Posts about Mortgage Market Report as of October 28, 2009

Why Isn’t 122 Dead Americans Every Day a National Health Emergency? by Donna Smith – Common Dreams Why does H1N1 call for a Presidential designation as a national emergency while the preventable deaths of 45,000 Americans every year (122 every day) is not? Swine flu leads the news. You can die from swine flu, or should we say H1N1, even if you have no underlying health conditions. Young people have died, and pregnant women are at risk. People are lining up to be vaccinated.

Before we launch in today’s instalment of the Daily Reckoning, let us quickly correct an error. Sunday is the free Gold Investment Day for the Gold Standard Institute’s conference this weekend in Canberra. You can see the program for it here . That’s the day your editor will be speaking about “Five monetary events to watch for in the next five years.” If you want to attend the presentations and discussions over the next four days, you can still do so. But you should contact conference organiser Marcus Matthews today.

The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®. At the current sales pace, existing home inventories would sell out in 7.8 months — 30 percent faster versus November 2008. For a 10-month window, that’s a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately. Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.

In bankruptcy and government takeovers of financial institutions, missing collateral is a major obstacle for trustees and regulators to overcome. The missing assignment problem is an extension of not carelessness or sloppiness as many have claimed, but of overt acts of fraud. Skilled attorneys and forensic accounting experts could expose this fraud and as such, the effects and implications are more far reaching than a borrower, simply having their debt extinguished.

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Multiple Offer Situations Are Becoming More Common The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®. At the current sales pace, existing home inventories would sell out in 7.8 months — 30 percent faster versus November 2008. For a 10-month window, that’s a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately. Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.

Cancel those worries about investor indigestion in the Treasury bond market, at least for today: The government’s auction of a record $44 billion of two-year notes was a blowout, as buyers bid aggressively. That has triggered a rally across the board in Treasuries, driving yields lower after their uptrend in recent days . The two-year T-notes were sold at an annualized yield of 1.02%, compared with an expected yield of 1.05% in a Bloomberg News survey of bond dealers.

Credit Reporting | No Comments If you are applying for a loan, obtaining a copy of your credit report is the first place you should start.  Your credit report more than likely is the first thing a potential creditor will look it.  Even if you pay your bills on time and have a good credit score you want to ensure that all the information in your credit report is accurate and up-to-date.Studies have shown that many credit reports contain inaccurate information what could affect your credit rating and even cause your loan application to be rejected.  If you discover a problem, you can fix it before potential creditors access it.

Home prices posted another modest rise in August, according to data released Tuesday, but economists cautioned that the expiration of a home buyer tax credit and rising unemployment could derail signs of stabilization in the housing market . In 20 large metropolitan cities, home prices rose 1 percent on a seasonally adjusted basis in August compared with the previous month, according to the S&P/Case-Shiller home price index . That was the third month-over-month increase in the closely watched index.

The Fed says sub-prime mortgages again make up more than 20% of the nation’s outstanding mortgages. After plummeting in early 2008, the share of borrowers with FICO credit scores lower than 660 has returned to just higher than 20 percent, the same share as when subprime securitization peaked in 2006. Once upon a time this number was a bad thing because all those loans were held by private institutions many of which basically collapsed when it turned out people couldn’t pay them off.

American International Group Inc. ( AIG ) said on Friday that it is paying $12.1 million in retention awards to some of its top executives. The company took this decision after it got approval from U.S. pay czar Kenneth Feinberg, who is scrutinizing the pay practices of the seven companies including AIG that received the biggest federal aid. Chief Financial Officer David Herzog received $1 million and Kristian Moor, Chief Executive of AIG’s property-casualty division, received $1.6 million.

Helped by the “first-time home buyer” tax credit and other forms of government assistance, home prices — as measured by the Case Schiller Composite 20 index — rose for the third straight month, up 0.97%, but still down 11.36% on a year-over-year basis, and off 29.89% from its May 2006 peak (note below when I reference peak levels they are from May 2006, not from the individual city peaks, which might have been a few months before or after the national peak).

United Community Banks Inc. ( UCBI ) reported third-quarter results on Friday. The company posted its fifth-straight quarterly net operating loss of $43.7 million, or 93 cents per share, compared to net operating loss of $39.9 million, or 84 cents per share in the year-ago quarter. The result also missed the Zacks Consensus Estimate for a 91-cents loss. The company said total loans at quarter-end fell to $5.4 billion from $5.8 billion in the year-ago period.

By Martin Hutchinson Contributing Editor Money Morning It looks like the U.S. housing sector has bottomed. In fact, if you’ve been thinking about buying a house, this may be the time to make your move. Let me tell you why. Congress and the Obama administration are considering whether to extend the $8,000 first-time-buyer tax credit for another year from Nov. 30, when it expires. With cheap money, housing may show strength in the short term, just as we’ve seen with other assets.

Top Tips for Car Loans There are tons of forms of car loans offered on today’s huge market, so how do you find the best one for you and your financial situation? Car loan hunting is all about smart hunting, {knowing what you want, your limitations and what you can afford to pay to get it|it’s all about what you want, how much you have to get it|. Following these simple top ten tips to car loans, you will be able to find what you want faster and be on the road in your new car quicker. 1.