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This Past Week In The Mortgage Market
Home ownership fell to 66.9% in the second quarter, which is the lowest level since 1999. The Case-Shiller index showed home prices rose 1.3% in May..don’t expect this trend to continue. With homeowner markets stressed, it appears renting has become more appealing than owning. More than 20% of the nation’s mortgage borrowers owe more than [...]
Continue reading...This Past Week In The Mortgage Market
17. August 2010
New Home sales rose 23.6% in June, year-over-year sales fell 16.7% which is the important number to observe. Home prices riose slightly in May, they were up 1.3% from April, expect them to be flat or fall in the coming months. Home prices peaked back in July 2006 and fell for 33 straight months before [...]
Continue reading...This Past Week In The Mortgage Market
27. July 2010
Foreclosures fell 5% during the first six months of 2010, the number is really misleading since one 1 of every 78 homes is at risk. Bank repossessions rose 5% with 270,000 homes going that route. California, Arizona, Florida and Nevada continue to have the most homes repossessed. Despite record low interest rates mortgage applications to [...]
Continue reading...Refinance Market Is Strong
26. July 2010
Refinance Apps Increase. Originators Work in Highly Competitive Environment by Adam Quinones on The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 2, 2010. The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. [...]
Continue reading...This Past Week In The Mortgage Market
20. July 2010
Existing home sales fell 2.2% in May, mostly due to the expired tax credit. New Home sales plunged 32.7% in May, it was the slowest pace since 1963 when the Commerce Department began keeping track, once again this drop is because of the expired tax credit. More than half of all homeowners with modified mortgages [...]
Continue reading...Government HAMP Program Is A Big Bust
7. July 2010
HAMP Had Good Intentions But Was Doomed to Disappoint by Joe Murin "We only have three months left with hundreds of thousands of families facing foreclosure, is it time to rethink whether or not a mortgage foreclosure prevention program that is based on a group of servicers whom you describe as having done [...]
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3. July 2010
Fannie Mae and Freddie Mac were delisted from the New York Stock Exchange due to poor stock performance, the Treasury has poured $84 billion into Fannie Mae and $61 billion into Freddie Mac since September 2008. Despite these disappointing results, somehow our astute Government is leaving these mortgage giants out of the so called Financial [...]
Continue reading...Mortgage Rates And Loan Demand
27. June 2010
Mortgage Rates Set New Record at 4.69%, So Why Is Demand Weak? By Nick Timiraos Average rates on 30-year fixed-rate mortgages reached their lowest levels in more than 50 years this week. On Thursday, rates tracked by HSH.com hit 4.69%, down from 4.75% on Wednesday and an average 4.85% last week. Freddie Mac also said on Thursday that [...]
Continue reading...Homebuyer Tax Credit Update
27. June 2010
Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment by Adam Quinones News wires are buzzing with reports that the Senate just approved an extension of the homebuyer tax credit’s June 30 closing deadline. THESE HEADLINES ARE MISLEADING!!! The June 30 closing deadline has not been extended…but it was accepted as an amendment to the [...]
Continue reading...This Past Week In The Mortgage Market
27. June 2010
Mortgage lender Countrywide Home Loans agreed to pay $108 million to settle an FTC case. The larger issue not covered by the press is that now that Countrywide is part of Bank of America, their mortgage originators are not subject to the misguided state licensing requirements that mortgage bankers and brokers must do. I guess [...]
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27. August 2010
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