“Rates for the most popular types of mortgages were down slightly over the past five business days, but a warming economy and stronger stock market will push them higher as the week progresses,” said Keith Gumbinger, vice president of HSH.com.
“If the economy continues to show stronger signs, at least slightly higher rates are inevitable,” commented Gumbinger. Click below for more information…..
Sens. Lisa Murkowski (R-AK), Scott Brown (R-MA) and Sherrod Brown (D-OH) have introduced legislation, The Prompt Notification of Short Sale Act, to improve the housing market by expediting the short sale process. The legislation addresses the lengthy closing process that often comes with a short sale by requiring banks to respond to prospective buyers within 75 days. Click link below for entire article.
While there’s significant sentiment out in the market that the homebuyer tax credit will expire as planned on June 30 2010, we’ve begun to formulate the opinion that the credit will receive its second extension. We believe that there is a good chance that it will be extended, at least through the “spring homebuying season,” if not longer. Here’s Why:
Smart Move in an Election Year
Lawmakers, now more than ever, are looking for any successful mortgage and/or housing-related program that they can stand behind. Besides the Fed’s mortgage-backed securities (MBS) purchase program, the homebuyer tax credit has been touted by some as an extraordinary success. Clink link below for entire article…….
On Tuesday, blog.HSH.com reader Diana wrote in with the following comment:
I have perfect credit, have never been late on a payment, have a low debt-to-income ratio, but I can’t qualify for HARP because I currently have mortgage insurance. WTF? Is this a way to get people to buy mortgage insurance? I am so confused by this. I also heard there is going to be a HARP 3.
Technically, Diana—or anyone else for that matter—shouldn’t be turned down from the HARP program because of mortgage insurance. MakingHomeAffordable.gov explains that HARP has a policy for applicants with and without mortgage insurance, and that both have the potential to qualify. Click link below for more information.
The November Mortgage Monitor Report released by Lender Processing Services Inc. (LPS) shows that while mortgage delinquencies at the end of November 2011 were nearly 25 percent less than the January 2010 peak, the trend toward fewer loans becoming delinquent, which dominated 2010 and the first quarter of 2011, appears to have halted. . At the same time, new problem loans—those loans seriously delinquent as of the end of November that were current six months prior—have not improved significantly in the last year. Click the link below for entire article. 
WASHINGTON – U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy and weigh on the broader economy in 2012. The Standard & Poor’s/Case-Shiller index released Tuesday showed prices dropped in October from September in 19 of the 20 cities tracked.
Atlanta, Detroit and Minneapolis posted the biggest monthly declines. Click the link below for entire article.
Here are the enhanced portions of HARP 2.0 and what they mean to you (these details are for those borrowers with an LTV ratio of 80 percent or higher and are refinancing through their same lender):
Your lender will no longer need to guarantee to Fannie and Freddie that your original mortgage met all its eligibility requirements.
What does this mean? This means that lenders will be more willing to refinance your loan since they will not be held liable for any errors in your old mortgage loan. Click the link below for the entire article……..
Fannie Mae and Freddie Mac released their details of the expanded HARP program to lenders yesterday (lenders can begin accepting applications Dec. 1).
“Details of the expanded refinance program are just coming out, but the enhancements seem very likely to bring both lenders and borrowers to the table,” said Keith Gumbinger, vice president of HSH.com. “Among the changes are lower costs for borrowers, easier income qualifications and greater liability protection for lenders,” Gumbinger added. Click below for the entire article……..
The Minneapolis Area Association of REALTORS has just announced October’s housing numbers and surprises us with a whopper: In October 2011 there were fewer homes for sale than any October since 2004. Many homeowners today that want to sell cannot because of the market and thus are staying put and not putting their homes on the market. Click the link below for entire article.
As days get shorter and the weather gets colder, many home buyers and sellers settle in where they are for the winter. Buyer activity and homes for sale have both seen about a 10% decline in the last 3 months but the most significant drops for the whole year come in November and December. Click below for entire article……
