Home » Mortgage News » 2010
Mortgage Rates Resume Climb
Mortgage rates resumed their climb this week, after a brief respite prior to the Christmas holiday, according to this week’s Freddie Mac rate survey. Read More» |
Pending Home Sales Show Modest Gain
Pending home sales posted a modest increase in November, as the housing market gradually comes back from the stunning lows of last summer. Read More» |
Foreclosures Up, But Mortgages Stable
U.S. foreclosure activity rose sharply in the third quarter of the year, not because more people were getting in financial trouble, but because lenders were working through a backlog of delinquent borrowers who had exhausted their options for avoiding foreclosure.
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New Mortgage Rules Criticized
New lending rules would weaken consumer protections against predatory lending by allowing creditors to avoid penalties for misstating the real costs of mortgages, a leading consumer advocacy group contends. Read More» |
Delinquencies Down, Foreclosures Up
The number of homes in foreclosure rose for the fifth consecutive month in November, even as mortgage delinquencies declined across the board, as lenders cut back on sales of distressed properties in the wake of the robo-signing controversy. Read More» |
Home Prices Show Annual Decline
U.S. home prices are again trending downward, posting their first annual decline in nine months, according to the newest Standard & Poor’s/Case Shiller survey of 20 major metropolitan markets. Read More» |
Boost in Funds for Mortgage Counseling
Nearly $73 million in housing counseling grants have been awarded by the Department of Housing and Urban Development (HUD), with the goal of helping families become first-time homeowners and avoid foreclosure. Read More» |
New Homes Sales Show Modest Gain
New home sales posted a modest increase in November, but still remain well below their levels of one year ago, according to figures released by the Census Bureau. Read More» |
Privatization May Not Cure GSE Ills
Fully privatizing the secondary mortgage market might not protect taxpayers from having to once again underwrite major losses in the mortgage market, the Congressional Budget Office (CBO) has warned. Read More» |
Mortgage Rates Back Off Slightly
Mortgage rates fell back slightly this past week, breaking a run of five consecutive weekly increases that saw rates increase by more than half a percent across the board. Read More» |
HAMP Loan Modifications Increase
In a reversal of recent trends, the number of loan modifications granted under the government’s Home Affordable Modification Program (HAMP) rose in November, in a bit of good news for both homeowners and the Obama administration’s much-criticized anti-foreclosure program. Read More» |
Homes Sales Rise in November
Existing home sales rose in November, increasing a seasonally adjusted 5.6 percent as the housing market continues to shake off the aftereffects of the homebuyer tax credit. Read More» |
Big New Home Gains Predicted for 2011
New home sales and construction will bounce back next year, with nearly 20 percent gains projected as part of a broader recovery of the housing market and the economy in general, according to the newest Fannie Mae economic forecast.
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Big Drop in Fannie, Freddie Loan Mods
Mortgage loan modifications by Fannie Mae and Freddie Mac fell off sharply during the third quarter of the year, with ongoing activity down by more than half. Read More» |
Home Values Hurt Small Business Loans
The decline in housing prices in recent years has been a drag on small businesses, a new study concludes, because it has limited the ability of owners to borrow against their home equity, an important source of capital. Read More» |
Home Prices Show Small Annual Decline
U.S. home sales fell 5 percent in November, exceeding the normal seasonal decline heading into winter, although modest price declines raised hopes among realtors hope that the market is stabilizing.
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Few Discouraged from Homeownership
Despite plunging property values and waves of foreclosures, the housing crisis has discouraged few people from wanting to own a home, according to a recent study by Fannie Mae. Read More» |
Single-Family Housing Starts Perk Up
Single-family housing starts picked up in November, rising nearly 7 percent to their highest rate in six months, according to new figures from the Census Bureau. Read More» |
Warren to Seek Simplified Mortgages
Mortgages and credit cards will be the primary initial focus of the new Consumer Financial Protection Agency because of the major roles they play in people’s lives, the person charged with setting up the new bureau has said. Read More» |
Foreclosures Drop, But For How Long?
Foreclosures fell abruptly in November, with total activity down by 21 percent from the month before, but that isn’t necessarily a strong sign for the housing market. Read More» |
Many Accept First Quote on Mortgages
U.S. consumers, it seems, like to shop around for almost everything – except mortgages. That’s the conclusion from a new survey by Harris Interactive and Lending Tree. Read More» |
Mortgage Rates Post Big Jump
Mortgage rates took a big jump last week on prospects of stronger economic growth, sending 30-year loans to their highest rates since early May. Read More» |
Second Liens Are Getting Paid First
Borrowers who default on their primary mortgage often strive to stay current on secondary liens, despite the difficulty second lien holders face in trying to foreclose on underwater properties, a new report has found. Read More» |
Panel: HAMP Tripped Up by Servicers
The government’s Home Affordable Modification Program (HAMP) will likely help only 700,000-800,000 homeowners avoid foreclosure, about one-fifth of its original goals, a congressional review has determined. Read More» |
Private Loan Modifications Decline
Loan modification activity took a substantial drop in October, but it’s too soon to say whether it’s related to the robo-signing controversy or any other ongoing trend, according to at least one leading industry expert. Read More» |
Fewer Underwater, Due to Foreclosures
The number of U.S. homeowners in negative equity is declining, but that’s mostly due to some of them losing their homes to foreclosure and not to increasing property values or paid-down mortgage debt, according to real estate data firm CoreLogic.
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Markdowns Increase on Homes for Sale
Price reductions on homes listed for sale increased dramatically over the past year, with nearly half of them marked down at least once since going on the market. Read More» |
BofA To Resume Foreclosures
Bank of America has announced that it is resuming foreclosures, after a two-month suspension to review documentation problems associated with the robo-signing controversy. Read More» |
Gradual Housing Recovery Seen in 2011
The U.S. home prices should bottom out in the first half of 2011, followed by a gradual but sustained recovery with first-time homebuyers drawn back into the housing market by low interest rates and affordable prices. Read More» |
Home Values Drop $1.7 Trillion
U.S. home values fell even more in 2010 than they did last year, with an expected $1.7 trillion total decline by year’s end, according to figures released today by the real estate data company Zillow. Read More» |
Lenders Pressed to Write Down Loans
The Obama administration is pressing Fannie Mae and Freddie Mac to participate in a new program designed to reduce mortgage debt for homeowners who owe more than their property is worth, the Wall Street Journal is reporting. Read More» |
More Apply for Home Purchase Loans
Mortgage applications for home purchases inched up again last week, even as interest rates continued their steady rise over the past month. Read More» |
Few Expect Housing to Rebound Soon
Over half of all Americans think it will take at least two years for the housing market to recover, with more than one in five saying it won’t happen until 2015 or later. Read More» |
Big Drop in Delinquencies Forecast
Mortgage delinquencies will decline nearly 20 percent over the coming year, driven by an improving economy, according to a new forecast from credit reporting firm Transunion. Read More» |
Warren: Make loan terms transparent
Saying there is a limit on what “thou shalt not” rules can accomplish, the head of the new Consumer Financial Protection Bureau is calling for a more proactive approach to ensure than consumers are not taken unfair advantage of in mortgages and other financial transactions. Read More» |
Cuts to Mortgage Deduction Opposed
Even before the Fiscal Commission voted on whether to approve its controversial deficit reduction plan, the mortgage and housing industries were gearing up in opposition to its proposed elimination of the mortgage interest deduction. Read More» |
Pending Home Sales Up Sharply
Pending home sales rebounded in October, rising a seasonally adjusted 10.4 percent to reach their highest level since last spring. Read More» |
Foreclosure Discount Increases
Buyers of foreclosed homes obtained their biggest discounts in nearly five years during the third quarter of the year, shaving nearly one-third off the price of comparable residential properties. Read More» |
Residential Construction Picks Up
Spending on private residential construction picked up slightly in October, increasing 2.5 percent over the previous month, according to figures released today from the Census Bureau. Read More» |
Interest in Refinancing Dwindles
Homeowners’ interest in refinancing their mortgages continues to decline, as 30-year loan rates rose for the third consecutive week, according to figures reported today by the Mortgage Bankers Association (MBA). Read More» |
Small Lender Expands into Arizona
Seeing expanded opportunities for smaller banks in the evolving mortgage market, Heartland Financial today announced a significant expansion into the Arizona market by purchasing the residential mortgage arm of a defunct thrift in that state. Read More» |
Home Prices Decline in 3rd Quarter
U.S. home prices fell in the third quarter of the year, as the housing market cooled off following the end of the homebuyer tax credit, according to two major reports released today. Read More» |
Increasing Pessimism Over Home Prices
Americans are growing increasingly wary of the housing market, with declining numbers saying they think now is a good time to buy a home, despite depressed prices and record-low mortgage rates. Read More» |
Mortgage Industry Employment Declines
If you need a mortgage or are looking to arrange a loan modification, there are fewer people working in the mortgage industry who might assist you than there were a few months ago. Read More» |
New Home Sales Fall Back
New home sales unexpectedly fell in October, dropping back toward the record lows posted last summer, according to monthly figures released by the Census Bureau. Read More» |
Conforming Loan Home Prices Decline
U.S. home prices fell again in the third quarter of the year, resuming a three-year downward trend following a brief uptick in the second quarter. Read More» |
Home Purchase Applications Jump
Applications for mortgages to purchase a home were up sharply last week, rising a seasonally adjusted 14.4 percent to hit their highest level since last May. Read More» |
Shadow Inventory Up 10 Percent
The “shadow inventory” of homes expected to eventually sell as distressed properties increased by approximately 200,000, or more than 10 percent over the past year, according to new estimates. |
Existing Home Sales Decline
Existing home sales posted a small decline in October, following two consecutive months of substantial gains, according today’s monthly report from the National Association of Realtors. Read More» |
Mortgage Delinquencies Show Big Drop
Mortgage delinquencies fell by nearly 3.5 percent in the third quarter of the year, the biggest quarterly decline since the fourth quarter of 2006, according to figures released today by credit reporting company TransUnion. Read More» |
New Foreclosure Legal Help for Vets
Military veterans facing foreclosure or other legal problems are getting some new resources to help them get the information and help they need, including access to benefits and free legal help. The new campaign, launched by the Department of...
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Mediation Urged to Limit Foreclosures
The Department of Justice and HUD are promoting expanded use of third-party mediation as a way to prevent foreclosures, saying the approach has proven effective in states and municipalities where it has been tried. More than 25 such programs...
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FTC Targets Foreclosure Relief Scams
A new rule protecting at-risk homeowners from foreclosure relief scams has been issued by the Federal Trade Commission. Read More» |
Mortgage Rates Rebound Sharply
Mortgage rates posted their first increase in two months this week, rebounding from record lows to jump two-tenths of a percentage point over concerns over inflation and signs of a strengthening economy. Read More» |
Private Loan Modifications Dominate
Government-backed mortgage loan modifications continued to decline in October, even as lenders increased the number of proprietary modifications conducted on their own terms. Read More» |
Foreclosure, delinquency rates decline
Both mortgage delinquency and foreclosure rates declined in the third quarter of the year, even as the rate of new foreclosures showed an significant gain, according to figures released today by the Mortgage Bankers Association. Read More» |
Fed Exec: Reduce Gm't Mortgage Role
Saying government involvement in the housing market helped cause the recent economic collapse, the head of the Federal Reserve Bank of St. Louis today urged that the U.S. mortgage market be largely turned over to the private sector, with minimal federal involvement. Read More» |
Housing Starts Remain Weak
New home construction fell sharply in October, driven by a big drop in construction starts on multifamily housing such as apartment buildings and condominiums. Read More» |
Rates Jump, Mortgage Applications Fall
Mortgage applications plunged last week, after interest rates on fixed-rate loans jumped about two-tenths of a percentage point, according to figures released today by the Mortgage Bankers Association. Read More» |
Robo-Signing Could Affect Loan Mods
The “robo-signing” foreclosure documentation scandal could make it easier for financially distressed homeowners to get a loan modification – if it doesn’t throw a wrench into the entire process first. Read More» |
Scandal a Sign of Deeper Problems?
The robo-signing controversy could be a sign of deeper problems within the mortgage industry, specifically that banks may have lost track of the legal documents needed to prove ownership of mortgage loans. |
Low Rates Expected Through 2011
Recent positive signs in the economy suggest that fears of a “double-dip recession have been largely overblown, although the recovery remains too weak to provide much of a boost for employment or the housing market. Read More» |
Underwater Mortgages Still Increasing
The percentage of underwater homeowners continued to rise in the third quarter of the year, with nearly one-quarter of mortgage holders owing more than their property is worth. Read More» |
FHA to Offer New Home Energy Improvement Loans
A new program to help homeowners obtain low-cost loans to make energy efficiency improvements to their homes has been unveiled by the FHA and HUD. Read More» |
Foreclosure Filings Drop in Wake of Robo-Signing Scandal
U.S. foreclosure filings fell by nearly 4½ percent in October, with a 9 percent drop in bank repossessions, as lenders sought to untangle the mess created by the recent “robo-signing” controversy. Read More» |
Fed Announcement Sends Mortgage Rates to New Lows
Mortgage rates fell again to new record lows this week, following the Federal Reserve’s announcement that it plans to buy $600 billion in Treasury bonds to boost lending and the economy. Read More» |
Mortgage, Other Deductions Targeted to Trim Deficit
The mortgage interest deduction could be trimmed or even eliminated under a set of proposals issued today by the co-chairs of a commission charged with finding ways to reduce the federal deficit. Read More» |
Purchase Applications Rise for a Third Week
Mortgage applications rose nearly 6 percent last week, as interest rates remained stable and borrowers showed increased demand for both home purchases and refinancing existing mortgages. |
Jumbo Mortgage Lending Up 20 Percent
Jumbo mortgages may be making a comeback, as lenders loosen their purse strings to approve more of the high-value home loans. Read More» |
Home Prices Down Nearly 7 Percent Since August
U.S. home prices have taken a sharp downturn in recent months, plunging nearly 7 percent since hitting a recent peak in mid-August, according to a new report out today. Read More» |
Consumer Debt Down $1 Trillion Over Past Two Years
U.S. consumer debt continues to shrink, although at a somewhat slower pace than over the past two years, the New York Federal Reserve has reported. Read More» |
First-time Buyers Account for Half of Home Purchases
Fully half of all homes purchased over the past year were bought by first-time homebuyers, the highest level in at least 30 years of recordkeeping, according to new figures from the National Association of Realtors. Read More» |
Pending Home Sales Slip But May Recover in 2011
Pending home sales posted another moderate increase in August, but still lag well behind their rate of one year earlier, according to... Read More» |
Fed’s Cash Injection to the Economy Likely to Keep Mortgage Rates Favorable
Along with the election results, the big news of the week was the Federal Reserve’s November 3rd announcement that it will attempt to jumpstart the economy by purchasing another $600... Read More» |
Renée Zellweger’s Apartment For Sale: Mortgage Breakdown
As reported by the New York Times, Renée Zellweger just put her New York City home on the market.... Read More» |
Fixed Mortgage Rates Remain Steady
Fixed mortgage rates remained steady this week, according to the weekly Freddie Mac rate survey. |
Home Ownership Rates Lowest in a Decade
The economy keeps hitting home for Americans—at least what used to be their homes. According to a U.S. Census Bureau report released on Tuesday, home ownership remains at a low of 66.9%. The last time home ownership was this weak was nearly a decade ago in 1999 when it dropped to 66... Read More» |
Fed Seeks to Give Economy a $600 Billion Jolt
As expected, the Federal Reserve announced today that it will purchase another $600 billion in long-term Treasury securities in an effort to boost the stagnant economy. Read More» |
Serious Delinquencies Trending Down
Serious delinquencies among conforming mortgages have posted another monthly decline, continuing a trend since last February, according to new data from government-backed lenders Fannie Mae and Freddie Mac. Read More» |
Refinancing Declines for Third Straight Week
Mortgage refinance activity declined for the third consecutive week, as interest rates remained stable, according to this week’s market survey by the Mortgage Bankers Association. Read More» |
Fed Expected to Announce New Stimulus Wednesday
The last time the Federal Reserve announced that it would make a big purchase of government securities to boost the economy, mortgage interest rates plummeted and homeowners rushed to refinance their loans. This time, the reaction might just be a big yawn. Read More» |
Foreclosure Backlog Could Take Three Years to Clear
Clearing out the backlog of distressed housing inventory will likely take more than three years, dragging down housing prices and delaying the overall recovery of the housing market, according to a new analysis from Fitch Ratings. With an...
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Foreclosures Rise as Loan Mods Show Slight Decline
Slightly fewer homeowners were granted long-term foreclosure protection in September, at the same time the number of new foreclosures ticked upward as well. Read More» |
Residential Construction Rose in September
Residential construction spending picked up in September, increasing a seasonally adjusted 1.8 percent from August, according to figures released this morning by the Commerce Department. Read More» |
Housing Market a Drag on GDP Growth
The U.S. economy grew at a modest 2.0 percent annual rate in the third quarter of the year, but was restrained by weakness in home construction, the Commerce Department is reporting. Read More» |
Foreclosure Actions Up in Third Quarter
U.S. foreclosure activity increased in the third quarter of the year, with many metropolitan areas reporting double-digit percentage increases, including several in the hard-hit Florida market, according to figures released today by RealtyTrac. Read More» |
Fixed Mortgage Rates Up Slightly
Fixed mortgage rates remained stable this week, easing up just slightly, according to the weekly Freddie Mac rate survey. Read More» |
New Home Sales Up, But Still Weak
New home sales edged up in September, but remain at their weakest levels in at least half a century, according to figures released by the Commerce Department today. Read More» |
Mortgage Applications Up Slightly
Mortgage applications for both refinancing and home purchases increased last week, as interest rates backed off a brief spike, according to the Mortgage Bankers Association. Read More» |
MBA: Fed Action Unlikely to Lower Mortgage Rates
Don’t expect to see any further declines in mortgage rates, despite whatever steps the Federal Reserve may take to boost lending and the economy. Read More» |
Home Prices Show Signs of Cooling
Home prices continued to lose steam in August, posting their first decline in five months, according to the Standard & Poor’s/Case-Shiller monthly survey of 20 major U.S. housing markets. Read More» |
Deficit Panel May Suggest Trimming Mortgage Deduction
The mortgage interest tax deduction could fall victim to efforts to reduce the federal deficit, the Wall Street Journal is reporting. Read More» |
Home Sales Up 10 Percent in September
Existing home sales rose 10 percent in September, a second consecutive monthly increase although the housing market remains weak overall. Read More» |
SF Bay Area Tops List of Hot Housing Markets
The San Francisco area continues to have some of the hottest real estate markets in the nation, topping a list of places where homes are selling for more than the asking price. Read More» |
Fed Sees Pockets of Improvement in Housing, Mortgage Markets
The Federal Reserve’s most recent snapshot of the economy shows housing and mortgage markets that are generally stagnant, although with a few areas showing signs of improvement. Read More» |
Freddie Mac Reports Small Rise in Mortgage Rates
Mortgage rates rose slightly this week, according to today’s Freddie Mac weekly rate survey, easing off last week’s record lows. Read More» |
Mortgage Defaults Lowest in Over Two Years
Mortgage default rates fell to their lowest levels in over two years in September, amid a general decline in consumer credit defaults, according to new figures from Standard & Poor’s and Experian. Read More» |
Mortgage Rates Post First Increase in Six Weeks
Mortgage interest rates jumped last week, posting their first increase in six weeks and cooling demand for new mortgages. Read More» |
Feds Open Investigation Into Robo-Signing Controversy
A federal task force is reported to be looking into whether mortgage companies may have committed fraud or violated other federal laws by falsifying documentation used in home foreclosures. Read More» |
Single-Family Housing Starts Increase
Construction starts on single-family homes perked up in September, but continue to trail their levels of one year ago. Read More» |
Homebuilders See Slight Improvement in Market Conditions
Homebuilders are seeing a slight improvement in market conditions, although their outlook for the months ahead remains strongly pessimistic, according to new figures released today. Read More» |
Past-Due Mortgages Edged Up in September
The percentage of homeowners who are behind on their mortgage payments edged upward in September, according to preliminary figures released by Lender Processing Services (LPS). Read More» |
Refinancings Boost Quicken to Mortgage Record
Quicken Loans reports that it closed the largest volume of mortgage loans in the company’s 25-year history in September, with approximately 15,500 home loans totaling $3.4 billion in loan volume. Read More» |
Foreclosures Top 100,000 for First Time
The number of homes lost to foreclosure topped 100,000 for the first time in September, as lenders continued to work through a backlog of distressed properties. Read More» |
Mortgage Rates Hit Lowest in Six Decades
Mortgage rates fell to their lowest level in nearly 60 years this week, with average rates on 30-year fixed-rate loans falling to 4.19 percent, according to the current Freddie Mac survey. Read More» |
All 50 State Attorneys General Join Foreclosure Probe
State attorneys general in all 50 states are launching a coordinated investigation into whether lenders misrepresented foreclosure claims through a practice known as robo-signing. Read More» |
Falling Rates Spark Renewed Interest in Refinancing
Applications to refinance existing mortgages surged last week, after weeks of decline despite falling interest rates, according to new figures from the Mortgage Bankers Association. Read More» |
Freddie Mac: Low Rates Likely to Stick Around
Mortgage rates will likely remain below 5 percent for about another year, but should gradually start rising toward that mark as economic growth picks up and home sales rebound, according to the latest Freddie Mac economic forecast. Read More» |
Most Affordable Time in 40 Years to Buy A Home
U.S. home affordability is at its highest level in more than 40 years, according to a new assessment from Beacon Economics. Read More» |
California Has Six of 10 Priciest Home Markets
California has the nation’s most expensive real estate markets, with four of the five highest average listing values, and six of the highest 10, according to recent figures from Coldwell Banker. Read More» |
HUD Seeks to Force Lenders to Repay Mortgage Losses
The U.S. Department of Housing and Urban Development (HUD) is seeking new authority to require lenders to repay the government for losses on FHA loans that did not meet the agency’s guidelines. Read More» |
Bank of America Suspends Foreclosures in All States
Bank of American announced today that it is suspending foreclosures in all 50 states, the first major lender to do so in the wake of the growing foreclosure documentation scandal. Read More» |
Weak Jobs Report Could Spur Fed to Action
Employment fell by 95,000 jobs in September, as a modest rise in private-sector hiring was wiped out by layoffs of Census workers and by local governments, according to the latest figures from the Labor Department. Read More» |
Foreclosure Freeze Said Not Likely to Boost Home Prices
Quarterly home prices fell slightly in September, suggesting a possible early start to the usual market slowdown of fall and early winter, according to the real estate data company Clear Capital. Read More» |
Fewer Delinquencies, But More Foreclosures
New loan modifications and the number of serious mortgage delinquencies both fell in August, even as foreclosures were on the rise, according to figures released today by the Hope Now Alliance. Read More» |
Mortgage Rates Still Falling
Mortgage rates continue to fall, hitting record lows for both fixed- and adjustable rate mortgages in the weekly Freddie Mac survey. Read More» |
Purchase Applications Rise Ahead of FHA Changes
Mortgage applications for buying a home rose last week to their highest level since the end of the homebuyer tax credit program, according to survey figures from the Mortgage Bankers Association (MBA). Read More» |
Texas AG Orders Halt to Foreclosures
The Texas attorney general has ordered a suspension of foreclosures in that state as part of an investigation into widespread reports that lenders routinely failed to properly document their claims in repossessing residential properties. Read More» |
Homes for Sale Jump in San Francisco
Housing inventories rose in September for the ninth consecutive month, including sharp increases in San Francisco, Las Vegas, Los Angeles and several other metropolitan areas that were hardest hit by the collapse of the housing market. The San Francisco area...
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San Francisco Avoids Worst of Mortgage Delinquency Rise
Everyone knows the California real estate market has been pummeled in recent years. But San Francisco Bay Area, at least, seems to be holding its own among the nation’s major metropolitan areas when it comes to serious delinquencies and foreclosures. Read More» |
Pending Home Sales Show Gradual Rise
Pending home sales posted another moderate increase in August, but still lag well behind their rate of one year earlier, according to figures released today by the National Association of Realtors (NAR). Read More» |
Foreclosure Documentation Crisis Could Cloud Title for Homebuyers
Thousands of homeowners and investors who purchased foreclosed properties during the current downturn could find their ownership in question owing to growing concerns over improprieties in how those foreclosures were handled. Read More» |
Legislation Would Ban Controversial Transfer Fees
Should real estate developers and investors get paid off every time a property they created changes hands? That’s the basic question behind legislation introduced this week in Congress that would ban a controversial practice known as real estate transfer fees. Read More» |
Foreclosures Nearly One-Quarter of All Home Sales
Nearly a quarter million homes in some stage of foreclosure were sold to new owners in the second quarter of 2010, accounting for nearly one-fourth of all home sales. Read More» |
Mortgage Rates Continue to Fall
Mortgages interest rates hit record lows again this week, according to the Freddie Mac Primary Mortgage Market Survey. Average interest rates on the 30-year fixed-rate loan dropped to 4.32 percent, matching the record low set four weeks ago, and the 15-year fixed...
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Second Lender Halts Foreclosures Over Document Issues
JP Morgan Chase has announced it is temporarily suspending foreclosures, becoming the second major bank to do so over concerns about improperly signed affidavits. Read More» |
S&P Survey Suggests Softening Housing Market
Annual gains in home prices have slowed in recent months, raising concerns over possible weakening of the housing market. Read More» |
Home Purchase Mortgage Applications Edge Up
Mortgage rates continued to fall to new lows last week, accompanied by a small increase in the number of people seeking to buy a home. Read More» |
Survey Shows Big Gap in Credit Scores
There’s a big gap among Americans when it comes to credit worthiness and the ability to obtain mortgages and other consumer loans. Read More» |
Chicago Home Sales Post Small August Gain
Chicago-area home sales inched up in August, but barely made a dent in the sharp dropoff that followed the end of the homebuyer tax credit program. Read More» |
New Foreclosures Down, Mortgage Performance Steady
New foreclosures initiated in the second quarter of the year were at their lowest rate since the final months of 2008, according to a new government report issued today. Read More» |
New Home Sales Unchanged in August
New home sales remained flat in August, with the seasonally adjusted rate unchanged from July, according to estimates released this morning by the Commerce Department. Read More» |
New MHA Trial Modifications Inch Up
The number of homeowners receiving permanent loan modifications under the government’s Making Home Affordable Program continued to shrink in August, even as the number of new admissions to the program ticked upward for the first time in nearly a year. ...
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Existing Homes Sales Trend Upward
Existing home sales in August regained some of the ground they lost the previous month, rising 7.6 percent to a seasonally adjusted annual rate of 4.13 million, according to figures released this morning by the National Association of Realtors. Read More» |
Mortgage Rates Largely Unchanged This Week
Mortgage rates were largely unchanged this past week, despite signals that the Federal Reserve may take new steps to reduce the cost of credit and boost the economy. Read More» |
Simplified Mortgage Disclosures is Warren's Goal
Simplifying mortgage disclosure forms so that borrowers get a clearer picture of the costs and obligations involved will be a primary goal of the new Consumer Financial Protection Bureau and Elizabeth Warren, the consumer advocate appointed to oversee its creation. Read More» |
FHFA Reports Home Prices Fell in July
U.S. home prices fell half a percent from June to July, according to new figures from the Federal Housing Finance Agency. Read More» |
Mortgage Applications, Rates Both Decline
Mortgage application activity has fallen for the third consecutive week, despite declining interest rates that are at or near record lows. Read More» |
Fed Hints at Economic Stimulus
The Federal Reserve is hinting it may soon take new steps to inject more cash into the economy if the weak recovery falters and deflation becomes a threat. Read More» |
Housing Starts Rose in August
New housing construction starts rose 10.5 percent in August, exceeding economist’s projections and raising hopes the market may be coming back from last summer’s declines. Read More» |
GMAC Denies Halting Foreclosures in 23 States
GMAC Mortgage is denying a report that it has suspended foreclosures in 23 states, saying all new foreclosures are continuing as usual. Read More» |
Home Builders Remain Pessimistic
Homebuilders remain pessimistic about the outlook for their industry, overwhelmingly viewing market conditions over the next six months as poor. Read More» |
Consumer Advocate to Head New Financial Product Regulator
Ending months of speculation, President Obama has asked consumer advocate Elizabeth Warren to lead efforts to establish an agency intended to protect consumers against hidden hazards in mortgages, credit cards and other financial products. Read More» |
Completed Foreclosures Hit New High in August
A record number of homes were lost to foreclosure in August, even as the number of homeowners initially defaulting on their mortgages continued to decline. Read More» |
Most Think Housing Market Has Bottomed Out: Fannie Mae
Most Americans believe the housing market has hit bottom and that home values will either hold steady or increase over the next year, according to a new Fannie Mae survey. Read More» |
Demand for Mortgage Refinancing Sags
Mortgage applications fell this past week, driven by declining demand for mortgage refinancing among consumers. Read More» |
Most Expect Stagnant Home Prices Over Coming Year
Short-term confidence in the housing market is sagging, even as homeowners are becoming somewhat more optimistic about the long-term picture. Read More» |
Private Company Offers Incentives for Underwater Homeowners
A private company is proposing a new approach to keep underwater homeowners from walking away from their mortgages. Pay them to stay current on their loan. Read More» |
Freddie Mac Sees No Double Dip in Housing
Recent declines in home sales do not appear to indicate a weakening of the underlying housing market, but instead reflect sales pulled forward by the homebuyer tax credit, according to a new analysis by Freddie Mac. Read More» |
Moody's: Most Mortgage Losses Already Incurred
U.S. banks have already written off over two-thirds of the losses they are expected to take on soured mortgage loans during the current economic downturn, according to an analysis by Moody’s Investors Service. Read More» |
Mortgage Refinances Slow Under HARP
The pace of mortgages refinanced under the government’s Home Affordable Refinance Program (HARP) slowed in the second quarter of the year, despite falling interest rates that made refinancing more attractive to homeowners. Read More» |
IRS May Wrongly Seek Tax Credit Repayment
Nearly 60,000 individuals who purchased homes in 2009 could get a notice from the IRS improperly demanding that they repay their homebuyer tax credit, according to the Treasury Department. Read More» |
30-Year Rates Edge Up After Long Decline
Interest rates rose on 30-year fixed-rate mortgages rose slightly this past week, ending nearly three months of consecutive declines, according to the weekly rate survey from Freddie Mac. Read More» |
Funds Again Flow to USDA Mortgage Program
Funding has been restored for the USDA’s Guaranteed Rural Housing Loan Program, meaning that lenders can once again begin issuing mortgages under the popular government program. Read More» |
Mortgage Applications to Buy Homes Show Modest Increase
Mortgage applications to buy homes inched upward last week, as the housing market struggles to regain its footing following the end of the homebuyer tax credit program. Read More» |
Lenders Agree to Give Communities First Crack at Foreclosures
In an effort to stabilize neighborhoods with high foreclosure rates, bank-owned properties in certain targeted areas will be offered for sale first to state and local governments, along with selected nonprofit organizations before they are made available to private investors. Read More» |
More Expect Home Values to Decline
U.S. consumers are taking an increasingly pessimistic view of home values, in the wake of plunging home sales and other bad news from the housing market. Read More» |
Pending Home Sales Show Modest Increase
Pending home sales rose modestly in July, two months after taking a steep plunge that put the housing market into the doldrums. Read More» |
Subdued Inflation Sends Mortgage Rates to New Lows
Low inflationary pressures allowed mortgage rates to fall to new lows again this week, according to today’s weekly rate survey from Freddie Mac. Read More» |
Private Loans Modifications Continue Briskly
Roughly two-thirds of the more than 1 million homeowners who have obtained permanent mortgage loan modifications this year did so outside of the government’s Home Affordable Modification Program (HAMP), according to a new report. |
Low Rates Fail to Spur Home Purchases
Mortgage applications for home purchases declined in August, despite falling interest rates that continued to set record lows and suggesting that home sales remain weak following July’s sharp declines. |
New Disclosures to Help Explain Reverse Mortgages
Reverse mortgages can be complicated financial products that many borrowers find hard to understand. To help clear things up, the Federal Reserve is proposing a new set of disclosures to provide a better understanding of the costs and risks associated with them. Read More» |
Home Prices Up, But Show Signs of Slowing
U.S. home prices posted significant gains in June, but other recent signs are pointing to what could be a bumpy road ahead for the housing market. Read More» |
Home Prices Show Strong 2nd Quarter Increase
U.S. home prices increased 3.1 percent the second quarter of the year, spurred by seasonal factors and the expiring federal tax credit, according to figures released today by secondary mortgage lender Freddie Mac. Read More» |
One in Four Opt for 15-Year Mortgage When Refinancing
Homeowners able to refinance their mortgages are increasingly looking to shorten up the term by converting to a 15-year loan, according to the financial data company CoreLogic. Read More» |
Foreclosures Leave Fewer Mortgages Underwater
The number of “underwater” mortgages declined in the second quarter of the year, but that’s mainly because some of those borrowers lost their homes to foreclosure, according to a new report out this week. Read More» |
Chicago Fed Chief: Educate Borrowers to Avoid Defaults
Educating borrowers to make better financial decisions might be a better way to protect them from risky mortgage products rather than banning such products entirely, one of the governors of the Federal Reserve has proposed. Read More» |
Mortgage Delinquencies, Foreclosure Starts Decline
Rates of mortgage delinquencies and foreclosure starts fell in the second quarter of the year, raising hopes that economic pressures on homeowners may be easing. Read More» |
Long-term Mortgage Rates Keep Falling
And they keep going down, with no bottom in sight. Read More» |
Newer Loan Modifications Less Likely to Redefault
Fewer homeowners with mortgage loan modifications are falling back into default, casting doubt on predictions that most of these borrowers will eventually go into foreclosure anyway. |
New Home Sales Fall to Record Low
New home sales fell to their lowest rate on record in July, falling to an annual rate of 276,000 units, according to figures released this morning by the Commerce Department. Read More» |
Home Sales Plunge in July
Existing home sales plummeted in July, dropping 27.2 percent to an annual rate of only 3.83 million, according to the National Association of Realtors. Read More» |
Americans Scale Back Desires for Home Ownership
Americans’ aspirations about homeownership are becoming more modest, envisioning smaller homes for themselves when they think about buying a home at all. Read More» |
New Web Site Helps Sort Through Loan Modification, Refinance Options
Financially pressed homeowners have a new tool to help them sort through their options for reducing their mortgage payments and avoiding foreclosure. Read More» |
Enrollments in Loan Mod Program Dwindle
The number of homeowners entering the government’s Making Home Affordable mortgage loan modification program has fallen to a new low, even as new foreclosures are increasing. Read More» |
Homeowners More Pessimistic About Housing Market
Homeowners have grown more pessimistic about the direction of the U.S. housing market, with one-third saying they believe home prices have yet to hit bottom. Read More» |
Debt, Delinquencies Down, But Foreclosures Up
U.S. consumer debt, including mortgages and home equity loans, declined again in the second quarter of the year, as declines in home values and high unemployment continued to put the squeeze on household budgets. Read More» |
30-Year Rates Fall for 9th Straight Week
Fixed-rate mortgages fell to new lows again this week, edging slightly downward in the weekly Freddie Mac rate survey. Read More» |
Refinance Applications Jump 17 Percent
Applications to refinance an existing mortgage surged last week, hitting their highest point since May 2009. Refinance applications jumped 17.1 percent for the week, according to the weekly survey from the Mortgage Bankers Association, as rates rose slightly from...
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Private Loan Mods Up 10 Percent in June
Private sector mortgage loan modifications rose 10 percent in June, more than doubling the number of modifications completed through the government’s Home Affordable Modification Program (HAMP), according to new figures from the Hope Now Alliance. Read More» |
Geithner: Government Support for Mortgages Still Needed
Saying that it’s time to “begin the process of weaning the markets away from government programs and make room for the private sector to get back into the business of providing mortgages,” Secretary of Treasury Tim Geithner this morning opened a conference focused on... Read More» |
Fed Announces New Mortgage Rules to Protect Consumers
New rules designed to prevent loan originators from steering borrowers into more costly mortgages in order to increase their own compensation have been issued by the Federal Reserve. The Fed also issued temporary rules requiring that borrowers be informed how...
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Fannie, Freddie May Prohibit Private Transfer Fees
Private transfer fees would practically be banned under a new rule proposed by the Federal Housing Finance Agency (FHFA) that would prohibit Fannie Mae and Freddie Mac from backing mortgages that feature them. Such covenants require the buyer and/or seller to pay...
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$3 Billion Designated for Foreclosure Prevention Aid
The Obama administration has announced it will provide another $3 billion in mortgage assistance for unemployed and financially stressed homeowners through two foreclosure assistance program. Read More» |
Foreclosures Head Back Up in July
U.S. foreclosure filings rose 4 percent in July after three months of declines, while bank repossessions edged close to an all-time high, according to new figures released today by RealtyTrac. More than 325,000 residential properties, or one out of every 397 U.S...
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Home Prices Edge Up in Second Quarter
National home prices edged up in the second quarter of 2010, posting a 1.5 percent increase over the same period one year before, according to new survey data from the National Association of Realtors (NAR). Read More» |
Mortgage Rates Drop Again, But Applications Flat
Mortgage activity remained relatively flat last week, despite the lowest interest rates ever reported by the Mortgage Bankers Association (MBA). Read More» |
Maryland Mortgage Program Boosts Homebuyer Aid
The state of Maryland is cutting the interest rate and boosting down payment assistance for its primary homebuyer assistance program. Read More» |
Guidelines Unveiled for Underwater Refinance Program
Details of a new program designed to help underwater homeowners refinance into an FHA mortgage have been released by the U.S. Department of Housing and Urban Development. Read More» |
Mortgages Up, But Home Values Continue Decline
U.S. mortgage lenders originated more loans in the second quarter of the year than the first, even as home values continued to decline, according to a pair of reports issued today. Read More» |
California, Florida Account for Two-Fifths of Suspected Mortgage Fraud
California and Florida led the nation in incidents of suspected mortgage fraud last year, with Los Angeles and Miami heading the list of metropolitan areas with the most reported incidents. Read More» |
Homeownership Continues to Decline
The U.S. homeownership rate continued to decline in the second quarter of the year, falling to 66.9 percent, the lowest level since the end of 2009. Read More» |
More Properties Lost to Foreclosure
The number of U.S. homes in foreclosure continues to decline, even as the number of properties actually lost through the process is on the rise, according to figures released today by real estate data firm RealtyTrac. Read More» |
Mortgage Rates Set Record Lows for Sixth Straight Week
Mortgage interest rates once again fell to new record lows this week, according to the weekly Freddie Mac rate survey. Read More» |
Homeowners Putting Up Extra Cash to Refinance
Looking to refinance your mortgage? You might have to bring some cash to the table. Read More» |
Purchase Applications Rise for Second Week
Mortgage applications for home purchases have increased for the second week in a row, following 10 weeks of almost unbroken declines. Read More» |
Home Prices Up, But Significance Questioned
U.S. home prices rose in May, according to new figures out today, despite declining home sales linked to the expiration of the homebuyer tax credit at the end of April. Read More» |
New Home Sales Bounce Back in June
New home sales rebounded in June, increasing 23.6 percent from the all-time low reported for May, according to figures released this morning by the Commerce Department. Read More» |
California Mortgage Defaults at Three-Year Low
New mortgage defaults in California have fallen to their lowest level in three years, even as the number of homes actually lost to foreclosure continues to rise. Read More» |
Existing Home Sales Fall Less Than Expected
Sales of existing homes fell in June, as the housing market continues to feel the effects of the end of the homebuyer tax credit. Read More» |
Rates Hit New Lows for Fifth Straight Week
Interest rates on 30- and 15-year fixed-rate mortgages hit new record lows again this week, according to the weekly rate survey by government-supported lender Freddie Mac. |
HUD to Investigate Possible Discrimination Against Pregnant Borrowers
An investigation into whether lenders may have illegally denied mortgages to pregnant women and persons on temporary disability is being launched by the Department of Housing and Urban Development (HUD). Read More» |
Rates Hit New Lows; Purchase Applications Perk Up
The real estate market showed a small glimmer of life last week, as mortgage applications for home purchases picked up slightly after hitting a 13-year low the week before. Read More» |
Backlog of Trial Loan Modifications Shrinks
The government’s Making Home Affordable anti-foreclosure program is either picking up the pace or losing steam, depending on which end of the process you’re looking at. Read More» |
Housing Starts Fall Again in June
Housing starts fell another 5 percent in June, as demand continued to shrink following the end of the homebuyer tax credit. Total housing starts fell to an annual rate of 549,000 units, according to monthly figures released this morning by the Commerce Department...
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Loan Modification Help for Chicago-Area Homeowners This Weekend
Chicago-area homeowners in need of a loan modification to avoid foreclosure can obtain help in doing so a “Fix Your Mortgage” event this Saturday, July 24, in southwest Chicago. The event will bring together volunteer real estate attorneys, HUD-...
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Homebuilders Getting More Pessimistic
Homebuilder confidence fell in June to its lowest level in over a year, as consumer demand for housing continued to shrink following the end of the homebuyer tax credit. Read More» |
Senate Approves New Mortgage Rules, Other Reforms
The U.S. Senate passed a sweeping financial reform bill on Thursday, establishing new rules for mortgages as well as imposing new regulations on Wall Street and providing enhanced protections for consumers and investors. Read More» |
Mortgage Rates Hold Steady
Mortgage rates held steady this past week, with the standard 30-year fixed-rate mortgage unchanged from last week’s record low of an average rate of 4.57 percent, according to the weekly Freddie Mac survey. Read More» |
Bank Repossessions Up, But New Foreclosures Decrease
The number of homes lost to foreclosure hit a new high in the second quarter of the year, even as the total number subject to the foreclosure process declined, according to new figures released today. Read More» |
Home Purchase Mortgage Applications at 13-Year Low
Mortgage applications for home purchases fell to their lowest level in more than 13 years last week, amid concerns that the housing market may be entering a second downturn, or “double dip.” The Mortgage Bankers Association (MBA) reported this morning...
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One-Fourth of Americans Now Have Sub-600 Credit
Over one-quarter of Americans now have credit scores below 600, ranking them as a poor risk for lenders and making it difficult or even impossible for them to obtain mortgages, car loans, credit cards or other consumer loans. Read More» |
Michigan Launches Mortgage Aid Program, Despite Gaps
The state of Michigan is rolling out a new anti-foreclosure program today, but many, if not most, at-risk homeowners will still have to wait to take advantage of it. Read More» |
NYT Study: Wealthy Far More Likely to Default on Mortgages
Wealthy homeowners are far more likely to be delinquent on their mortgages than less affluent borrowers, according to a new study by the real estate analysis firm Core Logic. Read More» |
Home Prices Show Strong Quarterly Increase
Boosted by the homebuyer tax credit, U.S. home prices posted a 5.2 percent gain in the most recent quarter of the year and are up 8.8 percent from one year ago. Read More» |
Another Week of Record Low Mortgage Rates
Mortgage rates fell to new record lows yet again this week, the third consecutive week that interest rates have set new record lows in the weekly Freddie Mac rate survey. Read More» |
Low Rates Spur Interest in Refinancing
Mortgage refinance applications rose more than 9 percent last week, as consumers sought to take advantage of interest rates that remained near record lows. Read More» |
Mortgage Help for Unemployed Homeowners
Unemployed homeowners can now get help with their mortgage payments while they look for new work, under the federal Home Affordable Unemployment Program. Read More» |
Census Layoffs Mean Economy Shed Jobs in June
The economy shed 125,000 jobs in June, as moderate growth in private employment was offset by scheduled layoffs of large numbers of temporary workers hired to conduct the 2010 Census. Read More» |
Pending Home Sales Plumment in May
Pending home sales dropped sharply in May, falling 30 percent following the deadline for signing sales contracts to qualify for the federal homebuyer tax credits. Read More» |
Mortgage Rates Set Record Lows for Second Week
Mortgage interest rates fell to new lows again this week, with 30- and 15-year fixed-rate loans and 5-year adjustable rate mortgages (ARMs) all breaking their previous records set just last week. Read More» |
Homebuyer Tax Credits Deadline Extended
The U.S. Senate has voted to extend the deadline for the homebuyer tax credits another three months, giving buyers until Sept. 30 to close home sales qualifying for the credit. Read More» |
Well-Heeled Borrowers More Likely to Opt for Strategical Default
It may seem strange, but borrowers with outstanding credit and expensive homes are more likely than other homeowners to strategically default on their mortgages after falling behind on their payments. Read More» |
Refinance Applications Climb as Rates Drop
Mortgage refinance applications hit their highest level in over a year last week, as interest rates on fixed-rate loans fell to record- or near-record lows, according to figures released today by the Mortgage Bankers Association (MBA). Read More» |
Home Prices Up in April: Standard & Poor's
Housing prices turned upward in April, posting a seasonally adjusted monthly gain of 0.4 percent, according to the Standard & Poor’s/Case-Shiller Home Price Index of 20 major U.S.
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Incomes Up, But Spending Weak
Personal incomes rose 0.4 percent in May, but consumers held the lid on spending, driving up the savings rate while limiting the increase in personal consumption to 0.2 percent for the month. The increase in incomes was largely in line with what economists had...
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Fannie Mae Cracking Down on Walk-Away Defaults
Fannie Mae, the nation’s largest secondary mortgage lender, is taking steps to discourage borrowers from simply walking away from a mortgage where they owe more than the property is worth. Read More» |
Delinquencies Down, But Foreclosures Up
Fewer homeowners are falling behind on their mortgage payments, but those already delinquent are being foreclosed upon at a sharply higher rate as well. The percentage of homeowners who are current on their mortgage payments increased for the first time in two...
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Mortgage Rates Hit New Record Lows - Again
Mortgage rates fell to new record lows across the board this past week, according to the new survey out this morning by Freddie Mac. The average rate on 30-year fixed-rate loans fell to an all-time low 4.69 percent, down from 4.75 percent last week.
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$1.5 Billion Released to 5 States for Mortgage Relief
The Obama Administration has authorized the release of $1.5 billion for foreclosure prevention efforts in the five states hardest hit by the housing crisis, beginning almost immediately. The funds will be divided among programs in Arizona, California, Florida,...
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Mortgage Applications Back Down Again
Mortgage applications fell last week after a brief surge, despite a slight relaxation in interest rates, according to figures released this morning by the Mortgage Bankers Association. Applications were down a seasonally adjusted 5.9 percent,...
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Existing Home Sales Drop Unexpectedly
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Total Denials Exceed Permanent Loan Modifications
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Mortgage Frauds Rise With Soft Economy
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Senate Votes to Extend Tax Credit Deadline
The U.S. Senate has approved a three-month extension for closing home sales that qualify for the federal homebuyer tax credit. The measure would extend until Sept. 30 the current June 30 deadline for homebuyers to close sales to qualify for...
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Mortgage Rates Stable, Applications Up
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Single-Family Housing Starts Down Sharply
Housing construction starts fell 10 percent in May, including a 17.2 percent drop in single-family homes, as buyer interest waned following the end of the federal homebuyer tax credit. According to the Commerce Department’s monthly new...
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Fannie, Freddie to Delist from NYSE
Government-supported lenders Fannie Mae and Freddie Mac have been directed to withdraw their stock from listing on the New York Stock Exchange (NYSE), after continued weak performance of their common stock. The order came from the Federal...
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Demographics Will Spur Housing Recovery: Study
Although the housing market is likely to remain weak for some time, pent-up demographic factors will likely spur a return to former rates of growth within the next few years, according to a new study released today. |
Poor Math Skills Linked to Mortgage Defaults
Was the subprime mortgage crises caused by poor math skills? |
House Approves Higher Premiums for FHA Loans
It looks like FHA mortgages are about to become more costly, now that the U.S. House of Representatives has approved a bill authorizing an increase in the annual premium paid by borrowers. Read More» |
Legislation Would Extend Tax Credit Deadline
Legislation to extend the closing date to Sept. 30, 2010 for home purchases to qualify for the homebuyer tax credits has been introduced in the U.S. Senate. Read More» |
Banks Repossesions Rise, New Foreclosures Down
Overall foreclosure activity fell in May, even as the number of homes actually repossessed by lenders hit an all-time high that month, according to today’s monthly report from RealtyTrac. Read More» |
30-Year Rates Barely Above Record Low
Mortgage rates fell to within a whisker of all-time lows across the board this past week, according to new figures this morning from Freddie Mac. Both the 15-year fixed rate mortgage and one-year adjustable rate mortgage (ARM) fell to all-time lows, while only a...
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Mortgage Refinances Decline Despite Low Rates
Applications to refinance existing mortgages took a big drop last week, even as long-term mortgage rates declined slightly, according to figures released today by the Mortgage Bankers Association (MBA). The seasonally adjusted MBA Refinance Index dropped 14.3...
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IAS Reports Home Prices Up in April
U.S. housing prices rose for the second consecutive month, according to real estate data firm Integrated Asset Services (IAS), posting a 0.9 percent gain in the month of April. Read More» |
Countrywide to Pay $108 Million Settlement for Overcharges
Two subsidiaries of former mortgage lender Countrywide Financial will pay out $108 million to settle an claims that they charged excessive fees to borrowers in default or Chapter 13 bankruptcy, the Federal Trade Commission (FTC) announced today. According to the...
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Weak Jobs Report Raises Concerns for Economy
A weaker-than-expected jobs report sent stocks tumbling this morning, despite an improvement in the unemployment rate. Although bad news for the economy in general, this morning’s news does suggest that mortgage interest rates will remain subdued for...
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Home Prices Up, Fewer Foreclosures for Sale
U.S. home prices are up 6.8 percent from one year ago, while the share of foreclosed properties on the market has dropped significantly, according to figures released today by real estate valuation company Clear Capital. Read More» |
Mortage Rates Hold Steady
Mortgage rates held steady this past week, remaining near all-time lows, according to the weekly rate survey from Freddie Mac. |
Delinquent Borrowers May Qualify for Principal Reductions
Bank of America is offering to reduce the principal on certain mortgages where the borrower owes more than the home is worth as part of a program to help homeowners avoid foreclosure, the lender announced today. The bank said it has begun contacting borrowers...
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Pending Home Sales Up for Third Straight Month
Signed contracts for home sales rose 6.0 percent in April, as homebuyers sought to take advantage of expiring tax credits before an April 30 deadline, according to figures released today by the National Association of Realtors (NAR). It was the third consecutive...
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Residential Construction Rises in April
Private residential construction rose a seasonally adjusted 4.4 percent in April, as homebuyers moved to take advantage of an expiring federal tax credit. Read More» |
Incomes Up, But Spending Flat
Consumers held the line on spending in April, putting more into savings even as incomes rose. Read More» |
Mortgage Rates At or Near Record Lows - Again
Mortgage rates fell again this past week, hitting record or near-record lows, according to the weekly Freddie Mac survey. Read More» |
New Homes Sales at Two-Year High
New home sales surged in April to their highest rate in two years, as purchasers took advantage of expiring tax credits for new and repeat homebuyers. Read More» |
Home Prices Decline Despite Tax Credit
Home prices fell in the first quarter of the year, despite tax incentives and continued low interest rates, suggesting renewed weakness in the housing market, according to figures released today by Standard & Poor’s/Case-Shiller. Read More» |
Home Sales Post Third Consecutive Gain
Existing home sales rose for the third consecutive month in April, as buyers took advantage of a soon-to-expire tax credit, according to a report out this morning by the National Association of Realtors (NAR). Read More» |
HAMP Rejections Soar; New Modifications Dwindle
New borrowers admitted to the government’s Home Affordable Modification Program (HAMP) fell in April to their lowest level since the program began, while the number of homeowners rejected for permanent assistance continued to climb. Read More» |
Delinquencies Rise, Foreclosure Rate Sets Record
More than one borrower in 10 is behind on their mortgage payments, according to a new report, as mortgage delinquencies continue to rise despite signs of an economic recovery. Read More» |
Mortgage Rates Fall, But So Do Home Purchase Applications
Mortgage applications for home purchases fell to their lowest level in 13 years last week, as home buying activity dried up following the end of a popular tax credit. Read More» |
Senate Approves Rule Authorizing Free Credit Scores
An amendment adopted by the U.S. Senate on Monday would give consumers free access to their credit scores – but only in limited situations. Read More» |
Mortgage Rate Increases Likely to Be Modest: Fannie Mae
Fixed rate mortgages will rise this year, but not enough to choke off home buying activity by consumers, according to a new forecast out today by Fannie Mae. The average rate on 30-year fixed rate mortgages should rise by about half a percent, the lender predicts...
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30-Year Rates Fall Back Below 5 Percent
Mortgage rates dropped to their lowest levels of 2010 this week, with 5-year adjustable rate mortgages hitting an all-time low, according to the Freddie Mac weekly rate survey. Read More» |
Foreclosures Post First Annual Decline in Three Years
Foreclosures posted their first annual decline in at least three years in April, providing a hopeful sign that the nation’s housing crisis is bottoming out. A total of 333,387 homes were subjected to foreclosure filings during the month, according to...
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Most Cities Show Annual Gains in Home Values
A majority of U.S. cities are seeing gains in housing prices, even home values nationwide have remained flat, according to new figures from the National Association of Realtors (NAR). Single-family home values in three out of five U.S. metropolitan areas surveyed...
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Signs of Improvement in Commercial Real Estate
Senior real estate executives are beginning to see signs of improvement in the commercial real estate market, according to a new survey by a leading industry group. Read More» |
Nearly One-Fourth of Mortgages Now Underwater
Nearly one-quarter of all U.S. mortgages are now underwater, according to figures released today by real estate data company Zillow. Read More» |
Home Prices Down 5 Percent in Most Recent Quarter
U.S. home prices fell 5 percent in the last quarter reported, as foreclosures posted a slight increase in their share of the home sales market, according to new figures from real estate data company Clear Capital. Read More» |
Mortgage Rates at Six-Week Low
Mortgage rates fell again this past week, with 30-year fixed rate loans averaging an even 5.0 percent, according to the newest Freddie Mac weekly rate survey. Read More» |
Mortgage Applications Rise as Tax Credit Ends
Applications for home mortgage rose in the final week of April, as borrowers sought to take advantage of the expiring home purchase tax credits for new and repeat home buyers. Read More» |
Pending Home Sales Up Again
Pending home sales rose in March, as the spring homebuying season got underway and buyers sought to take advantage of a soon-to-expire tax credit. Read More» |
Consumer Spending, Incomes Rise
Consumer spending and personal incomes both rose in March for the sixth consecutive month, raising hopes of a sustained, though weak, economic recovery. Read More» |
New Mortgage Possible Two Years After Short Sale
Financially pressed homeowners who voluntarily surrender their homes instead of going through foreclosure could buy a new home in as little as two years under new guidelines set by Fannie Mae. Read More» |
Home Prices Up, But Weakness Remains
Home prices have posted their first annual increases in three years, according to two leading surveys released this week, but month-to-month figures are showing signs of weakness in the housing market. Read More» |
Home Vacancy Rates Decline Slightly
Vacancies for both homeowner and rental housing declined in the first quarter of 2009, according to figures released today by the Census Department. Read More» |
New Home Sales Post Biggest Increase in 50 Years
New home sales posted their biggest monthly increase in half a century in March, bouncing back from an all-time low in February with a whopping 27 percent increase. Read More» |
Home Sales Post First Increase in Four Months
Existing home sales posted a strong increase in March, rising a seasonally adjusted 6.8 percent as home buyers moved to take advantage of a soon-to-expire federal tax credit. Read More» |
Mortgage Rates Down, Applications Up
Mortgage applications surged last week, as borrowers sought to take advantage of a drop in interest rates and qualify for a soon-to-expire homebuyer tax credit. Read More» |
Leading Economic Indicators Rising Steadily
The Conference Board Leading Economic Index (LEI) rose again in March, reaching an all-time high after a year of steady increases. But consumers still remained pessimistic about the direction of the economy, as the Board’s gauge of consumer expectations fell for the third month in a row.... Read More» |
Housing Starts, Building Permits Looking Stronger
New home construction starts have risen in each of the first three months of the year, following a small increase in March and revised data that turned a previously reported sharp downturn in February into a small increase. Read More» |
Mortgage Rates Fall Back After Spike
Mortgage rates cooled off last week, backing down from an abrupt spike that followed the end of a Federal Reserve program that had kept rates low for more than a year. Read More» |
Bank Repossessions Rise Sharply
Foreclosure actions have risen sharply in the early months of 2010, as lenders appear to be moving toward clearing out a backlog of distressed properties. Read More» |
Foreclosure Prevention Efforts Lagging: Gov't Report
Government efforts to stem the foreclosure crisis are struggling, with only a small fraction of at-risk homeowners actually receiving help, according to an official report released today. Read More» |
Settlement Proposed in Countrywide Suit
Customers of the former Countrywide financial services and mortgage corporation will begin receiving letters today informing them of a proposed settlement regarding an alleged theft of personal and financial information. Read More» |
Worst-hit Markets May Not Rebound Until 2025
Home prices in some major markets may not fully recover for 15 years, although other parts of the country could rebound fairly quickly, according to a new study by Fiserv. Read More» |
Rate of Distressed Home Sales Increasing
Distressed home sales are rising, reaching 29 percent of all U.S. sales in January, according to the mortgage and real estate data firm First American Core Logic. Read More» |
Freddie Mac Reports Sharp Increase in Mortgage Rates
Fixed-rate mortgages jumped to their highest level in eight months this past week, hitting an average of 5.21 percent on 30-year loans in today’s Freddie Mac weekly rate survey. Read More» |
Recession Shrinks Number of Independent Households
The number of households in the United States shrank by 1.2 million from 2005 to 2008, as the recession drove people to give up independent living and move in with relatives and friends. Read More» |
Two-thirds Still Prefer Home Ownership to Renting
Nearly two-thirds of Americans still regard home ownership as preferable to renting, despite the sharp downturn in the housing market and widespread foreclosures, according to a new survey by Fannie Mae. Read More» |
Pending Home Sales Post Big Jump
Pending home sales posted a healthy increase in February, reversing three months of weak sales, according to figures released today by the National Association of Realtors (NAR). Read More» |
New Free Credit Report Rules Take Effect
Starting today, companies advertising so-called “free” credit reports online must include prominent disclosures ensuring that their products are not confused with the official federally authorized source for free credit information. Read More» |
Fixed Mortgage Rates Head Up
Fixed mortgage rates headed higher this past week, with the standard 30-year fixed-rate mortgage rising back above 5 percent for the first time in a month. Read More» |
Home Prices Up, But Trend Uncertain
Home prices rose in January, according to a leading survey, although not enough to blunt concerns over signs of renewed weakness in the housing market. Read More» |
Five More States to Receive Mortgage Assistance
The Treasury Department has announced an additional $600 million in aid to help homeowners avoid foreclosure in states that have been hardest hit by the economic downturn. Read More» |
Consumer Spending Up Five Straight Months
Consumer spending rose in February for the fifth consecutive month, though at a somewhat lower rate than in previous months, the Commerce Department reported today. Read More» |
Mortgage Assistance for Unemployed Announced
The Obama administration today announced new measures to provide mortgage assistance for unemployed homeowners and encourage lenders to reduce principal on “underwater” mortgages when modifying loans for at-risk borrowers. Read More» |
Bank of America to Write Off Principal on Some Mortgages
Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced. Read More» |
New Home Sales Decline Again
Sales of new single-family homes fell for the fourth month in a row in February, with the annual rate dropping to an all-time low of 308,000, according to figures released today by the Commerce Department. Read More» |
Home Sales Down Slightly in February
Existing home sales stabilized in February, following two months of steep declines. Read More» |
Chase Agrees to Modify Second Liens
JP Morgan Chase has become the third major lender to announce it will modify second-lien mortgages under the Obama Administration’s Home Affordable Modification Program (HAMP). Read More» |
Wells Fargo Joins Second Lien Modification Program
Wells Fargo has become the second bank to agree to modify second-lien mortgages under the government’s Home Affordable Modification Program (HAMP) providing mortgage relief for at-risk homeowners. Read More» |
Mortgage Rates Mostly Unchanged
Mortgage rates remained stable this past week, posting only slight increases despite the approaching end of the Federal Reserve’s purchases of mortgage securities that have served to keep rates low over the past year. Read More» |
Non-HAMP Loan Mods Hit 100,000 in January
Nearly 100,000 homeowners obtained private mortgage loan modifications in January, the HOPE NOW alliance has announced. Read More» |
Multiunit Housing Starts Down Sharply
New housing starts fell 5.9 percent in February, as builders cut way back on initiating construction of apartment buildings and condominium developments. Read More» |
More Permanent Loan Modifications Approved
An additional 54,000 homeowners received permanent loan modifications in February under the government’s Home Affordable Modification Program (HAMP), bringing the total to 170,000. Read More» |
Retail Up, But Consumer Sentiment Down
Consumer sentiment fell in early March, despite coming on the heels of an unexpected jump in retail spending in February. Read More» |
Foreclosures Down in February
U.S. foreclosure filings fell 2 percent in February, but still remain 6 percent over their rate of one year before, according to new data released today by RealtyTrac. Read More» |
State Unemployment Rates Slow
The number of states reporting increased unemployment declined in January, with the majority reporting a net increase in jobs, according to figures released today by the Labor Department. Read More» |
Industry Report Finds Little Impact from Appraisal Rules
A widely disparaged set of new rules affecting home appraisals has actually had relatively little negative effect on real estate appraisers, according to a new study by an appraisal management company (AMC). Read More» |
Frank Urges Banks to Write Off Second Liens
The influential chair of the House Financial Services Committee is ratcheting up the pressure on lenders to write off nearly worthless second liens to clear the way for loan modifications to help homeowners avoid foreclosure. Read More» |
FDIC's Blair Touts Writedowns on Underwater Mortgages
The FDIC is looking at principal writedowns in its loss-share agreements with failed banks as a way to help at-risk homeowners avoid foreclosure, according to FDIC Chair Sheila Blair. Read More» |
Pending Home Sales Fell in January
Pending home sales fell in January, despite expectations of a boost from expanded tax credit, according to new figures from the National Association of Realtors (NAR). Read More» |
30-Year Rates Back Below 5 Percent: MBA
More consumers moved to refinance their mortgages last week as rates once again dipped below the 5 percent mark, according to new information from the Mortgage Banker’s Association. Read More» |
Home Affordable Refinance Program Extended
The Home Affordable Refinance Program (HARP), originally scheduled to end in June, will be extended at least one more year, the Federal Housing Finance Agency has announced. Read More» |
Consumer Spending, Manufacturing Show Gains
Consumer spending rose by half a percent in January, even as disposable income fell by nearly the same margin, according to new figures released today by the Commerce Department. Read More» |
Home Sales Post Second Big Drop
Existing home sales took another big drop in January, falling 7.2 percent after posting a record decline in December. Read More» |
MBA Proposes Mortgage Help for Unemployed Homeowners
Unemployed homeowners would get reduced mortgage payments for up to nine months to help them stay in their homes, under a new proposal from the Mortgage Bankers Association (MBA). Read More» |
New Homes Sales Hit Record Low
Sales of newly built homes fell to an all-time low in January, a stunning setback for an industry that appeared to be in recovery just three months ago. Read More» |
S&P Home Prices Continued Gains in December
U.S. home prices posted a slight increase in December, continuing a trend of seven months of gains, according to the newly released Standard & Poor’s/Case-Shiller home price index. Read More» |
Mortgage Delinquency Rates Decline: MBA
Mortgage delinquencies on all loan types declined in the fourth quarter of 2009, raising hopes that the end of the foreclosure crisis may be in sight. Read More» |
Obama Announces $1.5 Billion for Mortgage Help
The Obama administration has announced a new initiative that will provide $1.5 billion in assistance for homeowners in the nation’s hardest-hit housing markets. Read More» |
Fed Raises Short-Term Interest Rates
The Federal Reserve is making a small increase in the rate it charges banks for short-term loans, a long-anticipated first step towards backing off the easy money policy it has pursued over the past year. Read More» |
Permanent Loan Modifications Nearly Double in January
The number of permanent loan modifications approved under the Home Affordable Modification Program (HAMP) nearly doubled in January, after the Obama administration stepped up the pressure on mortgage services to process applications. Read More» |
Mortgage Delinquencies Hit New Record
Mortgage delinquencies – the percentage of homeowners 60 days or more past due on their home loan payments – hit an all-time high in the fourth quarter of 2009, according to new figures released today by data analysis firm TransUnion. Read More» |
Two-thirds of Delinquent Loans Predicted to Be Foreclosed
An estimated 5 million homes currently behind on their mortgages will be lost to foreclosure or related measures, according to a recent study by a leading real estate data and analysis firm. Read More» |
Home Ownership Lowest in 10 Years
The U.S. home ownership rate fell to its lowest level in nearly 10 years in the last quarter of 2009, according to figures released by the Census Bureau. Read More» |
Home Sales Pick Up in Fourth Quarter
Existing home sales rose nearly 14 percent in the final quarter of 2009, spurred by low interest rates and a federal tax credit for homebuyers. Read More» |
Foreclosures Down 10 Percent in January
U.S. foreclosures fell 10 percent in January, following a sharp jump in December as lenders sought to wrap up actions by year’s end. Read More» |
Mortgage Rates Drop Back Below 5 Percent
Average interest rates on 30-year mortgages dropped back below 5 percent this week, despite looming concerns over significant increases in the near future. Read More» |
Bernanke Presents Fed Exit Strategy
Federal Reserve Chair Ben Bernanke has laid out his “exit plan” for winding down the Fed’s economic stimulus efforts, saying he expects the Fed to begin raising interest rates before long. Read More» |
Big Decline in Mortgage Refinancing Predicted
Mortgage refinancing in 2010 is expected to total less than half that of 2009, according to newly released forecast by the market research firm iEmergent. Read More» |
FTC Proposes Crackdown on Loan Modification Services
Seeking to protect homeowners from fraudulent mortgage modification schemes, the FTC has proposed a rule that would prohibit charging in advance for foreclosure prevention services. Read More» |
Mortgage Rates Remain Stable
Mortgage rates edged up slightly this past week, rising just above the 5 percent mark for 30-year loans, according to the weekly Freddie Mac market survey. Read More» |
Home Prices Show First Annual Increase Since 2006
U.S. home prices have posted their first 12-month gain since late 2006, according to figures released today by real estate data company Clear Capital. Read More» |
Nearly One-Third of Home Markets Still Overpriced
Nearly one-third of U.S. housing markets remain overvalued, despite nearly four years of falling prices that have seen U.S. homes lose nearly 30 percent of their value. Read More» |
Home Sales Contracts Edge Back Up
Pending home sales edged back up in December, one month after taking a steep plunge that raised doubts about whether a recovery in the housing market can be sustained. Read More» |
Fannie Mae Offers Incentives for Foreclosure Purchases
Fannie Mae is offering some new incentives to homebuyers in an effort to clear out its inventory of foreclosed homes. Read More» |
Treasury Streamlines HAMP Loan Modification Guidelines
The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government’s Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief. Read More» |
Record 2.8 Million Foreclosures Reported in 2009
A record 2.8 million U.S. properties went into foreclosure last year, a 21 percent increase over the year before and more than double the number recording in 2007, according to figures released today by the foreclosure tracking company RealtyTrac. Read More» |
Mortgage Rates Hold Steady
Mortgage rates remained relatively unchanged this past week, according to the weekly Freddie Mac market survey. Read More» |
New Home Sales Drop for Second Month
New home sales fell to an annual rate of 342,000 in December, according to figures released today by the Commerce Department, exceeding the expectations of economists who had predicted a much smaller decline. Read More» |
Bank of America Signs On to Second Lien Modification Program
Bank of America has announced that it will participate in a government program to modify second liens on home mortgages, becoming the first lender to agree to do so. Read More» |
Home Prices Show Mixed Picture
Seasonally adjusted U.S. home prices posted a small increase in November, despite signs of weakness in several areas that present a mixed picture of the overall housing market. Read More» |
Rep. Frank Calls for Fannie, Freddie to be Eliminated
Fannie Mae and Freddie Mac, the giant lenders that support the majority of the U.S. mortgage market, should be abolished and replaced with a new system to back mortgage lending, according to U.S. Rep. Barney Frank, chair of the House Financial Services Committee. Read More» |
State Attorneys General Urge Mortgage Principal Markdowns
A task force of state attorneys general and banking regulators is calling for principal reductions on “underwater” mortgages in order to stem foreclosures in areas that have experienced steep declines in housing values. Read More» |
Mortgage Rates Drop Back Below 5 Percent
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets. Read More» |
Mortgage Rates Drop Back Below 5 Percent
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets. Read More» |
FHA Tightens Up Mortgage Lending Guidelines
Getting an FHA mortgage is about to get a bit more expensive and a bit more difficult. Read More» |
More Homeowners Approved for Permanent Loan Modifications
The number of permanent loan modifications finalized under the government’s Making Home Affordable Program more than doubled in December, following criticism that few homeowners were obtaining long-term mortgage relief under the program. |
FHA Mortgage Restriction Eased for Foreclosure Repurchases
To encourage the resale of foreclosed properties, the Department of Housing and Urban Development (HUD) is temporarily easing a restriction on the type of properties that can be bought with an FHA mortgage. Read More» |
Consumer Confidence Up Less Than Expected
Consumer confidence in the economy edged up slightly in early January, but not nearly as much as economists had expected. Read More» |
Foreclosures Hit 2.8 Million Homes in 2009
More than 2.8 million U.S. properties, or one home in 45, were subject to foreclosure in 2009, according to a year-end report released this week by the foreclosure data firm RealtyTrac. Read More» |
Mortgage Rates Ease for Second Week
Mortgage rates eased slightly for the second consecutive week, giving borrowers a respite after a December in which some interest rates by nearly half a percent. Read More» |
Mortgage Rates Predicted to Hit 6 Percent in 2010
Mortgage interest rates will jump to around 6 percent in the coming months, but then stabilize for the rest of the year, according to a new economic forecast from the Mortgage Bankers Association (MBA). Read More» |
Federal Reserve Posts Record Surplus in 2009
The Federal Reserve’s interventions this past year did more than goose the economy and send mortgage interest rates to record lows – the generated a tidy profit for the government as well. Read More» |
Minnesota AG Seeks Foreclosure Mediation Law
The Minnesota attorney general has said she and allies in the state legislature will try again this year to enact a foreclosure mediation law giving at-risk borrowers a chance to save their homes. Read More» |
Home Equity Delinquencies Hit Record High
Delinquencies on home equity loans hit a record high in the third quarter of the year, even while falling for most other types of consumer installment loans, according to new data from the American Bankers Association (ABA). Read More» |
Mortgage Rates Fall Back Slightly
Mortgage rates fell back slightly the first week of the year after posting sharp increases throughout December, according to the latest weekly survey from Freddie Mac. Read More» |
Las Vegas Home Prices Post First Increase in Three Years
Las Vegas has posted its first quarterly increase in housing prices in three years and Detroit led all U.S. metropolitan areas in housing price gains for the second consecutive month, as some of the nation’s most battered housing markets are showing signs of stability. Read More» |
Mortgage Applications Drop
Mortgage applications fell sharply just before Christmas, as rising interest rates seem to have dampened consumer interest in mortgage refinancing. Read More» |
Existing Home Purchases Drop Sharply
Pending home sales fell sharply in November, breaking a string of nine consecutive monthly increases, according to figures released today by the National Association of Realtors (NAR). Read More» |
HUD Lifts Cap on FHA Mortgage Origination Fees
FHA mortgages could get a bit more expensive for borrowers, now that the government has lifted a cap on what lenders can charge for originating the loans. Read More» |
Bernanke Says Lax Regulation to Blame for Housing Bubble
A lax economic policy was not the cause of the housing bubble and crash of the past decade, according to Federal Reserve Chair Ben Bernanke, who said stronger financial regulations and oversight are needed to prevent it from happening again. Read More» |