Archive for June, 2007
Efforts Made To Help Borrowers Avoid Foreclosure
Friday, June 29th, 2007A few things have happened in the last few days that may ultimately
ease what many are calling an onrushing foreclosure train
wreck.
While some attempts are more meaningful and far-reaching than others,
at least a couple of institutions which can do something to avert any
coming catastrophe appear to be moving in that direction and it is
heartening to see that the system may be capable of responding to
trouble…
Mortgage Rates Roll Back From 2007 Highs
Wednesday, June 27th, 2007According to Freddie Mac’s Primary Mortgage Market Survey for the
previous week, the market has rolled back a small portion of the large
increases in mortgage rates that were recorded over the
prior five weeks.
“Mortgage rates eased this week due to market concerns that the
housing market will be a longer drag on the economy,”
said Frank Nothaft, Freddie Mac vice president and chief economist.
“Thus far this year, the housing sector…”
June 19th Newsletter
Tuesday, June 19th, 2007Builder Closeout #1 - 18 New Condos in one of
Naples’ Best Vacation Communities - Carport and Garage Units
from the high $200’s BRING YOUR OFFER!
Major Real Estate Corp Sees Marketing Possibilities In Virtual World
Tuesday, June 12th, 2007We said several weeks ago that a big believer in the value of Second
Life real estate is the very grounded-to-earth firm of Coldwell
Banker.
We interviewed Charlie Young,
Senior Vice President, Marketing and David Siroty, Director of Public
Relations, Coldwell Banker Real Estate Corporation about the
corporation’s decision to take a stake in Second Life.
Mortgage
News Daily: What drove the decision of Coldwell Banker to make what is
really a pretty radical move?
Will Subprime Problems Spill Over Into Conventional Markets?
Monday, June 11th, 2007Two days, two economic forecasts; the first which we reported on
earlier from the National Association of Realtors (NAR) showed a rapid
deterioration in the confidence that association’s economic advisors have
in the near future of the housing industry. Now we have the June Economic
Outlook from Freddie Mac.
Freddie Mac’s monthly offering always has a theme and it is more than
a little disquieting that the motif for June appears to be “not every
house needs to be foreclosed.”
This is really not an overstatement. The Outlook states that, in the
subprime market, 1 in 13 homes are candidates for
foreclosure. It further quotes the….
NAR Forecast Reveals A Wee Bit Of Gloom
Friday, June 8th, 2007The National Association of Realtors has backpedaled
on previous housing forecasts with it U.S. Economic Outlook report for
June released on Wednesday.
NAR has consistently asserted that the housing bubble would
not burst but rather would deflate and, when it happened, there would be
a soft landing. The Economic Outlook report released on January
10, 2007 stated…
Alt-A Lender GreenPoint Mortgage Closes Multiple Offices
Thursday, June 7th, 2007As the problems with subprime mortgages continue to work through the
system, GreenPoint Mortgage, a subsidiary of
Capital One Financial has announced it is closing 12 of
its operational centers and some branch offices with the loss of
approximately 440 positions, primarily account executives, underwriters,
and loan processors.
…GreenPoint is not a subprime lender, Ms. Rakes said, but its focus
is the near prime market, largely the sector called
Alt A mortgages.
Mortgage Rates Climb For Third Straight Week
Wednesday, June 6th, 2007Longer term mortgage rates hit 2007 highs during last
week according to the results of Freddie Mac’s Primary Mortgage Market
Survey. With the exception of the one-year adjustable rate mortgage (ARM)
rates have gone up 20 or more basis points in the last two weeks.
“Interest rates on fixed-rate mortgages increased further this week
following stronger growth in orders for durable goods,” said
Frank Nothaft, Freddie Mac vice president and chief
economist. “Recent reports have indicated that…
Nothing Wrong With Buying A Flip As Long As It Is A Good One
Tuesday, June 5th, 2007Flips are beginning to crowd the market as home sales slow. Investors
who mistimed the market are finding that it is taking
much longer than they planned to resell their property. Some who bought
with the idea of renting for a few years to allow some natural
appreciation are seeing their adjustable rate mortgages
resetting to levels incompatible with the local rental market.
So why should a buyer care if it is a flip?
Home Prices Show Positive Growth But Slowest In Ten Years
Friday, June 1st, 2007It’s not exactly like waiting for Christmas or the first day of summer
vacation, but we do look forward to the release of our favorite housing
report each quarter; the Office of Federal Housing Enterprise Oversight
(OFHEO) House Price Index.
The HPI for the first quarter of 2007 was released on Thursday and
showed a price appreciation that was 0.5 percent higher
than in the fourth quarter of 2006. This is the lowest quarterly
appreciation recorded since…