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Data released by RealtyTrac on April 14 showed that the number of foreclosures in the first quarter of 2011 was lower than what it was during the same quarter in 2010. More than 681,000 homes received a foreclosure filing in Q1 2011, a 27% decrease. That same quarter, 215,046 borrowers lost their homes, which is … Continue reading Affordable Financial Services’ Weekly Finance Review Bankrate.com reported on March 31 that home equity rates fell slightly from 7% last week to 6.99% this week, based on a survey it conducted with large banks and thrifts. Meanwhile, the typical home equity line of credit (HELOC) averaged 5.57%, a gain of one basis point from the previous week. (One basis point is … Continue reading Affordable Financial Services’ Weekly Finance Review The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% … Continue reading Affordable Financial Services Finance Review Daily Real Estate News recently reported that housing starts are expected to increase in 2011. But by how much? It depends on who you ask. During an economic update at the International Builders’ Show in Orlando on January 12, David Crowe, The National Association of Home Builders’ chief economist, said that projected single-family home starts are … Continue reading How Much Will Housing Starts Increase in 2011? CNNMoney.com reported today that an additional 2.1 million houses have been added to the supply at the end of August — up from 1.9 million units in August 2009. These are homes that are either repossessed by lenders or are very seriously delinquent. This “shadow inventory” has increased by 10% during the past year to an … Continue reading 2.1 Million More Homes Added to Already Glutted Inventory REALTORMag.com’s recent article reported on a study performed by PMI Mortgage Insurance Company which showed that, of the 50 most populous metropolitan areas in the United States, Long Island was one of the top 20 housing markets that would see a further decline in housing prices. Long Island was 19th overall as being the nation’s riskiest … Continue reading Long Island Named One of Riskiest Housing Markets The second quarter of 2010 proved to be the most brutal time period in home ownership in a decade. Bloomberg News recently reported that 18.9 million homes were vacant in that period. The U.S. Census Bureau reported that the home ownership rate — that is, households that own their own residence — was 66.9 percent, … Continue reading Foreclosures Push Home Ownership to Record Lows On June 30, the U.S. Senate passed a bill that would extend the deadline for people looking to receive the federal homebuyers’ tax credit from June 30 to September 30 to give lenders more time to complete the paperwork. The bill, if it is signed by President Barack Obama, will help 180,000 homebuyers who otherwise … Continue reading Tax Credit Extensions Helps Homebuyers Seal The Deal The Washington Post reported today that 30-year fixed-rate mortgages fell to 4.69% this week, down from 4.75% last week. According to Freddie Mac, this is the lowest rate since the government-owned lender tracked such data in 1971. This news should encourage more people to buy a home, but, in reality, the opposite is happening. Citing the … Continue reading Can Record-Low Mortgage Rates Propel Home Sales? |
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