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Tag Archives: foreclosure
The latest FNC Residential Price Index™ (RPI) shows the U.S. housing market continued to recover, recording in March the 13th consecutive price increase. In recent months, the ongoing housing recovery has maintained its pace with steady and persistent gains in home prices despite signs of continued job market weakness and soft economic growth.
Low interest rates continue to be a key driver of rising housing demand. The market… Continue reading
Though home foreclosures continue to be a challenge in many hard-hit markets, a report released this week by mortgage technology company FNC indicates the ongoing housing recovery should continue for the long haul.
According to FNC’s Foreclosure Market Report, foreclosure prices have bottomed out in recent months and the foreclosure market has stabilized while underlying home values are rising… Continue reading
Happy Fiscal New Year.
Last week it was announced that new home sales are up, at a seasonally adjusted annual rate of 373,000. From the bottom, that number is up nicely. But from the top, it’s way down. (Source: Calculated Risk)
As there were 141,000 new homes for sale last month, FNC’s Bob Dorsey says it should take four-and-a-half months until that inventory is clear.
Earlier this week, the Obama administration announced new rules included in a major overhaul of the Home Affordable Refinance Program (HARP). Among these were steps that would relax certain rules and lower borrower fees for homeowners with mortgages backed by Fannie Mae or Freddie Mac, allowing these homeowners with endangered mortgage positions to possibly refinance their mortgages at current historically low rates. Another provision in the changed rules would streamline… Continue reading
The business news this week has not been unlike the weather. While market swings have moderated and somewhat stabilized, as the week ended, investors were still faced with both real and potential triple-digit swings. Economic conditions, like Hurricane Irene, seem to be slowly swirling, creating a vortex that no one can predict with certainty how, when, or with what fury it will come home to roost. The fact that 2012… Continue reading
In an article published today by Alan J. Heavens in the Philadelphia Inquirer’s digital edition, the writer says taking out the sales of distressed properties makes for a less abrupt drop in overall home prices. (Check out the article at philly.com.)
Mark Zandi, chief economist of Moody’s Analytics, believes that distressed home sales account for… Continue reading
Mortgage Banking News’s Lew Sichelman says it’s time for the Obama Administration to appoint a “housing czar” to clear the market of distressed houses.
On Monday, Wells Fargo Home Mortgage and the U.S. Conference of Mayors began a three-year partnership to help avoid mortgage loan foreclosures.
In an article from The Des Moines Register, Mary Coffin, executive vice president of Wells Fargo Home Mortgage, said both parties intend to provide “proven technical capabilities and educational materials” in an effort called Leading the Way Home, which will help municipalities address the current housing crisis… Continue reading
Last month FNC, Inc. released the industry’s first market value-based foreclosure price discount data on single-family homes. Now a distressed property’s foreclosure sale price can be compared to its underlying market value, what it would have sold for if it weren’t in the foreclosure pipeline. FNC’s estimation of a property’s underlying market value is based on the FNC Residential Price Index™, the industry’s leading hedonic price index. In a report this week… Continue reading
What’s up: foreclosures, underwater mortgages and mortgage applications
What’s down: home prices
What’s happening: federal agencies and banks trying to agree on a solution to reduce home loans; Bank of America meets with investors and analysts
Last week, U. S. banks received a 27-page proposal from state attorneys general and several federal agencies that could lead to a broad agreement to overhaul millions of foreclosures. The proposal, which could… Continue reading