Category: Statistics

Mortgages Drop As Homeowners Await New Refinancing Program

By Kevin Chiu Mortgage applications dropped for the third straight week as homeowners waited for the new Obama administration refinancing program to go into effect, according to the Mortgage Bankers Association. Applications slowed by nearly 12% from one week earlier. The drop-off in activity was also led by a slowdown caused by the Thanksgiving Holiday,… Continue reading Mortgages Drop As Homeowners Await New Refinancing Program

Mortgage Refinances Double on Lower Rates in New Program

By Mike Colpitts Homeowners taking advantage of the new government backed refinancing initiative triggered a huge jump in refinancing applications as mortgage holders attempt to take advantage of near record low mortgage rates. The jump in refinances accounted for nearly double the volume of applications at some lenders. The Mortgage Bankers Association refinance index increased… Continue reading Mortgage Refinances Double on Lower Rates in New Program

Underwater Mortgages Drop Slightly

By Mike Colpitts Homeowners with underwater mortgages or those who owe more on their homes than their properties are currently worth dropped in the third quarter in the U.S., according to real estate data firm CoreLogic. The decline, however, was marginal falling to 10.7-million residential homeowners, which is 200,000 less than the second quarter of… Continue reading Underwater Mortgages Drop Slightly

Owner Financing Breaks Into Fashion

By Mike Colpitts Owner financing is making a comeback in the housing market as homeowners look for ways to sell their homes in the sluggish economy. Selling a home with an owner carrying the mortgage was hardly heard of during the housing boom, but it’s returned out of necessity as more owners explore alternative ways… Continue reading Owner Financing Breaks Into Fashion

Home Sales Rise to Boost Housing Market

By Mike Colpitts In two major positive signs for the U.S. housing market, home sales rose in October after sales took a nose dive during the normally busy summer season, and homes listed on the market for sale continued to decline. The existing sale of residential properties, including single family homes, townhouses and condominiums rose… Continue reading Home Sales Rise to Boost Housing Market

Jumbo Loan Limits Increased

By Kevin Chiu Jumbo loan limits, eliminated just two months ago have been increased by the Federal Housing Administration. The move raised loan limits to 125% of local median home prices to a maximum of $729,750. The FHA jumbo loan increase was approved by Congress, and is expected to be signed by President Barack Obama.… Continue reading Jumbo Loan Limits Increased

Mortgage Pace Slows Before Boom

By Mike Colpitts Despite the second lowest mortgage rates on record, refinances slowed to the slowest pace in weeks as consumers waited for new guidelines for home refinancing to be announced. Applications for refinancing slipped, driving home loan originations 10% lower, according to the Mortgage Bankers Association but are projected to boom this week. The… Continue reading Mortgage Pace Slows Before Boom

Mortgage Rates Remain Near Record Lows

By Kevin Chiu Mortgage rates remained near record low levels for the third week in a row as consumer concerns over the U.S. economy gave into positive news about the improving state of the economy, despite unemployment levels that have been at the highest levels in the nation’s history since the Great Depression. The 30-year… Continue reading Mortgage Rates Remain Near Record Lows

Foreclosures Rise in October, But Nevada’s Chill

By Mike Colpitts Foreclosure auctions, the final step in the formal bank repossession process increased in October, rising 8% from the prior month as foreclosures in states that require courts to formally approve foreclosures moved higher recovering from bank moratoriums. But Nevada saw a major drop in foreclosures as a result of a new law… Continue reading Foreclosures Rise in October, But Nevada’s Chill