Home » Mortgage News » 2009 » October
Personal Spending Falls Even as GDP Rises
Personal incomes and spending fell in September, even as a rise in the gross domestic product has economists declaring that the recession has ended. Read More» |
Senate Said to Agree on Extending Homebuyer Tax Credit
The U.S. Senate has reached broad agreement on a bill to extend the $8,000 first-time homebuyer tax credit and offer a credit to existing homeowners as well, according to numerous media sources. Read More» |
Abusive Credit Card Pratices Increase Despite Law
Virtually all credit cards offered online by major banks still include abusive practices that will be outlawed early next year, according to a new report from the Pew Charitable Trust. Read More» |
Government Mortgage Refinance Program Struggling
A government program designed to help at-risk homeowners refinance their mortgages is struggling, even as conventional mortgage refinances have surged in response to historically low interest rates. Read More» |
Existing Home Sales Up Strongly in September
Existing home sales posted a strong increase in September, according to the National Association of Realtors, as first-time homebuyers took advantage of low interest rates and a soon-to-expire $8,000 tax credit. Existing home sales posted a strong increase in September, according to... Read More» |
Leading Economic Indicators Up Six Straight Months
The Index of Leading Economic Indicators rose again in September, making six straight months the index has risen and providing hope that an economic recovery is in the offing. Read More» |
Report: Foreclosure More Profitable than Loan Modifications for Servicers
The incentives mortgage servicers receive for managing a home loan are a significant obstacle to loan modification that would help financially troubled borrowers avoid foreclosure, according to a new report from the National Consumer Law Center. Read More» |
Home Finance Agencies to Get Lending Boost
A new program to help low- and moderate-income homebuyers obtain mortgages has been announced by the Obama administration. Read More» |
Foreclosures Hitting High-End Homes
Thirty percent of U.S. foreclosures are occurring among the top third, an indication that the foreclosure crisis is hitting well-to-do homeowners in almost equal proportion to lower income families. Read More» |
Mortgage Rates Up Slightly
Mortgage rates rose slightly this past week, but still remained under 5 percent for a 30-year fixed rate mortgage, according to the weekly survey by government-backed lender Freddie Mac. Read More» |
Record Foreclosures in Third Quarter of 2009
U.S. foreclosure filings hit an all-time high in the third quarter of the year, according to the foreclosure data firm RealtyTrac, with one home in 136 receiving at least one foreclosure filing during that period. Read More» |
New Retail Sales Figures Seen as Positive Sign
Retail sales fell in September, but analysts are still hailing it as a hopeful sign for the economy. That's because nonautomotive sales actually rose for the second straight month and more than analysts expected. Read More» |
Home Prices Down for Second Straight Month: IAS360
U.S. home prices fell slightly in August, raising concerns of a new downturn following several months in which the market appeared to be rallying, according to a new report from national foreclosure management company Integrated Asset Services (IAS). Read More» |
Loan Modification Program Inadequate, Report Says
Current government programs to help homeowners keep their homes are inadequate to address a coming wave of foreclosures and will only delay foreclosure for many, according to a new report from the bipartisan Congressional Oversight Panel. Current government programs to help homeowners... Read More» |
FHA Won't Need Bailout, Commissioner Says
The Federal Housing Administration may be running low on cash, but it won't need a government bailout, FHA Commissioner David Sterns told members of Congress on Thursday. Read More» |
Prices Cut On One Listed Home in Four
More than one-quarter of all nondistressed homes for sale in the U.S. have seen at least one price cut since going on the market, at an average discount of 10 percent off the listed price, the real estate data firm Trulia Inc. reported today. Read More» |
Mortgage Rates Fall Again
Mortgage applications surged to their highest level since last spring, as 30-year interest rates remained below 5 percent for the third consecutive week, according to the weekly survey by the Mortgage Bankers Association. Read More» |
Irate Consumers Cancelling Credit Cards
Consumers are becoming increasingly upset with their credit card companies, with about one in six recently closing out at least one card in response to actions taken by their credit card issuers. Read More» |
Blacks, Hispanics See Increased Mortgage Rejection Rates
Black and Hispanic mortgage loan applicants in the United States continued to face higher rejection rates on than whites and Asians last year, according to data released by the Federal Reserve last week. Read More» |
Home Sales Rise, Interest Rates Drop
Pending home sales rose for the seventh consecutive month in August, the National Association of Realtors has reported, the longest streak of monthly increases since the organization began reporting data in 2001. Read More» |
Foreclosures Up, But New Filings Slow
Completed foreclosures rose almost 17 percent in the second quarter of the year, with lenders reclaiming 106,000 properties from U.S. homeowners, according to official government figures released Wednesday. Read More» |