Fixed Mortgage Rise as Market Reacts

Fixed Mortgage Rise as Market Reacts

Average fixed-rate mortgages edged higher this week to the highest average in two years as speculation mounts that the Fed will soon taper its bond purchase program. 

Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates,”Average fixed-rate mortgages edged higher this week to the highest average in two years. Watch our video on what the market and rates are doing.

July Existing-Home Sales at Highest Level

July Existing-Home Sales at Highest Level

Since 2009: Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million—the highest level since November 2009—as the price of a single-family home slipped 0.2 percent, the National Association of Realtors reported Wednesday.

The boost in sales came two months after a sharp jump in NAR’s Pending Home Sales Index, which was 111.3 in May, up 5.8 percent from April.
Existing-home sales continue to be plagued though by a tight inventory. The number of homes on the market in July was down 120,000 from a year earlier. Though flat in June, months’ supply of homes for sale—computed using the number of homes for sale and the sales pace—was down 1.2 months from a year earlier. The months’ supply has been down year-over-year for 25 straight months. Watch our video to learn more...

Borrowers Who Experienced Foreclosure 'FHA Trims'

Borrowers Who Experienced Foreclosure 'FHA Trims'
Waiting Period: The Federal Housing Administration (FHA)
 is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday. In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016. Read more ....

Surprising foreclosure hot spots

Surprising foreclosure hot spots
While housing markets across the country are recovering from the deepest throes of the foreclosure crisis, others are just stumbling into it -- and they aren't exactly the places you'd expect.
Many U.S. housing markets are recovering from the worst of the foreclosure crisis, but others are getting slammed. 'That tells me that the difference has not much to do with underlying fundamentals of the housing market but the way the crisis was handled,' Blomquist concluded. If you Live in this state here may be a great way to own a home. Become a Home Owner for $1 In Gary, Ind.,

The Wild Ride in Housing Prices

The Wild Ride in Housing Prices
Salt Lake home prices have increased 32 percent since April 2012. 
Is this a sign of a second housing bubble? Home prices climbed in the second quarter of 2013, marking 15 consecutive months of rising prices.The median single-family home price in the April through June period in Salt Lake County increased to $249,700, up 17.2 percent compared to $213,000 in the second quarter of 2012. Since April 2012, home prices in the Salt Lake area have increased every month year-over-year. See The top three highest-priced sales areas.

REO Isn't Dead

REO Isn't Dead

Commentary: Is it possible that we have turned the corner on the nation’s real estate crisis? Some economic indicators seem to be pointing in that direction. 

The National Association of Realtors recently reported existing-home sales rose 4.2 percent in May 2013 to an annual pace of 5.18 million; this is the largest increase in sales since November 2009-a very positive sign that suggests we are on the right track.In as much as there are tangible measurements, which have evolved into positive forecast discussions, we are not out of the woods just yet. The foreclosure process remains in the spotlight.  It is evident that REO sales do not claim as large a role in the marketplace as in recent years. REO sales will remain a viable market for real estate sales in the near future.

Mortgage Rates Stabilize, with 30-Year

Mortgage Rates Stabilize, with 30-Year
Having spent the last several months bouncing around, average fixed mortgage rates were little changed over the last week as market speculation settled.

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) 

” Nothaft also noted that the average 30-year fixed rate is now 1.1 percentage points above their all-time low recorded in November 2012—translating into $125 more per month in mortgage payments on a $200,000 loan. Read More..