| Each and every day , I monitor key indicators and events related to the U.S. mortgage and housing markets. Here you'll find daily postings of what I would find as the most critical information that concerned homeowners or soon-be-buyers may want to follow. Subscribe to my blog and receive monthly mortgage bulletins, along with my strong opinion of how these events will impact the future of real estate. |
| Fed Tightens Grip on Lending | |
| 2008-07-08 | Fed Reserve Chairmam, Bernanke, said in a speech this morning that he would release new lending regulations next week to limit exotic loans and high priced mortgages to borrowers with troubled credit. As the Fed tightens its belt, more and more would-be buyers will not be able to obtain home financing. |
| IndyMac Falls | |
| 2008-07-07 | IndyMac cuts more than half its staff. 3800 layed off. Wholesale brokerage operations will completely shut down. This is yet another indication that home financing options are becoming more scarce by the minute. |
| Foreclosure Help | |
| 2008-07-03 | Yesterday, the Senate voted 38 to 2 in favor of bill 1137, requiring lenders to make contact with homeowners in person or by phone to seek remedies before starting foreclosure proceedings. It also extends the period of time for tenants to move *after* foreclosure to 60 days. Additionally, buyers of foreclosed properties will be responsible for maintainance or else pay fines of up to $1000/day. In California, this bill will become law once it receives Governor Schwarzenegger's signature. |
| Good News & Bad News | |
| 2008-06-26 | Housing report shows a rise in home sales of 2% in May, while median sales prices continue to fall. Foreclosures and short sales constitute roughly one-third of all sales. |
| Depreciation Continues | |
| 2008-06-24 | U.S. home price index falls to a record 15.3% from April 2007 to April 2008. Las Vegas and Miami were the weakest in the nation, with near 27% declines over the year. |
| FICOs Do Count for FHA | |
| 2008-06-18 | FHA will now look at your FICO score to determine how much you will pay for mortgage insurance. As of July 14, 2008, FHA is switching to a new "risk-based pricing" model for their mortgage insurance premiums. |
| Spike in long-term rates | |
| 2008-06-13 | Freddie Mac released results of its Primary Mortgage Market Survey, revealing 30yr fixed rates at their highest levels in eight months - averaging 6.32% vs 6.09% last week. |
| Interest rates continue to rise today as investors sell off US Treasuries | |
| 2008-06-10 | Concerns about inflation, rising oil prices, and the Fed's potential to raise short term rates are the primary causes. |
| Federal Relief Bill on Track | |
| 2008-06-09 | Chief House Democratic leader Barney Frank, chairman of the Financial Services Committee, is hopeful to reach Senate and House compromise on a bill aimed at insuring $300B in loans for delinquent homeowners. Frank remains optimistic that they will have it ready for the President's signature by July 4th. Read more |
| Forclosures Rise in Q1 of '08 | |
| 2008-06-05 | The percentage of loans in the foreclosure process and the loans now entering the foreclosure process are at the highest levels witnessed since 1979, according to the Mortgage Bankers Association. |
| Wachovia Corp CEO gets ousted | |
| 2008-06-02 | Investors put on the pressure as the company's board of directors ask Ken Thompson to step down. He follows a string of CEOs who have been let go in the wake of the sub-prime credit fallout. |
| Interest rates on the move | |
| 2008-05-29 | Today, interest rates on 30yr fixed rates move to their highest point all year. On the bright side, a conforming 30yr fixed can be secured at 6% at 6.15% APR. |
| Unsold housing inventory jumped 10.5% to mark a 23-year high | |
| 2008-05-22 | 11.2 month supply for homes in the U.S. |
| Senate approves FHA Foreclosure Prevention Act by 19-2 vote | |
| 2008-05-21 | This is a critical step towards stabilization of the housing market. If this bill becomes law, then troubled homeowners who are upside down in their mortgages may have solutions to lower their rate, balance, and payment. |
| Housing Rescue Plan | |
| 2008-05-20 | goes to the Senate. $300B in insured mortgages. 500,000 homeowners stand to benefit. If all goes well, the approved bill could be in front of the President by July 4th. |
Critical Mortgage News and Events Updated Daily
