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Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review The Wall Street Journal is reporting today that the number of mortgage applications to buy a home fell again to its lowest level in 13-1/2 years. The Mortgage Bankers Association released data showing that applications for new homes dropped by 3.1% last week from the week before. After seeing a 14-month high two weeks ago, the … Continue reading Mortgage Applications Fall Again The Associated Press reported today that there was an increase in the number of applications for home loans last week as people sought to take advantage of the ever-decreasing interest rates. But the people jumping on the low-interest rate bandwagon aren’t those looking to buy a home; it’s those who already own a home. Data from … Continue reading Mortgage Applications Rise, But — Still — No Buyers On June 30, the U.S. Senate passed a bill that would extend the deadline for people looking to receive the federal homebuyers’ tax credit from June 30 to September 30 to give lenders more time to complete the paperwork. The bill, if it is signed by President Barack Obama, will help 180,000 homebuyers who otherwise … Continue reading Tax Credit Extensions Helps Homebuyers Seal The Deal The Washington Post reported today that 30-year fixed-rate mortgages fell to 4.69% this week, down from 4.75% last week. According to Freddie Mac, this is the lowest rate since the government-owned lender tracked such data in 1971. This news should encourage more people to buy a home, but, in reality, the opposite is happening. Citing the … Continue reading Can Record-Low Mortgage Rates Propel Home Sales? Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of … Continue reading Affordable Financial Services Weekly Finance Review Bloomberg News reported today that 23% of mortgage holders owe more than what their home are worth in the first quarter of 2010. According to Zillow, a property data provider based in Seattle, more than one in 1,000 homes were repossessed by lenders in March — the highest rate since Zillow recorded such data in … Continue reading More Than 20% of Homeowners Say They’re Underwater Recent government data showed that sales of new homes rose by 26.9% in March, breaking a four-month slump that was the result of both the sagging economy and the brutal snowstorms that blanketed much of the country. According to the data, 411,000 new homes were purchased in the month of March, up from February’s dismal figure … Continue reading New Home Sales Bounce Back in March The National Association of Realtors reported that existing home sales rose 6.8% in March to 5.35 million units — up from 5.01 million in February. Compared to March 2009, when 4.61 million units were sold, last month’s figure was 16.1% higher. This increase could be attributed to the rush of people still trying to take advantage … Continue reading Existing Home Sales On The Rise |
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