Your Property Path's Blog (11)

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.



The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will… Continue

The recent Case Shiller report shows price declines in front of the tax credit completion...The index gives us a slight 0.38% decline in the top ten market composite. Year over year the index is up 3.15% when compared to March 09. Recent strong price moves will come to a serious halt because the tax stimulus is behind us. The silver lining in this is that it proves demand is there, just waiting for the right price and for some of this historic uncertainty to settle. This… Continue

With house prices expected to slid and unemployment to rise substantially further, this third foreclosure wave will grow larger. If house prices fallanother 10% over the coming year,as Moody’s Economy.com currently forecasts, an estimated 18.6 million homeowners could be underwater.



More to Come

Even if the economy stabilizes in 2010 as expected, defaults will remain elevated long afterward. More large payment resets are due to hit… Continue

Market Composite Index: (loan application volume) increased 3.9 percent on a seasonally adjusted basis from one week earlier



Refinance Index: increased 14.8 percent from the previous week and the… Continue

30-year fixed-rate mortgage: Averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.



The 15-year fixed-rate mortgage:… Continue

Good news for people who lost their home because of financial problems, or did a short sale to avoid foreclosure. Typically, Fannie requires a five year wait period before owners can re qualify. Now you may not

have to wait the typical four or five years to re-qualify for financing for another home, it could be as little as two years. Fannie Mae is relaxing rules that prevented loan applicants who did a short sales or a deed in lieu of foreclosure from obtaining a new mortgage… Continue

Case-Shiller released their index of home prices in 20 cities and it rose 0.6 percent in February over last year. Existing home prices advanced 0.4%, as sales climbed for the first time in four months.



We’ve turned a corner with housing," said economist Karl Case, who with Robert Shiller created the index. "As long as mortgage rates don’t jump and… Continue

30-year fixed-rate mortgage: Averaged 5.07 percent with an average 0.7 point for the week ending April 22, 2010, unchanged from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.80 percent.



The 15-year fixed-rate mortgage: Averaged 4.39 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. A year ago at… Continue

Market Composite Index: (loan application volume) increased 13.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.9 percent compared with the previous week.

Treasury rates fell last week causing a decline in mortgage rates. As a result, refinance applications picked up over the week, as some borrowers took advantage of this recent rate volatility to lock in a… Continue

30-year fixed-rate mortgage: Averaged 5.08 percent with an average 0.7 point for the week ending April 1, 2010, up from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.



The 15-year fixed-rate mortgage: Averaged… Continue

Market Composite Index: (loan application volume) increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.5 percent compared with the previous week.



Refinance Index:… Continue