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Tag Archives: Attorneys & Title Companies

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.

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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.

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Initial Jobless Claims Up Less Than Expected

Unemployment

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.

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FOMC Votes No Change in Policy, Foresees Slower Growth

Fed

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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Mortgage Applications Pick Up as Interest Rates Come Down

A slight decline in interest rates helped boost mortgage application volume last week, the Mortgage Bankers Association (MBA) reported Wednesday in its Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 11.2 percent on a seasonally adjusted basis for the week ending September 13. The weekly improvement was aided in part by a rebound in refinance activity, which increased 18 percent from the previous week.

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