In last month’s report from the NAR, existing-home sales jumped 9.4 percent to an annual rate of 5.57 million units in September from a level of 5.10 million in August. Sales activity was at the highest level since hitting 5.73 million annualized units in July 2007. Total housing inventory at the end of [...]
Archive for the ‘news’ Category
Discussing Broader Implications
November 24th, 2009 by Mortgage Writer
Tags: current sales, home price, homes available for sale, traditional homes
more...Debt will cost us
November 23rd, 2009 by Mortgage Writer
Canadian writer Margaret Atwood is the author of more than 35 books of poetry, fiction and nonfiction. Her novels include “The Handmaid’s Tale” and “The Blind Assassin,” which won the Booker Prize in 2000. Atwood says her 2008 book, “Payback: Debt and the Shadow Side of Wealth” is “not a practical guide about how to [...]
Tags: bankrupt, borrowers, Council of Mortgage Lenders, debt credit, debt will cost us, financial institutions, financial world, massive financial, mortgages, subprime mortgages
Stocks Decline in Early Trading as Dollar Rises
November 20th, 2009 by Mortgage Writer
Stocks fell in early morning trading Friday as the dollar continued to strengthen, and after a week of mixed economic reports.
Overseas markets declined. European Central Bank President Jean-Claude Trichet said the ECB plans to start pulling back some of its stimulus programs as the economy begins to recover.
With little U.S. economic news to help sway [...]
Tags: dollar rises, European Central Bank, foreclosure, homeowners, investors, mortgage, Mortgage Bankers Association
Rates on 30-year loans remain below 5 percent
November 19th, 2009 by Mortgage Writer
The average rate on a 30-year fixed mortgage is 4.91 percent
Rates this week for 30-year home loans stayed below 5 percent for the second week in a row.
The average rate fell to 4.91% from 4.98% a week earlier, mortgage company Freddie Mac said Thursday.
Rates hit a record low of 4.78% in the spring, but [...]
Tags: Freddie Mac, government debt, homebuyers, loans, mortgage, mortgage rates, National Association of Realtors, tax credit
Mortgage Delinquency
November 17th, 2009 by Mortgage Writer
Florida ranked second among states with the highest mortgage delinquency rates in the third quarter, at 13.3%, a credit and information management company. At 14.5%, Nevada was No. 1.
Nationwide, the ratio of borrowers who were 60 days or more past due on their mortgages increased for the 11th straight quarter, hitting an all-time high [...]
Tags: borrowers, Florida, mortgage debt, mortgage delinquency, mortgages, nationwide
Economy Expands 3.5 Percent in Third Quarter, Biggest Growth in 2 Years
November 16th, 2009 by Mortgage Writer
The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.
The Commerce Department’s report Thursday delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery.
The report, though promising, does not mark the end of [...]
Tags: barack obama, borrowing, economy grew, foreclosure, House Financial Services Committee, secure loans
More Than 100 Arrested for Mortgage Fraud, Feds Say
November 16th, 2009 by Mortgage Writer
A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.
A. Brian Albritton, the U.S. attorney for Florida’s middle district, announced the results of the nine-month investigation at news conferences Tuesday in Fort Myers and Tampa.
Albritton said the fraudulent loans totaled more than $400 million [...]
Tags: buyers, fraudulents loans, lenders, mortgage brokers, mortgage fraud, news conferences, realtors, sellers
HUD Audit No Surprise
November 13th, 2009 by Mortgage Writer
HUD released its annual report to Congress regarding the financial status of the FHA Mutual Mortgage Insurance (MMI) Fund. As expected, MMI Fund numbers continue to worsen, and according to the audit this was due to the “current severe housing market decline and extremely stressful economic conditions.” It further concluded that the capital ratio of [...]
Tags: borrowers, economy, FHA, financial, Home Equity Conversion Mortgages, homeownership, tax revenue
Jobless Claims, Deficit Data, Auctions, FHA Audit Release
November 12th, 2009 by Mortgage Writer
In terms of data releases the week is only beginning now. Stocks have been rising this week led by the Dow hitting a 13-month high Tuesday and continuing to climb yesterday, but the drivers have been from outside the US economy. This morning the market is looking more cautious ahead of weekly jobless claims and [...]
Tags: borrow, financial system, global economy, Treasury Budget Statement
HAMP on Track to Reach Goals. No Update On Redefault Rate
November 11th, 2009 by Mortgage Writer
The Treasury Department announced Tuesday morning that its Making Home Affordable Program (HAMP) now has more than 650,000 mortgage modifications underway, a number that puts it on track to meet its goals over the next few years.
The report, which provides data on the program through October 31, is the first to provide state specific numbers [...]
Tags: borrowers, fannie mae, financial, foreclosure, HAMP, investors, loans owned, mortgage, mortgage debt, mortgage payments
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