Industry News

Freddie Mac issued a new bulletin to lenders dated July 10, 2009 to remind lenders about the underwriting quality expected in mortgage files .  Since some 85% or more of all mortgages are sold to Fannie Mae or Freddie Mac, these quality standards will be adopted by all lenders who sell loans in t...

A struggling economy and worsening labor market ranks Phoenix-Mesa-Scottsdale's housing market number three of the top ten high risk housing markets for mortgage default according to a first quarter 2009 report from First American Core Logic.   The report tracks house price depreciation/accelerat...

According to a press release issued by the mortgage bankers association, FHA loans now account for one third of all new purchase money mortgages.  In the month of June, 38.6% of all new homebuyers used a FHA loan, compared to 27.8% last year.  In the month of June, the FHA endorsed 94,069 mortgag...

According to information released by The Cromford Report , the Phoenix AZ monthly median sales price was $124,000 at the end of June 2009.  This number was up a little over the April 30th number of $115,000.    In Phoenix, inventory levels are generally decreasing and demand outpaces supply.  In ...

Here's a look at some of the loan programs available in 2005 to finance Arizona residential real estate, and where they are now.  Alternative-A (Alt-A) reduced documentation programs (stated income, no ratio, no doc...) made up a majority of new loan originations until mounting defaults resulted ...

Home prices ARE bottoming for homes selling in the first time home buyer range.   As a place to start, one would assume move up home market would be next, and eventually the luxury home market with help from a stronger economy. When prices start to increase as we come out of this recession (compe...