mortgage: First Time Homebuyers Made Up Almost 50% of Purchases in 2009
- 05/12/10 10:55 AM
The National Association of Realtors released figures this week indicating that first time homebuyers made up 47% of all purchases in 2009. With the extensions to the homebuyer tax credit and still historically low mortgage rates, first time buyers took advantage of the benefits and raised the first time homebuyer share of home purchases 6%, from 41% in 2008. Additional figures provided by the report indicated that single women made up 25% of all first time homebuyers, with men making up 12% of all buyers. Married couples made up 49% of first time buyer purchases and unmarried couples made up the … (3 comments)
Today Fannie Mae announced the decision to shorten the time a borrower has to wait before they can qualify for a mortgage after a short sale or foreclosure. These new guidelines come a week after the government’s Home Affordable Foreclosure Alternatives (HAFA) program hit the market, and Fannie Mae hopes the new guidelines and HAFA program will work together in an effort to get borrowers back in homes as soon as possible. Normally, borrowers are required to wait four years after a foreclosure before they can apply for a mortgage again, and at least two years after a deed … (7 comments)
HousingWire associate publisher and former subprime lender Richard Bitner testified to the Congressional Financial Crisis Inquiry Commission on the reasons behind the subprime mortgage collapse on Wednesday in an effort to explain just who was responsible for the collapse that eventually led to a world wide economic crisis. While much of the blame has been placed on borrowers for taking out loans they could not afford or the loan officers that gave them their loans, Bitner made it very clear to the congressional committee that the banks were ultimately to blame for the crisis. His reasoning behind this was … (0 comments)
mortgage: MBA Reports 15% Fewer Refinances This Week
- 01/27/10 09:34 AM
The Mortgage Broker's Association reported today that refinance applications dropped about 15% from last week, while mortgage applications dropped 10%. This drop has been attributed to a lack of borrowers who can qualify for refinances, and also those with a desire to try. With unemployment not looking to improve any time soon and mortgage rates set to rise because of the Fed's mortgage-backed securities program coming to an end, lets hope this numbers aren't here to stay. … (2 comments)
mortgage: Mortgage Originations, Refinances, Home Sales set to drop in 2010
- 01/12/10 07:27 AM
According to the Mortgage Brokers Association, overall loan originations and home sales are all set for a drop in 2010. The MBA is expecting a 39% decrease in mortgage refinance originations. The reasons for the large projected falloff is the nation’s continued unemployment, accompanied by the slow (if any) economic growth. This report, along with the projected rise in mortgage rates due to the federal government’s recovery plan in which is bought mortgages from banks as securities stopping on March 30, 2010, paints a pretty bleak picture for the real estate market in this new year.
If you are in a position where you are forced to move, say because of a job transfer, health reasons, or pending foreclosure, and you can’t sell your home, what are your options?
In reality, you probably can sell your home, just not for the amount you would like to. In the current market, you could sell the home for below market value and take a loss, but in some cases home values have dropped so much that the current value is less than what you may owe on the home! … (0 comments)
The National Association of Realtors released figures this week indicating that first time homebuyers made up 47% of all purchases in 2009. With the extensions to the homebuyer tax credit and still historically low mortgage rates, first time buyers took advantage of the benefits and raised the first time homebuyer share of home purchases 6%, from 41% in 2008.
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