With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
Housing market is stabilizing but will need to content with another wave of foreclosures as homeowners remain underwater and the loan modification programs to date have been a bust
Overall, we feel that the housing market is stabilizing but will need to content with another wave of foreclosures as homeowners remain underwater and the loan modification programs to date have been a bust.
FOMC made no mention of an exit strategy, instead talking about keeping Austin mortgage rates low for an extended period of time
With the FOMC dust settled, a couple of points are worth mentioning. First up, the FOMC made no mention of an exit strategy, instead talking about keeping Austin mortgage rates low for an extended period of time. Number two was the statement about continuing the purchase of Treasuries and MBS and extending the period until the end of Q1, allowing for a wind down period. Seems obvious that they are more concerned about housing and the economy versus inflation and deficits. One reason for the accommodative policy may be the building inventory due to future delinquency and foreclosures, estimated to be 7 million units. This is what we call “shadow inventory”, not yet on the books but in the pipeline nonetheless. That number is huge, representing an entire year of sales. We shall see.
Monday is shaping up to be a good days for [...]
Both Weekly Unemployment Claims and Retails sales missed expectations as [...]
Given that the rally today (mortgage pricing) has not eliminated the bearish trend signals and that the market will need to absorb 75 billion in new auction paper, it’s best to keep an eye on the market in case it tries to bite you
Just when we though the other shoe would drop……….., stocks [...]
We see the selling as shallow into the later part of the week and then a rebound/rally to deliver better mortgage pricing as we close the book on July
Both stocks and bonds opened on the weak side this [...]