While the housing market crash pulled like an undertow in many parts of the country, Florida residents felt as if they had been hit by a tsunami. Much of the state experienced record levels of foreclosures and home values plummeted, leaving thousands financially underwater.
It’s been a hard couple of years for Florida homeowners, but the sunshine state’s housing market is showing some serious signs of recovery: Read the rest of this entry »
Rates on the most popular mortgage types moved in opposite directions this week, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis points (0.01 percent) to 3.54 percent. Conforming 5/1 Hybrid ARM rates decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.67 percent.
“Mortgage rates continue to hold at very favorable levels, mostly directionless over the past few weeks,” said Keith Gumbinger, vice president of HSH.com. “Financial markets have been focused on the contentious election, and with good reason, as a change of administration would of course bring new expectations for regulations and more. Even without a change at the top, there are plenty of mortgage market changes due before long.”
“In normal times, most of us would never consider forgiving unpaid tax bills, but these are not normal times.”
-Dave Liniger, RE/MAX co-founder and chairman
Not all eyes are on the election. Some of us are looking past it, focusing on changes and proposed changes to the mortgage and real estate markets that could undermine home sales, home values and consumer finances in the very near future.
One of those pending changes is the Mortgage Forgiveness Debt Relief Act of 2007 which is scheduled to expire on Dec. 31.
In recent years, many housing experts have pointed the finger at foreclosures for driving down prices and the housing market overall.
But in an unusual twist, foreclosure prices are now rising in some markets while the price of non-distressed real estate falls.
It’s hard to ignore the problem of foreclosures in this country. Millions of foreclosure filings have been sent out and millions more could be just around the corner. What’s worse is that according to the Federal Reserve, some 12 million homeowners now owe more on their mortgages than their homes are worth.
In an effort to help troubled homeowners nationwide, President Obama announced a plan in February of 2010 to provide the hardest-hit states with some direct funding. Along the way, the Hardest Hit Housing Markets program was expanded to include more money to more states. Unfortunately, according to a recent report, only a tiny percentage of the government money has actually been used for its intended purposes.
The national foreclosure rate fell at the end of 2011, news that will come as a relief to many.
According to the Mortgage Bankers Association, 4.38 percent of all loans outstanding were in the foreclosure process at the end of the fourth quarter. That’s down 0.26 percent from a year earlier.
With so many issues weighing down our national economy these days, it’s easy to get excited about the little victories–a positive jobs report or a month-over-month increase in home sales. But one of the core problems facing this country’s housing market isn’t expected to go away anytime soon: distressed real estate.
According to the Center for Responsible Lending, we’re not even midway through the foreclosure crisis. And the longer the crisis drags on, the more downside foreclosures will bring to their surrounding communities.
Did you receive a foreclosure notice while making trial payments under HAMP?
Did you provide the proper paperwork for a modification but were still denied?
Recent groups of protestors that have sprouted up across the city of Boston haven’t been voicing their displeasure with their baseball team’s September collapse, they’re protesting against Bank of America.
Today, over 1,000 people are expected to march in downtown Boston to protest against the bank, and “rally against Wall Street greed, predatory lending, and skyrocketing foreclosures in urban communities,” according to a press release.
How many additional foreclosures are likely in the pipeline during the next few years?
The answer is as many as 10,367,515, according to Laurie S. Goodman with the Amherst Securities Group.
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
