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For those fence sitters who are thinking about buying or refinancing a home, be advised that FHA will be raising the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. Continue reading “FHA increasing charge for mortgage insurance; St Louis Mortgage Interest Rate Update“  Dennis Norman The St. Louis foreclosure rate increased 1.7 percent in January to 1.79 percent, according to a report published by CoreLogic. On a positive note, the report shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) decreased slightly to 5.14 percent in December from 5.18 percent the month before. Continue reading “St. Louis Foreclosure Rates Increase for Fourth-Consecutive Month“ Most Americans are opposed to the idea according to recent survey
In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines. Continue reading “FHA-great for borrowers with limited resources or credit issues; St Louis Mortgage Interest Rate Update“
A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, an enormous backlog of foreclosures still exists and is expected to continue for some time. As of the end of February, foreclosure inventory levels stand at more than 30 times the monthly foreclosure sales volume. Continue reading “Report shows enormous backlog of foreclosures“
RPX Composite Home Price Fell to Lowest Level since April 2003 Radar Logic published it’s Housing Market Report for January showing that it’s “RPX Composite Price” fell 3.8 percent from December and 3.4 percent from the year before. Continue reading “January home price index reaches new low“
WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a loan or credit obligation. The lower the score; the more risk from a borrower to repay a loan, on time and in full. Scores range from 400 to 850. This process was started by Fair, Isaac and Co., which is why credit scores are also called FICO scores. Continue reading “Revisiting Credit Scores; St Louis Mortgage Interest Rate Update“
The seasonally-adjusted new home sales rate for February was 250,000 homes. The supply of new homes on the market increased from an adjusted 7.4 month supply the month before to a 8.9 month supply in February. The median new home price decreased for the month to $202,100, a 13.9 percent decrease from a revised median price of $234,800 the month before and a decrease of 8.9 percent from a year ago. Continue reading “New home sales plummet in February, prices fall as well“ Dennis Norman The St. Louis foreclosure rate increased 4.8 percent in December to 1.76 percent, according to a report published by CoreLogic. On a positive note, the report shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) decreased slightly to 5.14 percent in December from 5.18 percent the month before. Continue reading “St. Louis Foreclosure Rates Increase for Third-Consecutive Month“
Why rent when you can own? Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home: Continue reading “11 Reasons to Own a Home; St Louis Mortgage Interest Rate Update“
There have been many changes in the mortgage banking industry in the last couple of years. New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans. These changes in lending policies are designed to protect and aid borrowers when making mortgage decisions to purchase or refinance a new home. Continue reading “Do you know who you are dealing with? St Louis Mortgage Interest Rate Update“
A report released this morning by CoreLogic shows negative equity, after decreasing for the three prior quarters, increased in the fourth quarter of 2010 for residential properties. The CoreLogic reports that 11.1 million, or 23.1 percent, of all residential properties with mortgages were in negative equity at the end of the fourth quarter of 2010, up from 10.8 million and 22.5 percent in the prior quarter. Continue reading “Number of Homeowners Underwater on Mortgage Increases“
A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that the rate of serious mortgage delinquency (90+ days) in January was 8.90 percent, a slight increase from 8.83 percent in December and a 18.8 percent decrease from a year ago. Continue reading “Serious mortgage delinquencies increase in January; first increase in more than 6 months“
Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale and losing one. Continue reading “What are Seller Concessions?; St Louis Mortage Interest Rate Update“
The seasonally-adjusted new home sales rate for January was 284,000 homes. The supply of new homes on the market increased from an adjusted 7.0 month supply in December to a 7.9 month supply in January. The median new home price decreased for the month to $230,600 a 1.8 percent decrease from a revised median price of $235,000 the month before and an increase of 5.7 percent from a year ago. Continue reading “New home sales fall in January…down over 18 percent from a year ago“
New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs. Assistant Secretary of Housing & Federal Housing Commissioner, David H. Stevens, has authorized an increase to help build back FHA’s capital reserves to their statutory level. There will be no increase in the Upfront Mortgage Insurance Premium (UFMIP): UFMIP for purchase money mortgages remains at 1.0%. Continue reading “FHA Increases monthly mortgage insurance premiums; St Louis Mortage Interest Rate Update“
Continue reading “New report shows home sales may be worse than reported“
St. Louis MORTGAGE RATES for February 16, 2011:
The charts below which show the percentage of mortgages that were 90 days or more past due and in foreclosure for 2007 through 2010 illustrate well just how ugly this issue is. In the lower left hand corner of each chart is depicted the national house-price index through the period and it is easy to see that as the foreclosure activity grew, home prices declined. Continue reading “Home prices expected to continue to suffer as a result of foreclosures“
Governor Raskin began by point out that, “speaking strictly in an economic sense, the recession that emerged in 2008 is over.” She then followed by saying “I know that the millions of Americans still looking for work, living in cars or motels, or trying to keep their businesses out of bankruptcy would beg to disagree.” Gov Raskin went on to state that our economy is in fact growing, but the pace of recovery is “agonizingly slow” and not keeping pace with recovery in prior recessions. Continue reading “‘Shoddy’ mortage servicing practices prolonging housing market trouble“
Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs. Terms of this program include: Continue reading “First Time Homebuyer Monies are still available… Why rent when you can own?; St Louis Mortage Interest Rate Update“ A federal grand jury indicted a Brookwood man yesterday on wire fraud and false statement charges related to a more than $1 million mortgage fraud scheme in the Birmingham area, announced U.S. Attorney Joyce White Vance. A 34-count indictment filed in U.S. District Court charges SCOTT ERIC PERRY, 34, with 17 counts of wire fraud and 17 counts of making false statements to lending institutions in connection to real estate transactions between February and December, 2006. Continue reading “Brookwood Man Faces 34-Count Federal Indictment in Mortgage Fraud Scheme“
The National Association of REALTORS Pending Home Sales Index for December shows an increase of 2.0 percent in the index from the month before (seasonally adjusted), and a 4.2 percent decrease from a year ago. Continue reading “Home sales activity increasing modestly“
The seasonally-adjusted new home sales rate for December was 329,000 homes, a 17.5 percent increase from November’s revised rate of 280,000 homes. The supply of new homes on the market decreased from an adjusted 8.4 month supply in November to a 6.9 month supply in December. The median new home price increased for the month to $241,500 whopping 12.0 percent increase from $215,500 the month before and an increase of 8.5 percent from a year ago. Continue reading “New home sales close out 2010 on the rise; predicting increased sales in 2011“ Dennis Norman The St. Louis foreclosure rate shot up 7 percent in November to 1.67 percent, according to a report published by CoreLogic. The report also shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) increase slightly to 5.18 percent in November from 5.17 percent the month before. Continue reading “St. Louis Foreclosures and Delinquencies on the rise in November“ |
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There have been several stories published on this site concerning borrowers that are “underwater” (owe more on their home than it is currently worth) and whether they should simply “walk-away” or do a “strategic default” in order to get out from under their problem. We have published views from both sides of this argument and both sides have made good points in support of their position. However, according to a survey conducted by FindLaw.com, it is clear that the majority of Americans, 60 percent to be exact, believe it is “never OK” for homeowners to walk away. 
Today, CoreLogic released its “U.S. Housing and Mortgage Trends Report” which stated “their research indicates that the most popular measure of existing home sales is overstated by 15 percent to 20 percent. ” 
This past Friday Federal Reserve Board Governor Sarah Bloom Raskin spoke at the 2011 Midwinter Housing Finance Conference about the powerful impact the housing and mortgage markets have had on the nation’s economy recovery.