp;<a href="https://www.shutterstock.com/g/duidook">Pickadook</a>&nbsp;via Shutterstock

Jerome Powell Says The Housing Sector Has 'Weakened Significantly': Here's The Data That Supports It

The average house price has been rising rapidly nationwide. <a href="https://fred.stlouisfed.org/series/MSPUS">According to the St. Louis Fed</a>, the median home sales price is $440,300. That&#39;s an increase of $70,500 from just a year ago.
Due to the pandemic&#39;s huge impact on mortgage rates in 2020, demand increased as homebuyers sought to take advantage of historically low rates.
With the assistance of mortgage lender North American Savings Bank&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTC">NASB</a>), which provides self-employed borrowers with loans and mortgages without requiring a tax return, the pandemic also forced consumers to shift spending to housing and pushed more millennials, entrepreneurs, and homebuyers toward homeownership.
At the same time, there is a shortage in housing production and homeowners have been hesitant to offer their properties. Housing supply decreased through 2021, then in 2022 housing inventory started to increase.
One of the largest seller&#39;s markets in history developed as a result, though that may be changing as mortgage rates rise and the supply of homes increases.
National housing specialists and economists are observing home prices decline across the nation, with some geographical areas plunging considerably faster than others.&nbsp;As the interest rate continues to climb in the U.S., concerns over a housing market collapse intensify.
Also Read:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28918770/analyst-remains-bearish-on-real-estate-ibuyers-fundamentals-are-going-to-turn-worse">Analyst Remains Bearish On Real Estate iBuyers: &#39;Fundamentals Are Going To Turn Worse Before They Get Better&#39;</a>
There are a variety of predictions for how severe and widespread home price losses will be in the years running up to 2023 and beyond, but one economist anticipates a national decline in home prices of up to 5%.
But what if the country&#39;s economy falls into a recession? Then this&nbsp;forecast now calls for a 5%&ndash;10% reduction in national prices.
That is what Mark Zandi, the chief economist of Moody&#39;s Analytics <a href="https://archive.ph/NsBle">predicts</a>.
As of right now, 210 home markets nationwide are &quot;significantly overvalued,&quot; or overvalued by more than 25%, according to a Moody&#39;s study.
Moody&#39;s forecasts a 5% to 10% decline in property prices in such markets. If a more serious&nbsp;downturn occurs, home prices in those areas may drop by 15% to 20%.
Boise, Idaho is at the top of the list of the 210 housing markets that Moody&#39;s identified as &quot;significantly overvalued&quot; (out of around 400 regional markets).
With over 70% of properties listed for sale experiencing price cuts in July, Boise led the country with the highest percentage of sellers reducing their prices. Denver, Colorado came in second with 58%, and with 56.4%, Salt Lake City, Utah came in third place.

Moody's Sees Half Of America's Housing Market As 'Significantly Overvalued,' Here Are The 3 Worst Areas

Thursday marks the last chance for investors to receive the next dividend payout from NASB Financial (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NASB#OTC">NASB</a>). 
<h3>What's Happening</h3>
The company announced on Wednesday that it would pay shareholders a quarterly dividend of $0.85 per share. On Friday, NASB Financial will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open $0.85 lower than it would have opened on any other day.
In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Friday. Shareholders who own NASB as of the end of Thursday's session are eligible to receive the $0.85 dividend payout for every share that they own. 
According to the company, this dividend will be paid out to shareholders on March 25, 2022. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way. 
<a href="https://www.benzinga.com/stock//dividends">Click here</a> to find details on NASB Financial's previous dividends.
To keep track of which companies are distributing dividends, <a href="https://www.benzinga.com/calendars/dividends">click here</a> to visit our Dividends Calendar.

Dividends

Thursday Is Your Last Chance To Buy NASB Financial Before The Dividend Payout

The last year has seen the most eye-popping spike in value in history.&nbsp;
While the Covid 19 pandemic initially shut down economies across the globe, the Work from Home movement caused a mass exodus away from metropolitan areas where many large companies are headquartered.&nbsp; Homebuyers have been laying siege on the housing market to the point where houses in the most desirable locations are selling for more than 50% above the asking price in some cases.
This current trend is all thanks to the Fed lowering interest rates last year in response to the pandemic to help bolster the economy.&nbsp;
Lowering the interest rate allows banks to charge less interest on consumer mortgages.&nbsp; When mortgages are cheaper, it may entice would-be home buyers to jump on opportunities, but it also gives current homeowners the ability to re-finance (re-fi) and pocket the cash to use elsewhere.&nbsp; While this was the intended response, the side effects of cheap access to money led to an immense spike in demand for mortgages.
Regarding the demand for houses from new home buyers, there is a potential for the steam to run out of this drive because buyers are being priced out of opportunities. This is partly due to the massive supply and demand imbalance and partly due to raw materials for new houses such as lumber adding so much to the price of a new house, which eventually dissuades buyers away from the market.
The mortgage markets, however, are also running out of steam.&nbsp; It can be inferred from the earnings call from Rocket Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rkt#NYSE">RKT</a>) that the mortgage market is experiencing a price war that, while temporary, is weighing on profits.&nbsp; Mortgage companies are continually fighting to provide consumers with better rates, but this competition can only last for so long.
Whether you&rsquo;re invested in the mortgage companies, real estate, or are simply an interested home buyer, here are some recommendations of markets to follow to find out if the steam does run out and a correction occurs in the housing market.
Mortgage Writers Rejoice
Mortgage companies like Rocket Companies, owner of Quicken Loans, North American Savings Bank (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nasb#OTC">NASB</a>), and Chase Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) saw massive profits during 2020 and early parts of 2021 as the demand for mortgages skyrocketed.&nbsp; They expanded services, increased employee pay, and saw growth like they hadn&rsquo;t seen since before the financial crisis in 2008.&nbsp;
While banks generally learned their lesson the last time around, this time is different.&nbsp; Back in 2008, the methods used by banks to get people to sign on the dotted lines were sometimes less than savory.&nbsp; This led to a sharp rise in risky mortgages that eventually led to waves of defaults that the financial system wasn&rsquo;t prepared to handle.
This time, the consumers have run at banks with their money and demanded mortgages.&nbsp; On top of this, the mortgages being written are for individuals who meet lenders&rsquo; requirements.&nbsp; According to this credit repair report, companies are more sophisticated now as well, and they are helping even more people get good rates and adding to the numbers flocking to mortgage companies.
However, the world is emerging from life during Covid, and the mortgage companies will be the ones to show the first signs of a cooling market.&nbsp; It may have already started, as mentioned before during Rocket Companies, Inc.&rsquo;s earnings call.&nbsp;
The Luxuries of Home Improvement
Amazon will indeed rule the world if it can ever pose a threat to home improvement giants like Home Depot (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hd#NYSE">HD</a>) and Lowe&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/low#NYSE">LOW</a>).&nbsp;
While both companies certainly specialize in retail home improvement supply, the bulk of their business is from commercial sales in contractor supplies.&nbsp; If you&rsquo;ve ever tried to go to a Home Depot or Lowe&rsquo;s on a Saturday morning, you&rsquo;ve seen the lines of contractor trucks pulling through the bay to pick up cords of PVC, lumber, and other materials.&nbsp; These items are not easy to ship. All the better for the continued legacy of both of these companies.
The consistent profits for Home Depot and Lowe&rsquo;s over the last year have largely been fueled by both the new home market and the refinance market.&nbsp; New homes depend on raw materials to build, and if the market for new homes begins to cool, Home Depot and Lowe&rsquo;s will be the stocks to watch.&nbsp; However, the new home sales market tends to lag behind existing home sales since new homes are often built by large development companies as inventory before they are sold to home buyers.
To a much larger degree, home improvement projects have seen massive growth due to homeowners refinancing their mortgages and using the savings to build upon home values.&nbsp; This may represent the bulk of the correlation between home improvement stocks and the mortgage market.&nbsp; While the home improvement market is expected to rise in the coming years, a fall in revenues could point to a cooling in refinance applications.
Summing Up
The mortgage market relies on bringing customers to the table to sign papers.&nbsp;
However, there are only so many willing buyers, and most of them have been drawn out over the last year for a variety of reasons including the Work from Home movement, extra savings built up due to lockdowns, and historically low interest rates.&nbsp;
While business has been good, the world emerging from the current crisis may signal a cooling in the housing market, though not to the extent of the 2008 financial crisis. Keeping track of mortgage writing and home improvement companies may provide an idea of where the sentiment lies and allow investors to prepare for changing markets in the near future.
Photo Via Unsplash

Key Markets To Watch As The Mortgage Boom Continues To Fade

On March 11, 2021, NASB Financial (OTC:<a class="ticker" href="/stock/NASB#OTC">NASB</a>) declared a dividend payable on March 31, 2021 to its shareholders. NASB Financial also announced that shareholders on the company&#39;s books on or before March 22, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. NASB Financial has an ex-dividend date planned for March 19, 2021. The company&#39;s current dividend payout sits at $0.75. That equates to a dividend yield of 4.5% at current price levels.
<h2>What Are Ex-Dividend Dates?</h2>
Ex-dividend dates are when company shares stop trading with their current dividend payouts in preparation for those companies to announce new ones. Usually, a company&#39;s ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.
<h2>Understanding NASB Financial&#39;s Dividend History</h2>
Over the past year, NASB Financial has experienced an overall upward trend regarding its dividend payouts and yields. Last year on March 13, 2020 the company&#39;s payout was $0.55, which has since grown by $0.2. Similarly, NASB Financial&#39;s dividend yield in last year was 4.4%, which has since grown by 0.1%. 
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.
To read more news on NASB Financial <a href="https://www.benzinga.com/stock/nasb/">click here</a>.

Analyzing NASB Financial's Ex-Dividend Date

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