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Home >> Author Archives: Scott Morgan

Author Archives: Scott Morgan

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Survey: Credit Loosening Everywhere Except Mortgages

Survey: Credit Loosening Everywhere Except Mortgages

According to the OCC survey, 92 percent of surveyed banks originated residential real estate loans in 2014, and a full 20 percent reported tightening their standards regarding who can attain these loans. Seventy percent reported no changes in their standards, leaving a comparatively slight 10 percent of institutions claiming they eased their standards for residential mortgages.

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Forecast: Housing Stage Set for Millennials

Forecast: Housing Stage Set for Millennials

Among its five largest predictions for next year, Realtor.com expects first-time buyers will return to the market in full force after years of retrenchment that has dampened the recovery of the housing market. This push will be led by millennials, now settling into their families, careers, and 30s, who are eager to buy into the American dream.

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FHFA: Home Prices Up for 13th Straight Quarter

FHFA: Home Prices Up for 13th Straight Quarter

FHFA reported Tuesday that U.S. house prices, based on home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac, rose 0.9 percent in the third quarter. While that does show a continuation of the growth the U.S. market has enjoyed for the past three years, the rate of growth is down from 4.5 percent compared to the third quarter of 2013.

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Mortgage Lending Suffers at Insured Banks

Mortgage Lending Suffers at Insured Banks

FDIC-insured institutions earned $38.7 billion in the third quarter of 2014, a 7.3 percent increase from a year ago, according to FDIC's latest Quarterly Banking Profile. Mortgage loans, still hampered by regulations designed to prevent a recession relapse, dropped by nearly $7 billion.

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Pending Home Sales Dip in October

Pending Home Sales Dip in October

NAR reported Wednesday that contract signings nationally decreased 1.1 percent last month, though they were still up 2.2 percent compared to last October. Despite the monthly drop, Lawrence Yun, NAR's chief economist, said that contract signings have remained at a healthy pace now for six straight months.

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Median U.S. Home Price Hits Six-Year High

Median U.S. Home Price Hits Six-Year High

According to RealtyTrac, the median price of single-family homes and condos rose 2 percent to $193,000 nationwide in October. This is their highest level since the beginning of the recession in September 2008. That's also a rise of 16 percent from a year ago, though it's still 19 percent below the median peak of $237,537 that occurred in August 2006.

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Falling Mortgage Rates Not Enough to Lure New Homebuyers

Falling Mortgage Rates Not Enough to Lure New Homebuyers

Despite the fact that 30-year fixed mortgage rates dipped below 4 percent in October, the number of buyers looking to tour homes cooled off. At the same time, the rate drop triggered a hefty increase in signings last month, according to Redfin, which released its latest look at homebuying activity on Friday.

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Home Price Changes Turn Negative After Long Climb

Home Price Changes Turn Negative After Long Climb

FNC's Residential Price Index dropped 0.3 percent in September, despite strong home sales and continued improvement in the labor market. It was the first time in 30 months that values did not rise, though home prices in the third quarter overall were up 1.8 percent over the second quarter.

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Housing Markets Inch Closer to Recovery

Housing Markets Inch Closer to Recovery

For months, NAHB has been reporting that recovery in the national and in most metro markets is inching its way back to normal levels. The latest report virtually mirrors the LMI report released in August, which stated that 56 of 350 metros were at or better than normal, and the national housing market overall was 89 percent of where it should be.

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More Refinancers Tapping into Home Equity

More Refinancers Tapping into Home Equity

As home equity grows, more Americans are tapping into that equity more often when refinancing their homes, according to the latest quarterly refinance analysis report from Freddie Mac. In fact, the share of borrowers tapping their equity by cashing out at the time of refinancing has doubled from the same quarter last year as house price appreciation has risen across the country.

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