Keyword: Mortgage
Why real estate lending will remain tight for years
Back to normal? Referring to current mortgage and commercial real estate loan delinquency rates released by the Federal Reserve, Texas Real Estate Center’s Chief Economist, Dr. Mark Dotzour said in a statement, “At the current pace of disposition, it will be many years before the real estate market credit conditions are back to ‘normal.’” Despite improved delinquency rates for loans ...
Subprime loans to continue driving foreclosures
The controversy surrounding subprime loans Because we are still to close to the situation as a nation, there is not a consensus among economists as to the cause of the foreclosure crisis, the accelerant, or when the collapse will be over. Some say that housing and finance are in recovery mode, others say we have yet to hit bottom, while ...
Mortgage delinquencies unchanged in December
December mortgage performance data According to a preliminary report by Lender Processing Services, Inc. (LPS), their massive database of nearly 40 million mortgage loans reveals that delinquencies from November to December is unchanged, remaining at 8.15 percent, after a 2.7 percent increase in November. The volume of mortgage delinquencies in December compared to December 2012 is down 7.7 percent, due ...
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Mortgage application volume rebounds slightly
Applications rise a bit Mortgage application volume ended the final week of 2011 with a thud, dropping 4.1 percent overall, with refinance applications falling 2.5 percent and purchase loan requests dipping 9.6 percent on a seasonally adjusted basis, despite historically low interest rates. For the first week of the year, the market has seen a slight increase, rising 4.5 percent, ...
Experimental pilot program aims to stop foreclosures
Could it work? There are two distinct problems that plague the housing sector – unemployment and bureaucracy. High unemployment and massive underemployment has crippled housing by depleting the buyer pool and flooding the market with foreclosures, many due to job loss. Confidence has been shaken and homeownership is looking like a dream to many rather than a reality. Housing agencies ...
Mortgage app volume falls despite low interest rates
Loan application demand falls In the last week of 2011, despite mortgage rates falling again, demand for refinance mortgages and purchase applications fell, according to the Mortgage Bankers Association. Applications for mortgages fell 4.1 percent overall, with refinance applications falling 2.5 percent and purchase loan requests dipping 9.6 percent on a seasonally adjusted basis. “Mortgage application activity declined over the ...
Mortgage rates below historic four point mark again – will this last?
Record lows this week Just as we saw over Thanksgiving, mortgage rates have dropped below the historic four point mark again, according to Freddie Mac’s weekly mortgage rate survey which cites the average rate on a 30-year fixed rate mortgage currently at 3.94 percent. The survey notes that the 15 year fixed rate mortgage rate hit a new record low ...
President Obama signs HR 2112, extends FHA and VA loan limits
Loan limit increase finalized We reported last week that bipartisan Congressional efforts passed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 to restore higher FHA loan limits which expired on September 30, 2011. This agreement (that came with riders) increased the maximum dollar amount of mortgage loans that can be insured by the Federal Housing Administration (FHA) ...
Mortgage applications drop despite lowest interest rates since WWII ended
Low rates aren’t enough According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications dropped 4.3 percent from the week prior and is 12.1 percent lower than the same week in 2010. Last week, the conventional 30-year fixed rate mortgage averaged 4.01 percent, down nearly an entire percent from the week prior, but buyers weren’t swayed by the ...
Government to mandate 20% down on all home loans – is housing doomed?
20% down required by the government? Yesterday, FDIC chairman Sheila Bair said the industry would be best off if lenders required 20% down in order to secure a loan, noting on the Fox Business Network that the 20% standard “worked really well for decades” and that the 30% down requirement floating around would “go too far.” Bair said that lower ...
Call to action – if resolution fails, Americans may pay thousands more in annual taxes
Call to action Today, the National Association of Realtors has issued a Call to Action with current NAR President Ron Phipps asking Realtors to contact their representatives to support the continuation of the Mortgage Interest Deduction. House Resolution 25 (H.Res.25, not to be confused with HR25) seeks to extend the mortgage interest deduction so it doesn’t get the axe as ...
How credit scores have an impact on a mortgage
Helping explain concepts to clients One core value of practicing real estate is knowing as much about the home buying and selling process as possible and helping consumers to understand the process along with you. Sometimes we discuss what seems to be simple concepts to our clients but it just doesn’t ring a bell which is when a handy infographic ...
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