First-Time Home Buyers: 31 Percent of Residential Buyers

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September 27, 2012, 6:45 AM PST

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First-Time Home Buyers: 31 Percent of Residential Buyers
by Scholastica (Gay) Cororaton, Approximately 31 percent of REALTORS® who responded to the latest REALTORS® Confidence Index survey reported making a sale to first-time home buyers. Normally first-time buyers are in the neighborhood of 40 percent of total residential sales, according to NAR's Profile of Home Buyers and Sellers. The proportion of first-time home buyers hit a peak of approximately 50 percent in 2009. Most first-time buyers obtain a mortgage: About 8.7 percent of REALTORS® who made a first-time home buyer sale reported a cash sale (compared to 10.8 percent in July). National Association of Realors
Already At All-Time Lows, Mortgage Rates Continue Lower At Unprecedented
Mortgage rates begin the week at new all-time lows yet again after falling significantly from last week's series of previous all-time lows.  Markets have been quite calm during domestic hours, but interest rates moved slightly lower overnight before domestic trading hours.  With bond markets holding steady to slightly improved since then, mortgage lenders continue to pass on those improvements in the form of more aggressive rate sheets. >>Mortgage News Daily


The time to close loans increased in August
The time it took to close a loan was 49 days in August, up just one day from July's closing time.
Refinance closings took a little longer than purchase closings in August, same as July. It took 51 days to close a refinance loan in August, up fom 48 days in July.>> MReport


Exclusive: U.S. mortgage task force to act soon
By Karen Freifeld
NEW YORK (Reuters) - The mortgage task force formed by President Barack Obama to probe misconduct that contributed to the financial crisis will soon take legal action, New York Attorney General Eric Schneiderman said on Thursday. >>Reuters


Existing home sales increase 9.3% in August By Justin T. Hilley
Existing home sales rose 9.3% to a seasonally adjusted annual rate of 4.82 million in August from the 4.41 million seen a year earlier, according to the National Association of Realtors. The figure is 7.8% above July's 4.47 million.>> HousingWire


Mortgage Applications Steady as Average Rates Reach Historic Lows by Jann Swanson
Applications for mortgages during the week ended September 14 were virtually unchanged from the previous week according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.  The Market Composite Index, a measure of loan application volume, increased 0.2 percent on a seasonally adjusted basis during the week which was shortened by the Labor Day holiday.  On an unadjusted basis it rose 24 percent. >>Mortgage News Daily


Fannie Mae moving REO management in-house  By Jacob Gaffney
The use of third parties to help Fannie Mae sell its REO properties is coming to an end.
Fannie Mae notified remaining vendors that the government-sponsored enterprise will transition all REO sales work completely to Fannie Mae's in-house teams over the course of the next several months. >>Housingwire
New Fannie Mae Guidelines Allow Verification of Assets in Lieu of Income
by Jann Swanson Late Friday Fannie Mae gave borrowers and lenders an alternative to documenting income for Refi Plus loans where payment increases will be under 20 percent.  Rather than requiring that at least one of the borrowers has a documented source of income, Fannie Mae will now accept verification of liquid financial reserves equal to at least 12 months of the new mortgage payment (PITIA). >> Mortgage News Daily
Congress Gets Bill Prohibiting Eminent Domain Mortgage Seizures
Congress just stepped into the dispute over the right of Chicago and two communities in California to use eminent domain on behalf of local homeowners.  Representative John Campbell (R-CA) today introduced a bill titled The Defending American Taxpayers from Abusive Government Takings Act which would prohibit the four major government sponsored mortgage providers from buying loans in any community who do what is proposed in Chicago, Berkeley and San Bernardino County, California.>> Mortgage News Daily


Voters, Clueless about Fiscal Cliff, In for a Shock By Eric Pianin
The nation may be barreling towards a fiscal cliff that has policymakers in Washington gnashing their teeth and wringing their hands, but lawmakers just returning from a five-week congressional recess say the crisis hasn't quite penetrated the consciousness of many of their constituents >> The Fiscal Times


Mortgage Rates Flat To Slightly Higher Ahead Of Week's Major Events
by Matthew Graham
Mortgage rates are somewhat higher again today after news out of Europe created market momentum overnight in favor of higher stock prices and higher bond yields.  When bond yields move higher, mortgage rates are generally moving higher as well although today's rates did a fairly good job of holding steady at the prevailing best execution rate of 3.5% for 30yr Fixed Convention>> Mortgage News Daily

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