Posts about Mortgage Market Report as of August 27, 2009

When you are in the market for a new home you may find that your credit rating is poor and you may think that there is no way you could get a mortgage. This may be true at a bank, but there are several mortgage lenders to choose from that offer home loans for people with poor credit. If you are willing to be a little patient and research your credit rating, you can qualify for a better loan than you might think. Home loans when you have poor credit are available, but they can be quite expensive.

The debt burden for retirees is getting progressively worse, according to the fifth annual UK Pensions Report from Scottish Widows. The report reveals that almost one in six (15%) retired people in the UK have an outstanding mortgage , with an average debt of £50,100 – an £8,000 increase from 2008. When it comes to unsecured debt such as credit cards and personal loans , the average debt for retired people is £7,344, up from £6,732 in 2008 and £5,930 in 2007.

Confidence Is Increasing It’s no wonder that builder confidence is soaring – their inventory of homes for sale is depleting at a furious pace.  For the 4th straight month, New Home Sales gained, posting the best numbers since last September’s meltdown and handily beating economist expectations. The available supply of homes is down to 7.5 months  nationwide. It’s further evidence that the housing market may have bottomed at some point this past spring.

    In news that is sure to “spook the herd”, the New York Times reports that “Google plans to begin offering loan quotes online as early as this month, a lawsuit filed in federal court this week claims. The suit was filed by LendingTree, which offers consumers mortgage quotes and conditional loan offers online, against Mortech, a company that provides some of the technology that powers the LendingTree service. Google is not a party to the case.” Apparently Mortech plans to make its technology available to Google, who will in turn compete with LendingTree.

By Erika Schnitzer, Associate EditorAugust 26, 2009 – Norfolk, Va.—Apartments in Norfolk, Va. are likely to offer more near-term stability than most everywhere else in the nation, according to Marcus & Millichap’s Norfolk RentApartment Research Market Update for Southeast Virginia, Second Quarter 2009.“This is one of the strongest markets in the country,” asserts Jay Sloan, investment advisor in Marcus & Millichap’s Williamsburg, Va. office.

(Editor’s Note: This post is the second part of a two-part series, and is based on a recent article in Lombard Street ; the first part was posted on the Forum here .) If the proposals in the Obama Administration’s report on financial regulatory reform are adopted, the restriction on the size or form of executive compensation on Tier 1 Financial Holding Companies (FHCs) may be the one that most alarms financial enterprises. Let me turn to that issue.

By: Dennis Norman The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending August 21, 2009.  The Market Composite Index, a measure of mortgage loan application volume, increased 7.5 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 6.3 percent compared with the [...] Related posts: Interest rates drop to three month low According to Freddie Macs weekly mortgage market survey the interest…

Tags People Celebrities High Tech Sports Odd News Top Information Health Business Spoken News News Photos Slideshows 1/130Madonna booed in Bucharest for defending Gypsies (AP) AP – Thousands of fans have booed pop star Madonna after she spoke out against the discrimination of Gypsies in eastern Europe during one of her concerts. (AP) Click on the image for the actual size or for a fullscreen flash.Click here for more description.

Across the nation, homeowners experience the pressure of home foreclosure. As a matter of fact, the scenario is so striking that a lot of people were caught unready by the constant decrease in the home prices and the drastic increase of home foreclosure incidents. This means that a lot of people are losing their home which gives others the chance to purchase prime properties at a much lower price. If you\’re a beginner in home buying, it\’s your best choice to buy a house that\’s been foreclosed by the bank or a lender.

Prices of Treasury coupon securities are posting small mixed changes in overnight trading. The yield on the 2 year note is unchanged at 1.05 percent. The yield on the 3 year note is unchanged at 1.54 percent. The yield on the 5 year note has increased a basis point to 2.47 percent. The yield on the 7 year note has increased a basis point to 3.44 percent. The yields on the 10 year note and the Long Bond have also increased by a basis point to 3.44 and 4.20 percent,respectively.

Loans That Looked Easy Pose Threats to Recovery – The Ledger When Harvey Clavon took out an exotic mortgage to refinance his home in Santa Clarita, Calif., three years ago, he thought he knew what he was doing. Mr. Clavon, 63, was planning to sell the home in a few years and retire to Palm Springs. So he got a … Weekly mortgage applications rise 7.5%; Colorado loan rates at 5.14% – Denver… The number of mortgage applications across the nation rose for a second week, boosted by an increasing demand for refinancing.

BANK ROW: Abu Dhabi Commercial Bank is threatening action over a report published by REIDIN, the market research company. (ITP Images) Abu Dhabi Commercial Bank (ADCB) has threatened to sue market research company REIDIN after it overstated the value … View original story…

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Author: Mike When we talk about personal finance, there are several rules of thumb that can help you build a solid financial plan. Here are a few numbers to remember when you want to improve your personal financial situation. Aim for a Credit Score of 750 A credit score may vary from 300 to 900 but most people have a score between 600 and 800. A great credit score will open the doors to get better rates on: – credit cards, – insurance (car, home, life, etc), – personal loans including car loans, – lines of credit and – mortgages.

BANK ROW: Abu Dhabi Commercial Bank is threatening action over a report published by REIDIN, the market research company. (ITP Images) Abu Dhabi Commercial Bank (ADCB) has threatened to sue market research company REIDIN after it overstated the value … View original story…

by Justin Flint When it comes to investment properties, they have to be treated much like any other property that you have purchased, including the home that you’re living in. In other words, if they go into foreclosure it’s going to go on your credit, just like any other property would. With that in mind, you have to keep your investment properties up to date or liquidate them so that you don’t damage your credit, and in this market it can be very hard to determine whether you can get a property rented or sold before you get behind on your payments, making the investment property issue a balancing act.

by Jeff Cardan Some people think of investment properties as being much different from other properties that you have – including the home you’re living in – but when it comes to making payments on them they are essentially the same. If they are about to be foreclosed upon you must do something quickly, because foreclosure of an investment property will appear on your credit just like foreclosure of your main home will.

Tags People Celebrities High Tech Sports Odd News Top Information Health Business Spoken News News Photos Slideshows 1/133Nation mourns as Kennedy makes final journey (AFP) AFP – With Americans mourning Edward Kennedy and the end of a dynasty that dominated US politics for a generation, the liberal lion’s family Thursday prepared to accompany his body on its final journey. (AFP) Click on the image for the actual size or for a fullscreen flash.Click here for more description.

Good Evening: U.S. stocks went virtually nowhere today, allowing both the bears and the bulls to claim victory. Those predicting an imminent decline in U.S. share prices took note that a slight majority of stocks went down on a day when the economic data came in stronger than expected. For their part, those forecasting a continuation of the rally since March can rightly say that the major averages have held in well and refuse to sell off in spite of a laundry list of worries.

A Long Steady Glow Abby Zimet – Common Dreams R.I.P. Edward Kennedy, the liberal lion whose integrity, compassion and perseverance grew with time. Flaws and all, he devoted himself to serving others – through health care, education, labor rights and civil rights, which he called “the unfinished business of America.” He fought hard and long. In the end, he believed “all of us will live on in the future we make.” Edward Kennedy, right, and his brothers John and Robert, are seen in Hyannis Port, Mass., during John F.

For Any And All Conserve-ative Constitutionalists: In listening to Barack Obama’s Western “Sell ObamaCare” tour, as a child of the 1950’s and 1960’s, the only impression that I had listening to a small fraction of his hard sell spiel in the various Western states on this ludicrous legislation in its current form is to that of the old Al Wilson song, “The Snake” (“Take me in, tender woman….take me in for goodness sake”).

It can be tough to understand the process of buying a home in San Mateo County. Even if you’ve bought before, it was likely years ago and the rules have all changed. So, we’ve decided to break down the steps to getting a loan and buying a home in San Mateo County. Here it goes… Step 1: The Initial Meeting The initial meeting is where we discuss your financial situation and the various available loan programs.

This week of August 24-28, all the talk on Bay Street is about the Big 6 Canadian banks reporting fiscal Q3 (third quarter) earnings.  Earnings results of the Big 5 are important to many Canadian investors, who are almost all invested in one or more of these banks through their pension and broad-based mutual funds or their DRIPs .  But earnings also give an important indication to institutional investors as to what can be expected from the rest of the banks, and, importantly, how the Big 5 will be positioned for further growth and expansion ahead.

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Home prices climbed in the Washington region and most parts of the country in recent months, another sign that the horse-cloth market is slowly stabilizing, according to two reports released Tuesday. The closely watched Standard & Poor’s/Case-Shiller index shows that prices of previously owned single-family homes in this area rose 2.85 percent in June compared with the previous month. The monthly excess of earnings over outlay is the second in a row in the region, topping the 1.3 percent increase in May.

Comment: 1) This is very nice piece of journalism done by Ann Woolner out of Bloomberg which should be read at the source for its entirety about how the court’s ruling on UBS insider whistle blower Birkenfeld, which will most likely result in fewer future whistle blowers. It is the rest of the story behind all of the recent touted headlines about how UBS U.S. tax evaders will now be known. Not a good situation, and once again, it makes us question who is really in control.

Jim Sinclair’s Commentary Mark his reappointment as the day of transition from the FOMC to the White House on monetary policy. Bernanke May Redefine Fed Mission in Financial-Market Stability By Craig Torres Aug. 26 (Bloomberg) — Ben S. Bernanke’s renomination allows him to redefine the Federal Reserve’s mission as he expands its power over financial markets and pulls back on a credit surge the central bank used to keep the economy from collapse, economists say.

Stocks on the move Real-time Equity news U.S stock market report 1433 ET 26Aug2009 Option investors seek safety net in Radian Shares of U.S mortgage insurer Radian Group fell 1.17 percent to $9.30 in afternoon trade .In the options patch, …

Tags People Celebrities High Tech Sports Odd News Top Information Health Business Spoken News News Photos Slideshows 1/131End of an era for US as Ted Kennedy dies at 77 (AFP) AFP – Edward Kennedy, the last of the storied band of brothers whose triumphs and tragedies dominated a generation of US politics, has died after losing his year-long battle with brain cancer. (AFP) Click on the image for the actual size or for a fullscreen flash.Click here for more description.

From Matt Padilla at the O.C. Register: Housing demand could snag on mortgage insurance Matt quotes an article from the National Mortgage News : The GSEs can purchase single-family mortgages with loan-to-value ratios higher than 80% only if the homebuyer gets mortgage insurance. The FHFA Mortgage Market Note issued a few days after Mr. Lockhart’s departure projects that the demand for such high LTV loans could hit $230 billion in 2009. The ability of the MIs to meet that level of demand is “remote,” FHFA report says.

The housing sector is still showing life as the numbers came in better than expected. 433,000 over the expected 390,000 homes sold in July. Housing inventory now stands at a 7.5 month supply down from the previous report of an 8.8 month supply. However this could be too soon to say recovery is really in play. Contributing to the improvement is the $8,000 tax credit for first time home buyers. Also strategy is in play for many home buyers who recognize the opportunity to take advantage of low interest rates, many of these buyers moved up plans and not wait until 2010.

In typical “bad news is good news” fashion, Bloomberg news was rejoicing at the increase in new home sales [MOM anyway] in July : Aug. 26 (Bloomberg) — Purchases of new homes in the U.S. jumped more than forecast and demand for long-lasting goods such as autos and computers climbed, reinforcing signs the economy is rebounding from the worst recession since the 1930s. Home sales increased 9.6 percent in July, the most in four years, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington.

1. RIP, TedEdward M. Kennedy of Massachusetts, the last of a political dynasty who was once considered an inevitable U.S. president but instead went on to become a near legend in the Senate, died more than a year after being diagnosed with brain cancer. Congressional scholar Thomas E. Mann said Kennedy was “an amazing and endurable presence” in the Senate. “You want to go back to the 19th century to find parallels, but you won’t find parallels,” he said.

The United States is in the third and fatal stage of a great country’s life-cycle – the political stage. In this stage, money and power migrate from the financial community to the political community. The politicians get away with taking trillions out of the productive economy and spending them on their pet projects and private corruptions. “Politics is about what works,” someone once said. Someone said it…someone who is an imbecile. Politics is not about what works, it’s about what you can get away with.

T his is the inaugural edition of Ask Fizzle. Over the last few weeks, reader questions have begun to arrive in my mailbox, and if traffic and readership is any indication, I expect that trend will continue. I’ll take some time on the blog (about once a month for now) to briefly answer all your questions and poll the community for further discussion. Underwater Homes: Stay & Pay or Free & Flee Mike in New York sent in this question last week: “Dear Fizzle – If your home value is now “underwater” would you walk away and let the bank foreclose or stay and pay?” Thanks for your question, Mike.

Keystone Morning Quickie       August 26th 2009 Market Commentary   Futures are drifting lower this morning after a rise in Durable-goods orders was higher than expected, but the details in report were disappointing. Traders are being cautious ahead of new home sales data that will be out at 10am EST.  The trading environment right now is as expected. Late Summer, pre-holiday trading! That being said, We must be extremely patient in trade selection.