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Finance and Economy Archive
Mortgage-related failures among lenders are down 42 percent this year from this point in 2010. The improvement is entirely due to fewer failures among federally chartered banks; mortgage-related losses contributed to the same number of nonbank mortgage lenders and credit union failures this year as last.
So far during 2011, the casualty list of banks that have failed due to mortgage-related casualties stands at just 105. By this point in 2010, MortgageDaily.com had tracked 158 mortgage-related firms and businesses that had failed or closed.
REGIONAL SPOTLIGHT—According to the third quarter Manhattan residential market report released recently by Brown Harris Stevens, the average Manhattan apartment sale price of $1,437,302 was on par with last quarter and up just 1% from same period in 2010. As was the case with last quarter,
Rates were already low at the start of the quarter, but following the Fed's announcement last week, the national average rate on a traditional 30 year fixed rate mortgage has inched lower. Informa Research Services, a subsidiary of Informa plc (LSE: INF), encourages qualified homeowners to take advantage
This intriguing question will be answered next month by a panel of industry experts at RISMedia’s 16th Annual Power Broker Forum, being held from 2:30-4 p.m. on Nov. 11, 2011, at the Anaheim Convention Center, Room 201A, Anaheim, CA, during the annual NAR Conference.
A gauge of consumer sentiment rose to 59.4 in September after tumbling to a nearly three-year low 55.7 in August, according to Friday reports on the gauge from Thomson Reuters/University of Michigan. ...
REGIONAL SPOTLIGHT—New York State home sales were up nearly 26 percent in August compared to the same time last year, and up 11.4 percent compared to the July sales total, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The statewide median sales price ...
Sales of newly built, single-family homes declined 2.3 percent to a seasonally adjusted annual rate of 295,000 units in August, according to newly released data from the U.S. Commerce Department. The decline is from an upwardly revised, 302,000-unit rate in the previous month. ...
REGIONAL SPOTLIGHT—August brought both high temperatures and strong transactions in New England. Total transactions increased 2.3% vs. July 2011 for the second straight month, and year-over-year transactions also increased 8.9%. Vermont and Massachusetts were the only states in the region to experience a decrease in transactions; median prices were down ...
Statistics released by the University of Southern California Lusk Center for Real Estate (
www.usc.edu/lusk) show an increase in job opportunities for young real estate professionals and reflect an improving job market for the industry.
According to the USC Real Estate Employment Report, the Lusk Center received 150 industry job openings in 2011 (through August), a 25 percent increase over the same period last year. In addition, most students in the class of 2011 received more than one job offer with better pay. This year’s average total compensation package was approximately $120,000, a 15 percent increase over 2010.
Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of REALTORS®. Monthly gains were seen in all regions.
REGIONAL SPOTLIGHT—Sales of both Massachusetts single-family homes and condominiums rose in August—the first time this year both property types posted an increase during the same month, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
The Federal Housing Finance Agency (FHFA) recently released its third annual report on guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac, concluding that the average “g-fee” on single-family mortgages increased in 2010 relative to 2009, from 22 basis points to 26 basis points.
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09 percent,
Litigation over the foreclosure process reached its highest level in the second quarter than in any quarter since MortgageDaily.com’s Mortgage Litigation Index was introduced in 2007.
The level of commercial/multifamily mortgage debt outstanding increased by 0.1 percent in the second quarter of 2011, the first quarterly increase since the third quarter of 2009, according to the Mortgage Bankers Association (MBA).
