Header Graphic

         Jim Pendleton - MrMortgageTM

                                ALL 50 STATES

                   Call 1-631-451-7400

Prequal free prequalify letter 1-631-451-7400 prequal letter Articles Resources News Contact Us Privacy Site Map FREE PREQUAL for the asking!

Headline News and Market Report

Supplied by Jim Pendleton, Mr MortgageTM

Headline News and Market Report

Friday,August 21, 2009

Click on link for more information 

Bernanke Says Global Economy Beginning to Emerge From Recession. After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good,” Bernanke said today in a speech at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming.

MBA Survey: National Mortgage Delinquency at New Record High The percentage of residential mortgages either in foreclosure or with at least one payment past due hit 13.16% in the second quarter, the highest percentage ever recorded by the Mortgage Bankers Association.  The delinquency rate for mortgages on one- to four-unit properties rose to a seasonally adjusted 9.24% of all mortgage loans outstanding in the second quarter, up from 9.12% in the first quarter and 6.41% in the second quarter of 2008. The delinquency rate doesn't include mortgages in the foreclosure process. Mortgages somewhere in the foreclosure process reached 4.3% of all mortgages, up from 3.85% in the first quarter and 2.75% in the second quarter of 2008, the MBA said.  However, mortgages entering the foreclosure process during the second quarter actually fell slightly to 1.36% of all loans, down from 1.37% in the first quarter. In Florida, 22.8% of mortgages outstanding were delinquent at least one payment or in foreclosure. Other poor performing states include Nevada, where 21.3% of mortgages were delinquent or in foreclosure, Arizona, where 16.3% were delinquent or in foreclosure, and Michigan, where 15.3% were delinquent or in foreclosure.

Existing Home Sales in U.S. Jump 7.2% to Two-Year High of  5.24 million annual rate, the biggest gain since records began in 1999. The median price fell 15 percent. Foreclosure-driven declines in prices, government credits for first-time buyers and near-record-low borrowing costs may keep stoking demand.  Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain.  Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.   The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008.  Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes. Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008.  The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.

Treasuries Decline as Existing Home Sales Increase in July.  The yield on the 10-year note rose 12 basis points,  to 3.45%. The yield earlier fell as low as 3.37 percent, the lowest since July 14. The rate slid 18 basis points the last five days, after last week falling 28 basis points, the most since December. The Fed has more than doubled the size of its balance sheet in the past 12 months to $2.06 trillion by purchasing Treasuries and other securities to thaw credit markets that froze last year.  The flood of liquidity could lead to speculative bubbles due to limited opportunities for investment. Next week the U.S. will sell $42 billion of two-year notes, $39 billion 5 yr notes and $28 billion of 7yr notes on three consecutive days beginning Aug. 25.



FREE Pre Qual Kit
Apply now for your FREE PRE-QUAL KIT, immediate availablitiy. We do NOT sell or distribute your information to any third parties without permission. Your privacy matters.


pre qual apply now button