RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before. 03/01/2012

According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index surged last week, gaining 8.2 percent over the week before. But despite the spike, a dip in refinance volume kept the Market Composite Index, which measures total loan application demand, relatively flat. Total mortgage applications decreased 0.3 percent from the previous week, though the four-week moving average is up 0.33 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remained near survey lows last week but refinance volume fell slightly. The week’s results were adjusted for the Presidents Day holiday. The average contract interest rate for 30-year fixed-rate mortgages dropped to 4.07 percent from 4.09 percent the week bef... 02/29/2012

Pending home sales measure contract signings, not closings, and are a good indicator of future sales. In January, the National Association of Realtors’ Pending Home Sales Index reached its highest level since April 2010. The index was up 2.0 percent from December and 8.0 percent over the year before. Lawrence Yun, NAR’s chief economist, said the report offers hope of a healthy spring homebuying season. According to Yun, the upward trend implies home sales will see further gains this year and declining inventory could also mean broader price stabilization and growth. In January, the index was higher than anytime since the expiration of the homebuyer tax credit. 02/28/2012

The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund. The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April. The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed to last fall. The FHA said the changes will boost the Mutual Mortgage Insurance Fund by $1 billion. 02/28/2012

Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two decades. 02/27/2012

The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales report for January shows sales of new single-family homes were 0.9 below December’s upwardly revised annual rate of 324,000. The revision to December’s rate, previously reported to be 307,000, put that month’s sales pace at a year-long high. And, despite slipping from last month, January’s sales pace exceeded economists’ expectations and were 3.5 percent above last year. The median sales price of new houses sold in January was $217,000, up from $210,300 in December. At the end of the month, there was a 5.6-month supply of new homes for sale at the current sales pace.  02/24/2012

According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage applications decreased 4.5 percent last week from the week before. Despite the decline, the Market Composite Index, which measures mortgage applications volume, is relatively flat over the past four weeks due to previous spikes in purchase and refinance activity. Last week, both the Refinance and Purchase Index were down, primarily due to a slight uptick in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved to 4.09 percent from 4.08 percent the previous week. The average rate for 30-year jumbo loans increased to 4.32 percent. 02/23/2012

The Federal Housing Administration will announce additional premium changes to its mortgage business and streamlined refinance programs in the coming days. FHA Acting Commissioner Carol Galante said in a speech at the Mortgage Bankers Association servicing conference in Orlando, Fla., Wednesday that the changes are on their way. As part of the payroll tax extension agreed to last fall, the FHA will raise premiums on its forward mortgages by 10 basis points and by 25 bps for jumbo loans. Galante said Wednesday the FHA would make additional increases soon to further protect its mutual mortgage insurance fund. She said lenders have shown some reluctance to give streamlined refinances under the FHA program. From October 2011, the FHA endorsed $15.3 billion in refinanced government-insured l... 02/22/2012

The National Association of Realtors reports that existing-home sales rose again in January, the third improvement in the past four months. Sales of previously owned homes, including single-family, townhomes, condominiums, and co-ops, increased 4.3 percent to an seasonally adjusted annual rate of 4.57 million. Lawrence Yun, NAR’s chief economist, said the trend upward is in line with the underlying fundamentals including pent-up household formation, record-low mortgage rate, low prices, sustained job creation, and rising rent. The national median existing-home price was $154,700. 02/22/2012

The number of homes for sale nationwide fell for the eighth-straight month in January and is now 23.2 percent below last year’s levels. According to data from Realtor.com, inventory dropped 6.59 percent from the month before which, along with stabilizing prices, is a positive sign for the housing market. Inventory fell in 145 of 146 markets tracked and the average age of the for-sale housing stock has also fallen. Median list prices, though down month-over-month, are still nearly 4.0 percent above year ago levels and recent dips could be due to seasonal factors. Decreasing inventory levels and stabilizing prices, along with gains in the labor market and low mortgage rates, are positive indicators that housing will continue to improve and recover this year, according to the report. 02/21/2012

The U.S. Census Bureau and the Department of Housing and Urban Development’s new residential construction statistics for January show privately-owned housing starts rose to a seasonally adjusted annual rate of 699,000, exceeding economists’ expectations. The increase put starts 1.5 percent above December and 9.9 percent above the year before, when the annual rate was 636,000. Permits to build rose 0.7 percent over December and are 19.0 percent above January 2011. 02/20/2012

Builder sentiment rose for the fifth consecutive month in February, according to the National Association of Builders’ Housing Market index. The index measures builder confidence in the market for newly built, single-family homes on a scale where any number over 50 means more builders view the market as good than poor. In February, the index rose from 25 to 29 and reached its highest level in more than four years. David Crowe, NAHB’s chief economist, said this is the longest sustained improvement the index has seen since 2007 but cautioned that the HMI is still low. Still, builder confidence has now doubled since last September. The gauges measuring current sales and expectations for the next six months both rose by five points in February. 02/16/2012

Builder sentiment rose for the fifth consecutive month in February, according to the National Association of Builders’ Housing Market index. The index measures builder confidence in the market for newly built, single-family homes on a scale where any number over 50 means more builders view the market as good than poor. In February, the index rose from 25 to 29 and reached its highest level in more than four years. David Crowe, NAHB’s chief economist, said this is the longest sustained improvement the index has seen since 2007 but cautioned that the HMI is still low. Still, builder confidence has now doubled since last September. The gauges measuring current sales and expectations for the next six months both rose by five points in February. 02/16/2012

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for home loans was flat last week, with the Market Composite Index dipping just 1.0 percent after surging 7.5 percent the week before. The drop was caused by declines in the Purchase Index, while the Refinance Index increased 0.8 percent. The refinance share of all mortgage activity was 81.1 percent. The average loan size in January was $226,000, up from $225,000 in December 2011 and $207,000 a year ago. Also, average mortgage rates rose, with the interest rate for 30-year fixed-rate mortgages increasing to 4.08 percent from 4.05 percent the week before. The average 30-year rate for jumbo loans was 4.30 percent. 02/15/2012

Fannie Mae’s National Housing Survey polls 1,000 Americans each month about their attitudes toward homeownership, mortgage rates, the economy, personal finances, and overall consumer confidence. January’s survey finds Americans more optimistic about the economy and the housing market. Specifically, the percentage of participants who said the economy is on the right track was up 8 percentage points from the month before and the number who said it was on the wrong track dropped 6.0 percent. On average, respondents expect home prices to rise 1.0 percent over the next year. Only 16 percent of Americans expect home prices to decline, while 79 percent said they’d rise or stay the same over the next 12 months. Doug Duncan, Fannie Mae’s vice president and chief economist, said home price expect... 02/14/2012

If your interest rate is 4.75% or higher you are wasting money every day you let go by that you don't call me. Call for a no cost, no obligation mortgage check up. I'll need 5 minutes of your time over the phone to gather some information to show you how much money I can save you. Rates are at all time lows, so what are you waiting for? You can also apply online by clicking the below link. Have a great day and I look forward to the opportunity to help save you money! http://www.theanswerisclear.com/MLO/rmagee/ Thanks, 02/14/2012

According to Gallup, Americans’ economic confidence and sense of well being both rose in January. Gallup’s Life Evaluation Index, which asks Americans to rate their current and future lives on a scale from 0 to 10, climbed to its highest level in 11 months, increasing to 50.1 from 48.4 in December. The number of respondents classified as thriving as opposed to struggling or suffering increased to 53.4 percent from 51.9 percent the month before. Americans’ improving sense of well being is tied to gains in economic confidence. According to Gallup’s Economic Confidence Index, which has been rising since August of last year, the country’s confidence in the economy is at its highest level since May 2011, though it isn’t as high as it was a year ago. http://www.theanswerisclear.com/MLO/rmagee... 02/13/2012

The National Association of Realtors Housing Affordability Index reached a record high in 2011. The index, which began in 1970, measures the relationship between median home price, median family income, and average mortgage interest rate. The index defines 100 as the point where a median-income household has exactly enough income to qualify to purchase a median-priced home. In 2011, the index reached 184.5. Lawrence Yun, NAR’s chief economist, said the Midwest and South have the greatest concentration of areas where home buyers have the strongest purchasing power. According to Yun, the West Coast and Northeastern Seaboard have higher-priced homes which accounts for lower affordability ratings. http://www.theanswerisclear.com/MLO/rmagee/ Thanks,   02/10/2012

B of A Can't Process All Refi Applications   Bank of America Corp. is limiting the number of refinance applications it accepts over the phone, telling borrowers who do not have an existing relationship with the bank that they may have to wait 60 to 90 days before their loan application can be processed, a B of A spokesman said Wednesday. Don't accept that, refinance with Clearwater as we're running roughly 3 weeks start to finish. Call me or apply online, link below. http://www.theanswerisclear.com/MLO/rmagee/ Thanks, 02/10/2012

Several Federal and State agencies announced today a 25 billion dollar foreclosure settlement with many of the largest banking institutions in the U.S.. While many of the details could possibly take years to iron out, the attached article provides a brief synopsis of what is known currently: http://online.wsj.com/article/SB10001424052970204642604577213032296123026.html?mod=wsj_share_tweet http://www.theanswerisclear.com/MLO/rmagee/ Thanks, 02/09/2012