Pending Home Sales Index Slips For 4th Straight Month - 10/28/11 03:09 PM
Pending Home Sales Index Slips For 4th Straight Month
Nationwide, fewer homes are going under contract to sell. According to the National Association of REALTORS®, the Pending Home Sales Index fell 5 percent last month. September marks the fourth consecutive month in which the index has dropped. 
The Pending Home Sales Index is a monthly index which measures the number of homes under contract to sell, but not yet closed. As such, it’s among the few “forward-looking” housing indicators; a data set meant to predict future home sales. 
80% of homes under contract close within 2 months so, if the September Pending Home … (0 comments)

New Home Inventory Keeps Sinking - 10/28/11 03:05 PM
New Home Inventory Keeps Sinking Home builders continue to sell homes and work through inventory. According to data from the Census Bureau, the number of new homes sold in September jumped 6 percent from the month prior, beating analyst expectations. On a seasonally-adjusted, annualized basis, buyers in South Carolina and nationwide closed on 313,000 newly-built homes last month.
It’s the highest reading since April and a major reason why the available number of new homes for sale is shrinking. 
As compared to September 2010, there are 19% fewer homes for sale nationwide. At today’s sales pace, the complete new home inventory would be … (1 comments)

Detroit Leads All Case-Shiller Cities In Home Price Improvement - 10/28/11 03:03 PM
Detroit Leads All Case-Shiller Cities In Home Price Improvement
The August 2011 Case-Shiller Index was released this week. On an monthly basis, 10 of 20 tracked markets worsened. On an annual basis, valuation degradation was worse.
Only Detroit and Washington, D.C. posted higher home values in August 2011 as compared to August 2010, rising 2.7% and 0.3%, respectively.
However, the index has been moving in the right direction. Since bottoming out in March of this year, the Case-Shiller Index is up nearly 4 percent.
As home buyers and sellers in Greenville , though, we have to remember that the Case-Shiller Index is a flawed … (1 comments)

The Government’s Revamped HARP Program For Underwater Homeowners - 10/25/11 04:44 PM
The Government’s Revamped HARP Program For Underwater Homeowners
Published October 25, 2011 The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give “underwater homeowners” opportunity to refinance.
With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Greenville and nationwide who stand to benefit from the program overhaul.
To qualify for the re-released HARP program, you must meet 4 basic criteria :
Your existing home loan must be guaranteed by Fannie Mae or Freddie … (1 comments)

What’s Ahead For Mortgage Rates This Week : October 24, 2011 - 10/25/11 04:40 PM
What’s Ahead For Mortgage Rates This Week : October 24, 2011
Published October 24, 2011 Mortgage markets improved last week on worries that Eurozone leaders would decline to send aid to Greece. These concerns overshadowed optimism for the U.S. economy, the result of several strong data points.
Conforming rates across South Carolina eased, giving homeowners and rate shoppers yet another chance to nab historically-low mortgage rates. FHA mortgage rates remained low, too.
According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 4.11% with 0.8 discount points. For loans with zero points, expect to pay slightly higher rates. 
Rate-shoppers … (1 comments)

Despite 18% Contract Failure Rate, Home Resales Stay Strong - 10/25/11 04:27 PM
Despite 18% Contract Failure Rate, Home Resales Stay Strong
Despite fewer homes for sale nationwide, the number of home resales remains steady.
According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, September’s Existing Home Sales eased by 150,000 units, falling to 4.91 million units nationwide.
An “existing home” is a home that’s been previously occupied and, despite last month’s drop, September’s sales volume remains the second-highest on record since April 2011.
This statistic is noteworthy for two reasons :
There are 9.9% fewer homes available for sale as compared to 12 months ago Contract “failures” are twice … (1 comments)

Homebuilder Confidence Rises on Surging Sales Volume, Foot Traffic - 10/20/11 04:32 PM
Homebuilder Confidence Rises on Surging Sales Volume, Foot Traffic Homebuilder confidence is rebounding sharply. Just one month after falling to a multi-month low, the Housing Market Index rebounded four points to 18 for October. It’s the highest reading for the HMI since May 2010 — the month after last year’s homebuyer tax credit expiration.
The Housing Market Index is published monthly by the National Association of Homebuilders and is scored on a scale of 1-100. Readings above 50 indicate favorable conditions for homebuilders. Readings below 50 indicate unfavorable conditions.
The index has been below 50 since May 2006 — a 66-month streak.
… (0 comments)

Foreclosure Rate Drops For The 12th Straight Month - 10/18/11 03:20 PM
 
Foreclosure Rate Drops For The 12th Straight Month   Foreclosure activity continues to slow throughout the United States.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
September marks the 12th straight month in which foreclosure filings fell year-over-year.
There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. … (2 comments)

What’s Ahead For Mortgage Rates This Week : October 16, 2011 - 10/17/11 06:21 PM
 
What’s Ahead For Mortgage Rates This Week : October 16, 2011    
Mortgage bonds suffered through another tough week last week as rising optimism that Eurozone leaders will “rescue” Greece plus stronger-than-expected economic data in the U.S. led bonds lower for the second straight week.
Conforming and FHA mortgage rates in South Carolina moved sharply higher. After reaching an all-time low just two weeks ago, 30-year fixed mortgage rates are now at a 2-month high.
There were several big stories in the mortgage bond market last week. Each was bad for consumer mortgage rates.
The first big story was tied … (0 comments)

Fed Minutes : A Fed Divided Reaches Comprise - 10/17/11 06:19 PM
 
Fed Minutes : A Fed Divided Reaches Comprise  
Wednesday, the Federal Reserve released the minutes from its 2-day meeting September 20-21, 2011.
The release shows a divided Fed in disagreement about the current U.S. monetary policy. The group reached compromise for new economic stimulus, however, and maintained its commitment to accommodative interest rates.
Wall Street reacted tepidly to the minutes. Mortgage rates in Oconee worsened slightly post-release.
The Fed Minutes gets less press than the FOMC’s post-meeting press release, but it’s every bit as important. Because it details the conversations that take place among voting and non-voting Fed members at … (0 comments)

Retail Sales Expected To Rise; Mortgage Rates Should Rise, Too - 10/17/11 06:16 PM
 
Retail Sales Expected To Rise; Mortgage Rates Should Rise, Too  
The American Consumer is alive and well, it seems.
Friday morning, the Census Bureau will release its Retail Sales figures for September. The report is expected to show an increase in gross receipts for the 15th straight month with analysts predicting a 0.6 percent increase from August.
The projected increase represents the largest jump in Retail Sales in six months and would likely lead mortgage rates higher for buyers in Oconee and   nationwide.
The connection between Retail Sales and mortgage rates is fairly straight-forward. Retail Sales are the majority … (0 comments)

What’s Ahead For Mortgage Rates This Week : October 11, 2011 - 10/12/11 01:17 PM
 
What’s Ahead For Mortgage Rates This Week : October 11, 2011    
Mortgage markets worsened last week as safe haven buying eased and demand for mortgage-backed bonds dropped. As in most weeks since March 2011, Greece and U.S. jobs dictated market direction.
Conforming mortgage rates in South Carolina rose last week, lifting rates off their all-time lows and causing consternation among the nation’s would-be buyers and refinancers.
Last week’s action may surprise you. After all, Freddie Mac’s weekly mortgage rate survey said average, 30-year fixed rate mortgages had dipped, dropping to 3.94% — the first time the average rate reported sub-4 … (1 comments)

Should I Refinance My Home? - 10/11/11 01:44 PM
 
Should I Refinance My Home?    
http://www.msnbc.msn.com/id/32545640
With mortgage rates at all-time lows, you may be asking “Is now a good time to refinance?”. This short interview from NBC’s The Today Show offers good insight.
Refinancing a mortgage is about more than just “low rates”. For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits — both in the short- and long-term.
The video originally ran in September when mortgage rates averaged 4.09%. Rates are different … (1 comments)

What’s Ahead For Mortgage Rates This Week : October 3, 2011 - 10/03/11 08:19 PM
 
What’s Ahead For Mortgage Rates This Week : October 3, 2011   Mortgage markets deteriorated last week as optimism for a Greek rescue package increased, and as U.S. consumers showed that, despite falling income levels, spending will not be slowed.
As reported by the government, household income dropped in August, falling 0.1 percent and marking the first monthly dip since 2009. Yet, consumer spending still rose, tacking on 0.1 percent. Consumer spending accounts for 70 percent of the U.S. economy.
In addition, last week Eurozone leaders approved a funding increase for the European “bailout fund”. The additional funding raises the probability … (0 comments)

 
Frank Hilliard (New Penn Financial, LLC)

Frank Hilliard

Greenville, SC

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New Penn Financial, LLC

Address: 124 Verdae Blvd, Suite 203, Greenville, SC, 29607

Office Phone: (864) 329-9424 x 102

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Daily updates from the mortgage industry from Preferred Trust's perspective. Keep track of weekly mortgage rate updates and many other issues impacting the mortgage finance world. I hope you enjoy the information contained in this blog!


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