Friday, March 23, 2007

Federal Reserve leave rate unchanged

The Federal Reserve has decided to leave the federal funds rate at 5-1/4%. The press release states "Recent indicators have been mixed and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters."

To read more: Federal Reserve Board March 2007 press release

Tuesday, March 20, 2007

Applications Increase

The Mortgage Bankers Association (MBA) reports that "... for the week ending March 9, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 690.5, an increase of 2.8 percent on a seasonally adjusted basis from 671.6 one week earlier. On an unadjusted basis, the Index increased 3.2 percent compared with the previous week and was up 19.1 percent compared with the same week one year earlier."

Refinance applications were up as well. "The Refinance Index increased 3.5 percent to 2312.2 from 2234.2 the previous week ..."

To read more: Mortgage Bankers Association loan application survey

Friday, March 16, 2007

Delinquencies and Foreclosures UP!

The Mortgage Bankers Association (MBA) reports that "The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.95 percent of all loans outstanding in the fourth quarter of 2006 on a seasonally adjusted (SA) basis, up 28 basis points from the third quarter, and up 25 basis points from one year ago".

If you've been listening the the financial news lately, you've heard the term "subprime loans" associated with the recent stock market activity. The MBA also refers to the subprime loans: "The increase was driven by increases in delinquencies for all major loan types, most notably for subprime and FHA loans. Delinquency rates for prime, subprime, FHA, and VA loans increased on a seasonally adjusted basis relative to the third quarter. The delinquency rate for FHA loans reached a new record in the fourth quarter."

To read more: Mortgage Bankers Association

Friday, March 02, 2007

January home sales and prices

The California Association of Realtors® (C.A.R.) reports that "Home sales decreased 12.6 percent in January in California compared with the same period a year ago."

As for prices, "The median price of an existing, single-family detached home in California during January 2007 was $559,640, a 1.9 percent increase over the revised $549,460 median for January 2006."

To read more: California January home sales