Foreclosures Delinquencies Drop Like a Rock
August 13, 2011 by admin
Filed under foreclosures, Positive Real Estate
Image by Getty Images via @daylife
The mortgage delinquency rate across the United States (measured by the # borrowers 60 or more days past due) decreased for the 6th consecutive quarter.
The delinquency rate dropped at 5.82 percent at the end quarter 2 and the 2nd quarter also shows mortgage delinquency rates improved quarter over last quarter at 5.98 percent. This marks the best improvement since the recession officially ended two years ago.
While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores,” says Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. “Not only are these consumers less likely to default if house prices continue to edge downward throughout the year, but their willingness to repay their debt obligations in the face of high unemployment rates is greater. It is because of these dynamics that lenders today take a much closer look at the borrower’s income history and overall debt situation than before the recession began in 2007.
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- Foreclosures slow to trickle as lenders adapt (msnbc.msn.com)
- Are we really seeing fewer foreclosures? (hsh.com)
- Tax Relief for Cancelled Mortgage Debt (turbotax.intuit.com)
- Housing crisis: A sign that the worst is over (money.cnn.com)
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BOFA Gives Away Houses
July 1, 2011 by admin
Filed under foreclosures
150 vacant and abandoned properties in and around Chicago will be donated by Bank OF America to address a growing vacant property problem in Chicago.
“Unfortunately,” BofA said in a statement, “many homeowners faced with unemployment, underemployment and other economic hardships have transitioned to alternative housing situations, and in many cases, have walked away from their homes, leaving behind vacant and deteriorating properties that can cause neighborhood blight.”
I considered if I should post this in Positive Real Estate News but I guess it is positive if you are getting the homes. http://www.bankrate.com/financing/mortgages/bofa-to-give-away-houses/#ixzz1QrpGSkKE
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Existing-home sales Rocket Up 12.3% in December
January 21, 2011 by admin
Filed under Home Resales
- Image via Wikipedia
Existing-home sales in December showed signs the housing market is on track to recover in 2011. Buyers returned in the middle of winter and sales rose 12.3% to a seasonally adjusted annual rate of 5.28 million, from an upwardly revised 4.7 million in November.
According to the National Association of Realtors’ President Ron Phipps, buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices and pent-up demand are drawing homebuyers into the market.”
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Fannie Mae Bullish Forecast
December 28, 2010 by admin
Filed under Positive Real Estate, Real Estate Articles
- Image via Wikipedia
“Despite rising mortgage rates, our forecast for home sales is stronger than the previous forecast, given our brighter economic growth and labor market outlook,” said Fannie Mae Chief Economist Doug Duncan. “We expect modest increases in home sales, despite recent interest rate rises, due in part to modest additional declines in home prices, and we expect people to take advantage of affordability as their employment and income outlook brightens.”
December 2010 Economic Outlook
Duncan says more positives than negatives for first time in a long time. Consumer spending is up. Improved demand for goods and services.
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10 Reasons Why Real Estate Is Back in 2011
December 24, 2010 by admin
Filed under Real Estate Articles
- Image by TheTruthAbout via Flickr
1. Mortgage rates will stay low.
2. Lenders may loosen standards.
3. Tax cut extension could lead to faster recovery.
4. Americans still want to be homeowners.
5. Homebuyers are looking for long-term ownership, not a fast profit.
6. Home prices are expected to dip again.
7. Builders will start building again.
8. Inventory of all types will increase.
9. Homes will keep shrinking.
10. There will be more opportunities available for cash buyers and investors.
http://financialedge.investopedia.com/financial-edge/1210/10-Reasons-Real-Estate-Could-Rebound-In-2011.aspx
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30 and 15 year mortgages hit new record low
November 12, 2010 by admin
Filed under Positive Real Estate
- Image via Wikipedia
30 yr and 15 yr Fixed-Rate Mortgages Fall to New Lows
The Primary Mortgage Market Survey® (PMMS®) put out by Fredddie Mac reports that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir.
30 yr fixed-rate mortgage averaged 4.17 percent, the 15-year averaged 3.57 percent this week with while the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week.
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Mortgage Aps Jump
- Image by TheTruthAbout via Flickr
The MBA mortgage applications index jumped 14.6% to 897.2% for the week ending October 8. This was the first increase in 6 weeks for the largest rise since mid-June and its biggest since May 2009. Mortgage activity is 20.8% up year over year. Refinances jumped 21.0% on the week and is up 50.0% from a year ago. Refinancing is more than 80% of total new mortgage activity.
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Low Interest Rates Record Lows
- Image via Wikipedia
Interest rates continue to hit new lows. The 15-year FRM averaged 3.72 percent (0.7 point), dropping from 3.75 percent last week. The 5-year adjustable-rate mortgage (ARM) came in at 3.47 percent this week (0.6 point). It was 3.52 percent last week.
Frank Nothaft, VP and chief economist for Freddie Mac, explained, “The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the past six months ending in August and suggests inflation is running at a tepid pace at best. This allowed mortgage rates to ease.” http://www.dsnews.com/articles/mortgage-rates-continue-descent-hitting-new-record-lows-2010-10-07
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Mortgages Lowest Since 1950
October 8, 2010 by admin
Filed under Mortgages, Positive Real Estate
- Image via Wikipedia
Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971, from 4.32 percent last week.
A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent last week, and the one-year ARM dropped to 3.40 percent this week from 3.48 percent.
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- Mortgage rates fall to decades-low of 4.27 pct. (sfgate.com)
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Mortgage Refinancings Soar to Highest Level Since May 2009
- Image by Jim Linwood via Flickr
The Mortgage Bankers Association said Wednesday its refinancing index jumped 17% to 4676.70 in the week to Wednesday, soaring to the highest since May 2009. The four-week average increase rose to 3.2%. This abrupt spike is a sign that mortgage rates have fallen far enough to incentivize a new wave of refinancing from homeowners. According for Freddie Mac, the average rate for a 30- year home loan dropped to 4.4A% last week.
This wave could also be a great sign for the U.S. economy as a whole, not just the housing market. Morgan Stanley estimates that if 50% of mortgages in mortgage-backed bonds are refinanced, it would free up $46 billion a year for consumers. $46 billion is more money than the last extension of unemployment benefits.
