Lee Richardson

The Mortgage Blog of Lee Richardson

Fewer Sellers Cut Asking Price In August

According to real-estate website Zillow.com, the number of sellers that reduced their asking price fell in August. It was the first time in five months that the number of homes with at least one price cut decreased from the month before. At the end of August, prices were reduced on 28.8 percent of homes listed for sale on Zillow.com, down from 30.1 percent in July. The median price cut was 7 percent. Price reductions peaked in September of last year when 32.6 percent of listings were cut. More here.

Filed under: Uncategorized, , , , ,

Encouraging Signs For The Housing Market

David Blitzer, chairman of the index committee at Standard & Poor’s, feels recent price increases, though partly driven by the lingering effects of the homebuyer tax credit, are a positive sign that the housing market is returning to a more normal cycle.

Filed under: Uncategorized, , , , , , , , ,

Pending Home Sales Rise Unexpectedly

The National Association of Realtors’ Pending Home Sales Index rose 5.2 percent in July but is still 19.1 percent below last year’s level. The data reflects signed contracts, not closings, and is considered an indicator of future existing-home sales. Lawrence Yun, NAR’s chief economist, said the housing recovery looks to be a long process. Yun believes home sales will remain soft in the months ahead and feels conditions will continue to benefit buyers through the end of the year. More here, here, and here.

Filed under: Uncategorized, , , , , ,

Record-Low Mortgage Rates Spark Demand

According to The Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates set yet another record low last week. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.43 percent from 4.55 percent the week before. The drop in rates spurred loan demand and led to a 2.8 percent increase in The Refinance Index and a 1.8 percent jump in purchase activity. Michael Fratantoni, MBA’s vice president of research and economics, said, despite the slight increase in demand, the continued low level of purchase applications indicates upcoming sales reports are unlikely to show improvement. More here and here.

Filed under: Uncategorized, , , , , ,

Home Price Report Shows Second-Quarter Gains

Home prices are 3.6 percent above their year-earlier levels and up 4.4 percent in the second quarter, according to Standard & Poor’s Case-Shiller Home Price Indices. David M. Blitzer, chairman of the index committee at Standard & Poor’s, said the housing market is in better shape than it was at this time last year but warns that, despite upbeat second quarter numbers, more recent data suggests fewer gains ahead. Lack of demand combined with foreclosures and the shadow inventory could begin to affect home prices in the coming months. More here and here.

Filed under: Uncategorized, , , , , , ,

Mixed News On Foreclosures

According to The Mortgage Bankers Association, the inventory of homes somewhere in the foreclosure process fell for the first time since 2006. The number of seriously delinquent loans, or those late by three months or more, dropped to 9.11 percent from 9.54 percent in the first quarter. Jay Brinkmann, MBA’s chief economist, said the numbers provided a mixture of good and somewhat bad news. Though foreclosure starts and the number of loans late by 90 days or more fell, the rate of first-time delinquencies, or those one payment behind, rose after four consecutive quarters of decline. More here, here, and here.

Filed under: Uncategorized, , , , , ,

Interest Rates Could Fall Below Four Percent

David Lykken of Mortgage Banking Solutions says mortgage rates could fall below 4.0 percent by the end of the year.

Filed under: Uncategorized, , , , , , , , , ,

New Home Sales Fall In July

Sales of single-family homes fell 12.4 percent in July, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Year-over-year, sales were down 32.4 percent. The past three months have been the worst on record for new home sales and July’s pace was the slowest since records began in 1963. An estimated 210,000 new houses were for sale at the end of July, a 9.1-month supply at the current sales pace. Six months of inventory is considered normal market conditions. More here and here.

Filed under: Uncategorized, , , , , ,

Loan Demand Rises As Rates Set New Record Low

According to The Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage application volume, rose 4.9 percent last week. The increase was the result of another boost in refinance activity as the average contract interest rate for a 30-year fixed-rate mortgage fell from 4.60 percent to 4.55 percent, a new record low. Michael Fratantoni, MBA’s vice president of research and economics, said refi applications were up 26 percent over their level four weeks ago and set a 15-month high for the Refinance Index. More here and here.

Filed under: Uncategorized, , , , , , ,

Existing Home Sales Down 27 Percent In July

Existing home sales, which include single-family houses, townhomes, condominiums, and co-ops, fell 27.2 percent in July, according to The National Association of Realtors. Sales of single-family homes were at their lowest level since May 1995. Lawrence Yun, NAR’s chief economist, said the soft sales pace was largely due to the lingering effects of the homebuyer tax credit. Since the tax credit’s expiration, sales have fallen 34 percent. Yun believes sales will continue to be slow through September, but record-low mortgage rates and high affordability combined with an improvement in the job market could lead to a quick recovery. More here and here.

Filed under: Uncategorized, , , , , , ,

About Me:

Lee Richardson is a senior mortgage advisor with Eagle Nationwide Mortgage Company in North Royalton, OH. Lee has six years in the industry and offers great rates and a wide variety of mortgage loan programs to fit his clients' financial needs.

Contact:

Lee Richardson
Senior Mortgage Advisor
Eagle Nationwide Mortgage Company
5740 Royalwood
North Royalton, OH 44133
Phone: 440-582-3200, ext. #16
Toll Free: 800-705-5740
Fax: 440-582-4501
Email: lee.richardson@enmcdirect.com
Website: www.enmcdirect.com

Follow L__Richardson on Twitter

Lee Richardson on Twitter

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Lee Richards…
Biznik - Business Networking

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 1 other follower

Follow

Get every new post delivered to your Inbox.