Housing Permits Decline
November 23, 2007
According to a recent government report, the number of housing permits applied for and issued nationwide sank to a 14 year low in October 2007. Actual housing starts move upward but only slightly.
Increase in Mortgage Applications Reported
November 21, 2007
In a recent survey conducted by the Mortgage Bankers Association, mortgage applications actually increased during the first part of November. The increase was reported as 5.5 percent, ending the 9th of Nov.
Mortgage Protection Passes House
November 19, 2007
15 November 2007 may go down as the day the House finally passed legislation to help beleaguered homeowners. Thursday night, the House passed a bill that is aimed at protecting homeowner borrowers from questionable and abusive home loan policies. The bill will move to the Senate where it is expected to face tough opposition as lobbying by the mortgage industry and criticism from the White House is expected.
Barnanke Criticized By Senator Schumer
November 16, 2007
United States Senator Charles Schumer had some harsh comments for Federal Reserve Chairman Ben Bernanke recently. Schumer strongly encouraged the Fed Chairman to think of the recent credit market mess as a “call to action”. Schumer also urged the Chairman to take decisive action in order to assist the growing problem with mortgage foreclosures which may lead to a bigger economic problem.
Housing Woes Becoming Global Problem
November 15, 2007
The housing market woes spreading across America are now spreading across the globe. The Shinsei Bank Limited of Japan recently stated that its first-half profit dropped by 40 percent, which is a much steeper decrease than it reported just 3 weeks ago. At that time it had set aside more securities linked to U.S. home loans. The net income for the bank dropped to $210M.
More Mortgage Education
November 13, 2007
The National Foundation for Credit Counseling, along with Countrywide Financial Inc, is offering consumer education sessions online. The initiative is known as Home Ownership Mortgage Education (HOME) and can be found at:
Housing Inventories Increase
November 9, 2007
As you might expect, housing inventories for the US rose to a new high recently. The current inventory sits at an 8 year high with a 10.5 month supply. In September alone, sales of single family homes fell by nearly 9 percent. This represents the lowest rate of sales for these types of structures since Jan of 98.
Some Homeowners to Get Default Letters
November 6, 2007
A list of over 200,000 homeowners who may be in danger of defaulting on their loans and thus facing foreclosure is set to be mailed out in November. This is according to a newly formed mortgage industry coalition known as Hope Now.
Home Prices Being Slashed
October 30, 2007
There has been a lot of bad news lately about the current housing market and the future of the market as well. Some of this dire news is securely rooted in the sub-prime market and the effect that adjustable rate mortgages will have once they begin to reset. However, another issue in the housing market is the glut of inventory currently available.
Sub-Prime Mortgages: What is the problem?
October 30, 2007
It has been estimated that nearly 3 million home loan borrowers are in the sub-prime category of adjustable rate mortgages which are set to readjust to much higher rates by the end of the year 2008.