Shannon Odom's (smodom) Blog

Home builder confidence in the newly-built, single-family housing market is down for the third straight month this month. After reaching a 3-year high just 90 days ago, the National Association of Homebuilders’ Housing Market Index is now at a multi-year low. It’s since dropped by almost half. As...

Mortgage markets worsened last week, putting a pause on the mortgage rate rally that dates to mid-April. Mortgage rates rose across Maine last week and home affordability suffered. The Refi Boom remains in full effect, but rates are not as dazzling as they were a week ago. It’s somewhat strange t...

For the second time this year, the FHA is modifying mortgage insurance. Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structure. Under the new terms, assuming a 30-year fixed rate FHA mortgage with at leas...

Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession. As with most months, ...

Today, in its first meeting in 6 weeks, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged.  The Fed Fund Rate remains at a historical low, within a prescribed target range of 0.000-0.250 percent. In its press release, the FOMC said that, since June, the pace of ...

The Federal Open Market Committee holds a one-day meeting today, its fifth scheduled meeting of the year, and sixth overall since January. The FOMC is the government’s monetary policy-setting arm and the group’s primary tool for that purpose is an interest rate called the Fed Funds Rate.  The Fed...

Mortgage markets improved again last week on softer-than-expected economic data, punctuated by Friday morning’s weak jobs report. Conforming mortgage rates in Maine dropped on the news, making new, all-time lows. Mortgage rates have been on an extended rally dating back to mid-April. This week, t...

According the Federal Home Finance Agency’s Home Price Index, home values are now off just 12.5 percent from their April 2007 peak nationwide.  This, after a half-percent monthly increase in prices in May, on average. Given the state of the market since April 2007, the Home Price Index results a...

Mortgage rates have been falling since April but that momentum could reverse tomorrow. The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Maine. Jobs are a keystone i...

The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June.  The index remains at record-low levels. A “pending home sale” is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large...