A Florida bank became the 23rd FDIC-insured institution to fall this year, the agency announced Wednesday.
Read More »Consumer Confidence Staggers in October
The Conference Board's Consumer Confidence Index, conducted for the group by Nielsen, fell to 71.2 in October after a moderate decline to 80.2 in September. "Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers' expectations," said Lynn Franco, director of economic indicators for the Conference Board. Franco noted recent history shows similar declines in response to government battles.
Read More »Mortgage Rates Ease to Close October
Softening trends in the housing market brought fixed mortgage rates to their lowest level since June last week, according to data from Freddie Mac.
Read More »LPS Price Index Inches Up in August
Home prices continue to rise, albeit with some dampening due to seasonal impacts. However, prices are still appreciating faster than last year, according to Lender Processing Services' (LPS) Home Price Index report for August. LPS calculated a 0.4 percent monthly home price increase in August and a 9 percent annual rise. Both calculations are lower than the S&P Case-Shiller Home Price Indices, which calculated a 1.3 percent monthly increase and a 12.8 percent annual increase.
Read More »FOMC Votes No Change in Asset Purchases
Analysts holding out for a sign that the Federal Reserve may soon taper its asset purchasing program will have to continue waiting. The Fed released on Wednesday the latest Federal Open Market Committee (FOMC) statement, revealing a generally cautious attitude as the economy struggles against headwinds. On the subject of housing, the FOMC noted growth has slowed in recent months; however, unlike the September statement, October's release does not cite rising mortgage rates as a concern.
Read More »E. Michael Rosser Honored with Lifetime Achievement Award
MBA Education, an educational initiative launched by the Mortgage Bankers Association (MBA), presented E. Michael Rosser, CMB, with its inaugural MBA Education Lifetime Achievement Award.
Read More »Ally Announces Settlements with FHFA, FDIC
Ally Financial Inc. announced Tuesday the bank has reached settlements with the Federal Housing Finance Agency (FHFA) and FDIC for all pending litigation related to toxic mortgages.
Read More »Wingspan Ranked Among Top Companies for Job Creation in 2013
Wingspan Portfolio Advisors, a diversified mortgage services company operating in Dallas, was named for the second straight year in Inc. Magazine's Hire Power Awards, a list of the top 100 businesses in America for job creation.
Read More »Mortgage Applications Leap as Government Crisis Ends
After staying mostly flat through mid-October, mortgage application volume jumped for the week ending October 25, the Mortgage Bankers Association (MBA) found in its Weekly Mortgage Applications Survey. MBA's Market Composite Index, a measure of loan application volume, increased 6.4 percent on a seasonally adjusted basis from the prior week. Having experienced a shaky summer, the Refinance Index bumped up 9 percent week-over-week.
Read More »Commentary: Investors Still Flooding the National Housing Market
Investors remain a crucial factor in the U.S. housing market. As mortgage rates rise along with home prices, it decreases affordability and edges owner-occupier buyers out of the market.
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