According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]
Mortgage applications are up 1.3% this week, making some recovery after a 2.5% decline in the last week of August, according to the Mortgage Bankers Association. The Refinance Index saw a 2% increase this week, with refinance activity up 1%, from 60 to 61. Although the Purchase Index fell 3% this week, purchase applications remain […]
RealtyTrac’s latest report shows that cash sales continued to rise, hitting 40 percent in July from 35 percent in June and 31 percent in July of 2012. RealtyTrac cited the recent uptick in interest rates as the reason for more cash buys, as some non-cash buyers can no longer afford to purchase a home, particularly […]
Today’s article from National Public Radio reported that the pent-up demand for homes will mean a greater resurgence in the housing market, but that might change as many young adults who have graduated from college within the past few years are saddled with hundreds of thousands of dollars of student loan debt. But what’s more […]
According to Mortgage Bankers Association data, the rate of new foreclosures in the second quarter of 2013 was 1.07%, a record figure going back to 1979. This was higher than the national average of 0.64%. It was also reported that the Empire State had the third-highest serious delinquency rate in the nation with 9.2%, followed […]
The Associated Press reported today that, if Congress has its way, the two government-controlled mortgage guarantee entities — Fannie Mae and Freddie Mac — could close down, resulting in higher mortgage rates. The House and Senate have separate bills that would phase out both Fannie and Freddie over a five-year period. But while the House […]
Lender Processing Services (LPS) recently released its Mortgage Monitor Report, which showed that early mortgage delinquencies rose by 9.9% during the month of June. The national mortgage delinquency rate went from 6.08% in May to 6.68% in June. However, it is lower than it was in the beginning of the year, when it was 6.9%, […]
A recent survey conducted by the Professional Risk Managers Association and FICO respondents, showed that during the first quarter of 2013, 45.2 percent of respondents believed that mortgage delinquency rates would remain constant over the next six months and 38.5 percent saw further rate declines, as compared to the fourth quarter of 2012, when 31.3 […]
For the third consecutive month, loans that originated for purchasing homes have increased. According to Ellie Mae’s Organization Insight Report for April, these loans made up for 42% of total loan originations, compared to 38% in March and 27% in January. Of these loan originations, 68% were conventional loans and 22% were Federal Housing Association […]
The Federal Reserve Bank of New York recently came out with its biannual Small Business Credit Survey, which showed lenders expressing a more positive attitude towards small business financing. The survey — which received more than 800 responses from businesses from New York, New Jersey and Connecticut — showed that almost half (44%) of small […]