Category: Statistics

Fannie Mae Will Pay Closing Costs

By Mike Colpitts Plagued by a record number of foreclosures, one of the nation’s giant mortgage lenders is offering to pay closing costs for home buyers in an effort to speed up home sales and get them off the troubled mortgage lender’s books. Fearing political fallout, the government lender won’t help millions of Americans losing… Continue reading Fannie Mae Will Pay Closing Costs

Low Rate Mortgages Unchanged

Mortgage rates remained mostly unchanged for the week, especially on a 30-year fixed rate loan, which averaged 4.37% nationally, the same as last week, according to Freddie Mac. It was the first time in months that rates remained unchanged. The rate on a 15-year fixed rate mortgage also remained unchanged for the week at 3.82%.… Continue reading Low Rate Mortgages Unchanged

Home Sales Soar Higher

By Mike Colpitts Home sales of existing properties soared in August to an annual rate of 4.13-million units, increasing 7.6% from July’s low numbers despite the expiration of the federal tax credit for home buyers, according to the National Association of Realtors. Sales, however, still remain 19% below last year’s levels. The upturn in home… Continue reading Home Sales Soar Higher

Mortgage Default Rate Drops

By Kevin Chiu Homeowners behind on their mortgage payments have dropped more than 5% in the last year, according to Lender Processing Services, which tracks mortgages for home lenders. The figure marks an improvement for homeowners suffering through the throws of a weak economy and high unemployment. But while the housing market is troubled nationally,… Continue reading Mortgage Default Rate Drops

Refinancing Applications Rise

Spurred by record low mortgage rates, applications to refinance home mortgages rose to a new high last week and applications for new home mortgages were up slightly, according to the Mortgage Bankers Association. The rate at which consumers are applying to refinance their home mortgages hit a new peak. The bankers’ market composite index, which… Continue reading Refinancing Applications Rise

Fresh Evidence Rescue Program Stalls

There are no gifts in this housing recovery. Homeowners received the lowest number of permanent modifications since Christmas this last month through the Obama administration’s Making Home Affordable program, and the number of homeowners dropping out of the rescue program is rising. Nearly half of the number of people entering the program has dropped out… Continue reading Fresh Evidence Rescue Program Stalls

Homes Sales Decline Amid Deeper Economic Worries

By Mike Colpitts Home sales declined sharply in July after the expiration of the home buyer tax credit, falling 27.2% to the lowest level in 15 years, according to the National Association of Realtors. The fall in existing sales was widely anticipated among real estate analysts, who expect deeper economic worries as a result of… Continue reading Homes Sales Decline Amid Deeper Economic Worries

Low Rate Mortgage Lock Out

By Kevin Chiu Mortgage rates hit 4.42% for a 30-year fixed rate mortgage, the lowest on record. But a growing number of homeowners are ignoring the lower rates locked out from obtaining them due to more restrictive mortgage underwriting guidelines. The new lower rates may make great headlines and TV news fodder but they’re doing… Continue reading Low Rate Mortgage Lock Out

Green Energy Housing Renovations Receive $250 Million

By Kevin Chiu A green energy program for single family housing has been supplemented with a program for apartments, providing $250 million to reduce energy costs nationally. The government program provides up to 30% tax credits for homeowners to take advantage of the American Recovery and Reinvestment Act. The funding is part of the Housing… Continue reading Green Energy Housing Renovations Receive $250 Million