Home values up 5.6 percent from the start of 2016

Home values up 5.6 percent from the start of 2016

A new report from Black Knight covering October 2016 housing transactions shows that home values are up 0.2% and 5.6% from this same time period last year.

Home prices have appreciated for 54 consecutive months and are now within just 0.4% of a new national peak. Six of the nation’s 20 largest states and seven of the 40 largest metros hit new peaks, according to Black Knight. (more…)

U.S. Government Sues Barclays Bank Over Fraudulent Mortgage-Backed Securities

U.S. Government Sues Barclays Bank Over Fraudulent Mortgage-Backed Securities

Two Former Barclays Executives Also Named in Suit

The British multinational banking and financial services company headquartered in London, Barclays Bank was sued by the United States Department of Justice (USDOJ) last week for a scheme that involved selling tens of billions of dollars of defective residential mortgage-backed that were backed by bad loans from 2005 to 2007. (more…)

Market Update: Fed Projects Faster Pace of Rate Hikes

Market Update: Fed Projects Faster Pace of Rate Hikes

“Part of the reason for the adverse reaction stems from a more direct effect the Fed has on mortgage rates.”

Wednesday’s Fed meeting turned out to be negative for mortgage rates. Recent economic data had little impact. As a result, mortgage rates ended higher this past week.

As widely expected, the Fed raised the federal funds rate by 25 basis points. Unfortunately for MBS, Fed officials also raised their outlook for the pace of future rate hikes. They now forecast three rate hikes in 2017, one more than previously projected. The faster pace was viewed as negative for mortgage rates. (more…)

Flex Loan Modification Program

Flex Loan Modification Program

The U.S. government-sponsored mortgage giants, Fannie Mae and Freddie Mac announced this week a new initiative to help struggling homeowners with their mortgage. It is called the Flex Loan Modification Program, and will be a replacement of the Home Affordable Modification Program (HAMP®), which is set to expire at the end of 2016. (more…)

November New Home Purchase Mortgage Applications Increase 12 Percent Year over Year

November New Home Purchase Mortgage Applications Increase 12 Percent Year over Year

(Source: MBA) WASHINGTON, D.C. (December 13, 2016) – The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for November 2016 shows mortgage applications for new home purchases increased 12 percent relative to November 2015. Compared to October 2016, applications decreased by 3 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. (more…)

More Subprime Borrowers and Expected Interest Rate Hikes to Drive Up 2017 Auto Loan and Credit Card Delinquency Rates

More Subprime Borrowers and Expected Interest Rate Hikes to Drive Up 2017 Auto Loan and Credit Card Delinquency Rates

2017 TransUnion credit performance forecast finds delinquency levels still far below recession levels

(Source: TransUnion) CHICAGO, IL – The combination of expected interest rate increases and more subprime borrowers in the consumer lending market will spur delinquency rate rises in 2017 for auto loans and credit cards. TransUnion’s (NYSE: TRU) 2017 consumer credit market forecast also found that serious mortgage loan delinquency rates are expected to drop, while unsecured consumer loan delinquencies are expected to see only a minimal increase next year. (more…)

30,000 Foreclosures in October 2016

30,000 Foreclosures in October 2016

Foreclosure inventory was down by 31.5% and completed foreclosures declined by 24.9% in October 2016 when compared with October 2015, according to a new report from CoreLogic. There were 30,000 completed foreclosures in October 2016, down by 10,000 from 40,000 for the same time last year. These numbers represent a 74.7% decline from the September 2010 peak of 118,287. (more…)