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The National Association of REALTORS recently announced that pending home sales fell during the month of September, snapping a two-month streak of gains. Pending home sales reflect the number of sales going into contract; it does not reflect the number of closings. The index of sales agreements in September was 80.9, down 1.8% from August’s … Continue reading Affordable Financial Services Weekly Finance Review 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 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 For the second consecutive week, mortgage applications have dropped, Reuters reported today. The Mortgage Bankers Association said that, despite rock-bottom interest rates, mortgage applications for both home purchases and refinancing decreased 8.9% for the week ending September 10. The MBA’s seasonally adjusted index of refinancing applications decreased 10.8% the same week, its lowest level since the … Continue reading Mortgage Applications Fall Again The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that could … Continue reading Feds Launch Broader Mortgage Aid Program Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home equity … Continue reading Homeowners Use Cash-in Refinancing to Pay Down Mortgages Now that the Wall Street reform bill has been passed by the Senate and President Obama announced his intention to sign it into law next week, these regulations will not only affect the way commodities are traded but who can and cannot obtain a home mortgage. REALTOR Magazine recently reported that the Dodd-Frank Wall Street Reform … Continue reading How Will Wall Street Reform Bill Will Affect Mortgage Lending? The New York Times recently featured a couple in Florida who are in foreclosure but have stopped making their mortgage payments. They reasoned that the amount owed on the home was more than what the house was worth and, since they know they were going to lose the house, they had nothing left to lose. The … Continue reading When Will The “Free Ride” End? |
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