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Bloomberg reported today that states that have been hardest hit by the real estate crash are seeing sales of foreclosed homes slowing down as the result of the foreclosure freeze as banks review their practices. Attorneys general in all 50 states began probing foreclosure practices after court documents revealed that employees signed off on these papers … Continue reading Moratorium Starting to Affect Foreclosure Sales MarketWatch recently reported that the Mortgage Bankers Association is predicting that — barring any “blockbuster” announcement from the Federal Reserve next month — mortgage rates will come out of their record lows, reaching above 5% by 2011. The MBA predicts that rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, … Continue reading MBA: Mortgage Rates Will Rise Above 5% in 2011 The National Association of REALTORS announced today that existing home sales rose for the second month in a row during the month of September. Despite the good news, the figure is off from September 2009’s numbers. According to the NAR, existing home sales — which are completed transaction that include single-family homes, condominiums and co-ops — … Continue reading Existing Home Sales Rise in September Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% for … Continue reading As Interest Rates Rise, Mortgage Applications Fall TheStreet.com reported yesterday that Citigroup saw its mortgage repurchase reserves jump by 30% in the third quarter of this year, foreseeing an increase in repurchase requests by Fannie Mae and Freddie Mac. According to TheStreet.com, Citigroup had $952 million in reserves for Q3 2010 —more than three times the amount the bank had reserved during the … Continue reading Citigroup Anticipates More Mortgage Buybacks The Associated Press reported today that the mortgage problems that have been hanging around since the housing market collapsed are catching up with the banks that took on those risky loans in the first place. According to the AP, stocks of Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup, Inc. … Continue reading Mortgage Problems Sink Bank Stocks National Mortgage Professional Magazine reported today on its website that mortgage applications were up as interest rates fell for a fifth consecutive week. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed that the Market Composite Index — a measure of mortgage loan application volume — increased 14.6% on the week ending October 8. The Refinance … Continue reading Mortgage Applications Rise As Interest Rates Fall Again Today’s REALTORMag article reported that members of Congress want a nationwide moratorium on foreclosure sales, citing alleged errors and irregularities in processing the applications. While some say this is needed, others worry the already weakening housing market and economic conditions will only be weakened further. U.S. Congressman Edolphus Towns of New York said that the top … Continue reading What Might the Foreclosure Moratorium Mean to the Housing Market? Housing Watch reported today that applications for mortgages from the Federal Housing Administration (FHA) increased last week as applicants rushed to fill out the paperwork before the new FHA requirements took effect on October 4. According to data from the Mortgage Bankers Association, the seasonally adjusted Purchase Index rose 9.3% from the previous week to its … Continue reading FHA Mortgage Application Numbers Bounce Back |
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