interest rates: Buy a house - Foreclosures Fall Two Percent In February
- 03/15/12 02:44 AM
RealtyTrac’s U.S. Foreclosure Market Report for February 2012 shows foreclosure filings, including scheduled auctions, default notices, and bank repossessions, fell 2.0 percent in February and were down 8.0 percent from the previous year. Despite the fact that foreclosures were down nationally, the 26 states with a judicial foreclosure process actually saw a slight increase in activity, while the 24 non-judicial states saw a 5.0 percent decrease. Brandon Moore, CEO of RealtyTrac, said February’s numbers indicate that the barriers that have been holding foreclosures back are removed and that should pave the way to a properly functioning foreclosure process. … (1 comments)
interest rates: Homebuilders See Signs Of A Strong Spring Selling Season
- 03/14/12 06:02 AM
Barclays Capital recently upgraded their outlook on homebuilder stocks based on increased optimism in the housing market. Improvements in builder and consumer confidence, combined with economic growth and more favorable inventory levels, have homebuilders expecting a strong spring and summer for housing. Stephen Kim, an analyst with Barclays, says the spring selling season has arrived strongly enough to kick-start a positive feedback loop in housing for the first time since 2005. Barclays analysts expect 1 million housing starts by 2013 and gradual price increases over the next few years. … (0 comments)
interest rates: Buy a house in Hudson, WI - Purchase Demand Reaches Highest Level In Two Months
- 03/14/12 06:00 AM
According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to purchase homes reached its highest level since January 13 after rising 4.4 percent last week. It is the third consecutive week of improvements and puts purchase applications nearly 12 percent above where they were last month. Michael Fratantoni, MBA’s vice president of research and economics, said the increase in purchase applications coincided with another strong job market report but applications remain essentially unchanged from last year’s levels. The Market Composite Index, which measures total mortgage loan application volume, was down 2.4 percent due to a dip in the Refinance … (0 comments)
interest rates: Continued Jobs Gains Offer More Hope For Housing
- 03/12/12 04:04 AM
The economy added 227,000 jobs in February and surpassed economists’ expectations, according to the U.S. Bureau of Labor Statistics. Employment improved in professional and business services, health care and social assistance, leisure and hospitality, manufacturing, and mining. The official unemployment rate was unchanged at 8.3 percent. The gains make it seven-straight months with at least 100,000 jobs added, which is the longest streak since 2005. Continued improvement in the labor market, combined with high affordability and increasing consumer confidence, is key to a significant and sustained housing-market recovery. … (1 comments)
interest rates: Buy a house in Hudson, WI - Home Prices Rise Minus Distressed Sales
- 03/09/12 01:13 AM
Sales of distressed properties, including short sales and REO transactions, put downward pressure on home prices. For this reason, CoreLogic’s Home Price Index measures values including and excluding distressed sales. In January, the index showed a month-over-month decline of 1.0 percent and a 3.1 percent slide from January 2011. But, when excluding distressed sales from the equation, home prices actually gained 0.7 percent from December and dropped less than one percent from the year before. CoreLogic’s price index measures increases and decreases in sales prices for the same homes over time rather than basing their data on all home sales. … (0 comments)
interest rates: Real Estate Hudson, WI - Americans Have Growing Confidence In Economy, Housing
- 03/08/12 11:37 PM
Each month, Fannie Mae’s National Housing Survey polls Americans to assess their attitudes toward homeownership, renting, mortgage rates, the economy, their personal finances, and overall consumer confidence. February’s survey found respondents’ attitudes stabilizing and more confident in the economy and housing market. Among the highlights, the number of participants who said the economy was on the right track increased 5 percent from January and has risen 19 percent since November. The percentage of people who say it’s on the wrong track dropped by 6 percent. Also, Americans expect home prices to rise approximately one percent in the next year and the number who … (1 comments)
interest rates: Buy a house in Hudson, WI - Purchase Demand Increases Again As Rates Dip
- 03/07/12 12:41 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index increased 2.1 percent from the week before as average mortgage rates dipped. Despite the continued improvement in demand for loan applications to purchase homes, the Market Composite Index, which measures total mortgage loan demand, was down 1.2 percent. Also, the Refinance Index fell 2.0 percent from the week before. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.06 percent from 4.07 percent the previous week. The 30-year rate for jumbo loans was down to 4.33 percent. … (0 comments)
interest rates: FHA Changes Coming for Case #s ordered on or after 4/9/12...
- 03/06/12 05:22 AM
Here's the mortgagee letter for changes coming on FHA on or after 4/9/12. http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf Summary - their upfront fee and monthly mortgage insurance is increasing. However, if you have an FHA loan now and are looking at an FHA streamline, ,they upfront fee/monthly mortgage insurance will be cheaper than it is now if your loan was originated prior to 5/31/09. Call me to review your options. … (1 comments)
interest rates: Report Finds Home Price Declines Slowing
- 03/06/12 05:18 AM
Clear Capital’s latest Home Data Index finds the rate at which home prices are declining has begun to improve. In February, home prices were just 1.9 percent below year-before levels, the slowest rate of decline since April 2011. Regionally, home prices were down in the West and Midwest, while values were flat in the South and up slightly in the Northeast. On a quarterly basis, prices showed even more stability. Nationally, home prices were down 0.6 percent quarter-over-quarter. Dr. Alex Villacorta, director of research and analytics at Clear Capital, said improvements in the job market, stronger consumer confidence, and heightened activity … (0 comments)
interest rates: Refinance in Hudson, WI - FHA Streamline Refinance changes
- 03/05/12 11:13 PM
The Obama administration on Tuesday announced another initiative to allow more homeowners to refinance, this time by dropping fees on federally insured mortgages that have prevented some borrowers from taking advantage of ultralow rates over the past year. The latest changes will reduce fees to refinance loans backed by the Federal Housing Administration through what’s known as a “streamline” refinance. Those refinances are reserved for FHA borrowers who are refinancing into another FHA-backed mortgage, and they don’t require borrowers to verify income, employment, and credit. They also don’t require a new appraisal, which means underwater borrowers can refinance. But many borrowers … (0 comments)
interest rates: Buy a house in Hudson, WI - Housing Inventory At Lowest Level Since 2006
- 03/05/12 03:33 AM
The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements … (0 comments)
interest rates: Fed’s Beige Book Finds Continued Improvement For Housing
- 03/02/12 01:58 AM
Periodically, the Federal Reserve collects economic data from the 12 Fed districts around the country and releases the findings in a report known as the Beige Book. In its latest report, which includes data through February 17, the Fed says economic activity has continued to increase at a modest pace and noted improvements in residential real estate, banking, and lending services. The Beige Books says most parts of the country saw increases in housing activity, growth in home sales, and returned forecasts of further improvement for this year. And though home prices were mostly flat or down in many areas, gains … (0 comments)
interest rates: Foreclosures Account For 24 Percent Of Quarter 4 Sales
- 03/01/12 12:17 AM
RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before. … (2 comments)
interest rates: Foreclosures Account For 24 Percent Of Q4 Sales
- 03/01/12 12:16 AM
RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before. … (1 comments)
interest rates: Buy a House in Hudson, WI - Demand For Home Purchase Loans Spikes
- 02/29/12 01:15 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index surged last week, gaining 8.2 percent over the week before. But despite the spike, a dip in refinance volume kept the Market Composite Index, which measures total loan application demand, relatively flat. Total mortgage applications decreased 0.3 percent from the previous week, though the four-week moving average is up 0.33 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remained near survey lows last week but refinance volume fell slightly. The week’s results were adjusted for the Presidents Day holiday. The average contract interest … (0 comments)
interest rates: Pending Home Sales Rise To Nearly Two Year High
- 02/28/12 02:09 AM
Pending home sales measure contract signings, not closings, and are a good indicator of future sales. In January, the National Association of Realtors’ Pending Home Sales Index reached its highest level since April 2010. The index was up 2.0 percent from December and 8.0 percent over the year before. Lawrence Yun, NAR’s chief economist, said the report offers hope of a healthy spring homebuying season. According to Yun, the upward trend implies home sales will see further gains this year and declining inventory could also mean broader price stabilization and growth. In January, the index was higher than anytime since the expiration of … (1 comments)
interest rates: FHA to raise insurance premiums in April
- 02/28/12 12:19 AM
The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund. The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April. The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed … (1 comments)
interest rates: Buy a house in Woodbury, MN - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:38 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
interest rates: Buy a house in Prescott, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:36 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
interest rates: Buy a house in New Richmond, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:34 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
RealtyTrac’s U.S. Foreclosure Market Report for February 2012 shows foreclosure filings, including scheduled auctions, default notices, and bank repossessions, fell 2.0 percent in February and were down 8.0 percent from the previous year. Despite the fact that foreclosures were down nationally, the 26 states with a judicial foreclosure process actually saw a slight increase in activity, while the 24 non-judicial states saw a 5.0 percent decrease. Brandon Moore, CEO of RealtyTrac, said February’s numbers indicate that the barriers that have been holding foreclosures back are removed and that should pave the way to a properly functioning foreclosure process.
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