Home >> News (page 965)

News

Connecticut Home Sales Rising, Prices Still Falling

Home sales in Connecticut rose on an annual basis in March for the third month in a row, according to data released Wednesday by The Warren Group. The same report revealed that single-family home sales in Connecticut rose on a quarterly basis for the first time since the second quarter of 2010. Single-family home sales rose more than 5 percent in the first quarter of this year to 4,157 from 3,950 in the same quarter last year. Conversely, median prices declined 6.5 percent over the first quarter of the year in Connecticut, slipping from $230,000 in the first quarter of last year to $215,000.

Read More »

Mortgage Applications Ride 9.2% Increase on Low Interest Rates

A rash of new concerns in debt-saddled Europe drove investors to U.S. Treasury debt, keeping mortgage rates at all-time lows and leading mortgage application volume to tick up 9.2 percent. The Mortgage Bankers Association recorded an 8.7 percent increase in applications for the Market Composite Index on a seasonally unadjusted basis. Analysts credit an upset in Greek elections last week with the rush by investors to U.S. Treasury debt, with policymakers in the Mediterranean country likely seeing elections next week.

Read More »

Housing Permits Drop as Starts Increase in April

Housing permits dipped in April for the first time in four months, the Census Bureau and Department of Housing and Urban Development reported jointly Wednesday but housing starts improved. Both indicators remained far above year-earlier levels. The month-over-month increase in starts in April appeared still larger because of a downward revision to March's report. Economists surveyed by Bloomberg expected permits to drop month-over-month and starts to increase over the same time.

Read More »

FHFA Unveils Changes to Reform Plan for Secondary Market

The Federal Housing Finance Agency unveiled new additions to the strategic plan it released in February this year, with many changes focused on moving the secondary mortgage market back to private capital sources and creating infrastructure needed to replace Fannie Mae and Freddie Mac. The additions include four principles, such as safety and security for the residential mortgage market, stability and liquidity in housing finance, and preservation of current enterprise assets. The plan, due for enactment if passed by Congress between the years 2013 and 2017.

Read More »

Thirty-Year Loan Slumps to New Low as Investors Flee Europe

The 30-year fixed-rate mortgage reached a new all-time low Tuesday as concerns grew that Greece would leave the euro zone in a disorderly way. Real estate Web site Zillow found the loan at 3.59 percent, down from 3.65 percent last week, the lowest rate recorded by the company since it began tracking interest rates for mortgages in April 2008. This is down from a previous all-time low of 3.65 percent recorded in May. Mortgage rates zigzagged lower across many states, falling 14 basis points in Massachusetts and 11 basis points in Texas.

Read More »

With ResCap Deal, Ally Shifts From Home Loans to Auto Loans

After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.

Read More »

Builder Confidence Reaches Five-Year High in May

Builder confidence jumped five points in in May to 29, its highest level since the same month in 2007, the National Association of Home Builders said Tuesday. Economists had expected the index to edge up to 26 in May. The month-over-month increase was the largest since April 2009. The total index in May was up 13 points from May 2011, the strongest year-over-year gain since April 2004. All three components of the index ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô current sales, sales six months out and buyer traffic ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô showed strong increases in May.

Read More »

Bank Shares Fall as Greek Turmoil Undermines Confidence

A fresh round of concerns that Greece may leave the euro zone sent U.S. stock markets into a dizzying tumble Monday. After some lift in recent weeks, the Dow Jones Industrial Average fell 125.25 points to close by end of day at 12,695, along with shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four largest lenders. The deal reportedly involves a Syriza, a leftwing bloc opposed to further austerity measures that may parlay slashes to Greek social services for $170 billion in bailout funds under a package jointly agreed-to by the European Union and International Monetary Fund.

Read More »

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.