bob phillips: What's Ahead For Mortgage Rates This Week : November 16, 2009 - 11/15/09 10:27 PM
Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low.
It marked the 3rd consecutive week that rates improved, breathing extra life into this year's ongoing Refi Boom.
Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did … (0 comments)
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bob phillips: The new $6,500 federal tax credit for 'move-up' home buyers may benefit you - 11/15/09 03:43 PM
From today's Los Angeles Times:
If you fit the criteria and are considering buying another house in the coming year, you might want to speed up the process and close by the June 30 expiration date.
By Kenneth R. Harney, November 15, 2009
Reporting from Washington - Take a close, … (1 comments)
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bob phillips: Are There Any Foreclosure Deals Left? - 11/13/09 09:11 AM
For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.
As reported by RealtyTrac.com, more than half of October's foreclosure-related activity came from just 4 states:
California
Florida
Illinois
Michigan
The remaining Top 10 states in terms of total foreclosure activity included Arizona, … (2 comments)
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bob phillips: Banks Raise Mortgage Qualification Standards - 11/12/09 06:23 AM
Despite the economy's improvement and prodding from Congress, banks don't seem ready to open their purse strings just yet.
Nationally, mortgage approval standards are tightening.
The data comes from a quarterly survey the Federal Reserve sends to its member banks. The Fed asks senior bank loan officers around the country … (1 comments)
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bob phillips: FHA Streamline Refinance Program : There are 5 Days Left - 11/10/09 02:03 AM
Consider this a last call for FHA Streamline Refinances. Starting next Tuesday, the popular rate-lowering program gets strict on borrowers.
There's 5 days left.
Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements.
FICO scores must be 620 or higher
The refinance must provide a "tangible benefit" … (1 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : November 9, 2009 - 11/09/09 01:44 PM
Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.
Thankfully for rate shoppers, the overall momentum was positive.
Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows.
For pure "news", last week was a … (0 comments)
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bob phillips: Congress Expands And Extends The First-Time Home Buyer Tax Credit - 11/06/09 10:24 AM
Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The White House says the President will sign it into law today.
The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by … (0 comments)
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bob phillips: Because Of The Federal Reserve, You Should Lock Before 2:15 PM ET Today - 11/04/09 12:09 AM
The Federal Open Market Committee caps off a scheduled, 2-day meeting today in the nation's capital, its 8th meeting of the year.
The group adjourns at 2:15 PM ET and, as is customary, will issue a press release reviewing its monetary policy and the health of the U.S. economy.
The FOMC's post-meeting statements are brief but … (3 comments)
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bob phillips: Higher Home Prices Ahead, Says The Pending Home Sales Index - 11/02/09 05:36 PM
The housing market continues to steam forward.
As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September.
It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December … (1 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : November 2, 2009 - 11/02/09 01:09 PM
Mortgage markets improved last week after a series of hugely volatile trading sessions.
Rates carved out a wide range on the week, culminating in a late-Friday plunge that dropped rates by about 1/8 percent.
It was the first time in 5 weeks that mortgage rates fell.
Volatility like that of … (0 comments)
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bob phillips: Forecast predicts 9.5% O.C. house-price gain - 11/02/09 12:57 PM
This is an article by Jeff Collins, in this morning's Orange County Register:
Home-data firm First American CoreLogic predicts that Orange County house prices will be up 9.5% next August from this past summer.
If accurate, the median price of an Orange County house would increase by nearly $48,000 from the … (0 comments)
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bob phillips: What The Media Missed In September's New Home Sales Report - 10/29/09 01:21 PM
Some days, newspaper headlines are a terrible place to get your real estate news.
Today is one of those days.
After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:
New Home Sales fall a surprising 3.6%
Surprise Drop In New Home Sales … (0 comments)
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bob phillips: Falling Home Supplies Mean More Multiple-Offer Situations For Buyers - 10/29/09 12:58 PM
The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®.
At the current sales pace, existing home inventories would sell out in 7.8 months -- 30 percent faster versus November 2008.
For a 10-month window, that's a major housing supply reduction and it … (2 comments)
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bob phillips: Home Values In 95% Of Case-Shiller Markets Are Improving Year-To-Year - 10/28/09 12:28 AM
For August, the Case-Shiller Index showed annual home values improving across 19 of 20 U.S. markets. It's the first time in 3-plus years that the benchmark housing index has shown such strength.
According to a Case-Shiller Index spokesperson, "The rate of annual decline in home price values continues to improve."
… (1 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : October 26, 2009 - 10/26/09 08:24 AM
Mortgage markets were volatile last week, making it very difficult to shop for mortgage rates.
On most days, lenders issued multiple rate sheets with the trend putting rates higher in the morning, and lower in the afternoon.
Overall, mortgage rates were unchanged on the week. It broke a three-week … (2 comments)
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bob phillips: Government : Home Prices Edged Lower In August? - 10/22/09 11:39 PM
According to the government, home values edged lower last month.
The Federal Housing Finance Agency's Home Price Index report shows values down by 0.3 percent from the month prior -- the index's first down month since April.
The Home Price Index is based on the value of homes financed via Fannie Mae or Freddie … (0 comments)
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bob phillips: As Gas Prices Rise, Mortgage Rates Are Rising, Too - 10/21/09 10:35 PM
With crude oil at its highest levels since October 2008, retail gas is up 8 cents per gallon this week.
It's bad news for home buyers and mortgage rate shoppers. The same force that's driving oil higher is linked to rising mortgage rates.
We're talking about the weakening U.S. Dollar which is now … (3 comments)
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bob phillips: Housing Starts Rise In 8 Months Out Of 9 This Year - 10/21/09 10:21 PM
Housing Starts on single-family homes gained last month, marking the 8th time that's happened this year.
A "Housing Start" is a home for which the foundation has been excavated and, considered alongside other key market metrics, September data suggests that the housing market has stabilization is complete.
Momentum in housing is overwhelmingly positive:
Homes under contract are … (0 comments)
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bob phillips: Previewing The New Good Faith Estimate - 10/20/09 04:08 PM
The new Good Faith Estimate makes its debut January 1, 2010.
Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version.
By most accounts, Congress will meet this goal.
The … (15 comments)
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bob phillips: 10/19/09 What's ahead for mortgage rates this week. - 10/19/09 02:20 PM
Mortgage markets worsened last week on better than expected economic data, causing mortgage rates to rise.
Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.
It's likely rates will continue to rise, … (0 comments)
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