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Tag Archives: Existing-Home Sales

Mortgage Applications Jump to Seasonal 6.3%

Mortgage application volume jumped from the previous week by 6.3 percent, reflecting the highly attractive plunge by interest rates to record lows, according to the Mortgage Bankers Association. Even so, the good news comes amid a fall in home valuations and cash buyer interest, which Capital Economics says will likely depress sales activity across the housing market. Frank Nothaft, VP and chief economist for Freddie Mac, spoke to MReport about the forces behind anemic demand for home purchases at the Five Star Conference and Expo in Dallas.

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Global Shocks Unlikely to Directly Crimp Housing

Mortgage application volume suffered a drubbing Wednesday, even as the U.S. economy fell behind in important global rankings and the euro zone crisis continues to trouble investors. With numerous economists attributing lows for consumer confidence to a bevy of international concerns, MReport spoke with analysts to spot any troubling signs for housing as the global economy wobbles. The verdict: Market watchers should keep an eye on euro zone fallout for mortgage rates and credit supply.

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HUD Scorecard Touts Initiatives Despite Housing Health

Housing market conditions remained fragile despite numerous initiatives put forward by the Obama administration, according to a recent scorecard released Thursday by HUD and the Treasury Department. The administration cited numerous industry-respected analytics sources and painted a helpful portrait of the homeownership and refinance endeavors it has made possible. Sources polled for the government gauge of housing and economic health included CoreLogic and Standard & Poor's, among others.

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Appraisers Get New Standards

As of Thursday, appraisers and realtors must now use a new universal grading rubric when it comes to their assessments for properties with government-backed mortgages. Fannie Mae and Freddie Mac recently revised their appraisal guidelines to streamline a sometimes unclear process, but some warn of the potential for fallout among appraisers, realtors, and homeowners unfamiliar with the new standards. Appraisers will need to weigh property values against new codes and abbreviations.

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