Consumers unsure about economic standing, survey finds

The success of the economy and the housing market rely heavily on consumers, and the more pleased consumers are the more likely they are to invest in both.
The success of the economy and the housing market rely heavily on consumers, and the more pleased consumers are the more likely they are to invest in both. [More]


Despite drops earlier in year, home loan defaults up in November

After showing signs of recovery in September, the latest S&P Dow Jones Indices reveal consumers failed to keep with their mortgage loan payments. According to the S&P/Experian Consumer Credit Default Indices for November, the national composite index rose for the second consecutive month. In October, the index increased to 1.55 percent from 1.46 in September, and most recently jumped 1.64 percent in November. In September, first mortgages fell to the lowest level seen since the start of recovery after the recession. However, October and November resulted in a rise in mortgage delinquency. The rate for second mortgages, on the other hand, fell 0.65 percent in October to 0.62 percent, a new record low. "This increase in national default rates was solely driven by an increase in the first mortgage default rate," said David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices. "All other loan types - auto loan, bank card and the second mortgage posted decreases in their default rates in November." When comparing indices from November last year, the composite was down from 2.22 percent to 1.64. First mortgage defaults fell from 2.17 to 1.58 percent over the 12-month period and second mortgage defaults were also down to 0.62 percent in November from 1.26 recorded the year before. Bank card and auto loans were both down significantly. Almost every city shows higher default rates Data indicates that Miami suffered from the highest default rate at 2.66 percent out of the five cities studied. Though, the metro has posted notable gains in every other housing market factor including sales and home prices. In Los Angeles the rate or defaults grew 16 index points and were up 12 points in New York. Chicago also saw a rise, moving forward 7 points while Dallas posted a slight decline in defaults, slipping one basis point. Blitzer notes the increase in defaults should be closely monitored, though 2013 is projected to bring positive news for both the national housing market and the overall economy.


Fannie Mae to suspend evictions over holidays

Despite housing market improvements that have paralleled the stabilizing economy, many homeowners are still financially unable to keep up with their monthly mortgage payments.
Despite housing market improvements that have paralleled the stabilizing economy, many homeowners are still financially unable to keep up with their monthly mortgage payments. [More]


Fixed-rate mortgage rates fall after two weeks of higher marks

While many economists said both home prices and mortgage rates would be up before the end oft he year, mortgage rates have fallen short of expectations and continue providing high affordability to prospective buyers throughout the remainder of the year.
While many economists said both home prices and mortgage rates would be up before the end oft he year, mortgage rates have fallen short of expectations and continue providing high affordability to prospective buyers throughout the remainder of the year. [More]


Mortgage applications up, affordability remains high for buyers

First-time buyers have contributed greatly to the five-week run of increased mortgage applications, however, refinances continue to account for the majority of activity.
First-time buyers have contributed greatly to the five-week run of increased mortgage applications, however, refinances continue to account for the majority of activity. [More]


Outlook for 2013 positive, mortgage rates to stay low, prices to increase

As the economy continues to post gains throughout the end of the year, the outlook for the overall economy and national housing market from Freddie Mac reveals most factors will continue to trend upward.
As the economy continues to post gains throughout the end of the year, the outlook for the overall economy and national housing market from Freddie Mac reveals most factors will continue to trend upward. [More]


Additional housing markets up in December, NAHB index post large gains

Consumers and builders alike will likely have more confidence in the housing market, as the number of places posting notable improvements increased in December.
Consumers and builders alike will likely have more confidence in the housing market, as the number of places posting notable improvements increased in December. [More]


Mortgage rates remain stable, still low for buyers

Throughout much of 2012, economists have predicted a rise in mortgage rates before the end of the year.
Throughout much of 2012, economists have predicted a rise in mortgage rates before the end of the year. [More]


November application volume rises, refinancing still popular

Affordable conditions may prompt many first-time buyers to meet with real estate agents to find the perfect home.
Affordable conditions may prompt many first-time buyers to meet with real estate agents to find the perfect home. [More]


Evictions suspended by Freddie Mac through end of the year

Though many housing market factors are improving, some homeowners continue to struggle keeping up with their monthly mortgage payments.
Though many housing market factors are improving, some homeowners continue to struggle keeping up with their monthly mortgage payments. [More]