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‘Mortgage starvation’ stunts recovery

By Lou_Barnes • Jul 17th, 2009 • Category: Mortgage, Real Estate News

Commentary: Latest reports stranger than fiction

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Category: Mortgage
  • Pending Home Sales Rebound from Record Low. What Might Boost Buyer Demand?
    The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an existing home sale. Because the Pending Home Sales index tells us how many contracts were signed, it is consider a forward indicator of existing home sales. A signed contract is not counted as an existing home sale until the transaction actually closes. Excerpts from the Release... Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen. The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed...(read more)

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  • Fed Hosts Neighborhood Stabilization Summit
    Community organizers, state and federal government officials, and representatives from banking, research and educations institutions are currently meeting in Washington at a REO and Vacant Properties Summit sponsored by the Federal Reserve Bank. The two day conference is focused on examining the problems associated with vacant and abandoned property and to explore approaches to neighborhood stabilization. Governor Elizabeth Duke, Board of Governors of the Federal Reserve opened the summit on Wednesday. In her remarks she introduced the types of issues that are faced by communities with high rates of foreclosure and REO and highlighted some of the lessons learned in the last few years about neighborhood stabilization strategies. She pointed out that the impact of each foreclosure goes far beyond...(read more)

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  • Recap and Charts: July Construction Spending Data
    The Census Bureau today released Construction Spending data for July 2010. Residential construction spending includes remodeling, additions, and major replacements to owner occupied properties subsequent to completion of original building. It includes construction of additional housing units in existing residential structures, finishing of basements and attics, modernization of kitchens, bathrooms, etc. Also included are improvements outside of residential structures, such as the addition of swimming pools and garages, and replacement of major equipment items such as water heaters, furnaces and central air-conditioners. Maintenance and repair work is not included. The value of all construction put in place in the U.S. on an annualized basis was $805.2 billion compared to a rate of $813.1 billion...(read more)

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  • Rising Refi Index Indicative of Pickup in Prepay Speeds on Recent Vintage MBS
    The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 27, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of...(read more)

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  • S&P/Case-Shiller: Home Prices Rise in June. Tax Credit Hangover Ahead
    The Standard & Poor's/Case-Shiller U.S. National Home Price Index was up 4.4 percent in the second quarter of 2010, more than recovering from the 2.9 percent loss that was suffered in the first quarter, but the index committee warned that recent housing indicators "point to more ominous signals as tax incentives have ended and foreclosures continue." On a month to month basis, the 10-city index improved 1.0 percent to 161.04 and the 20-city index rose 1.0 percent to 147.97. The year over year 10-City and 20 City Composite Indices for June marked the first time in 16 months that the increase in annual returns moderated, pointing to a possible deceleration in home price returns. In May the YoY increase in the 10-City Composite was 5.4 percent, in June it was 5.0 percent. The 20-City figure...(read more)

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  • HUD Secretary Tiptoes Around Another Tax Credit, Pushes Balanced Housing Policy
    In the wake of a full week full of bad economic news, especially housing indicators, Secretary of Housing and Urban Development (HUD) Shaun Donovan appeared on CNNs Sunday morning news and interview program State of the Union . Host Ed Henry prefaced the interview with July housing numbers - a 27 percent decline in existing home sales and new home sales at their lowest levels since 1963 . "Many analysts," Henry said, "believe that housing started this whole financial crisis. We saw some pretty grim headlines this week sparking some fears about a double dip recession." He asked Donovan, what he could say to reassure Americans that this will not happen. Donovan said that the dip in house sales in July was not unexpected because it would mark the end of the homebuyers' tax credit that had been...(read more)

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