A significant part of active forbearance plans slated to expire in June has not been extended, leading to the biggest weekly drop (435,000) in the volume of mortgage borrowers under forbearance. Andy Walden, Black Knight’s Economist and Director of Market Research, suggested that “this latest decline in the number of homeowners in active forbearance is […]
The Mortgage Bankers Association reveals that the coronavirus-related mortgage forbearance growth had its biggest drop of 8 basis points over the June 22-June 28 week. For the last week of June, nearly 4.2 million mortgages were under forbearance; this is 8.39% of the total loans outstanding. The percentage is less than 8.47% posted a week […]
Despite exceedingly low interest rates, a very limited number of borrowers pulled cash out of their houses in Q1. This led to a record-high for the dollar value of usable home equity, reports Integrated Technology firm, Black Knight. The mind goes back to the housing boom when homeowners tapped their equity to buy cars and […]
While the mortgage rates have never come down as low since Freddie Mac started in 1971 with its Primary Mortgage Market Survey, there is a good chance we haven’t seen the bottom yet. Freddie Mac’s Chief Economist, Sam Khater, feels that in the final few months, the 30-year fixed-rate mortgage could come down in a […]
The novel Coronavirus has come in a year when a good percentage of millennials are turning 30. What this means is that this demographic is stepping into its prime home-buying years in a scary situation. True that 2020 may be a headache-inducing year but looking at the big picture, “millennials may be poised to fuel […]
Integrated Technology company Black Knight says that the total mortgages in forbearance have shot up after three successive weeks of decline. The update on June 23 divulges that the number of mortgages under forbearance ran up to 4.68 million, a clean 83,000 above its tally a week before that. The Government-sponsored Enterprise (GSE) mortgage (Conforming) […]
According to the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage (QM) rule, all the mortgages that can be eligibly bought by Fannie Mae or Freddie Mac are exempt from the 43% debt-to-income cap. This exemption is referred to as the GSE patch (GSE stands for government-sponsored enterprises). The GSE patch is slated to expire on […]
Aspiring homeowners are likely to come hard once the Coronavirus scare recedes but real estate marketplace Zillow feels that housing inventory shortage may obstruct any possible sales rebound. Its Weekly Market Report reveals a drop of 17.1% in inventory compared to the same time last year. Over the week, it has fallen by 0.4%. Houses […]
The California Association of Realtors (CAR) reveals that house sales in California have come down by 41.4% in May ‘20’, compared to the same time last year. Over a year, such a drop hasn’t been seen since November ‘07’. CAR President Jeanne Radsick Bakersfield feels that the worst is past us and things will improve, […]
May ‘20’ is not as encouraging for home purchases as May ‘19’ had been and we needn’t be told the reason for it. Closed transactions dropped by 3.9% compared to April and a mammoth 33.7% on the Year-over-Year chart. Each housing market in the country has reported an annual drop in double figures (Iowa cutting […]
