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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 A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This provision … Continue reading What Does the 2010 Tax Law Mean for Mortgage Interest Deductions? The Wall Street Journal reported today that the percentage of U.S. consumers who are delinquent on their mortgages could be less than 5% by the end of 2011. The delinquency rate is expected to be above 6% by the end of this year. TransUnion LLC predicts that mortgage delinquencies will decline to 4.98% by the end … Continue reading Mortgage Delinquency Rate Could Fall Below 5% By The End of Next Year A recent article in Bloomberg reported that the number of foreclosures on prime fixed-rate mortgages in the third quarter of 2010 hit a record high, with unemployment as the reason for the increase. The inventory of homes in foreclosure that were financed by prime fixed-rate mortgages rose to 2.45% from 2.36% over the previous three months, … Continue reading Foreclosures on Prime-Rate Mortgages Rise in Third Quarter of 2010 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 recently reported that existing home sales in August were up 7.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.13 million units in August, compared to the upwardly revised figure of 3.84 million units in July. However, last month’s figures were off by 19%, compared to … Continue reading Affordable Financial Services Weekly Finance Review Today’s issue of REALTORMag posted an article on the decrease in foreclosures but there are more people who are missing their payments. Citing data from the Mortgage Bankers Association’s National Delinquency Survey, the article says that, in the second quarter of 2010, foreclosure action was started on 1.11% of loans, down 12 basis points from the … Continue reading Fewer Foreclosures, But More People Falling Behind on Payments 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 Despite mortgage rates falling to their lowest levels in decades, applications for home loans remained stagnant, the Associated Press reported today. The Mortgage Bankers Association says that overall applications rose 0.6% from the previous week, according to the AP. Applications for refinancing and home purchases increased by seasonally adjusted rates of 0.6% and 0.3%, respectively. The … Continue reading Record-Low Interest Rates Do Nothing for Mortgage Applications |
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