Florida Home Hunt

Lawmakers Contradict on Speeding up Foreclosures

Realty Check with Diana Olick — Thu, 17 Nov 2011 18:57:00 +0000

Wednesday morning House Committee on Oversight and Government Reform Ranking Member Elijah Cummings issued a press release detailing a letter he sent to the conservator of Fannie Mae and Freddie Mac, FHFA Acting Director Ed DeMarco.

Housing Crash Causing Record Stagnation

Realty Check with Diana Olick — Wed, 16 Nov 2011 17:58:00 +0000

Just over 11 million Americans moved between March of 2010 and March of 2011, according to a new report from the U.S. Census. That might sound like a lot, but it's actually a record low.

Home Builders See Signs of Hope

Realty Check with Diana Olick — Wed, 16 Nov 2011 15:00:00 +0000

Despite rising foreclosures and weak consumer confidence, the nation's home builders are seeing signs of hope in housing. Home builder confidence rose for the second straight month in November, according to the National Association of Home Builders' monthly sentiment survey, but builders warn it is still far below a positive reading.

Higher Loan Limits for FHA, Amid Higher Risk?

Realty Check with Diana Olick — Tue, 15 Nov 2011 16:56:00 +0000

On the same day that independent auditors released a report showing the government mortgage insurer, the FHA, has even less cash reserves now than it did last year to cover potential losses, Congress is readying to vote on a measure that would increase the FHA's market share.

Republican Candidates Give Housing a Short Sale

Realty Check with Diana Olick — Thu, 10 Nov 2011 18:07:00 +0000

Shame on the Republican candidates for president. Shame on them for showing up at debate specifically targeting the U.S. economy with not one credible, rational, even reputable notion of what to do about the nation's housing mess.

‘Foreclosure Activity Is Coming Out of a Rain Delay’

Realty Check with Diana Olick — Thu, 10 Nov 2011 15:16:00 +0000

After a year of delays and denials in the so-called "robo-signing" foreclosure paperwork scandal, loan servicers and judges alike are putting the process back in place.

Half of US Mortgages Are Effectively Underwater

Realty Check with Diana Olick — Tue, 08 Nov 2011 18:21:00 +0000

Over 50 percent of all mortgaged households in the US are effectively underwater — unable to sell for enough to pay the six percent Realtor's fee and put a down payment on a new home, a mortgage analyst says.

Home Prices Under More Pressure

Realty Check with Diana Olick — Mon, 07 Nov 2011 19:04:00 +0000

Home prices are highly seasonal, due to the different mix of homes that sell at different times of the year, but the latest reading for September shows home prices are under added pressure now; this is not just due to the high concentration of distressed properties on the market.

Weekly Market Commentary – 11-07-2011

FHH — Mon, 07 Nov 2011 11:12:24 +0000

Mortgage interest rates are drifting lower for the third straight day – driven primarily by swirling uncertainly surrounding the continuing sovereign debt saga in Europe.
A great deal of the work done last week during a summit of European financial leaders to reach an accord to prevent a near-term financial collapse of Greece may have all been for nothing.
Greek Prime Minister Papandreou threw the European Union a nasty curve yesterday evening when he called for a public referendum on the bailout package the Greek government accepted just last week. In essence, the Greek people are going to be asked if they want to be saved or not. The public vote is not expected until January. If the Greeks vote against the rescue package, it will almost certainly result in a disorderly default of the country’s debt, a collapse of their major banks and dramatically increases the likelihood that the contagion will quickly spread to other euro-zone countries.
Depositors had been gradually taking their money out of Greek banks but now – faced with the possibility of a No vote – the exit from the euro currency and euro-zone banks-at-large will accelerate. The ensuing “flight-to-quality” is virtually certain to contribute support to the prospects for steady to perhaps fractionally lower mortgage interest rates here in the states.
The Federal Open Market Committee gathered this morning for the first of two-days of monetary policy discussion. With fears receding a new U.S. recession is imminent the Fed will likely make no change to the current level of their benchmark short-term interest rates. There are some who believe the Fed may offer hints on how close it is to expanding asset purchases – perhaps even returning as a major buyer of mortgage-backed securities in an effort to spur economic growth. I suspect the Fed will not discount such a move completely – but will make it clear that further stimulus is not likely to be forthcoming for the balance of the year – a mortgage interest rate neutral event.

MORTGAGE RATE UPDATE

30 YEAR FIXED: 3.875%
15 YEAR FIXED: 3.25%
5/1 ARM: 2.75%
FHA 30 YEAR FIXED: 3.75%
FHA 5/1 ARM: 2.875%
JUMBO 30 YEAR FIXED: 4.625%
JUMBO 5/1 ARM: 3.25%
*BANK FEES WAIVED FOR LIFETIME FITNESS MEMBERS*

Peter DeVico
Mortgage Consultant
MetLife Home Loans
Cell: 908-337-7799
Office: 973-355-5005
E-Fax: 410-308-6929
pdevico@metlife.com
www.devicoloans.com
NMLS ID# 93850

Loan Limits a Constant Volley

Realty Check with Diana Olick — Fri, 04 Nov 2011 16:47:00 +0000

Sure, Republicans are rallying to slaughter Fannie and Freddie, but they're really the only game in town for the mortgage market.