A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight.
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 »Beige Book Again Records Modest-to-Moderate Growth
Continuing to shrug off sequester cutbacks, but feeling the effects of adverse weather, the nation's economy "continued to expand at a modest to moderate pace" from early July though late August, the Federal Reserve reported in its Beige Book assessment. Residential real estate activity "increased moderately" and "demand for nonresidential real estate increased," though "lending activity weakened a bit." Lending standards have largely remained unchanged, while credit quality has improved.
Read More »Commentary: A Question of Character
Republicans might adopt a wait-and-see approach to the nation's debt ceiling and not vote to increase it to see what might happen. That's playing with fire.
Read More »Purchase Loan Share Surpasses Refinances in July
The percentage of purchase loans finally eclipsed the share of refinances in July, according to Ellie Mae's Origination Insight Report for the month. The data sampled shows the mix of purchase loans to refinances was 53 percent versus 47 percent in July--the largest percentage of purchase loans since Ellie Mae began tracking in August 2011 and also the first time purchase share has crossed the 50 percent threshold in at least two years. Also notable was an increase in the share of adjustable-rate mortgage loans as fixed rates climb.
Read More »July Existing-Home Sales Highest Since November 2009
Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million--the highest level since November 2009--as the price of a single-family home slipped 0.2 percent.
Read More »Commentary: Solving the Wrong Problem
"GSE reform," according to White House propaganda, will end "an era of housing bubble and taxpayer bailouts." Obama's about the bubbles and bailouts, but wrong to blame Fannie and Freddie.
Read More »Mortgage Credit Availability Increases in July
Mortgage credit availability opened up some more in July, according to the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI).
Read More »Loan Officers Report Rising Demand for Non-Traditional Loans
According to the Federal Reserve's latest quarterly Senior Loan Officers Opinion Survey, a net 3.1 percent of lenders responding said demand for "non-traditional" residential loans increased from the survey released three months ago and a net 25 percent of respondents said demand for loans from sub-prime borrowers was higher than it was in May. At the same time, a net 6.3 percent of lenders said they had eased lending terms and standards for non-traditional mortgage loans.
Read More »FOMC Issues Mortgage Rate Warning, Sticks to Bond Purchases
Despite concerns about rising mortgage rates and low inflation, the Federal Open Market Committee (FOMC) voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language, the committee "reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends."
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