November 30 2010 (Chris Moore) Freddie Mac released the results of its third quarter Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series today and reported that home values declined 1.9 percent for the quarter compared to the second quarter of this year. Home values declined 3.1 percent compared to the third quarter off 2009. Read [...]
November 30 2010 (Jeff Alan) Five years ago the average home’s square footage was 2,400 square feet according to the National Association of Homebuilders (NAHB), but according to a recent survey by Relocation.com, Americans are now opting for smaller homes. Read more...
November 30 2010 (Chris Moore) In October 2005, just prior to the peak of the housing boom, there were a record high 535,400 mortgage brokers, loan officers, mortgage underwriters, loan processors, and others working in the mortgage financial industry. Total mortgage industry employment today is estimated at 246,400, less than half reported at the industry’s [...]
November 29 2010 (Shirley Allen) The Commerce Department has reported that the sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, while the median home price dropped to the lowest point in seven years. Read more...
November 29, 2010 (Jeff Alan) In September when the big banks acknowledged problems with their foreclosure procedures, later to become known as the “robo-signing” scandal, they initiated foreclosure moratoriums, promised a full review of all cases, and to resume foreclosures quickly. Now more than two months later, the banks are struggling to restart their foreclosure [...]
November 29 2010 (Chris Moore) Freddie Mac and Fannie Mae have lifted the ban on the sell of foreclosed homes that had been frozen since the document handling fiasco that started nearly two months ago. Freddie Mac sent a memo to agents instructing them to “resume all normal sales activity” while Fannie Mae issued a [...]
November 28 2010 (Chris Moore) If you’re a data junkie or just like to get the latest economic or housing information, the Department of Housing and Urban Development (HUD) announced on Monday (November 22) a new website that consolidates a wide variety of economic and housing market data at the regional, state, metropolitan area and [...]
November 28 2010 (Shirley Allen) Despite record low mortgage rates, existing home sales declined 2.2 percent in October compared to September. The sales decline came on the heels of two consecutive strong monthly gains. Existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops fell to a seasonally adjusted annual [...]
November 28 2010 (Chris Moore) The Federal Reserve Bank of New York released its Quarterly Report on Household Debt and Credit this week for the third quarter of 2010. The report revealed that consumer debt continues its downward trend of the previous seven quarters, though the decline slowed in the last quarter. Since the third [...]
