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Buyers flipping through the marketing materials of this Granbury, Texas, home may have done a double take, but real estate pro Casey Lewis says the gimmick worked.
But there is a bright spot: More first-time home buyers appear to be entering the market even as tight inventories restrict the number of homes for sale.
A new academic paper suggests consumers have a history of punishing politicians when mortgage credit is not readily available.
Posted To: MBS CommentaryAfter holding the same sideways range since June 27th, 10yr Treasury yields finally knocked on the 2.88+ ceiling for the 2nd time (the previous attempt being July 3rd). But that's about as exciting as I can make today sound. The overall move higher in yields was less than 2bps, and volume was exceptionally low. If anything, the challenge of the range ceiling (failed challenge, really) was the product of serendipitous afternoon tradeflows amid highly illiquid trading conditions. Today's economic data and Fed Chair testimony did little, if anything, to motivate trade. Whereas the afternoon was an illiquid desert for bonds, the morning hours were only slightly better. Still, the morning at least had a clear source of inspiration in the form of European bond market movement. Treasuries...(read more)
Posted To: Mortgage Rate WatchMortgage rates were flat again today, further prolonging a trend that's been in place for weeks. During that time, we've seen modest ups and downs, but no significant changes. To put the narrowness of the range in context, the "ups and downs" are only seen in the upfront costs associated with any given mortgage rate. Rates themselves haven't changed for the average loan scenario. Today's absence of change belies market movement to some extent. The bonds that underlie mortgage rates weakened enough through the course of the day that mortgage lenders were nearly justified in a mid-day rate sheet adjustment (for the worse). When this happens (i.e. when bonds weaken, but not quite by enough to prompt mid-day changes), the implication is that tomorrow starts out at a slight disadvantage . In other...(read more)
Posted To: MND NewsWireIt is the largest generation in U.S. history and Millennials may also set a record as the one whose behaviors have been most heavily researched. Despite the hours of study and pails of ink, the direction the generation's members will ultimately take in their lives still has the nation a bit flummoxed. This may especially be true of their decisions about shelter. The Urban Institute (UI) just completed another large study on young adults born between 1981 and 1997. That, compared to earlier generations, they are more tech-savvy, racially and ethnically diverse, better educated, and marry later in life, explains some but not all of their performance to date as homeowners. The UI team* finds that the 37 percent rate of homeownership within the generation in 2015 was lower than both of the preceding...(read more)
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Metro Phoenix’s homebuilding recovery won’t ramp up again until 2015, and then it will play out mostly in the West Valley.
The latest forecast comes from some of the region’s top developers, builders, investors, brokers and analysts at the Scottsdale-based Land Advisors Organization’s annual real-estate conference on Wednesday.
New-home permits will climb as high as 18,000 next year, and the number of homes built in the southeast Valley will decline, Land…Continue
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.96 percent of all loans outstanding at the end of the second quarter of 2013, the lowest level since mid-2008. The delinquency rate dropped 29 basis points from the previous quarter, and 62 basis points from one year ago, according to the…
One of the most significant effects of the nation's housing bust has been the swelling ranks of underwater borrowers trapped in homes worth far less than they are worth.
But thanks to sustained rises in home prices, the number of homeowners stuck in the negative equity trap is dwindling. According to analytics firm CoreLogic, 100,000 borrowers edged into the positive equity territory in the third quarter of 2012, adding to the more than 1.3 million borrowers that…Continue
The Consumer Financial Protection Bureau topped off a week of mortgage rule rollouts by launching the agency's guidelines for loan officer and broker compensation Friday.
Among other provisions, the CFPB's final rule keeps originators from steering borrowers into risky and high-cost loans, ends dual compensation from both the consumer and creditor and bans the attachment of mandatory arbitration agreements to mortgage and home equity…Continue