June 9, 2011 (Chris Moore) Economic activity continued to expand, though there were indications of slowing in the pace of growth according to the latest edition of the Beige Book released by the Federal Reserve. Of the Twelve Federal Reserve Districts, four Districts reported some economic deceleration, seven indicated that growth remained at a steady [...]
June 9, 2011 (Jeff Alan) Clear Capital reports that there are signs of market stabilization for the upcoming summer buying season as U.S. quarter-over-quarter home prices through the end of May declined only 2.3 percent according to data from its latest Home Price Index (HPI), which was half of what the decline was in last [...]
June 9, 2011 (Shirley Allen) According to the data collected on June 7, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.71 percent (4.95% APR) for 30-year fixed mortgages, which is down from 4.82 percent from the previous survey, 3.99 percent (4.37% APR) for 15-year fixed mortgages, [...]
June 8, 2011(Chris Moore) The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 3, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.4 percent from the previous week as a decline in purchase applications overshadowed a jump in refinance applications. Interest rates [...]
June 8, 2011 (Jeff Alan) Homeownership continues to be the anchor of the American Dream according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB). In a national survey of 2,000 voters, 75 percent of the respondents said that owning a home is worth the risk of fluctuations in [...]
June 8, 2011 (Chris Moore) Fannie Mae has issued new rules for mortgage servicers as a first step in the implementation of the Aligned Servicing Requirement announced by the Federal Housing Finance Agency (FHFA) in April of 2011. Mortgage servicers will now have to achieve new standards in managing delinquent loans, default prevention, and foreclosure [...]
June 8, 2011 (Shirley Allen) The number of underwater mortgages declined to 22.7 percent of all residential properties at the end of the first quarter of 2011, but if you had a home equity loan you were twice as likely to have negative equity according to the latest data released by CoreLogic. […]
June 7, 2011 (Jeff Alan) Loan modifications made by Fannie Mae and Freddie Mac declined for the third consecutive quarter as more homeowners who receive a loan modification are seeing a deeper payment reduction which is leading to improved loan performance according to the Federal Housing Finance Agency’s (FHFA) First Quarter Foreclosure Preventions and Refinance [...]
June 7, 2011 (Shirley Allen) Zillow.com reports that home values in April 2011 fell 0.77 percent compared to March and are 8.0 percent lower than they were in April 2010. That’s the lowest level of month-over-month depreciation since a 0.89 percent decrease recorded between November and December of 2010. […]
