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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 The Commerce Department reported this week that housing starts fell 22.5% in February to 479,000 units, from an upwardly revised January figure of 618,000 units. It was the biggest decline in 27 years and finished just above a record low set in April 2009. Building permits — a hint of future construction demand — fell … Continue reading Affordable Financial Services Weekly Finance Review CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline … 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 Pending home sales rose 2.0% in December, says the National Association of REALTORS. It was the fifth increase in the past six months. The NAR says its pending home sales index rose to 93.7 from a downwardly revised 91.9 in November. However, the index is still 4.2% below the figures from December 2009. (Pending home … Continue reading Affordable Financial Services’ Weekly Finance Review The National Association of Realtors said existing home sales in December jumped 12.3% from the previous month. The NAR recently reported a seasonally adjusted rate of 5.28 million units in December, compared to the upwardly revised figure of 4.70 million units in November. However, the December 2010 figures are 2.9% below the December 2009 figure … Continue reading Affordable Financial Services’ Weekly Finance Review The National Association of Realtors recently reported that existing home sales in November rose 5.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.68 million units in November, compared to the seasonally adjusted figure of 4.43 million units in October. However, the November 2010 figures are 27.9% below the November 2009 … Continue reading Affordable Financial Services Weekly Finance Review Housing Wire recently reported that mortgage applications to lenders fell 2.3% for the week ending December 10, marking the third straight week of declines. According to the Mortgage Bankers Association, the refinance index also declined for the fifth consecutive week by 0.7%. However, the refinancing share of the mortgage activity grew to 76.7% of total applications, … Continue reading Mortgage Applications Decline by 2.3% Bloomberg recently reported that U.S. banks will close 5,000 branches in the next 18 months as they face falling profits, decreased loan demand and lower fee revenue. Analyst Meredith Whitney, formerly of Oppenheimer & Co., said banks are facing an “uphill battle” to generate loan growth as consumers reduce debt; in addition, banks will collect … Continue reading Affordable Financial Services Weekly Finance Review |
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