Another sign that the housing market is recovering: seriously delinquent mortgages fell to a five-year low during the second quarter of this year and overall foreclosures also continued to decline.
The latest data from the Mortgage Bankers Association shows that seriously delinquent home loans -those late by more than 90 days or already in the foreclosure process – dropped to 5.88 percent of all mortgages in the second quarter, down dramatically from 7.31 percent the previous year. The last Read more [...]
Sales of existing U.S. homes rose slightly in April, according to the National Association of Realtors, held back by strict mortgage lending standards.
Total existing-home sales edged up just 0.6 percent last month to a seasonally adjusted annual rate of 4.97 million units from an upwardly revised 4.94 million in March. Sales were also up 9.7 percent from the previous year.
“The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these Read more [...]
A government program to save struggling homeowners from foreclosure is producing disappointing results, although doing better than private sector modifications, according to a new report from a federal inspector.
The Home Affordable Modification Program, or HAMP, was designed by the Obama administration to help homeowners hit hard by the mortgage meltdown by lowering their monthly payments. The report from the office of Christy Romero, special inspector general for the Troubled Asset Relief Read more [...]
U.S. home prices rose for the 11th straight month in January, according to new data from housing data company CoreLogic, marked by the strongest yearly increase since early 2006.
Nationally, home prices, as tracked by CoreLogic's index, increased 9.7 percent in January from the previous year and rose 0.7 percent from December.
"Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, Read more [...]
Sales of existing U.S. homes rose in November on a yearly basis, according to the National Association of Realtors, swelling to a three-year high.
Total sales grew 5.9 percent in November to a seasonally adjusted annual rate of 5.04 million homes,up from a downwardly revised 4.76 million in October, and up 14.5 percent from November 2011.
"Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," said Lawrence Yun, NAR chief economist in a Read more [...]
For the second quarter in a row, U.S. home prices have risen in the third quarter pointing, according to the latest S&P/Case-Shiller index, marking real progress in the housing market.
Between July and September of this year, home prices rose 3.6 percent from the previous quarter, and were also up over the year before. The latest quarterly jump was the largest increase in almost two years.
Home prices have been rising monthly on an annual basis for four months and increasing on a monthly Read more [...]
Sales of existing U.S. homes slipped downward in May, and according to the National Association of Realtors it was a result of limited inventory on the market.
Total sales fell 1.5 percent in May to a seasonally adjusted annual rate of 4.55 million homes down from 4.62 million in April. Yet compared with one year earlier, sales were up 9.6 percent.
The NAR insists that the problem was not a shortage of interested buyers.
"The slight pullback in monthly home sales is more likely due to supply Read more [...]
Even as total U.S. foreclosure starts dipped in April, a new report from Lender Processing Services (LPS) shows that foreclosure starts among Federal Housing Administration (FHA) loans spiked during the same period.
The LPS April Mortgage Monitor report found that overall foreclosure starts across the nation fell 2.6 percent in April, but FHA loans saw a 73 percent jump. Most of those loans that are starting to sour were made during 2008 and 2009 when most private lenders essentially dropped out Read more [...]
In the wake of the $25 billion mortgage-servicing settlement, 14 of the nation's largest mortgage banks and lenders sent out notices to eligible former homeowners for a chance to have the legality of their foreclosures reviewed. And so far, it looks like very few are interested.
As of April 30, only 4 percent - roughly 165,000 - of the 4.1 million people who received invitations letters have responded, according to the Office of the Comptroller of the Currency (OCC). Those individuals will now Read more [...]
Home sales are likely to be relatively flat in 2012 compared with last year, according to comments from Fannie Mae's Vice president and chief economist Doug Duncan.
Even though there have been signs of mild improvement in the economy, and low interest rates and home prices have prevailed for years now, there is still little demand for homes. The main issue keeping potential buyers from making the plunge is the shaky employment scene, said Duncan in a CNBC interview.
"There's no sense of urgency, Read more [...]