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Housing Finance

Repos Increase as Banks Clean House

Billings Montana

Despite a decrease in overall foreclosure activity, bank repossessions in April increased 4 percent from the previous month, although they were still down 14 percent from a year ago. There were a total of 30,056 bank repossessions nationwide in April. Bank repossessions increased from the previous month in 26 states and were up from a year ago in 16 states, … Read More »

Delinquencies Down, Non-Prime Loans Up, Mortgages Go Round and Round


The mortgage delinquency rate has declined more than 24% in the last year and is now at 3.61%, the exact same level as it stood in Q2 2008. according to TransUnion’s latest mortgage report. Though delinquencies are down, non-prime loans are up and TransUnion has nearly 10 million fewer  mortgage accounts than it did six years ago. “It’s encouraging to … Read More »

Buyers Empty Their Bank Accounts to Avoid Mortgages


  Past generations preferred to stick their savings in mattresses rather than the bank.  Current home buyers would rather pay with a wheelbarrow of cash rather than endure the hassles of taking out a mortgage While cash purchases are traditionally associated with investors, current homeowners have turned to cash in an effort to gain an advantage in the bidding process … Read More »

Closing Rates Rate a Smile


It’s nothing to cheer about, but the latest data from Ellie Mae’s March data gave home buyers reasons to smile slightly.  Median FICO scores for FHA purchase loans have steadily risen over the quarter and closing rates for all mortgages took a big step upward. Some 58% of mortgage applications were approved in March, a significant improvement over February (55.3%) … Read More »

Buyers Bloom in the Springtime


Daffodils, April showers, robins and a new crop of For Sale signs seem to be working their seasonal magic on home buyers.  The latest Fannie Mae survey, conducted in March, reports that the gloominess that shrouded buyers during the bitter winter months has melted away and attitudes are nearly as positive as they were a year ago. Consumers who said … Read More »

New Mortgages Fall to 14 Year Low


  In yet another sign the recovery is hitting a wall due to strict lending standards: in February monthly mortgage originations dropped to the lowest level in at least 14 years as credit standards have not shown signs of loosening, according to latest Mortgage Monitor Report from Black Knight Financial Services. “February’s data showed the continued trend of declining origination … Read More »

Shadow Inventory Down 23 Percent, Foreclosure Inventory Shrinks 35 Percent

shadow inventory

The numbers of foreclosures and potential foreclosures have fallen dramatically over the past 12 months as the foreclosure picture rapidly returns to pre-2006 levels.  The decline in foreclosures in the pipeline has important ramifications for real estate investors and local markets that are returning to health as they recover from the foreclosure flood that produced 4.9 million foreclosures since 2008. … Read More »

Who Should be Cheering for Falling FICO Scores?


One third—33% of closed loans—had an average FICO score of less than 700 compared to 24% one year ago, yet another sign that lending standard are easing.  Or are they? According to Ellie Mae’s latest monthly origination report, great progress is being made in reducing the average FICO score to give more average American families a shot at a mortgage, … Read More »

Consumers Pay Auto Loans Before Mortgages


A new TransUnion study has found that consumers are once again prioritizing their mortgage payments ahead of their credit card payments. This reverses a trend that began in September 2008, when the mortgage crisis drove consumer payment preferences toward paying credit cards ahead of mortgages. The study also found that consumers have placed an emphasis on paying their auto loans … Read More »

Lenders: QM Rule will Bump up Rates for Low FICOs


  The qualified mortgage (QM) rule that took effect in January will raise mortgage rates for borrowerw with lower FICO according to survey of lenders released today. A survey by economists at the National Association of Realtors found that borrowers who cannot qualify for QM status because of their credit histories will pay a big price in higher mortgage rates. … Read More »

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