Freddie Mac and MBA See Mortgage Rates Through Different Lenses
October 28, 2007
It was one of those weeks when one had to wonder if Freddie Mac and
the Mortgage Bankers Association were operating in the same universe. The
former presented results of its weekly survey indicating that
mortgage rates were dead in the water while the latter
reported substantial interest rate declines for all products.
“Both economic indicators and mortgage rates came in mixed this week,”
said Frank Nothaft, Freddie Mac vice president and chief
economist…
NAR Releases Existing Home Sales Figures For September
October 28, 2007
The NAR report blamed the sales decline on temporary problems in the
mortgage market which disrupted sales and distorted prices on sales
closed during the month. Lawrence Yun, NAR’s senior economist, said the
numbers are understandable. “Mortgage problems
were…”
Real Estate Investors and Agents Decry Short-Sale Process
October 28, 2007
A popular theme in the responses we have received to our request for
feedback from the foreclosure front has been the
confusion, delays, and inflexibility on the part of
mortgage servicers in handling “short sales.”
Nearly everyone
remarked on the perceived inflexibility of lenders on
price and the amount of time, paperwork, and aggravation involved in
getting a short sale approved - or even rejected.
A reader and
Realtor from Utah commented on both aspects. Saying that…
Dozens of Our Readers Report From the Housing Front
October 28, 2007
A few weeks ago we asked you to tell us what you were seeing out
there; stories about the effects of the subprime debacle and the
credit crunch on those who are on the ground and feeling the real impact.
We heard from you LOUD AND CLEAR.
We have had dozens of responses from consumers, mortgage brokers,
former lenders, real estate agents, and investors. Some people wrote one
line, others submitted virtual essays…
Builder Spirits Not Rebounding While Housing Starts, Permints Continue To Slide
October 28, 2007
There is an old Western expression that a person’s mood is “lower than
a snake’s belly.” Well lift up that snake and you just might find a home
builder under it.
NAHB Chief Economist David Seiders said, “Consumers are still trying
to sort out market realities and get the best deals they can. Many
prospective buyers may very well have unrealistic
expectations regarding new-home prices as well as…”
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