Analysis reports on refinancing by Freddie Mac have shown that during the fourth quarter of 2013, the refinance share of applications averaged 56% in its monthly refinance survey. But its economists foresee a drop in refinances to 38% this year. Many homeowners who refinanced through Freddie Mac in 2013 have been choosing fixed rate mortgages […]
Month-over-month rises in home prices slowed down to fractional numbers as year-over-year increases entered its 20th consecutive month, according to CoreLogic. The Home Price Index (HPI), which is comprised of distressed sales and equity, was up 0.2% from September to October and was 12.5% higher than the year prior. The HPI hit its peak this […]
Last week, RealtyTrac announced its findings that some 600,000 homeowners had emerged from being “deeply underwater” (that is, with loan-to-value ratios in excess of 125%) since May. During that same time, CoreLogic also that homeowners are rapidly recapturing the equity they lost suddenly late in the last decade. Currently, more than 2.5 million more residential […]
Seniors have used reverse mortgages as a lifeline to deal with urgent financial needs, causing them to fall into a financial crisis. The National Council on Aging says one-third of its counseling clients have mortgage debt that exceeds 50% of the value of their home. When using a reverse mortgage to pay off existing mortgages […]
Affordable Financial Services LTD has private equity money to lend on commercial properties in the five boroughs. 50 LTV/CLTV max. Please send scenarios to info@afsmtgcorp.com. For tips and strategies on working with Affordable Financial Services LTD’ lending niches and programs, visit http://twitter.com/Afslo.
The recent reports that came out from both the Commerce Department and the National Association of REALTORs paint a dark picture for prospective homebuyers who have either waited to buy a home until they had the money to do so or waited too long because they believed that home prices would drop even further. Commerce […]
A recent report from Realtor.com showed that there were 1.48 million homes for sale in January, which is 5.6% lower than the previous month’s inventory and a 16.5% drop from what was available in January 2012. January’s figure was at the lowest level since the firm recorded such data in 2007. The National Association of […]
The National Association of REALTORS recently announced that pending home sales fell during the month of September, snapping a two-month streak of gains. Pending home sales reflect the number of sales going into contract; it does not reflect the number of closings. The index of sales agreements in September was 80.9, down 1.8% from August’s […]
Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% […]
The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that […]