Millennials More Likely than Gen Xers to Be Saving, But Not For Down Payments

The country’s youngest adult generation, those aged 18 to 34, otherwise known as Millennials are more likely than both Generation Xers and Baby Boomers to be saving for short and long term financial goals, but saving a for a house is low on the priority list. The latest quarterly renters survey from mortgage giant Freddie Mac found that 92 percent of Millennials are saving for a major purchase (not necessarily a house though) and 94 percent are saving for a vacation. Those rates among Boomers Read more [...]

Decline in All-Cash Home Purchases Reflects Stabilizing Mortgage Market

The U.S. housing market has seen a major decline in the percentage of buyers paying for homes with cash over the past several years, according to the National Association of Realtors, a sign that investors are being replaced by traditional homebuyers. The net effect should be a stabilizing of the market with more gradual price increases over the long term. The NAR found that 23 percent of all existing-home sales in July were all-cash sales. And while that figure is up slightly from June’s 22 Read more [...]

Foreclosure Starts Fall to 10-Year Low

The number of new mortgage foreclosures fell to a decade-long low during the first half of 2015, according to a new report from foreclosure data firm RealtyTrac. In its Midyear 2015 U.S. Foreclosure Market Report, RealtyTrac reported that there were 304,439 properties that entered the foreclosure process during the first six months of this year, a 4 percent decrease from the previous year and the lowest number on record in the survey’s almost 10-year history. Compared with the first half of Read more [...]

Priciest Mortgages Have Highest Foreclosure Rate

Foreclosure numbers have been falling in the past few years, but one segment of mortgage-borrowers continues to have an unusually high percentage of defaults – jumbo loan customers. Jumbo loans are those made for mortgages more than $417,000 in most areas of the country. For the top layer of jumbo loan borrowers – those taking out loans of $750,000 or more – the foreclosure rate was 2.5 percent in December 2014, according to real estate analytics firm CoreLogic. By comparison, the national Read more [...]

Only 13 Percent of Homeowners Still Underwater

Dramatic price increases in 2013 helped lift 4 million American homeowners out of negative equity last year, according to property information firm CoreLogic, a positive sign for the recovering housing market. There are now 6.5 million homes, or 13.3 percent of all residential, mortgaged properties that are underwater – when a borrower owes more on the mortgage than the home is worth – down from the peak of December 2009 peak when 12 million homeowners were in negative equity territory. “Stability Read more [...]

Low Rates Give Homeowners One Last Chance to Refinance

After the Federal Reserve announced it would start tapering its mortgage stimulus program beginning this year, most analysts believed that meant long-term interest rates would start rising, signally the end of attractive refinancing options. Yet according to Freddie Mac’s latest U.S. Economic and Housing Market Outlook, less-than-stellar job market performance has dampened the mood of investors, helping to keep interest rates low and granting homeowners another chance to refinance into less expensive Read more [...]

2013 Homes Sales Rose to 7-Year High

Sales of existing homes ascended to their highest point in seven years in 2013, according to data from the National Association of Realtors, aided by a small gain in December. From January to December 2013, total existing home sales rose to 5.09 million, up 9.1 percent from 2012. Sales haven’t hit that level since 2006, at the end of the ready-to-pop housing bubble. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large Read more [...]

Quicker Foreclosures Mean Quicker Recovery

In states where foreclosures are processed quickly, the housing recovery also moved quickly compared to those states where foreclosures have languished in the courts, according to a new study. Pro Teck Valuation Services, a national appraisal firm, found that of the largest 30 U.S. metropolitan areas, the bottom performers were all in so-called judicial states – states where every foreclosure must go before a judge before completion. By contrast all of the top ten performing mortgage markets Read more [...]

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on November 29th 2013 in Mortgage News

Lenders Make Homeownership More Attainable

We are finally starting to see some of the first verifiable signs of looser lending standards in the mortgage market since the housing collapse. That’s good news for those who have been scrimping and saving to get into a home of their own. As mortgage lenders saw their refinance traffic slow dramatically after this summer’s spike in interest rates, many tried to drum up extra business on the purchase side, by lower credit score requirements and down payment thresholds. Mortgage data tracker Read more [...]

Fed Continues Stimulus – What Will Happen to Mortgage Rates?

After its two meeting, the Federal Reserve announced yesterday that it will continue its stimulus program for the next few months, a move that surprised the financial markets and could have a real effect on long-term mortgage interest rates. The Fed has been buying up $85 billion worth of Treasury bonds and mortgage-backed securities (MBS) each month in an effort to bolster economic growth and keep rates low. These purchases have been credited with pushing mortgage interest rates to rock-bottom Read more [...]