MND NewsWire

MND NewsWire : Housing and Economic News

Last feed update: Friday November 24th, 2017 09:55:56 PM

Delinquencies Soar in Storm Impacted Areas

Wednesday November 22nd, 2017 04:42:25 PM Jann Swanson
As predicted, mortgage delinquencies resulting from Hurricanes Harvey and Irma continued to play out in October.  Black Knight Financial Services, in its "First Look" at the month's loan performance data, said the delinquency rate spiked in both Texas and Florida, skewing the national data. The US ...

Purchases Reclaimed Market Share From Refis Last Week

Wednesday November 22nd, 2017 01:47:56 PM Jann Swanson
This month's half-hearted rally in refinancing didn't last long. During the week that ended November 10, applications for refinancing made up more than half of all mortgage applications received, the first time that had happened since late September, and refinancing volume jumped 6 percent.  Last ...

Existing Home Sales Erase Summertime Losses

Tuesday November 21st, 2017 04:00:58 PM Jann Swanson
Existing home sales continued a gradual recovery in October after a summer of sliding sales.  For the second straight month the National Association of Realtors® (NAR) is reporting that sales of previously owned homes increased, this time by 2.0 percent. Single-family houses, townhouses, condos, ...

Best Year in a Decade? Good, but not Great

Tuesday November 21st, 2017 02:40:51 PM Jann Swanson
Freddie Mac's Economic and Strategic Research Team gave its forecast for housing in 2018 (which, as discussed below, it is now hedging a bit) in its October Outlook. This month they present a retrospection of how housing fared in the old one.  Since we all lived through it, too much detail would ...

Hurricanes, Timing Issues, Push Delinquencies Higher

Monday November 20th, 2017 02:28:11 PM Jann Swanson
Mortgage delinquencies surged higher in the third quarter of 2017. Most of the increase came in the early stages of non-performance, and much of it appeared to be driven by the late summer hurricanes.  The Mortgage Bankers Association (MBA) reported the changes as were gathered in its National Delinquency ...

Q3 was "Rough Patch" for Housing; Q4 Indicators Not Positive

Friday November 17th, 2017 10:29:18 PM Jann Swanson
Housing activity in the third quarter of 2017 is described as "continuing its rough patch" in Fannie Mae's latest edition of Economic Developments.  The company's economists say that activity pulled back across the board during the quarter.  It was also the third in a row in which housing starts ...

More Than Half of October Refis Were FHA/VA

Friday November 17th, 2017 03:12:20 PM Jann Swanson
The interest rate for loans originated in October inched down 1 percentage point to 4.20 percent, the lowest rate thus far in 2017, and the sixth month in a row rates have declined.  Ellie Mae also reported that the share of originations that were for refinancing moved up one percentage point to ...

Home Building Surges to Year's Best Levels, Erasing Summertime Sadness

Friday November 17th, 2017 02:59:49 PM Jann Swanson
It has been a while since all three measures covered in the residential construction report were strongly positive. In fact, certain metrics bordered on disconcerting during the summertime months.  October's numbers represent a major departure from that previously stagnant theme.  The joint ...

Builder Confidence Nears Post Crash High

Thursday November 16th, 2017 03:38:34 PM Jann Swanson
Builder confidence increased for the second consecutive month after taking a hit in September from the late summer hurricanes.  The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) increased 2 points in November, hitting 70, the highest score since March.  It ...

CFPB's Cordray Resigns; Agency Future Uncertain

Thursday November 16th, 2017 02:50:27 PM Jann Swanson
Richard Cordray, first Director of the Consumer Financial Protection Bureau (CFPB), will leave the agency at the end of the month.  Cordray announced his resignation on Wednesday in a letter to CFPB employees.  It has long been rumored that he intends to run for governor of Ohio. Cordray served ...

Fannie Mae is Testing New Type of Construction Loan

Wednesday November 15th, 2017 05:24:17 PM Jann Swanson
With new home building still lagging other measures of the housing recovery, and lean inventories of new homes causing shortages of existing homes as well, Fannie Mae is seeking ways to provide a little help. The company has plans to test market at least one new product for purchasing newly constructed ...

Mortgage Insurance Fund Circling the Drain - Better Loans to Blame?

Wednesday November 15th, 2017 03:29:16 PM Jann Swanson
FHA's Mortgage Insurance Fund (MIF) lost ground this past year, which is bad news for those hoping for a cut in its fees.  The Department of Housing and Urban Development (HUD) released results of the statutorily required independent actuarial analysis of the MIF on Tuesday which showed the balance ...

Refinancing Rallies, Drives Week's Numbers

Wednesday November 15th, 2017 01:56:27 PM Jann Swanson
The week ended November 10 saw a strong pickup in applications for refinancing but continued weakness in those for home purchases.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 3.1 percent on a seasonally adjusted basis and 2 percent ...

MBA Expects New Home Sales to Recover from Hurricane Losses

Tuesday November 14th, 2017 04:24:39 PM Jann Swanson
The Mortgage Bankers Association (MBA) says that information collected through its Builder Application Survey (BAS), shows mortgage applications for new home purchases climbed 23 percent on a non-seasonally adjusted basis from September to October. From this MBA estimates that new home sales during the ...

Delinquencies Signal "Final Stages" of Recovery

Tuesday November 14th, 2017 03:52:11 PM Jann Swanson
To no one's surprise, measures of mortgage distress, including delinquencies, serious delinquencies, and foreclosures, were down again in August, with many metrics falling into fractional percentage territory. According to CoreLogic's Loan Performance Report for the month, the overall delinquency rate, ...

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