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The U.S. and Britain have issued a first-of-its-kind warning about Russian cyberattacks that could extend to individual homes.
The spring homebuying season has gotten off to a slow start, at least based on the number of borrowers taking out home mortgages. But some signs...
Housing affordability fell from a year ago, meaning fewer households can afford the inventory of homes for sale based on their incomes, according...
Posted To: MBS CommentaryWe've been increasingly wary about a potential break of the recent consolidation/rally trend --the one that saw yields move sideways to slightly stronger from late Feb through early April. Yields tiptoed to the top of that range as of Tuesday and then fired a more forceful warning shot with a bigger breakout yesterday. Today looks set to continue the destruction of the trend with sharp losses overnight. Where might this be going? With 2.86% breaking and 2.91% already being tested, there's really only the super-long-term highs at 2.95+ remaining. To see anything higher, we have to go back more than 4 years. If that breaks, there's not much overrun until we're looking at 2011's levels in the low 3's as the supportive ceiling. But let's slow down a bit. We'll cross...(read more)
Posted To: MND NewsWireThe share of refinancing loans dropped to 38 percent of loans closed in March, down from 43 percent in February. Ellie Mae's Origination Insight Report for the month notes that the 5 percent decline in those loans was consistent across all three loans types, FHA, VA, and conventional. Refinancing slipped as the interest rate on 30-year fixed-rate mortgages rose to their highest level since January 2014. Ellie Mae said that the average rate on closed loans which had been at 4.33 percent in January and 4.48 in February jumped to 4.69 percent in March. The percentage of loans with adjustable rates (ARMs) increased to 6.3 percent from 5.5 percent the previous month. The distribution of loans across loan types was largely unchanged. The FHA share rose 1 percentage point to 20 percent while conventional...(read more)
Posted To: MND NewsWireFewer homes on the market are affordable than a year ago, and fewer households can afford them with their current income. The National Association of Realtors® (NAR) and the realtor.com website have released a list of the least and the most affordable locations nationwide based on the area's income and the website's active listings. The maximum affordable home price assumes that 30 percent of a purchaser's income can go to pay for the financing, property tax, homeowner's insurance costs, and a mortgage insurance premium if required. It is also assumed that the purchase will be financed with a vanilla 30-year mortgage at the prevailing rate advertised by lenders on the realtor.com site. A score of one or higher generally suggests a market where homes for sale are more affordable to households...(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