bob phillips: What's Ahead For Mortgage Rates This Week : December 14, 2009 - 12/14/09 12:44 AM
Mortgage markets worsened for a second consecutive week last week amid debt default concerns and stronger-than-expected economic data. Dollars left the bond market and mortgage rates suffered.
After re-reaching an all-time low December 1, mortgage rates have since rolled back to mid-November levels.
Rates are still low right now. Just not … (2 comments)
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bob phillips: Strong Retail Sales Data Could Lead To Higher Mortgage Rates In January - 12/11/09 10:02 AM
If you wonder what mortgage rates and home affordability will look like next year, today's Retail Sales data may hold your answer.
Versus October, November's ex-auto sales were up by more than 1 percent. Analysts expected the increase, but not an increase of this magnitude.
"Ex-auto" means that motor vehicles and parts are excluded … (0 comments)
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bob phillips: Foreclosure Activity Falls For The 4th Straight Month - 12/10/09 12:41 PM
Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.
On a month-to-month basis, November's foreclosure activity fell another 8 percent.
However, national foreclosure activity continues to be dominated by a minority of states.
As reported by RealtyTrac.com, more than half of November's foreclosure-related activity sourced … (0 comments)
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bob phillips: How To Trim Your Utility Bills Without Inconveniencing Yourself - 12/09/09 06:14 AM
The average family spends $2,200 per year in electric bills and the average home is responsible for twice the amount of greenhouse gases than the average automobile.
Whether you want to save money or save the environment, this 5-minute piece from the NBC Today Show is for you. In it, … (7 comments)
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bob phillips: How To Increase Your 2009 Mortgage Interest Tax Deduction - 12/08/09 12:52 PM
For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid.
Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year.
By paying in 2009, the mortgage interest paid can be applied against … (0 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : December 7, 2009 - 12/07/09 11:42 AM
Mortgage markets finally reversed course last week, selling off with fury and causing prices to plummet.
When bonds prices fall, rates rise.
The action broke a multi-week winning streak, much to the disappointment of rate shoppers everywhere. Rate hikes came in stages.
First, early in the week, mortgage bonds fell … (0 comments)
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bob phillips: Store Credit Cards : The Hidden Cost Of "Instant Savings" - 12/03/09 01:27 AM
'Tis the season to do shopping -- and get bombarded with offers to open credit cards.
The deals are tempting, too. "Open a charge card today" and save up to 20% on your purchase. Considering that the average Black Friday ticket was $343, that's $68 saved per store.
For big-ticket items like … (0 comments)
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bob phillips: Pending Home Sales Data Forecasts Higher Home Values Next Month - 12/02/09 03:03 PM
When a home seller accepts a contract on an MLS-listed property, the property's status changes from "Active" to "Pending".
This means the home is scheduled to sell, but not yet sold.
Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index … (0 comments)
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bob phillips: Servicers Face Penalties, Ill Repute as Administration Rallies for More Modifications - 12/01/09 10:48 AM
Here's an article by Carrie Bay, from today's DSNews.com
Many critics argue that the pace of modifications under the federal Making Home Affordable (MHA) program isn't keeping stride with the nation's raging foreclosure problem, so the Obama administration announced Monday that it is taking a new approach to pressure servicers … (0 comments)
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bob phillips: New Home Supplies Plummet, Pressuring Home Prices Higher - 12/01/09 10:40 AM
The supply of newly-built homes fell to its lowest levels since 2006, offering additional proof of a housing market in recovery.
Home supply is defined as the amount of time it would take to sell the current inventory of homes at the current pace of sales.
In October, for the 8th consecutive month, … (1 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : November 30, 2009 - 11/30/09 08:28 AM
Mortgage markets improved last week on stronger-than-expected economic data and safe haven buying.
The holiday-shortened trading week amplified what should have been modest gains into large ones.
Conforming mortgage rates dropped by about a quarter-percent last week, dropping them near their best levels of the year -- and of all-time.
… (0 comments)
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bob phillips: Should You Consider A 15-Year Fixed Mortgage? - 11/29/09 12:02 PM
For today's home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products.
The 15-year/30-year interest rate spread is near its 5-year high.
Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its … (0 comments)
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bob phillips: Late 2009 South Orange County Housing Update - 11/28/09 04:26 PM
Hello again – I hope your Thanksgiving Day ( And Black Friday.) went beautifully!
In our local housing market, the number of available houses is now the lowest in at least a few years. In Coto de Caza, for example, it went from a previous low of 131 houses, back in … (0 comments)
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bob phillips: The Home Price Index Shows Home Values Increasing. Case-Shiller Agrees. - 11/28/09 12:04 PM
It's official -- home prices are no longer in free fall.
According to the Federal Housing Finance Agency, the Home Price Index posted its first quarterly increase since 2007 last quarter.
The news was reported Tuesday.
The Home Price Index is an interesting metric. It's huge in its scope, accounting for every … (2 comments)
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bob phillips: One Reason Why Mortgage Rates Are Back To All-Time Lows - 11/27/09 09:32 AM
Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes.
The FOMC Minutes is a companion to the Federal Reserve's post-meeting press release. It's released 3 weeks after the Fed adjourns and details the internal debates that shape our nation's monetary policy.
As compared to the press … (2 comments)
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bob phillips: Existing Home Sales Blow Past Expectations - 11/24/09 10:02 AM
Another month, another piece of evidence that the housing market is in recovery.
Existing Home Sales surged in October as the nation's homebuyers took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit.
Home resales are 23 percent higher versus a year ago and home supply … (0 comments)
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bob phillips: What's Ahead For Mortgage Rates This Week : November 23, 2009 - 11/23/09 09:53 AM
Mortgage markets worsened last week on a mixed bag of economic data. Inflation data came in soft, but so did the start of the holiday shopping season.
For the first time in a month, mortgage rates worsened last week, adding roughly 0.125 percent on conforming fixed-rate products, and a little bit more … (2 comments)
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bob phillips: Housing Starts Are Down And Why It's Terrific News For Sellers - 11/19/09 10:47 AM
A "Housing Start" is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month.
When the demand for homes grows faster than the number of homes for sale, prices increase.
As recent home sales data confirms, buyers currently outpace … (0 comments)
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bob phillips: Orange County Housing Report: Short Sales are a Nightmare - 11/18/09 11:13 AM
Here is the latest Orange County, California, Housing Report from my friend Steven Thomas, the President of Altera Real Estate.
Monday, November 16, 2009
Have you ever pedaled up a steep hill on your bicycle as a kid only to wonder if you were going to ever make it? That's the same … (2 comments)
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bob phillips: The 2010 Conforming Loan Limits - 11/18/09 07:33 AM
A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on "typical" housing costs nationwide.
Loans in excess of this amount are typically called … (3 comments)
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