Home Prices Remain Fairly Stable as New Home Sales Drop
Friday, December 28th, 2007Sales of new single family houses dropped again in
November according to a joint report issued Friday by the U.S. Department
of Housing and Urban Development and the U.S. Census Bureau.
Only in the West region were sales up from the previous month and then
by a…
Mortgage Rates Mixed While Applications Slow
Thursday, December 27th, 2007Mortgage rates were up slightly during the pre-
holiday week ended December 20 according to the Primary Mortgage Market
Survey conducted by Freddie Mac.
The 30-year fixed rate mortgage (FRM) averaged 6.14 percent with 0.4
point for the week, up from 6.11 percent with 0.5 point the week before.
During the same week in 2006 the 30-year FRM carried an average interest
rate of 6.13 percent.
Widely Regarded Housing Study Reports Further Home Price Declines
Wednesday, December 26th, 2007The Standard & Poor’s/Case-Shiller home price index
for October, released on Wednesday, fell again for what is the 10th
consecutive month. The 6.7 percent drop from figures a year earlier was
the largest recorded by the index since April, 1991 when prices declined
6.3 percent.
Miami was the biggest loser in the broad index
with…
Homebuyers Still Flirting With Disaster?
Monday, December 24th, 2007With all the subprime mortgage meltdown that’s been going on, one thing is for sure, homebuyers still want more home
ARM Freeze Yields Solution To All World Problems
Friday, December 21st, 2007The breakthrough came with the idea to freeze ARM
rates so that borrowers will not be subjected to the terms of
the agreements that they voluntarily signed. Combine that innovative
thinking with the ongoing efforts to save Wall Street from its own
irresponsible actions.
Until we are willing to confront
our own financial irresponsibility by facing the consequences
of…
Treasury Secretary Advocates GSE Assistance for High-End Borrowers
Thursday, December 20th, 2007Treasury Secretary Henry Paulson announced Monday
that he was in favor of temporarily lifting the dollar
limit on loans purchased by Freddie Mac and Fannie Mae, allowing them to
provide a market for so-called “jumbo mortgages.”
Such a change, Paulson said, may…
Foreclosure Filing Up 68 Percent Since November 2006 Per RealtyTrac
Thursday, December 20th, 2007RealtyTrac, Inc., a company that tracks delinquencies and foreclosures
was reporting Thursday that the number of foreclosure
filings in November was 68 percent higher nationwide than those
in November 2006.
Two Advocacy Groups Express Different Views on FRB Proposals
Thursday, December 20th, 2007Two mortgage industry groups have weighed in on the
sp">new mortgage regulations proposed earlier this week by the
Federal Reserve Board of Governors (FRB.)
The first, a major critic of regulatory efforts to end predatory
lending, was critical of the proposed regulatory changes announced by the
FRB on Tuesday. The other, The Mortgage Bankers Association…
Mortgage Rates Rise While Application Activity Plummets
Wednesday, December 19th, 2007Mortgage
interest rates took a jump upward during the week ended December 13
and December 14 according to information released by Freddie Mac and the
Mortgage Bankers Association respectively.
Mortgage applications activity was weak; the
seasonally adjusted measure of volume was…
Morgan Stanley Latest to Accept Foreign Aid
Wednesday, December 19th, 2007Another major American financial institution went on the international
auction block Wednesday afternoon as Morgan Stanley
announced it was accepting a $5 billion cash infusion
from China Investment in return for a stake in the bank
estimated to be as high as 9.9 percent.