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Home mortgage rates and real estate news - CNNMoney.com

Should I get a fixed- or adjustable-rate mortgage?

Read full story for latest details.

What will your monthly mortgage payment be?

In the market for a new home? Or planning to refinance? Find out what your monthly payment will be.

Looking for a home in Berlin or Budapest? Prepare to pay more

Europe took 11 of the top 20 spots on a ranking of cities with the largest price increases in the first quarter, according to global property agency Knight Frank.

Zillow buys a mortgage lender and the stock tanks

Read full story for latest details.

Is Manhattan's rental market finally cooling off?

Rent prices in Manhattan are slowing down and landlords are offering concessions as inventory on the island grows.

Was my home a good investment?

Calculate the return on your home and how it compares to returns on stocks, bonds and overall home prices.

Housing market remains strong, despite mortgage rate worries

Homebuilder Lennar reported sales and profits that topped forecasts and indicated there is still healthy demand for new homes despite rising mortgage rates.

Why West Coast home prices are surging

The hottest markets are in the West, and it's creating an affordability issue.

What to spend money on (and what to DIY) as a new homeowner

Angie Hicks, co-founder of Angie's List, talks about how to keep your costs in check as a new homeowner.

He made $400,000 flipping a house

Read full story for latest details.

How to save $9,000 on your mortgage

Read full story for latest details.

It's tough to be a homebuyer in Seattle

Read full story for latest details.

Are you ready to buy a home?

Read full story for latest details.

Home Depot's sluggish sales may be warning sign for housing

Home Deport reported sales growth that missed Wall Street's forecasts. The company specifically cited a 'slow start' to spring as a problem. Bad weather did hurt sales. But rising mortgage rates might be a bigger problem going forward.

Even rising mortgage rates won't stop homebuyers

Read full story for latest details.

Home prices are on an epic run

Real estate prices posted an annual gain of 6.3% in February, and have been rising continuously for the past 70 months.

How these hurricane-ravaged states have avoided a housing disaster -- so far

An expected deluge of hurricane-related foreclosures has so far been avoided, thanks in part to new provisions by federal agencies and regulations imposed after the financial crisis.

5 ways to afford your first home

Read full story for latest details.

London's property market is in a coma

London experienced years of booming property prices. But the market has now ground to a halt.

WSJ.com: Real Estate

Gardens and Mountains in Australia

This luxury period-style home on more than 50,000 square feet of land has a national park out the back door and is just a 90-minute drive from Sydney.

DJ Khaled Lists Miami-Area Villa With Sneaker Room for $7.99 Million

The social-media star and music producer is selling the Aventura, Fla., home several months after purchasing a property in Miami Beach.

The Artsy Southern Town That Wants to Be the Next Portland

Former milltown of Greenville, S.C., has been rejuvenated by a thriving cultural scene; average home prices have risen over 20% in the past three years.

The Challenges of Selling a Hollywood Home

In Los Angeles, an abode that has housed generations of Hollywood legends can be the ultimate status symbol, but there are complications when it is time to sell.

Hollywood Producer Joel Silver Sells Malibu Home for $38 million

Joel Silver, producer of the “Die Hard” and “Matrix” film franchises, sold his Malibu, Calif., home on Carbon Beach for $38 million.

Ziff Family Florida Compound Is Seeking Almost $200 Million

Known as “Gemini,” the nearly 16-acre estate south of Palm Beach is one of the highest priced listings in the country

An Apple Manager's Headquarters for High Jinks

A creative director crafts a San Francisco home dedicated to daring, whimsy and fun.

Japan's Creative, Ephemeral Homes

Buyers value new, highly personalized houses—forget resales. This model has one happy side-effect: a flourishing of some of the world’s most wonderfully bizarre architecture.

Soho Penthouse Seeks $29.995 Million

The seller is Jon Venetos, the former head of Surveyor Capital, which is part of hedge-fund giant Citadel.

Developers Put on the Glitz for Busy Fall Selling Season

Increasingly, developers use a wide range of splashy affairs to promote luxury residential real-estate sales in autumn, the most important sales period after spring.

Microsoft Opens Flagship Store on Fifth Avenue

Microsoft will step onto one of the world’s biggest retail stages Monday when it opens its Fifth Avenue store in Manhattan as part of its strategy to boost direct contact with consumers.

A Resnick Scion Strikes Out on His Own

With a new Chelsea condominium that’s 80% sold, Scott Resnick shows he’s up to the challenge of developing residential projects on his own.

Shopping Mall Developer Taubman Dies

A. Alfred Taubman, the self-made billionaire who cemented the enclosed shopping mall into American culture has died. He was 91.

Fannie, Freddie to Lower Fees

The Federal Housing Finance Agency is set to direct Fannie Mae and Freddie Mac to reduce mortgage fees on some borrowers.

An App That Helps Glimpse the Future

Rokitt’s augmented-reality technology helps architects and residents see a skyline’s potential.

What's the Deal

A roundup of real-estate news in the tri-state region

New York's Institutional Building Spree

Projects by schools, hospitals and others more than tripled in the first half of this year compared with a year earlier.

Stonewall Inn, Historic Gay Site, May Become New York City Landmark

The city Landmarks Preservation Commission is scheduled to hold a hearing Tuesday on designating the Stonewall Inn as an individual landmark for its pivotal role in New York City’s social history.

Red Berries Are Coming Back to New Jersey

In a sign of the changing beverage market, a longtime plant and distribution facility of juice maker Ocean Spray Cranberries Inc. will soon be home to the company Bai Brands, which produces drinks made from the coffee fruit.

Rent Regulations Expire as Deal Eludes Lawmakers

New York City’s rent regulations expired at midnight Monday as Albany lawmakers couldn’t agree on how to renew a law that afforded protection to more than two million people.

A House Made for a Sailor

The Kroeses are selling their waterside home in Westbrook, Conn., designed to complement lives spent largely on sailboats. The nautically themed home is on the market for $1.975 million.

Group Wants Parking Lots Converted to Elderly Housing

A study by the advocacy group LiveOn NY has identified 39 parking lots in the five boroughs that it says are underused and would be better used as housing for seniors.

What's the Deal: News Digest

A round-up of commercial real-estate news in the Greater New York region.

Rent a Desk, or Bathroom, in New York City With an App

A slew of innovative app-based services help New Yorkers instantly book short stints at the smallest of city spaces—a bathroom, a living room, an office. Need a pit stop? Try Airpnp.

In Franklin Lakes, People Tend to Stay Awhile

The affluent New Jersey community, population 10,600, is about 25 miles from Manhattan. Residents are drawn by its well-regarded public schools, relatively low property taxes and bucolic atmosphere.

Avison Young Hires Big to Accelerate Growth in New York

A. Mitti Liebersohn has left his longtime brokerage team at JLL to join Avison Young’s New York office.

What's the Deal: News Digest

A roundup of real-estate news in the Greater New York area.

Designers Put Cork in It

Once dismissed as cheap and ugly, cork is becoming cool as top designers create pieces that are not only sustainable, but covetable.

Five Midcentury Homes for Interiors Inspiration

Take a tour of these classic residences, including Modernist designer Eileen Gray’s 1929 villa, now open to the public after years of restoration.

Design's Best-Kept Secret: Eames Radios

Collectors are tuning into radios designed by Charles and Ray Eames—a more accessible way to own an original by the midcentury masters.

Basic Home Essentials That Are Anything But Ordinary

Even if you aren’t ready for Marie Kondo’s life-changing magic, you can still embrace the beauty of simplicity by investing in items that are functional and stylish.

Five Fresh Spring Vases

Choose the perfect vase to display those long-awaited spring flowers at their best.

Ways to Give Your House Away

Anyone inspired to donate their home to charity should know that the tax rules are complicated.

Chita Rivera on the Leap That Launched Her Dance Career

The actress/dancer was a tomboy who grew up in a lively Washington, D.C., home.

Comedian Mike Myers Lists New York Duplex for $16.95 Million

The “Austin Powers” creator purchased the 4,200-square-foot penthouse in Soho for roughly $7.9 million in 2007

Philadelphia Penthouse Is Listing for a Record $17.6 Million

Under construction, the apartment has the highest asking price in the city.

Where Luxury Homes Sell the Fastest

An analysis of home listings over a two-month period identifies San Jose, Calif., as the place where home buyers need to act quickly.

Extreme Closet Makeover

A look inside the $85,000 closet renovation of a California doctor.

Westchester's Priciest House Is Listing For $29.5 Million

The 98-acre property in Mount Kisco, N.Y. was once owned by showman Billy Rose

Advantages of a One-of-a-Kind Home

Homes with a special feature that is no longer allowed under local building rules may give owners an edge when it’s time to sell.

The French Riviera at a Bargain

There are rare deals in glittering Cap d’Antibes, the onetime party spot of F. Scott and Zelda Fitzgerald.

Barcelona's Draw as 'Urban Resort'

Spain’s second city is luring new home buyers who like the city-and-surf lifestyle of the coastal metropolis.

After Foreclosures, Home Buyers Are Back

Many who lost their homes during the early part of the financial crisis are rebounding after credit-penalty phase.

CBRE Global Investors Buys Stake in Three GGP Malls

One of the world’s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

FAO Schwarz Is Returning to New York

A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.

Sportswear-Maker Puma to Open New York Flagship

Germany’s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.

The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump’s son-in-law and adviser.

Mortgage News Daily

MBS RECAP: Deceptively Relevant Econ Data But Range Prevails

Posted To: MBS Commentary

Since Retail Sales rocked markets yesterday, perhaps bonds would be interested in responding to economic data again today? This question seemed to have been answered when bonds apparently jumped following this morning's 8:30am economic data. The only problem was that the data in question included NY Fed Manufacturing and Import/Export Prices. These are not reports that tend to cause such immediate and highly correlated movement. So what gives? For better or worse, I stare at a tick by tick stream of bond data for most of the day. Anyone else who spends their lives in such a manner would also surely have seen bonds on the move in 2 distinct ways well in advance of 8:30am. The first was a more general move that began with the European trading session. While it was general and relatively slow...(read more)

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"Homeowners are in Great Shape," Delinquencies Improve Across the Board

Posted To: MND NewsWire

Mortgage loan delinquencies were down from the third quarter of 2018 in the fourth quarter. The Mortgage Bankers Association (MBA) said the improvements held across all loan types and all stages of delinquency although there was a slight uptick in foreclosure starts. The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.06 percent of all loans outstanding, down 41 basis points (bps) from the third quarter and 111 bps from the fourth quarter of 2017 according to MBA's National Delinquency Survey. The percentage of loans on which foreclosure actions were started in the fourth quarter rose by 2 bps to 0.25 percent but MBA said that was probably due to the expiration of foreclosure moratoria in states affected by natural...(read more)

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Mortgage Rates in a Holding Pattern

Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today, marking the 6th day in a row where they've reversed course versus the previous day. This is the sort of behavior we see when underlying financial markets are having a hard time making up their mind (or are simply waiting for something before committing to the next big move). In the case of mortgage rates, the underlying financial market is the bond market. There are specific bonds that most directly affect mortgage rates, but they are almost always moving in the same direction as other bonds anyway. That allows us to use something like the 10yr Treasury yield to keep an eye on interest rate momentum. There we see yields locked in an increasingly narrow range since the beginning of the year. Movements inside that range aren't important to the bigger...(read more)

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MBS Day Ahead: Range Trade Likely to Dominate Heading Into Holiday Weekend

Posted To: MBS Commentary

Rates were at long term highs in early November 2019. Several global economic risks were beginning to swirl at the same time. These included a slowdown in German GDP, the weakest Chinese retail sales in 15 years, Italian budget drama, and a Federal Reserve that didn't seem to care about big stock losses in October. The Fed had released an announcement on the Wednesday before Veteran's Day weekend. That trading day saw 10yr yields hit 3.25% and they never went any higher after that. In fact, they mostly went lower--especially when the stock sell-off kicked into higher gear in December. All of the above made November and December the best 2-month stretch for rates in more than 2 years. When rates rally that aggressively, they usually take a break and move sideways before deciding if the...(read more)

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GSEs Continue Financial Winning Streaks

Posted To: MND NewsWire

Freddie Mac and Fannie Mae (the GSEs) reported solid financial results for both the fourth quarter and the entirety of the 2018 fiscal year on Thursday. The annual income was higher for both GSEs , although each posted a decrease quarter-over-quarter. Fannie Mae's total comprehensive income for the fourth quarter was $3.2 billion compared to $4.0 billion in the third quarter, and it reported a $16.0 billion total for the year. Because of ramifications from the 2017 tax act , its comprehensive income for the 2017 year was only $2.6 billion. Freddie Mac's total comprehensive income for the year was $8.6 billion compared to $5.6 billion in 2017 (it too had unusually high tax obligations that year.) For the fourth quarter comprehensive income dropped from $2.6 billion to $1.5 billion. Fannie Mae...(read more)

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Sales Jobs; Construction, Marketing Products; Impressive Agency Earnings

Posted To: Pipeline Press

Huh? Radian was recently in takeover talks ? I only know what I read in the newspapers! Sometimes I wonder if everyone isn’t in M&A talks to one degree or another, and rumors continue to swirl about a publicly-held bank in the Northwest spinning off its mortgage division. There’s a lot going on in our biz, especially with Freddie & Fannie in the present & future – more below. Even my cat Myrtle is silent, ignoring my questions about what she’s been up to lately. Lender Products and Services With the new integration between LBA Ware’s CompenSafeTM and the enterprise digital mortgage solution from SimpleNexus , loan originators can now receive real-time compensation notifications through the SimpleNexus mobile app. SimpleNexus provides LOs with a single...(read more)

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Fewer Plan to Buy, But Others Aren't Giving Up

Posted To: MND NewsWire

The perceptions, expectations, and plans of prospective homebuyers appear to be undergoing a transition according to results from the most recent Housing Trends survey report from the National Association of Homebuilders (NAHB). Rose Quint writes about the fourth quarter 2018 survey in a five-part series in the association's Eye on Housing Blog. She says that, for starters, there has been a steady erosion in the percentage of adults who said they planned to purchase a home within a year. That share slipped quarterly from 24 percent in the fourth quarter of 2017 to 13 percent in both the third and fourth quarters of 2018. Quint says the decline provides additional evidence that housing affordability has become a serious concern. Its deterioration has been driven by several years of strong home...(read more)

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Mortgage Bankers Estimate 29% Surge in New Home Sales

Posted To: MND NewsWire

While we have not yet seen figures from the Census Bureau for December let alone January, the Mortgage Bankers Association (MBA) is reporting a surge in new home sales last month. Information from MBA's Builder Application Survey (BAS) indicates that those sales, while unchanged from January 2018, increased by 43 percent compared to December 2018. The change does not include any adjustment for typical seasonal patterns. On a seasonally adjusted basis, MBA estimates sales were at an annual rate of 713,000 units. This is an increase of 29.2 percent from the December estimate of 552,000 units. Before adjustment MBA estimates that there were 54,000 new home sales in January 2019, up 45.9 percent from 37,000 new home sales in December. Joel Kan, MBA's Associate Vice President of Economic and Industry...(read more)

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MBS RECAP: Dormant Data Returns in a Big Way

Posted To: MBS Commentary

Of all the reports silenced by the government shutdown, Retail Sales was probably the most missed. It didn't help that December is a rather important month for such data. December's report finally arrived today, and it made waves . While there has been some question as to how quickly markets would be willing to "trust" the economic data affected by the shutdown, traders were instantly willing to react in this case for 2 reasons. First off, the Census Bureau simply told markets that its collection efforts were solid right on the front page of the report. But even more important , in this case, was the size of the miss, with sales falling at their fastest pace since 2009. It was also a rare "down December" for the series, with 2014 being the only other example during...(read more)

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Rates Are Better Today, But Not Back to 1-Year Lows

Posted To: Mortgage Rate Watch

Mortgage rates recovered today after rising to the highest levels in a week as of yesterday. The improvement followed a much-weaker-than-expected Retail Sales report--something investors have been waiting on for nearly 2 months due to the government shutdown. Retail sales comprise an important part of economic activity, and the economy is one of the biggest considerations for interest rates. Generally speaking, economic strength pushes rates higher, all other thing being equal. Thus, the unexpectedly weak retail numbers had the opposite effect. How big was the effect? Not quite as big as most other media outlets would suggest. The discrepancy is due to the regular Thursday release of the industry's most widely-cited mortgage rate report from Freddie Mac. While that report is accurate for the...(read more)

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MBS Day Ahead: Retail Sales is Back! Will Traders Pretend Nothing Changed?

Posted To: MBS Commentary

Perhaps it wasn't their fault, but several top tier economic reports up and left us during the government shutdown. We knew we'd see them again at some point, but in the meantime, we had to adapt to gleaning economic cues elsewhere. Moreover, we're left to wonder what the government shutdown time may have done to corrupt the first few rounds of economic reports that are returning after their forced hiatus. What am I getting at, you might ask? It's hard to imagine just how big and bureaucratic the US government is. The agencies that collect and distribute economic data have infinitely more employees than you or I would ever hire if charged with the task of collecting the same data. Only a small and noble percentage of government employees truly care about the far-reaching implications...(read more)

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MBS RECAP: Bonds Lose Ground on Shutdown Deal Hopes and Inflation Data

Posted To: MBS Commentary

At first glance, this morning's weakness was all about the Consumer Price Index (CPI)--the most widely-followed inflation report. In order to make a case for CPI causing the weakness, we'd have to assert that a core year-over-year reading of 2.2% versus a forecast of 2.1% was significant, even as monthly headline inflation missed its forecast by the same amount. Whether or not you're following me here, I'll just put it simply: it strains credulity to assign the blame for today's weakness strictly to the inflation data. It just wasn't a big enough beat, and this hasn't been a report that's merited this sort of reaction in the past several months. Looking for other explanations quickly reveals 2 other suspects at the scene of the crime (the 8:35-8:35am timeframe...(read more)

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Highest Mortgage Rates in a Week After Today's Move

Posted To: Mortgage Rate Watch

Mortgage rates hadn't changed much over the past few business days, even though they arguably should have moved a bit higher yesterday. That made today's adjustment slightly more abrupt. Why was there an adjustment? Mortgage rates are based primarily on the trading levels in the bond market. In turn, the bond market takes cues from a multitude of factors big and small. Among the biggest considerations for bonds are the various regularly scheduled economic reports. Among those reports, inflation data is traditionally very important to bonds. And finally, among inflation data, today's Consumer Price Index is probably the most widely followed. Inflation didn't jump in any major way, but the important "core" reading (which factors out food and energy) was slightly higher than expected on an annual...(read more)

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NAHB Takes a Detailed Look at First-Time and Trade-up Buyers

Posted To: MND NewsWire

A total of 8.8 million households bought homes in the two years preceding the most recent American Housing Survey (AHS). The survey, sponsored by the Department of Housing and Urban Development, is conducted by the Census Bureau every two years. The AHS is a nationally representative survey of residential structures in the US and of the households that occupy them. Results of the 2017 survey were released last year and the National Association of Home Builders (NAHB) has taken a detailed look at the findings, publishing several blog entries. Carmel Ford of NAHB's Economics and Housing Policy Group has now published a paper on the characteristics of those recent buyers and their transaction. The 8.8 million homebuyers are the highest tallied by any AHS since the Great Recession. There were 11...(read more)

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Marketing Products; Lender Legal News; OB's Index, Flood Insurance, Ditech's Ch. 11

Posted To: Pipeline Press

Amazon accounts for nearly 50% of the ecommerce activity in the United States. With that kind of delivery service, it isn’t hard to see why malls are suffering. Which is why, all across the nation, malls are being re-developed, re-purposed, whatever you want to call it, into mixed-use and housing projects. Projects in Phoenix , Cincinnati , and St. Petersburg are all moving forward. I hope that lenders offer products that are tailored to this type of condo and mixed-use housing. Lender Products and Services Nations Direct Mortgage is excited to introduce its new dedicated Non-QM Help team! “With the Non-QM market expected to explode to over $35B in 2019, we will provide expert resources to our broker partners so they can grow their Non-QM business” stated Martin Warren, Director...(read more)

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MBS Day Ahead: How Inflation Matters in The Bigger Picture

Posted To: MBS Commentary

This morning brings the week's first major economic report in the form of the Consumer Price Index (CPI)--one of the biggest inflation reports. Inflation has been an on-again, off-again market mover for the bond market over the past 10 years for a few reasons. That's an assertion that makes old school market watchers cringe because a big part of their worldview is informed by the inflation drama of the late 70's and early 80's. In fact, it's only really been in the past 20 years that inflation has been relatively well-behaved (i.e. holding fairly close to the Fed's 2% target). The runaway inflation seen in the 70's was such a big deal for markets that any traders who remember it (and some who simply studied it) have a hard time letting go of fear that it could return...(read more)

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Global Concerns Slow Mortgage Apps, Even With Lower Rates

Posted To: MND NewsWire

Mortgage applications have now fallen in six of the last eight weeks. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of application volume, fell lost another 3.7 percent on a seasonally adjusted basis during the week ended February 8. On an unadjusted basis the composite was down 4.0 percent. The Refinance Index decreased 0.1 percent from the previous week although the refinancing share of applications submitted rose to 43.2 percent. During the week ended February 1 refinancing had a 41.6 percent share. Both the seasonally adjusted and the unadjusted Purchase Indices were down 6.0 percent from the prior week and the unadjusted version came in 5.0 percent below its level during the same week in 2018. Applications for both FHA and VA loans...(read more)

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MBS RECAP: Shutdown Deal Hurts Bonds, But Mostly Helped Stocks

Posted To: MBS Commentary

It's hard to say exactly where stocks and bonds would be today absent the news from yesterday night regarding a possible shutdown deal. Both sides of the market were already in the process of bouncing as of last Friday--with yesterday's closing levels acting to extend that move. The shutdown news didn't hut until after the close. It definitely had an impact, but it's impossible to say that trading levels would be very different without it. In fact, bonds lost ground at a slower pace today compared to yesterday, so at the very least, we can conclude that bonds aren't hung up about it. The last remaining unknown with respect to this shutdown saga is what, if any, reaction we'll see when the deal is finalized. There too, it's safe to say it's not going to be a defining...(read more)

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How The Shutdown Is Affecting Mortgage Rates

Posted To: Mortgage Rate Watch

Mortgage rates were roughly unchanged yet again today, although the average lender was charging microscopically higher fees compared to yesterday. The key ingredient in today's market movement (which ultimately translates to mortgage rate movement) was the promise of a deal to avert another government shutdown at the end of the week. Late in the day yesterday, congressional leaders on both sides of the aisle signaled a potential deal was in the works. The fact that Trump didn't immediately dismiss the deal was taken as evidence of its viability. This resulted in bond markets losing ground today, which normally coincides with higher rates. It was also the inspiration for a good amount of today's improvement in stocks. The reason for that movement is fairly logical . The shutdown (or the threat...(read more)

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NAR: Home Price Gains at a "Healthier" Pace

Posted To: MND NewsWire

An asset bubble can burst, or it can develop a slow leak, and float more or less gradually back to normal levels. The National Association of Realtors'® (NAR's) quarterly report on existing homes and metro home sales seems to indicate that the housing market, where skyrocketing prices were a concern not that long ago, is following the latter pattern. Not only are sales slowing, but inventories are growing, and appreciation appears to be gradually decelerating. The NAR said the median price of a single-family home sold in the fourth quarter of 2018 was $257,600, a 4.0 percent increase from the median of $247,800 a year earlier. The year-over-year gain in the fourth quarter of 2017 was 5.3 percent. Home prices increased on an annual basis in 163 of the 178 metropolitan statistical areas ...(read more)

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Delinquencies and Foreclosures at 10-Year Lows

Posted To: MND NewsWire

According to CoreLogic, loan performance continues to improve on a national basis, with delinquencies dropping more than 1 percentage point over the 12 months ended in November 2018. Frank Nothaft, CoreLogic's Chief Economist, said the decline was driven by solid income growth, a record amount of home equity and an absence of high-risk loan products. "This put the U.S. homeowner on solid ground. All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down ," he said. In November 2018 4.1 percent of outstanding mortgages nationwide were 30 or more days past due, including those in foreclosure. The previous November the percentage was 5.2 percent. Rates of longer-term delinquencies also...(read more)

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MBS Day Ahead: Bonds Gearing Up For a Big Move

Posted To: MBS Commentary

In the shorter-term, there's nothing too interesting about the past few weeks of trading. Relative to the highs and lows set in the first 3 weeks of the year, the subsequent range has been well-contained. Over the past 2 weeks, it's been getting narrower and narrower. This is what we'd typically expect to see from a consolidation following a sustained move in either direction. Like most any well-established security with deep liquidity and volume (i.e. not penny stocks or commodities), bonds need time to cool off before heating up again. Unfortunately , there are always 2 potential reasons for the cooling off. They either need to catch their breath before continuing in the same direction or they are cooling off because traders are becoming less committed to pushing the move any...(read more)

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Broker Products; Upcoming Mortgage Events; Conforming/Conventional Changes

Posted To: Pipeline Press

From Twitter: “When self-driving cars become mainstream, dead old people will occasionally just arrive places.” Morbid humor aside, will it really help traffic when cars are programmed to take laps around city blocks rather than look, and pay, for parking? Speaking of city blocks, how’s your jumbo product? If you’re an independent/non-depository mortgage bank, the odds are your jumbo pricing doesn’t stack up too well against the bank pricing that are out there. Those darned portfolio products! What about the really big home loans, say, $10-20 million? There are only 230 of them out there, mostly funded in the last six years, mostly refinances, and mostly ARMs . Closing one would sure make your day, huh? Lender Products and Services Galton Funding specializes in...(read more)

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MBS RECAP: Potential Warning About The Range

Posted To: MBS Commentary

I have to stretch to make a day like today interesting. As I'm fond of doing, I could easily label this one of those unofficial 3-day weekend type of Mondays. That description still works as 10yr yields were only 2bps higher and Fannie 4.0 MBS lost less than an eighth of a point. There were no significant economic reports, no major news stories, and no relevant market-moving developments. Still, if we really want to, we can glean a very small warning from the trading activity. Simply put, we've been tracking a consolidating range of lower highs and higher lows in bond markets. In terms of 10yr Treasury candlesticks, it would look something like the yellow lines below. As the chart suggests, today brought us a modest bounce just as Friday's gains threatened to break below the lower...(read more)

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Low Rates Unfazed by a Bit of Market Weakness

Posted To: Mortgage Rate Watch

Mortgage rates held their ground fairly well today, despite the fact that underlying bond markets were weaker. Bond market weakness is associated with higher interest rates, all other things being equal. To understand this, consider that a bond is essentially a loan. An investor who buys a bond is buying the right to collect interest payments on a loan. That investor is effectively "the lender." Ideally, those investors would compete with one another for the right to collect interest on loans. If bonds are "weaker," it means those investors don't see as much value in buying those loans. The price they pay to obtain the loan goes down (aka "weakness"). In turn, the loan's rate of return needs to be bumped up in order to attract investors. And "bumping up the rate of return on a loan" is tantamount...(read more)

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