MARKET COMMENT Mortgage bond prices fell slightly last week pushing interest rates higher. Unfortunately the seesaw trading pattern continued with rates rising and falling throughout the week. We started the week with stronger than expected Industrial Production and Capacity Use data pressuring mortgage interest rates higher. Stocks fell mid-week following a shocking 27.2% decline in existing home sales and weaker than expected durable goods orders. This helped us recover…Continue
Added by Kenneth Bargers on August 30, 2010 at 8:50am — No Comments
Added by David A. Earhart on August 27, 2010 at 4:36pm — No Comments
Added by Ann Cordes on August 26, 2010 at 2:55pm — No Comments
Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.
The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.
Refinancing is at its highest level since May 2009 and makes up 82.4 percent of all new loan activity,…Continue
Added by Kenneth Bargers on August 25, 2010 at 6:25pm — No Comments
Added by James G Vulpetti, PA, CSP, GRI on August 23, 2010 at 2:29pm — No Comments
MARKET COMMENT Mortgage bond prices rose last week helping recover some of the recent losses. We started the week with weaker stocks helping the mortgage bond market. Overall trading was choppy with data coming in all over the place. Higher than expected core producer price index data mid week helped erase most of the Monday morning improvements. This was countered by higher than expected jobless claims Thursday that pressured stocks lower. The jobless numbers remain…Continue
Added by Kenneth Bargers on August 23, 2010 at 8:27am — No Comments
Recently, I was working on a short sale file with BofA. We had been working on it for sometime, so we were checking weekly to make sure that there was not a trustee sale date.
They ensured us everytime that there wasn't one. The file had finally gotten into the hands of upper management and we were expecting approval very soon.
One day I got a call from a local agent saying that the home had gone to…Continue
Added by Thomas Becker on August 20, 2010 at 4:56pm — No Comments
The water temperature may be just right, but the cost of buying and operating a pool is scalding.
Anyone who contemplates owning a pool should expect it to cost at least $3,000 a year, or $5,000 if they turn the job of maintaining it over to a pool service, estimates Susan Elser, a certified financial planner in Indianapolis.
Installing a pool along with the required extras like a high fence costs at least $25,000 and probably $50,000 is a better estimate. And…Continue
Added by Kenneth Bargers on August 18, 2010 at 9:47am — No Comments
So FHA is boasting about launching it's new short refi program for underwater homeowners. Woot, woot. Have you actually LOOKED at their requirements? It reminds me of the evil stepmother in Cinderella who tells the girl that she can go to the ball "IF" she can get an impossible amount of work done. In other words, "NOT GOING TO HAPPEN!"
The U.S. Department of Housing and Urban Development (HUD) Mortgagee Letter 2010-23 lists the eligibility…Continue
Added by Michele Ashbarry on August 18, 2010 at 12:08am — No Comments
Anyone that has a client in NJ needed of a short-sale specialist let me know and we can workout a referral fee through the office.
I had another agent within our Company asking if anyone has contact information for Ocwen. I have not delt with the institution so I thought the Short Sales Specialist Network as a place to start. Anyone out there that has contact info I would appeciate it.
MARKET COMMENT Mortgage bond prices were higher last week applying downward pressure on mortgage rates. Turmoil and volatility remain high with wide swings occurring in both stocks and bonds on an almost daily basis. The economic outlook remains clouded at best. Weekly jobless claims and the trade deficit remained high, hindering recovery in the jobs market. As expected, the Federal Reserve will restart the quantitative easing program by purchasing Treasury…Continue
Added by Kenneth Bargers on August 16, 2010 at 9:59am — No Comments
EVERYTHING on your short sale is negotiable......when we negotiate for agents, buyers, or homeowners, we ALWAYS let them know it ain't over until you say it is.
On your approval letter, if you do not like the wording, your commission is being cut, or, the consequences to the Seller are unacceptable, then ASK FOR THEM TO BE CHANGED!!!!
most of the time the bank will crack (particularly if you hav reached out to teh Ivnestor directly)
Make it happen…Continue
The amount paid to Chase is for the release of Chase’s security interest(s) only, and the Borrower is still responsible for all deficiency balances reaming on the Loan, per the terms of the original loan documents.…Continue
Added by Patti Lyles on August 15, 2010 at 1:20pm — No Comments
By Inman News, Monday, August 9, 2010.
Fannie Mae and Freddie Mac were more willing to sign off on short sales during the second quarter but continued to repossess homes faster than they could sell them, according to the companies' latest regulatory…
Added by Eugene Mills on August 13, 2010 at 12:11pm — No Comments
What's on the Horizon?
Credit Suisse shows us 27 billion in high risk loans are resetting in June 2011. Think about that number - that's in (only) 1 month next year. Option ARMS are the majority of that 27, at 18 billion resetting in June 2011. These are the "smart pay" / "pick a pay" loans that had us scratching our heads at the settlement table wondering why anyone thought this was a good idea. The answer was…Continue
Added by Eugene Mills on August 13, 2010 at 12:10pm — No Comments
The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.…Continue
Added by Kenneth Bargers on August 12, 2010 at 10:44am — No Comments