NATIONAL Housing Market Update: Foreclosure Levels Fall
Foreclosure Levels Fall:
Despite claims by banks that they are ramping up repossessions again and refiling foreclosure documents, the numbers don't appear to prove that.
According to RealtyTrac, which tracks national foreclosure statistics, foreclosure filings fell 14% from January to February. They also declined 27% on a year-over-year basis. That is the largest annual drop since 2005 when the housing crisis began.
This is providing yet another layer of stability in the national housing market along with recently reported higher than expected. Existing Home Sales and lower than expected inventory levels which combined with rates that are very attractive - could combine to make a very nice purchase season this Spring/Summer.
Mortgage backed securities (MBS) gained +14 basis points from Monday's open to Friday's close which helped to move mortgage rates down slightly. Mortgage Backed Securities sold off early in the week on the strength of the Wholesale Inventories report but rebounded on some decent demand for our 10 year and 30 year Treasuries.
Want to know how much you qualify for today? Give Hal a call!
Harold (Hal)
Senior Loan Officer
Office: 800-333-3004 x 3441
Cell: 703-507-1572
hjohnson@embracehomeloans.com
10306 Eaton Place
Fairfax, VA 22030
www.embracehomeloans.com
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