Freddie Mac said mortgage rates increased to 4.81% last week. The Federal Bureau of Economic Analysis reports California income levels rose 2.5% in 2010. Jobless claims fell 1.3% last week, according to the Labor Department. Freddie Mac told servicers managing its loans to stop foreclosing in MERS’ name.
Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.
The Federal Reserve will require borrowers who get their mortgages through a broker to receive the lowest possible interest rate. LPS claims the national delinquency rate increased to 8.9% in January. A lawyer was held in contempt of court for helping his clients break back into their house after the foreclosure was ruled legitimate. RadarLogic said national home prices decreased 1.6% in December.
Freddie Mac predicts ARMs will represent 10% of all mortgages issued by the end of the year. A national budget has been propposed that will cut the federal deficit from 10% of the overall economy to 3% in a decade. Fannie Mae and Freddie Mac will cost $73 billion through 2021, according to the Treasury Department. Freddie Mac claims mortgage rates are likely to remain in the low-to-mid 5% range throughout the rest of the year.
The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.
6,111 new and resale houses and condos were sold in the Bay Area last month, according to MDA DataQuick. Freddie Mac reports the 30-year mortgage rate has rose again to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July. Three members of congress introduced a bill which may put an end to the use of MERS by GSEs.
The MBA’s weekly survey shows mortgage applications decreased 22.8 percent. Morgan Stanley predicts U.S. home prices will decline as much as 11% by 2012, while Douglas Yearley of Toll Brother expects home sales to increase in 2012.
The Federal Reserve expects housing starts to reach 600,000 by the end of the year. Fannie Mae is suspending foreclosure evictions from Dec. 20 through Jan. 3, 2011. HUD representative Shaun Donovan claims the Homeless Prevention and Rapid Re-housing Program prevented or ended homelessness for 750,000 Americans.
Freddie Mac announced it will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reports the U.S. economy added 93,000 private-sector jobs during November. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% last week.