Category: Statistics

Homes Selling Broadly Cheaper as Foreclosures

By Kevin Chiu Homes that had already been foreclosed represented nearly 1 in 4 sold during the second quarter of the year selling at broadly cheaper prices, according to RealtyTrac. Properties sold in some stage of foreclosure at more than 26% below average prices. Ohio residential foreclosures sold for an average discount of almost 43%… Continue reading Homes Selling Broadly Cheaper as Foreclosures

Mortgage Applications Drop as Interest Rates Decline

Applications to refinance mortgages declined for the fourth straight week, according to the Mortgage Bankers Association. Mortgage applications on new home purchases also fell slightly, despite an increase in government purchase applications. The share of refinancing composed the majority of applications, 80.7% as mortgage rates decreased to 4.38% on 30 year fixed rate mortgage on… Continue reading Mortgage Applications Drop as Interest Rates Decline

Poll Respondents Expect More Housing Price Deflation

As fears over the financial crisis rise just weeks before mid-term U.S. elections, three out of 4 respondents surveyed feel that the housing market will decline in value as much as nearly half from its current levels, according to the latest Housing Predictor opinion poll. The finding clearly shows that Americans are extremely concerned about… Continue reading Poll Respondents Expect More Housing Price Deflation

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