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 […]
According to the Commerce Department, new home sales declined 2.1% in November at an adjusted annual rate of 464,000, compared to an upwardly revised figure of 474,000 in October. Despite the drop in home sales, last month’s figure exceeded economists’ estimates of 440,000. Commerce also revised August and September’s numbers upward because more prospective homebuyers […]
The applications for the purchase of newly constructed homes have decreased last month by about 18% from October levels, according to The Mortgage Bankers Association’s (MBA) latest builder survey. The builder survey is conducted from mortgage subsidiaries of homebuyers across the U.S. After the data was concluded and assumptions about market coverage were made, sales […]
Economists at the Goldman Sachs Group reported than more than 50% of all homes sold last year and throughout this year were bought mortgage-free and that all-cash sales have more than doubled since 2006. Before the housing bubble burst, only 20% of homebuyers made cash-only transactions. Goldman Sachs analysts determined the percentage of cash-only home […]
According to Fannie Mae’s Economic and Strategic Report, the 30-year fixed mortgage rate increased more than 110 basis points from May to June. Recent data shows continued improvement with May’s existing home sales jumping to its highest level in six years. Also, new home sales were up in May to the highest level since July […]
The National Association of REALTORS recently reported that approximately 29 percent of today’s homebuyers are down from the “historic norm” of 40 percent. The NAR cited tight credit conditions, limited housing inventories, and steep competition from investors for the same properties as reasons for the shrinking number of first-time homebuyers. Kevin Gillen, an economist at […]
Multiple Listing Service of Long Island (MLSLI) reported today that, in Suffolk County, 698 residential properties were sold last month, up from 632 in February. Pending home sales, meanwhile, soared from 896 in February to 1,101 in March. Last month’s pending sales were 12.6% higher than they were 12 months ago, when there were 978 […]
President Barack Obama recently announced that the Federal Housing Administration may need a bailout to the tune of $943 million in taxpayer money to keep the agency afloat. If this were to happen, it would the first time in FHA’s 80-year history that the government-based mortgage insurer would need a bailout. The FHA is taking […]
The Mortgage Bankers Association reported recently that mortgage applications fell 7.1% for the week ending March 15. This marked the second consecutive week of declines. The refinance index dropped 8%, making it 10 straight weeks of declines. In addition, refinancing fell to 75% of all mortgage activity — its lowest level since May 2012. The […]
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 […]