October 29 2010 (Jeff Alan) The three major U.S. credit reporting agencies are offering a new FICO score for prescreening, originating, and servicing home loans that better predicts the likelihood of default. Read more...
October 28 2010 (Chris Moore) Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM [...]
October 27 2010 (Shirley Allen) A survey of 25,000 loan quotes and requests by Zillow Mortgage Marketplace during the first half of September found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 -- even if they offered to make large downpayments of 15 to 25 percent [...]
October 26 2010 (Chris Moore) The National Association of Realtors (NAR) said sales rose 10% to a seasonally adjusted annual rate of 4.53 million, from a downwardly revised 4.12 million in August. Despite the sales increase, prices of existing homes slipped 2.4% to a median price of $171,700. Distressed sales accounted for 35% of all [...]
October 26 2010 (Jeff Alan) In a report released by real estate analyst CoreLogic, shows home prices excluding distressed sales declined 0.4 percent in August 2010 compared to a year earlier. Some 78 out of 100 metropolitan areas experienced price declines in August, up from 58 in July. Read more...
October 25 2010 (Chris Moore) Everyone has their own idea of what a perfect neighborhood is. Tree lined streets, low crime, close to shopping, etc. But the economic reality is that we can’t all live there and even the best neighborhoods don’t always have the amenities that we’re looking for. So be prepared to compromise [...]
October 22 2010 (Jeff Alan) Just as Bank of America and GMAC Mortgage were ending their foreclosure freezes, U. S. Secretary of Housing and Urban Development (HUD) Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure related problems are found. Read more...
October 22 2010 (Chris Moore) Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate rose slightly for the first time in five weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM and 1-year ARM fell. Read more...
October 21 2010 (Chris Moore) The Federal Reserve released its periodic “Beige Book” survey on Wednesday and reported that the economy is growing slowly with some bright spots in manufacturing, travel, tourism and auto sales, but joblessness continues to be at 9.6 percent and housing remains the weakest sector. Read more...
