Real estate blog entries tagged with bank by Ryan Magee1, Mortgage Banker (Bridgeview Bank)

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bank: Buy a house in Hudson, WI - Rising Rents Make Buying A Better Deal - 04/10/12 01:49 AM

This year’s selling season comes with an added dose of optimism due, in part, to the increasing cost of renting a home or apartment. A survey by research firm Reis, found the average apartment’s rent rose 2.7 percent last year and, in some markets, was up more than five percent. And, though historically renting has been 10 percent cheaper than buying a home, an analysis from Deutsche Bank found that the gap began closing in 2010 and, by the end of last year, renting was nearly 15 percent more expensive than buying. This, along with high affordability and low mortgage rates, … (0 comments)

bank: Outlook Forecasts Economic Growth, Housing Recovery - 04/05/12 12:42 AM

Improvements in the labor market and overall economy have led to optimistic forecasts for the housing market in 2012. In their latest Economic and Housing Market Outlook report, Freddie Mac sees an awakened economy spurring housing forward after years of somewhat depressed conditions. Frank Nothaft, Freddie Mac’s vice president and chief economist, says a variety of encouraging indicators suggest that the housing market may be feeling a nascent recovery and more neighborhoods may see stabilization of demand and values this spring. The report cites increases in housing starts and sales and continued gains in home builder and housing professionals’ confidence as evidence … (1 comments)

bank: Refinance And Purchase Activity Increase As Rates Drop - 04/04/12 05:47 AM

According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage application volume picked up 4.8 percent last week from the week before. The jump in demand was fueled by a 7.2 percent surge in the Purchase Index and a 4.0 percent spike in refinance activity, which had been down in previous weeks. Michael Fratantoni, MBA’s vice president of research and economics, said applications to buy a home are more than 2.0 percent above the level at this time last year and purchase applications for conventional loans are now nearly 10 percent above last year’s levels. Refinance activity accounted for 71.2 … (0 comments)

bank: Stabilizing Prices Bring Forecasts Of Future Improvement - 04/03/12 03:38 AM

A roundup of price reports and recent housing data from the National Association of Realtors finds that, though home values showed slight declines in January, there are signs of further price stabilization due to improving inventory levels, declining distressed property sales, and strong buyer traffic. And, when excluding distressed property sales, home prices actually showed a slight increase in January. Early measurements for February show positive improvements in prices. For example, existing home prices saw their first year-over-year increase since 2010 and distressed property sales, which are typically sold at a discount and put downward pressure on prices, have fallen to 34 percent … (0 comments)

bank: Housing Analysis Says Many Markets Bottomed In 2009 - 04/03/12 03:37 AM

According to data released by Pro Teck Valuation Services, many housing markets across the country bottomed in 2009, despite industry analysts saying prices had further to fall. The data shows that many markets are already stabilizing or rebounding. Tom O’Grady, Pro Teck’s chief executive, said their data indicates that prices should be gradually increasing over the next few years, though the rate at which they increase will depend on the specifics of each individual market. The evaluation divided the number of non-distressed property sales by the total housing stock in each region as an indicator of future price performance. In addition, … (0 comments)

bank: Report Finds Foreclosure Inventory Falling - 03/30/12 01:04 AM

CoreLogic’s National Foreclosure Report provides monthly data on completed foreclosures, foreclosure inventory, and delinquencies over 90 days. In their February report, CoreLogic found that there are 1.4 million homes in the foreclosure inventory, which is down from 1.5 million in February 2011. But though foreclosure inventory and the pace of completed foreclosures held fairly steady from January, expectations of further declines in the foreclosure inventory are leading to optimism for the housing market’s immediate future. Mark Fleming, CoreLogic’s chief economist, said the pace of completed foreclosures compares favorably to year-ago levels and the overall foreclosure inventory is decreasing because REO sales were … (0 comments)

bank: Spring Selling Season May Be Best In Years - 03/29/12 02:52 AM

A number of factors have experts and industry insiders expecting a strong spring-selling season this year. Nearly half of all home sales happen during the months of April, May, June, and July and this year, with the economy and job market showing signs of growth, the sales season is expected to be better than it has been in years. Among the main reason spring and summer are good for home sales is weather. And, this year, mild weather has enveloped much of the country earlier than usual. For instance, the Midwest, which saw warmer than usual weather so far this year, … (1 comments)

bank: Demand For Purchase Loans Increases For Fifth Straight Week - 03/28/12 04:09 AM

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for home purchase loans increased again last week. The seasonally adjusted Purchase Index was up 3.3 percent from the week before and is up 2.14 percent over the past four weeks. But the growing volume of purchase loans comes at the same time as refinance activity has slowed. The Refinance Index fell last week due largely to a 12.0 percent drop in government refinance activity. Conventional refinance applications also slipped, though by just 3.4 percent. The Market Composite Index, which measures total mortgage loan application volume, was down 2.7 percent from the … (0 comments)

bank: Refinance Eden Prairie, MN - Obama HARP 2.0 Refinance Program - 03/27/12 07:16 AM

Are you underwater on your mortgage? Is your loan serviced by Fannie Mae and did you take it out prior to 6/1/09? If so, get in touch with me as I now have access to the Fannie Mae version of the Obama program to help homeowners who owe more than their house would appraise for refinance and take advantage of the lower rates!
… (0 comments)

bank: Refinance Plymouth, MN - Obama HARP 2.0 Refinance Program - 03/27/12 07:15 AM

bank: Refinance Minneapolis, MN - Obama HARP 2.0 Refinance Program - 03/27/12 07:14 AM

bank: Refinance St Paul, MN - Obama HARP 2.0 Refinance Program - 03/27/12 07:12 AM

bank: Refinance Woodbury, MN - Obama HARP 2.0 Refinance Program - 03/27/12 07:11 AM

bank: Refinance New Richmond, WI - Obama HARP 2.0 Refinance Program - 03/27/12 07:10 AM

bank: Refinance Prescott, WI - Obama HARP 2.0 Refinance Program - 03/27/12 07:08 AM

bank: Refinance River Falls, WI - Obama HARP 2.0 Refinance Program - 03/27/12 07:07 AM

bank: Refinance Hudson, WI - Obama HARP 2.0 Refinance Program - 03/27/12 07:06 AM

bank: Real Estate Pros Express Confidence In Market Recovery - 03/27/12 03:00 AM

The National Association of Realtors’ Confidence Index is based on a monthly survey sent out to 50,000 real-estate professionals assessing expectations for home sales, prices, and the overall market. February’s report finds confidence and expectations on the rise amid continued evidence of a slow and steady market recovery. Though responses didn’t indicate rapid market growth, participants reported an increasing number of buyers in the market, rising rent, and expectations of higher or, at least, constant home prices. The percentage of professionals indicating they expect prices to rise increased from 62 percent in December to 73 percent in the most recent report. … (0 comments)

bank: FHA to deny mortgage backing for credit disputes above $1,000 - 03/26/12 05:34 AM

Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.
The rule marks a significant belt-tightening at the FHA whereas the adminstration earlier held no such requirement that disputed credit accounts needed to be paid off. Before this rule, a direct endorsement underwriter could determine if any of the borrower's outstanding debts should impact the approval of the FHA-backed mortgage.
After April 1, the borrower must either pay off the outstanding balance on these collections accounts or document a payment arrangement that the lender … (1 comments)

bank: Buy a house in Hudson, WI - Pending Home Sales Up 9.2 Percent From 2011 - 03/26/12 04:05 AM

According to the National Association of Realtors’ Pending Home Sales Index, contract signings were relatively flat in February, down 0.5 percent from January. But despite a slow month, pending home sales were 9.2 percent above February 2011. Lawrence Yun, NAR’s chief economist, said the spring home buying season looks bright due to elevated contract offers so far this year. According to Yun, if the level of current activity is sustained throughout the year, existing-home sales would reach their highest level in nearly five years. Regionally, the Midwest spiked 6.5 percent and is up nearly 20 percent over last year, though all other … (0 comments)

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