Citing improvements in manufacturing, tourism, commercial and residential real estate and in the financial sector, the Federal Reserve said the nation's economy continued to increase at a modest to moderate pace from late May through early July.
Read More »Mortgage Credit Availability Up Slightly
Mortgage lending standards loosened slightly in June, according to the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI). The index, which analyzes data from AllRegs Market Clarity, increased to 109.8, a gain "primarily driven by a small uptick in the number of products which offer a cash-out feature. There were also small increases in the number of jumbo, investor, and higher LTV [loan-to-value ratio] offerings," the association said in a release.
Read More »Mortgage Credit Availability Trends Upward in May
A new index from the Mortgage Bankers Association (MBA) and AllRegs shows credit availability opened up slightly from April to May.
Read More »Survey: 23% of Americans Report Errors in Credit Information
Nearly one-quarter of Americans say they have encountered problems with their credit report, according to a survey from FindLaw.com, a legal information website. Twenty-three percent of Americans surveyed said they have had a problem with their credit report at one point or another, with inaccurate or outdated personal/credit information being the most common complaint. Other errors include incorrect credit scores and identity theft/mix-ups.
Read More »Commentary: Housing Recovery? Hold the Champagne
The last time both prices and sales of new homes increased in the same month was last September. What of course is missing from the two data sets is any indication of demand.
Read More »Closing Rates Fall in April as Purchase Loans Gain Greater Share
According to Ellie Mae's findings, purchase loans made up 42 percent of loans closed in April, up from 38 percent in March, while refinances represented 58 percent. According to Ellie Mae president and COO Jonathan Corr, the last time purchase loans broke the 40 percent mark was July 2012. Among purchase loans, the closing rate was about 58.2 percent, while the rate for refinances was 50.5 percent. The overall closing rate for loans analyzed in the sample was 53.2 percent, a pull back from March.
Read More »Mortgage Credit Eases in Q2 as Demand Increases
The percentage of banks reporting stronger demand for mortgage loans rose in the second quarter, the Federal Reserve reported, with more banks easing lending standards.
Read More »Capital Economics Predicts Further Drops in Homeownership Rate
In an analysis released in response to the Census Bureau's report that homeownership hit an 18-year low in the first quarter, Capital Economics warns that we may not have seen the bottom yet. The firm predicted last year that the homeownership rate would decline to a low of 64 percent--a forecast it insists will come sometime within the next year. One factor contributing to the downward trend in homeownership is tight lending standards, Capital Economics says.
Read More »Weak Prices Drag Down Builder Confidence in April
With the price of a new home barely above year-ago levels, builder confidence fell for the third straight month in April, dropping two points to 42.
Read More »Why Are Some Markets Less Impacted by Low Rates?
Pro Teck recently examined the effect of the Federal Reserve's commitment to keep interest rates low on home prices, which have historically increased during such programs.
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