Category: Statistics

Home Sales Rose Third Straight Month

By Mike Colpitts Home sales rose for the third straight month as lower home prices and near record low mortgage rates drove more buyers back into the market, according to the National Association of Realtors. Existing sales of single family homes, townhouses, condominiums and co-ops tracked by the association increased 2.7% to a seasonally adjusted… Continue reading Home Sales Rose Third Straight Month

Mortgage Rate Drops to Magic 5%

By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%

Mortgage Rates Scare Off Home Buyers

By Kevin Chiu Higher mortgage rates coupled with a weak economy and uncertainty over the troubled housing market scared off home buyers from taking action, according to the Mortgage Bankers Association as applications for mortgages took a major plunge. Mortgage loan volume dropped 9.5% for the week as refinances took the largest dip since July… Continue reading Mortgage Rates Scare Off Home Buyers

Freddie Mac and Fannie Mae Reduced in Housing Plan

By Mike Colpitts The role of the nation’s two mortgage giants, Freddie Mac and Fannie Mae will be reduced under the long awaited housing finance reform plan proposed by the Obama administration. The proposal will also slash the amount of government-backed mortgages that are guaranteed and is intended to more widely open the market to… Continue reading Freddie Mac and Fannie Mae Reduced in Housing Plan

Foreclosures Decline with Robo-Signing Troubles

By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles

Huge Mortgage Rates Jump

By Kevin Chiu Mortgage rates jumped higher to the highest level in ten months as applications for home mortgages tumbled, demonstrating further weakness in the housing market as many home buyers remained on the sidelines, according to the Mortgage Bankers weekly survey. The rate on a fully executed 30-year fixed rate mortgage increased to 5.13%,… Continue reading Huge Mortgage Rates Jump

Americans Move at Lowest Rate since World War II

By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages