As home price appreciation continues at accelerated levels, John Burns Real Estate Consulting is warning clients in certain areas to keep in mind the artificial boosting effect that home flippers bring to the market. "Home price appreciation has been so rampant, particularly in California and Florida, that flippers and get-rich-quick scam artists are flourishing again," said Chris Cagan, VP at John Burns. "Just as in the mania of 2004-06, flippers make money when the party is raging, but inevitably, someone loses when the party is busted."
Read More »Trulia’s Kolko: Vacancy Rate to Blame for Weak Construction Growth
In a blog for the company, Trulia chief economist Jed Kolko posits his own theory for why new construction is moving so slowly.
Read More »360 Mortgage Announces New Regional Manager
360 Mortgage Group, a privately owned mortgage banker headquartered in Austin, Texas, announced the hiring of Scott Brackett as regional manager for the western region of the United States.
Read More »Originations Up 10% in Q2, Trends Show Stronger Recovery
Second-quarter origination volume (in dollars) increased 9.6 percent over the same time last year as purchase loans started to make meaningful contributions to the housing recovery, Experian reported in its quarterly analysis of real estate trends. According to Experian's report, origination volume climbed to $478 billion, $42 billion more than Q2 last year. What was more notable to Experian, however, was how origination activity was split: As refinance volume tumbled, purchase volume stepped in to make up some of the difference.
Read More »Mortgage Rates Sink While Fed Holds Off on Taper
Freddie Mac's Primary Mortgage Market Survey has the 30-year fixed-rate mortgage (FRM) averaging 4.50 percent (0.7 point) for the week ending September 19.
Read More »Existing-Home Sales Rise to Highest Pace in 6 1/2 Years
Existing-home sales rose an unexpected 6.5 percent to an annual sales rate of 5.48 million, the National Association of Realtors (NAR) reported Thursday. Economists surveyed by Bloomberg expected existing home sales to drop to 5.255 million from July's originally reported July's 5.39 million sales pace which was unchanged in today's report. The increase in sales came as the median price of an existing single family home in August dipped slightly from July, down $300 to $212,100.
Read More »Initial Jobless Claims Up Less Than Expected
Following a sharp drop in first-time claims for unemployment insurance a week earlier, initial filings rose 15,000 for the week ending September 14 to 309,000, the Labor Department reported Thursday. Economists had expected the number of claims to jump up 49,000 to 341,000, from the 292,000 originally reported for the week ending September 7. The number of filings for that week was revised up to 294,000.
Read More »CFPB Releases Online Tool to Reveal Market-Level Mortgage Loan Data
A new tool released Wednesday by the Consumer Financial Protection Bureau (CFPB) provides heat maps and illustrative graphs that detail local mortgage market trends.
Read More »Purchase Loan Share Surges, Time to Close Shortens
Purchase loans took up more space among originations in August as credit requirements eased, according to data presented in Ellie Mae's monthly Origination Insight Report.
Read More »FOMC Votes No Change in Policy, Foresees Slower Growth
While noting improvement in economic activity and labor market conditions, the Federal Open Market Committee voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. At the same time, the Federal Reserve's own economic projections suggested the economy might not grow this year as fast as it expected just three months ago.
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