Industry News

First the good news.  Home sales activity released today by the National Association of Realtors: Home owner Vacancy rate has dropped 2.5% (from 2.7% in 1st Qtr ‘09).  Existing home sales rose in June 3.6% over the previously month.  The median sales price increased in June compared to May to $18...

According to information released by the Federal Housing Finance Agency, the house price index of single family homes sold to Fannie Mae and Freddie Mac increased 0.9 percent during the month of May. This is the third monthly increase this year. Also this week, First American Core Logic released ...

The Federal Reserve Board has announced changes to consumer protection regulations for mortgages that will take effect on July 30, 2009. The Federal Reserve Board approved final rules that revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending) . Regulation Z i...

Evidence that real estate values are starting to stabilize in some markets can be found in Genworth Mortgage Insurance company's latest bulletin and became effective effective July 20th.  Genworth removed 136 Metropolitan Statistical Areas (MSAs) from the declining markets / distressed markets li...

250 DOW improvement points in one day.  Release of the Fed's open market committee minutes revealed a forecast of higher (than expected) economic growth.  Fixed income MBS markets suffered today as the money flowed into stocks.  Good economic news over the past two days has worsened mortgage rate...

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 ...