Real Estate News
Mid-Day Recap: Labor Reports Send Markets into Freefall
The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 … [Link]
The Day Ahead: Markets Hesitant Ahead of Employment Data
Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependent on the direction of the labor market. Many look for signs of stabilization after last month’s downside surprise, but signs of a recovery have … [Link]
Manhattan home prices plunge
The housing bust has finally clobbered super-pricey Manhattan home prices. [Link]
HARP Guidelines Allow for 125% LTV. Originators Still Skeptical
The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has … [Link]
Beazer settles $50M mortgage fraud case
Read full story for latest details. [Link]
Mortgage Performance: Fighting Rising Rate of Foreclosures with Loan Modifications
A joint report from the OCC and OTS, which includes 64% of all outstanding mortgages, shows that instances of delinquency continued to increase in the second quarter. Particularly of note is the increasing growth rate of delinquencies among loans backed…( [Link]
Mixed Data for Real Estate, ISM Index Improves
Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes it at historic lows….( [Link]
Housing rebound continues, barely
Home sales continued their modest upward swing in May, according to a closely watched industry report that rose for the fourth straight month for the first time in nearly 5 years. [Link]
Mortgage Applications Nosedive in Late June
Demand for mortgage loans simply plummeted in the final week of June, even as mortgage rates once again moderated, according to a weekly industry index. The Mortgage Bankers Association said the Market Composite Index, a measure of loan application volume…( [Link]
The Day Ahead: Markets Optimistic Ahead of Big Day
The first trading session of the third quarter is a heavy one for markets. Just one day ahead of the June employment figures, markets will get the closely watched ISM Manufacturing Index, the Pending Home Sales Index, the ADP private employment report…( [Link]
Mortgage applications at 7-month low
Read full story for latest details. [Link]
Fannie Mae Expands Portfolio, Delinquencies Rising
Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights…( [Link]
Case-Shiller Says Pace of Home Price Declines Slowed in April
Contrary to expectations, the rapid decline of home prices showed signs of stabilization in April, according to the Case-Shiller Home Price Index, the most influential recorder of prices. The 10-city composite index, which looks at ten major metropolitan…( [Link]
Home prices drop, but at a slower rate
Home prices continued to tumble in April, falling 18.1% from a year earlier — but the change from March narrowed sharply, indicating that housing markets may be starting to turn. [Link]
Beware the reverse-mortgage ripoff
[Link]
5 steps to a quick home sale
1. You have to seriously undercut the competition [Link]
NY to launch mortgage probe
Read full story for latest details. [Link]
The Week Ahead: Holiday Shortened Calendar
The transition from June to July offers a packed schedule for investors. No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy. The S&P 500 has gained…( [Link]
Best way to find a home loan
When the easy money was flowing, you could get a great deal on a mortgage from just about anyone. But in today's credit-challenged world, all the avenues for finding a mortgage come with their own set of problems. [Link]
Mid-Morning Recap: Stocks Fail to Rise Despite Gains in Income, Sentiment
Despite reports of higher income and improving consumer confidence, markets are off to a rough start on Friday morning with all three indexes in the red an hour into the trading session. Leading the decline is the 0.36% drop in the Dow to 8442, while…( [Link]