California Foreclosure Filings, Notice Of Sale And Inventories Decrease In Aug 2012

12 09 2012

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Housing Market: Fannie Mae Reports That Consumers Expect “Modestly Positive” Increases In Home Prices; Confidence In Economy Dips

11 09 2012

Consumer sentiment regarding the housing market continues its modestly positive trend, according to results from Fannie Mae’s August 2012 National Housing Survey. Supported by the expectation that home prices will rise in the next year and more saying it is a good time to sell, Americans have maintained a cautious but improving view of the housing market and homeownership. However, their stalling household financial expectations and declining economic optimism will likely mean the rate at which the housing market recovers will remain tempered.

Homeownership and Renting

  • Average home price change expectation is 1.6 percent, largely consistent with last month and down from a June high of 2.0 percent.
  • Eleven percent of those surveyed say home prices will go down in the next year, holding steady at the lowest level since the survey’s inception in June 2010.
  • At 40 percent, the percentage of respondents who say mortgage rates will go up in the next 12 months has increased by 4 percentage points since July.
  • Eighteen percent of respondents say it is a good time to sell, the highest level since the survey’s inception.
  • The percentage of respondents who say it is a good time to buy has remained steady at 73 percent.
  • Forty-four percent of those surveyed say home rental prices will go up in the next year, a decrease of 3 percentage points, while 5 percent expect them to go down.
  • The average rental price change expectation decreased 0.7 percent from last month to 3.2 percent, the lowest level since January 2012.
  • The percentage of respondents who say they would buy if they were going to move increased slightly to 67 percent, while 28 percent would rent.

The Economy and Household Finances

  • Consumer optimism continues to wane, with 33 percent saying the economy is on the right track, a slight decrease from last month and 5 percentage points lower than the May 2012 peak.
  • The percentage of respondents who expect their personal financial situation to get worse fell slightly to 13 percent, while those expecting their personal financial situation to stay the same increased slightly to 41 percent.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago remained steady at 20 percent, while those who say it is significantly lower increased slightly to 16 percent.
  • Fifty-six percent of those surveyed say their household expenses are about the same as they were a year ago, a slight decrease over July.




Housing Market: S&P Case-Shiller Home Price Index Increases 0.5% In June 2012; Prices Return To Summer 2003 Levels

28 08 2012





Home Foreclosure Activity Increased 9.1% In Latest Year Ending May 2012, Affecting 205,990 Properties

22 06 2012

Overall foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, affected 205,990 properties in May, a 9.1 percent increase from April.

Foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

The $25 billion settlement between major banks and states, formally approved in April, had been expected to jump-start foreclosure proceedings that were previously stalled by uncertainty about the liability of banks.

The figure was 4.2 percent lower, however, than in May 2011, RealtyTrac said in a monthly report.

For more:  http://www.reuters.com/article/2012/06/14/us-usa-housing-realtytrac-idUSBRE85D05P20120614





30-Year Fixed Mortgage Rates End Latest Week At 4.22% As Weak Economic Data Keeps Rates At All-Time Lows

2 09 2011
  • 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending September 1, 2011, matching last week when it also averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.6 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.54 percent.
  • 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from last week when it averaged 2.93 percent. At this time last year, the 1-year ARM averaged 3.50 percent.

“Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows. The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports.

 In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board. “Recently released data on the housing market also showed less strength as well. The S&P/Case-Shiller® National Index fell 5.9 percent between the second quarters of 2010 and 2011, representing the largest yearly decrease since the third quarter of 2009. Moreover, July’s pending sales of existing homes fell at a monthly rate of 1.3 percent, the first decline since April 2011.”

For more:  http://freddiemac.mediaroom.com/index.php?s=12329&item=56124





Freddie Mac Releases August 2011 “Economic Outlook” Reporting Low Mortgage Rate Environment Providing Assistance For Housing Market As Employment Outlook Remains Weak

17 08 2011

CLICK ON "FREDDIE MAC" TO VIEW REPORT

  • Employment was up 117,000, the best showing since April, and the unemployment rate edged down a tenth to 9.1 percent.
  • Over the first half of 2011, growth was figured to be about 0.8 percent at an annual rate, far too weak to generate enough jobs to keep pace with labor force growth.
  • Compared with the first quarter of 2008, borrowers are paying about $130 billion less in mortgage interest today, at an annual rate.
  • The likelihood of an extended period of both relatively low short- and long-term interest rates is helpful news for the housing market’s recovery.
  • Interest rates on 15-year fixed-rate loans – always popular for borrowers considering to refinance – reached about 3.5 percent in early August, assuring the refinance boom continues.
  • Freddie Mac House Price Index(SM) for the U.S. shows that prices are down 25 percent, on average, as of June 2011 compared with their peak obtained five years ago.

Quotes

Attributed to Frank Nothaft, Freddie Mac, vice president and chief economist.

  • “While the capital markets have experienced sizeable movements up and down in recent weeks, these swings are unlikely to lead to whiplash or hospitalization for individual investors. Heightened uncertainty, unfortunately, can be harmful to the overall economy.”

For more:  http://freddiemac.mediaroom.com/index.php?s=12329&item=49360





30-Year Fixed Mortgage Rates Dropped To 4.32% For Current Week As European Market Troubles And Slow Economic Growth Push Treasury Note Rates Lower

12 08 2011
  • 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending August 11, 2011, down from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.44 percent.  
  • 15-year FRM this week averaged 3.50 percent with an average 0.7 point, down from last week when it also averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 3.92 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week, with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 3.56 percent.
  • 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 3.02 percent. At this time last year, the 1-year ARM averaged 3.53 percent.  

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • “Renewed market concerns about the European debt markets led investors to shift funds into U.S. Treasuries, pushing long-term yields lower. Further, in its August 9th Federal Open Market Committee statement, the Federal Reserve noted that economic growth so far this year had been considerably slower than it expected and that overall labor market conditions had deteriorated in recent months, leading the Committee to conclude that an exceptionally low federal funds rate should be maintained at least through mid-2013. These developments helped to ease mortgage rates lower this week.
  • “Lower mortgage rates will help to maintain the high degree of home-buyer affordability in the market. The National Association of Realtors® reported that its affordability index over the past three quarters has indicated the highest affordability since the inception of the index in 1970.”

For more:  http://freddiemac.mediaroom.com/index.php?s=12329&item=49081