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  • Mortgage delinquencies edged high in September, reports Black Knight, a leading provider of integrated software, data and analytics solutions.

    Mortgage delinquencies edged high in September, reports Black Knight, a leading provider of integrated software, data and analytics solutions. Mortgage delinquencies jumped 13% in September, the largest single-month increase since November 2008. Hurricane Florence had an impact during the month with delinquencies rising 38% month-over-month, with more than 6,000 borrowers already missing a payment as a direct result of the storm.

    Extreme volatility has gripped the U.S. Stock markets with the closely watched S&P 500 now down nearly 10% from its all-time closing high of 2,929 hit back on September 21. The S&P is now in negative territory for 2018 as traders watch the 2,650 level as support as it closed at 2,656 yesterday. Stocks are trying to rebound this morning. Tariff issues, some sluggish outlooks from corporate America, modest weakness in the manufacturing sector, geopolitical headlines along with profit taking have sent equities lower.

    Mortgage rates were essentially unchanged in the latest week after the big rise seen since December 2017. Freddie Mac reports that the 30-year fixed-rate mortgage rose just 1 basis point in the week ended October 25 with an average 0.50 in points and fees. Sam Khater, Freddie Mac’s chief economist, says, “We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition."

  • Ellie Mae released its Origination Insight Report for July this week showing that the percentage of closed purchase loans held steady at 71%

    Ellie Mae released its Origination Insight Report for July this week showing that the percentage of closed purchase loans held steady at 71% of total loans closed in July for the second straight month. Ellie Mae reports the average 30-year interest rate for all loans edged higher to 4.91% from 4.90% in June and a new Origination Insight Report high. “The purchase market remained solid in July and as we see inventories rise, we might begin to see a transition to a buyer’s market,” said Jonathan Corr, president and CEO of Ellie Mae. “The summer home buying season is still in full swing and while interest rates have risen, we expect to see a continued increase in purchase percentages.”

    Consumer sentiment edged lower in early August and slipped to its lowest level since September 2017 concentrated in the bottom third of the income distribution. The Consumer Sentiment Index in August fell to 95.3, below the 97.8 expected and down from 97.9 in July. Consumers said that buying conditions for large households durable items fell to the lowest levels in four years. Home buying conditions were viewed less favorably in early August than any time in the past 10 years, with home prices judged less favorably than any time since 2006.

    The pay rates between top chief executive officers and the average worker continued to widen in 2017. There was a 17% increase for the top guy with an average of $18.9 million a year compared with hardly a budge in wages for the average worker. The $18.9 million includes salaries, bonuses, restricted stock grants and other forms of compensation. The average worker pay grew by 0.2%.

  • Home price gains remained strong in June. CoreLogic reports that home prices, including distressed sales, rose 6.8% from June 2017 to June 2018

    Home price gains remained strong in June. CoreLogic reports that home prices, including distressed sales, rose 6.8% from June 2017 to June 2018 and increased 0.7% month over month from May to June. Over the next year, gains are expected to slow as further increases in home prices and home loan rates could erode affordability and dampen sales and home-price growth. CoreLogic forecasts a 5.1% increase from June 2018 to June 2019 while month-over-month home prices are expected to be unchanged from June to July of this year.

    Mortgage credit availability continued to increase in July for the third month in a row fueled by an increase in conventional credit supply. The Mortgage Bankers Association's Mortgage Credit Availability Index rose 1.7% in July after gains in both May and June. From a year ago, the index has increased 2.8%. The MCAI is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.).

    A recent survey revealed that buying a home can be exhausting, confusing and complicated. Homes.com reports that in a survey of 2,000 Americans, 40% say that purchasing a home can be the most stressful event in modern life while another 44% said they felt nervous throughout the whole home buying process. In addition, about 33% of those surveyed admitted to shedding tears at some point during the process. “At the end of the day, buying a home is often the largest purchase the average American will experience in their lives,” said David Hoegerman, Homes.com senior manager of content.

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