The latest Real Estate News – RE/MAX Advantage Plus

FICO: Americans More Likely to Default on Mortgages than Credit Cards

3/10/2010 1:26 PM

American consumers are now defaulting on their mortgages in even greater numbers than they are walking away from credit card debt. According to FICO's® Score Trends Service, this is a phenomenon that is historically unique. FICO said the mortgage default risk for consumers with high FICO scores now exceeds their credit card default risk, ev...Read More

Loan Demand Stagnates. Only One Bright Spot in the Production Slowdown

3/10/2010 11:09 AM

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 5, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A risi...Read More

The Day Ahead: Inventories, Budget Statement, Treasury Auction

3/10/2010 7:22 AM

Investors this morning await the first real data to be released this week. But wholesale trade inventories isn’t a major market mover, nor is the afternoon’s budget statement, so it could be a quiet day if investors prefer to postpone trading until retail sales figures hit the headlines on Friday. One hour before the opening bell, the m...Read More

Commercial and Multifamily Mortgages Outperforming Overall Bank Holdings

3/9/2010 2:45 PM

Commercial and multifamily mortgages continue to have the lowest rates of charge-offs of any loan types at banks and thrifts and perform better than the overall loan portfolios at those institutions according to the Mortgage Bankers Association (MBA). In response to what it referred to as a great deal of discussion and conjecture about those loans ...Read More

HUD Enforcing Job Creation Requirements for State and Local Governments

3/9/2010 2:37 PM

The Department of Housing and Urban Development (HUD) has released the results of the first stage of its increased oversight and enforcement of job creation requirements under Section 3 of the Housing and Urban Development Act of 1968. In a press release on Monday HUD said that more than 3,100 state and local government agencies that receive HUD fu...Read More

The Day Ahead: Stocks Dip on Sovereign Debt Fears Abroad. Treasuries Get Flight to Quality

3/9/2010 7:08 AM

Equity futures are firmly lower this morning following a mixed session yesterday. The Dow looks to open 31 points lower at 10,507 while futures on the S&P 500 are off 4.25 points to 1,132.75. “The mood in global markets is towards risk aversion with no apparent trigger,” said Benjamin Reitzes from BMO. MND's Adam Quinones says w...Read More

MBA: Servicing Specialists Should Not be Required to Obtain SAFE Act Licensing

3/8/2010 2:35 PM

The Mortgage Bankers Association (MBA), American Bankers Association (ABA), and the American Financial Services Association (AFSA) joined with 11 state and local mortgage lending groups on Friday to send a letter to the U.S. Department of Housing and Urban Development expressing concerns about the way in which HUD is proposing to implement the 2008...Read More

GSEs: Long Term Rates Again Below 5 Percent

3/8/2010 2:11 PM

Mortgage rates reversed course yet again during the week ended March 4 with the 30-year fixed-rate mortgage (FRM) once more falling below 5 percent. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97 percent with an average of 0.7 point compared to an average rate of 5.05 percent with 0.7 point the previous...Read More

The Week Ahead: Treasury Auctions Highlight Slow Econ Calendar Until Friday

3/8/2010 7:20 AM

Equity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents to $81.83 per barrel and Spot Gold up 54 cents to $1,135.19. Meantime, the US dollar is ...Read More

FHA Extends Deadline to Submit Audited Financials. Elimination of Correspondent/Broker Approval Still Pending

3/5/2010 9:06 AM

Via email, I recieved the following guidance from the FHA this morning: Subject: Guidance for Currently FHA-Approved Loan Correspondents Regarding Renewal of FHA Lender Approval for 2010 As proposed in a November 30, 2009 via 74 FR 62521 , HUD is seeking to eliminate FHA approval for loan correspondents. Because this rulemaking is still in process ...Read More

The Day Ahead: Employment Situation Report and Consumer Credit

3/5/2010 7:15 AM

Equity futures are firmly higher this morning ahead of February employment numbers. Payrolls are expected to continue declining but investors are reacting positively to news that the Bank of Japan could initiate measures to protect the economy from deflation. Overseas markets have been positive across the board, including a 2.20% gain in Japan, a 1...Read More

Fed MBS Program Update: $34 Billion Left to Spend With Four Weeks to Go

3/4/2010 2:52 PM

The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending March 3, 2010, the Federal Reserve purchased a net total of $10.00 billion agency MBS. This represents a $1 billion decline from the previous reporting period and breaks a three week streak of $11 billion net total purchases. ...Read More

Pending Home Sales Fall Back to Pre-Stimulus Levels. Weather Blamed But Structural Weakness Remains

3/4/2010 11:41 AM

The NAR released Pending Home Sales data this morning. From the release: The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December , but remains 12.3 percent higher than January 2009 when it was 80.5. A sale is listed as "pending" when...Read More

The Day Ahead: Markets Await Jobless Claims and Home Sales

3/4/2010 7:19 AM

The futures market is pretty quiet this morning as investors await the jobless claims report today and the month’s unemployment report tomorrow. Also on deck today are revisions to the fourth quarter’s productivity and costs report, and the first look of the year at pending home sales. In Europe, Greece hit the market a well-bid sale of...Read More

Refinance Loan Demand Responds to Dip in Rates. Purchases Putt Along Near Bottom

3/3/2010 3:06 PM

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 26, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A ...Read More

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