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Housing Finance

Will Zombie Distress Sales Ruin the Party?


  With the significant declines over past two years, the demise of distress sales as a matter pf concern has seemed a matter of a few months, until now.  Like a zombie rising from a grave, distress sales of various sorts have returned this winter and still account for one in four home sales, according to Clear Capital. February national … Read More »

FHA, GSE Mortgages Take 40 Percent Longer to Close

old house

  Home purchases financed with lower down payment mortgages such as those guaranteed by FHA, VA, Fannie Mae, or Freddie Mac are much more likely to face closing delays than transactions involving all cash or large down payments, according to a new survey of real estate agents. The survey of January transactions showed that home purchases financed with lower down … Read More »

New Survey: Consumers Believe Mortgages are Easy to Get

  Just in time for the 2014 home buying season, attitudes towards access to mortgage credit are improving and most Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January National Housing Survey. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of … Read More »

Most Buyers Still Worried About Financing

  As 2013 ended, less than 40 percent of consumers think that it will be easier to secure a mortgage in the coming buying season despite data showing lending standards. In a series of national consumer surveys over the past year, Prudential Real Estate has tracked consumer attitudes towards changing conditions in real estate markets, including access to financing. In … Read More »

Mortgage Delinquency Rate Plummets to Five Year Low

The data provided are gathered from TransUnion’s proprietary Industry Insights Report, a quarterly overview summarizing data, trends and perspectives on the U.S. consumer lending industry. The report is based on anonymized credit data from virtually every credit-active consumer in the United States. “It’s encouraging to see the mortgage delinquency rate drop for two consecutive years, but at the same time, … Read More »

Student Loan Debt is Torpedoing Home Sales

A crowd of college students at the 2007 Pittsburgh University Commencement.

  The combination of tough new rules denying qualified mortgages to applicants without the ability to repay and soaring study loan debt may be doing more than anything else to shut an entire generation out of homeownership. First-time buyer market share has fallen to 27 percent in recent months.  Rising prices, thin inventories of starter homes, rising down payment requirements … Read More »

Mortgage Delinquencies Now 1.5 Times Pre-Crisis Levels

Black Knight, formerly LPS Financial Services, reports that 2013 marked the fourth consecutive year of significant, sustained improvement in the nation”s inventory of delinquent mortgages, and the second consecutive year of significant improvement for those in foreclosure. Delinquencies were just 1.5 times their pre-crisis average, with foreclosures down to 4.6 times their pre-crisis levels (declining from more than eight times … Read More »

Hybrid ARMs are Hot


Hybrid ARMs continued to be the most popular loan product offered by lenders and chosen by ARM borrowers according to Freddie Mac’s 30th Annual Adjustable-Rate Mortgage (ARM) Survey of prime loan offerings, which was conducted January 6 to January 10, Hybrid ARMs have an extended initial fixed-rate period — generally three to ten years — and then adjust annually thereafter. … Read More »

Financing is Starting to Flow

Despite seeing 30-year fixed rate mortgage interest rates that were a hefty 1 percent point higher in December than a year earlier, the U.S. housing market is continuing to post solid results, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Survey results for December pointed to a housing market that was significantly healthier at the end of 2013 … Read More »

Lenders Loosen up on FICO Scores

The median FICO score for approved mortgages has fallen from 750 to 729 in the past 12 months and l30% of closed loans had an average FICO score below 700 in November 2013, compared to 22% in 2012. Read More »

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