With reverse mortgage loans, real estate practitioners and property owners have lots to gain. Cash-trapped seniors are able to remain in their homes with the help of their equity while real estate associates can earn goodwill and future referrals for seniors who are not yet ready to sell. There…
What Is A Reverse Mortgage A loan based on your home’s equity is a Reverse Mortgage. These are sometimes confused with home equity loans but the difference is that they are not credit based. It is basically taking a part of what your home is worth and turning it…
It was a busy week … Existing Home Sales lowest since 1996, 12.5 months of supply The NAR reported: Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q. I am in my early 20s and have been at my current job for 3 years now. I…
Tomorrow the Q2 GDP revision will be released, Fed Chairman Ben Bernanke will speak at the Jackson Hole conference, and perhaps the FDIC will release the Q2 Quarterly Banking Profile … From Binyamin Applebaum at the NY Times Economix: An Autopsy of Fannie Mae and Freddie Mac Here’s a…
From Jeff Horwitz and Kate Berry at American Banker: Procrastination on Foreclosures, Now ‘Blatant,’ May Backfire [S]ervicers are not initiating or processing foreclosures at the pace they could be. By postponing the date at which they lock in losses, banks and other investors positioned themselves to benefit from the slow…
Note that the slight decline in homeowners with negative equity was mostly due to foreclosures. First American CoreLogic released the Q2 2010 negative equity report today. CoreLogic reports that 11 million, or 23 percent, of all residential properties with mortgages were in negative equity at the end of the second…
The MBA reports that 14.42 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q2 2010 (seasonally adjusted). This is down slightly from the record 14.69 percent in Q1 2010. From the MBA: Delinquencies and Foreclosure Starts Decrease in Latest MBA National Delinquency Survey…
On the MBA conference call concerning the “Q2 2010 National Delinquency Survey”, MBA Chief Economist Jay Brinkmann said this morning: Survey covers about 88% of mortgage market. Mixed news in Q2. Percent of loans in foreclosure down. Foreclosure starts fell. 90+ day delinquent category dropped sharply. Some of this decline…
The DOL reports on weekly unemployment insurance claims : In the week ending Aug. 21, the advance figure for seasonally adjusted initial claims was 473,000 , a decrease of 31,000 from the previous week’s revised figure of 504,000. The 4-week moving average was 486,750 , an increase of 3,250 from…