February 18, 2011 (Shirley Allen) Florida now has the nation’s highest foreclosure rate accounting for nearly one out of every four foreclosures in the country. More than 14 percent of Florida’s mortgages were in foreclosure in the fourth quarter of 2010 On top of that, an additional 5.2 percent were more than 90 days behind [...]
February 18, 2011 (Chris Moore) The amount of U.S. homes that were in the foreclosure process at the end of 2010 matched the all time high as mortgage lenders and servicers delayed home foreclosures to investigate improper document charges spawning from the “robo-signing” controversy. According to the National Delinquency Survey released by the Mortgage Bankers [...]
February 17, 2011 (Chris Moore) Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows a drop in long-term fixed rates this week. Fixed rate mortgage loan rates are generally at about the same level they were a year ago, but adjustable rate mortgage (ARM) loan rates are slightly lower. [...]
February 17, 2011 (Jeff Alan) The latest Commerce Department figures show that January was a weak month for the new home market as both construction starts and building permits declined for single family homes. The silver lining in the report was that construction starts on multifamily buildings of five units or more skyrocketed almost 80 [...]
February 17, 2011 (Shirley Allen) Just three banks accounted for more than half of all mortgages originated in 2010. Wells Fargo, Bank of America and JPMorgan Chase held onto their positions as the nation’s three biggest mortgage lenders, in that order, accounting for 56 percent of all mortgage closings in 2010. Overall mortgage lending declined [...]
February 17, 2011 (Shirley Allen) JP Morgan Chase has announced that it plans on opening 25 more Home Ownership Centers throughout the United States in 2011. Chase has already opened 51 centers since 2009 to assist customers who have slipped into the foreclosure process or are seriously behind on their mortgage payments. Read more...
February 17, 2011 (Chris Moore) Following the release of the Obama Administrations proposal on how to deal with the demise of Freddie Mac and Fannie Mae, the Department of Housing and Urban Development (HUD) announced that it was increasing fees on all Federal Housing Administration (FHA) insured mortgages. Many of the discussions leading up to [...]
February 16, 2011 (Shirley Allen) According to the data collected on February 15, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.25 percent (5.52% APR) for 30-year fixed mortgages, which is down from 5.31 percent the week before, 4.42 percent (4.81% APR) for 15-year fixed mortgages, which [...]
February 16, 2011 (Chris Moore) The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 11, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 9.5 percent on a seasonally adjusted basis from last week. Read more...
