Keyword: real estate lending
Raised FHA premiums tank FHA purchase applications
FHA premiums rose For the week ending April 22, 2011, the Mortgage Bankers Association (MBA) is reporting their Market Composite Index (MCI) which measures mortgage loan application volume, having declined 5.6% from the previous week while the Refinance Index (RI) dropped 0.6%. The seasonally adjusted Purchase Index dropped 14% over the week and 29% over the same week in 2010. ...
Loan modifications fail, Obama asks banks to pony up
The good intentioned programs set forth by the Obama Administration to aid struggling homeowners have failed. Last week, we checked in on the Home Affordable Modification Program (HAMP) and revealed that the rate of failure had accelerated. The HAMP program promised to relieve three to four million homeowners in America and over a year into the program, barely half a ...
Up to 23,000 condo projects could lose FHA eligibility in 2011
According to the National Association of Realtors, 23,000 condo projects are on the verge of losing their eligibility for FHA-guaranteed sales and refinancing after 2,200 projects have already lost eligibility. The FHA set standards last year that require condominium projects that are FHA approved before 2007 to renew their approvals by December 7, 2010 and NAR projects roughly 25,000 have ...
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Delinquencies up, volume down, HAMP failing – mortgage overview
Tax credit expiration ramifications This week brought signs of a general real estate recovery as the U.S. Commerce Department announced building starts are up and that building permits are steady and not overly ambitious. With the expiration of the home buyer tax credits, analysts are publishing an array of forecasts for how the market should react with some proving to ...
Loan Rates Drop as Does Demand for Mortgage Loans
Home loan demand rates According to the Mortgage Bankers Association, the seasonally adjusted index of mortgage loan applications (purchase and refi) dropped 1.2% last week while the 30-year fixed-rate mortgages dipped below 5% for the first time in seven weeks. To be more specific in understanding the market however, we should look at the MBA data more closely. We see ...
One in Five Mortgages Underwater, Zillow Says We’re Near Bottom
Infinite forecasting One in five American mortgages were deemed to be under water in the fourth quarter of 2009, according to Zillow.com today. This stat has many worried that this alone will halt the possible recovery of the real estate market as the percentage of underwater homes rose to 21.4% in the fourth quarter and the Zillow Home Value Index ...
Mortgage Applications Are Up This Week, Do You Know Why?
Bird’s eye view of the entire nation: Demand for mortgages rose last week to its highest level in eight weeks, according to the Mortgage Bankers Association (MBA). Total mortgage applications rose 8.5% from the week prior, and a large chunk of last week’s activity was homeowners taking advantage of refinancing in light of job instability, a climate of rising mortgage ...
Commercial Real Estate Not Expected to Recover Until After 2010
A 16% recovery after 2010 With the commercial real estate sector being among the hardest hit this year with tighter lending and rising vacancy rates, speculators are trying their hand at looking into the proverbial crystal ball and one firm, Maximus Advisors has stated firmly that 2010 will be the year commercial real estate hits bottom and starts to “claw ...
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