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Tag Archives: mortgage
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity went up 15.5 percent for the week ending July 15. The MBA’s seasonally adjusted index factors in refinancing as well as home purchase demand.
Since applications for home… Continue reading
A study released by mortgage technology company FNC, Inc. indicates the importance of an accurate appraisal in representing the true value of residential property—something often misrepresented in a privately negotiated sales price.
“When fundamental market inefficiencies – high transaction costs, low information transparency and low liquidity, combined with substantial asset heterogeneity – commonly underlie real estate transactions, it’s easy to understand why privately-negotiated prices can often misrepresent a property’s true… Continue reading
Nearly 40% of Realtors surveyed by the National Association of Realtors blame low appraisals for cancellations or delays of pending sales. But a new FNC research report, supported by real-time appraisal data, shows that more than 60% of these appraisals exceeded pre-closing contract prices. On average, appraisal value was 1.7% higher than contract price.
This information seems to confirm that residential real estate appraisers are taking great care to study… Continue reading
The good news is that the potential for a double-dip recession and our fear of it is fading. This should help stimulate economic growth. The Wall Street Journal reported that the U.S. economy had grown about 2.6% in the third quarter. During this period companies have increased their inventories of goods. While consumer spending was down during this same period, a recent increase in spending reflects consumer comfort. Last week’s… Continue reading
I’ve heard recently that the lack of trust within the financial and mortgage industry is the largest hindrance to a recovery.
This sentiment has reminded me of a quote, ”Blame and Trust cannot co-exist.”
Headlines from our industry seem to focus 20% on the root problem, and 80% on WHO’S RESPONSIBLE. The real damage is done when energies are applied proportionally.
For example: how long do you think it would take… Continue reading
In Boston, a foreclosed homeowner has a second chance to snatch his home back from the jaws of foreclosure: Boston Community Capital. BCC buys foreclosed homes at market value and sells them back to the owners, most of whom could afford a modified loan with payments reflecting the market rate of the home. But their homes plummeted in value and the owners went into foreclosure before they could reach a… Continue reading
Fannie Mae and the National Council of State Housing Agencies have a fabulous offer for anyone with an income and good credit–buy a house for just $1,000 down. (Normally, Federal Housing Authority mortgages require a 3.5% down payment.)
It is a pilot program called Affordable Advantage. The Washington Independent reports that the program has been adopted in Massachusetts, Wisconsin, Idaho and Pennsylvania, California and Colorado have programs almost identical to… Continue reading