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Tag Archives: Home Sales

Fannie: 50% Chance U.S. Economy Will Double-Dip by End of 2012

Mortgage giant Fannie Mae gives the U.S. economy equal chances for a second recession and recovery by the end of next year. Podcasting the 2011 October Economic Outlook, titled Economy at a Crossroads, the company forecasted that GDP will stay below 2 percent for the remainder of 2011 into next year. Among other reasons, the GSE's internal think tank cited trouble in the financial and labor markets, given the euro debt crisis, weak jobs reports, and low consumer confidence. The outlook follows several other similar reports.

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RE/MAX Report Shows Sales on the Rise

RE/MAX has released the results of its most recent housing survey, and the company's evaluation of 53 metropolitan areas demonstrates a 7.6 percent rise in home sales year-over-year in September. The findings represent the third consecutive month in which an increase in sales was shown year-over-year for comparable months, and generally, sales have been on the uptick for four of nine months during 2011 based on RE/MAX's report. September's data extends trends seen from data recorded in July and August, during which sales rose by18 percent and 13.1 percent respectively.

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MBA Speaker Portrays Changing Demographics in Homeownership

Minorities and seniors are growing their share of the national population more than ever, William H. Frey, senior fellow at the Brookings Institute, told attendees at the Mortgage Bankers Association's annual convention and expo Chicago Wednesday. There is also a continuing population shift out of the heartland states to what Frey classifies as the new Sunbelt.

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MBA: Expect 2012 Originations to Hit $900B

Fewer refinance applications will drive mortgage originations substantially lower over 2012, with loan volume plunging from $1.2 trillion over 2011 to $900 billion over the new year, according to recent study by the Mortgage Bankers Association. The trade group tied historically low mortgage rates, plodding existing-home sales and home prices, and a laggardly unemployment rate to the notion that the U.S. will continue to experience trouble ahead in mortgage originations.

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Homeownership Rates Lowest Since Great Depression

abandoned house

Homeownership rates remain at depths not seen since the Great Depression, according to new Census Bureau numbers. Market watchers chalk up the lows to tight lending conditions, concerns about the regulatory environment, and fears about a double-dip recession. Releasing Housing Characteristics: 2010 Thursday, the bureau found homeownership rates deflating by some 1.1 percent to 65.1 percent over the last decade ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the biggest decline since between the years 1930 and 1940.

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Mortgage Rates Drop Below 4% for First Time

Mortgage rates slammed into a new, record-setting low Thursday, with mortgage giant Freddie Mac reporting that figures for the benchmark 30-year fixed-rate mortgage fell below 4 percent for the first time in history. Finance Web site Bankrate.com noted a similarly record-smashing low for the loan. Making the biggest waves, the GSE found the 30-year loan dropping on average to 3.94 percent nationally, down from 4.01 percent last week and 4.27 percent over the same time last year.

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Group: Don’t Expect Housing Recovery Until 2014

As Fed officials hinted at more stimulus measures for the ailing economy, research consultancy Capital Economics released a note signaling that more trouble ahead for the housing sector could delay a recovery until 2014. Writing for the consultancy, senior U.S. economist Paul Dales painted a grim portrait of the housing economy, explaining that less confidence among consumers and tight lending standards contribute to the view that market conditions will keep a heel on the housing recovery until 2014.

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Fed Officials Promise More Action, See Trouble Ahead

Fed

On the same day that Federal Reserve Chairman Ben Bernanke cautioned lawmakers about their fiscal behavior and hinted at more stimulus measures, one of the Fed├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós governors, Sarah Bloom Raskin, outlined potential peril in the mortgage servicing industry. The Fed chief noted ailing health in the economy while the other official sketched a need for change in servicing standards. News reports found the 30-year Treasury bond yields leaping forward on the promise of action by the Fed chief.

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What the Lower Conforming Loan Limits Mean

Making good on promises by policymakers from both parties, Congress allowed the $729,750 threshold for conforming loans with federal guarantees to expire Saturday, pinching high-end borrowers in a marginal number of counties and potentially leaving a swath of new market share for private bankers. Homebuyers looking for more than $625,000 in financing for their mortgage loans will accordingly fall short of eligibility requirements needed for federal insurance.

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MReport Exclusive: 6 Ways for Originators to Survive Today’s Market

Despite mortgage rates hitting rock bottom Thursday, few analysts expect an uptick in demand anytime soon, with consumers concerned about their job security, underwriting standards still tight, and a foreclosure glut competing with home construction. Given tough times, MReport canvassed the industry ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô online, in the field, and on the speaking circuit ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and uncovered 12 strategies relevant to originators in a tough market. Six of these hot tips made it into MReport's online exclusive.

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