Today’s News Synopsis:
According to the latest survey released by the Mortgage Bankers Association, mortgage applications are up 12.8% from last week. In the whole world, home prices did not show any signs of change in the third quarter. TransUnion forecasted mortgage delinquencies would decrease almost 7% by 2012.
In The News:
Housing Wire - “World housing prices stagnate in 3Q” (12-7-11)
“Global home prices idled in the third quarter, staying at the same level from the second quarter, according to the Knight Frank Global House Price Index.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-7-11)
“Mortgage applications increased 12.8 percent from one week earlier (which included the Thanksgiving holiday), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2011.”
Realty Times - “Low Mortgage Rates Remain Stable While Mixed Reports Draw Concern” (12-7-11)
“It has been a volatile week with the stock market rising rapidly on Wednesday after renewed hope for the world economy surfaced. It was reported that major central banks came together to add liquidity to the global financial system in an effort to help the Euro zone crisis. On the other hand, mixed economic reports continue to draw concern which helped keep low mortgage rates stable.”
Bloomberg - “Insurers Offer Better Commercial Property Loan Terms Than Banks” (12-7-11)
“Insurance companies are offering the best terms on senior commercial real estate loans as banks halt or scale back lending, a study by real-estate adviser CBRE Group Inc. (CBG) showed.”
San Francisco Chronicle - “Hotel Lenders Avoid Foreclosures as $17.5 Billion in Loans Loom” (12-7-11)
“As $17.5 billion in securitized loans backed by U.S. hotels come due in the next two years, lenders are doing more to avoid foreclosure on lodging properties than on any other type of commercial real estate.”
Housing Wire - “Prepayment speeds on agency MBS remain flat to down” (12-7-11)
“Prepayment speeds on Fannie Mae and Freddie Mac mortgage-backed securities remained flat in October when compared to November, a new report from KBW analysts said Wednesday.”
DS News - “Mortgage Delinquencies To Decline in 2012: Study” (12-7-11)
“The current year will close with a 7 percent yearly decline in mortgage delinquencies, matching last year’s decline, according to predictions released Wednesday by TransUnion.”
Looking Back:
UCLA economists expected unemployment to remain above 10% until the end of 2012. TransUnion predicted the national mortgage delinquency rate could fall below 5% in 2011. A survey from RealtyTrac showed 60% of Americans believed housing woulod not recover for another 2 years. According to HOPE NOW, 1.54 million permanent mortgage modifications were completed in the first 3 quarters of 2010.
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