According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured …
The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews according to HUD and Census Bureau data, the shipment of manufactured homes for Oct. 2012 dropped five percent from Oct. 2011, 5,418 down to 5,127, but rose by 734 homes over Sept. 2012. Cumulative production for 2012 of 47,036 is …
The World Property Channel reports according to CoreLogic’s latest report, the foreclosure rate fell by 17 percent Oct. 2011 to Oct. 2012, from 70,000 down to 58,000; the Sept. drop was from 77,000, a 25 percent fall. By comparison, completed foreclosures averaged 21,000 from 2000-2006. 1.3 million homes, 3.2 percent …
According to the S&P/Case-Shiller Index, home prices registered the largest gain in over two years, moving up 3.6 percent in the third quarter over Q3 2011. CNNMoney reports the increase was the biggest since the second quarter of 2010 when the homeowner’s tax credit of up to $8,000 ended. A …
The government’s Home Affordable Refinancing Program (HARP) saw a 75% growth over all of last year in the first nine months of 2012, amounting to 700,000 loans, according to nationalmortgagenews. Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) suggested the numbers might hit one million by year’s …
IndyStar reports sales of homes in the greater Indianapolis area hit 2,307 in October, a 33 percent increase over the 1,735 homes sold in Oct. 2011. While sales jumped 24 percent in Indianapolis’ Marion County, neighboring Boone County saw a 49 percent spike, while Hamilton County, the wealthy suburb to …
OriginationNews informs MHProNews at $1,642 a month Washington, D.C. has the highest mortgage payment, accounting for 31 percent of household income, according to Lending Tree. Hawaii ranked second with a monthly average payment of $1,536, and California was third at $1,446 a month. Both Hawaii’s and California’s payments represented 30 …
As we have reported in numerous stories over the past two years, housing continues to be in short supply in western North Dakota where the Bakken oil formation has drawn thousands of workers, many of them oilfield workers living in modular man camps. As originationnews tells MHProNews, community banks in …
According to the California Association of Realtors (CAR), the pending home sales index in Calif. rose 4.3 percent, to 120.2 last month, compared to 115.2 in Sept. 2012, while pending home sales are up 3.6 percent over the 116.1 index of last year, the first time in seven months both …
Forbes reports that if the Democrats truly want to restore the economy to the prosperity enjoyed during the Clinton years and avoid the “fiscal cliff,” the administration needs to enact policies that mimic those years, which include repealing ObamaCare and reducing federal regulation. In addition, federal spending was much smaller …
OriginationNews tells MHProNews the average 30-year mortgage rate dropped to a new record low, 3.31% in Freddie Mac’s weekly survey. During the week ending Nov. 21 the 15-year mortgage rate also set a record, dropping to 2.63% from 2.65% the previous week. Shorter-term rates moved little or none, as the …
CNNMoney reports U.S. Census Bureau figures indicate home building rose to its highest level in four years in Oct., with builders beginning construction at the annual adjusted rate of 894,000 last month, 3.6 percent better than the previous month. While single-family home starts changed little from Sept., multi-family building has …
According to ArchDaily, shipping containers are in great supply because it is more expensive to ship them back to China or Europe, than it is to make new ones in Asia. The advantages to using them are cost, durability, and strength as well as availability. The downsides include the coatings …
During the last five years New York City’s Bloomberg Administration has been developing a plan to make temporary housing quarters out of 40 foot shipping containers with a door and window at each end, a bedroom, kitchen, bath and living area in between. Each 480 square foot unit would be …
HousingWire reports sales of existing homes increased 2.1 percent October over Sept. to a seasonally adjusted annual rate of 4.79 million as compared to 4.69 million the previous month. The National Association of Realtors (NAR) says on the year, sales of existing homes are up almost 11 percent over the …
In another sign of an improving housing market, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reports builder confidence in the market for new, single-family homes gained five points to 46. Marking the seventh consecutive monthly gain, and this is the highest reading since May 2006. Says …
Dr. Mark Dotzour, chief economist at Texas A & M’s Real Estate Center, proclaims tax credits to buy homes or cars represents a fake economic recovery. When people buy because they want to marks a real recovery, which he says is starting to happen now because there is so much …
WDAZ-TV reports from Grand Forks, North Dakota modular home builder Homark Homes is having trouble keeping up with demand for housing coming from the oil boom in western ND. Located just across the ND border in northwestern Minnesota, a strong Canadian dollar is bringing business from the north as well. …
OriginationNews says according to new figures compiled by the Mortgage Bankers Association (MBA), mortgage applications in New York and Connecticut shot up 60 percent for the week ending Nov. 9, while in New Jersey applications doubled. The first week of Hurricane Sandy apps dropped five percent nationwide, while they plunged …
According to the Fannie Mae October National Housing Survey of 1,000 Americans, 50 percent expect home rental costs to increase, providing more incentive to buy a home. RealtorMag tells MHProNews the survey revealed 72 percent of respondents say now is a good time to purchase a home, while only 18 …
