The Philadelphia Fed reported that the labor market outlook remains unchanged. The forecasters predicted similar results as the last survey for unemployment, noting that it will be an annual average of 5.3 percent in 2015, before falling to 5.0 percent in 2016, 4.8 percent in 2017, and 4.7 percent in 2018.
Read More »Mortgage Payments are More Affordable Than Ever With Rents at an All-Time High
Rents are at an all-time high for single-family homes, but monthly mortgage payments are more affordable now than they were before the housing bust, according to Zillow's affordability report for the second quarter of 2015.
Read More »Freddie Mac to Auction $1.2 Billion Worth of Deeply Delinquent NPLs
The NPLs in this transaction are being serviced by Ocwen Financial, according to Freddie Mac. The loans are deeply delinquent, which means in many cases they are delinquent by two years or more and are likely either in foreclosure or some stage of loss mitigation.
Read More »Foreclosures Hit 16-Year Low While Overall Household Debt is Little Changed
According to the New York Fed, foreclosures hit their lowest point in the 16-year history of the bank's Consumer Credit Panel, which uses anonymized Equifax credit data to generate a nationally representative sample.
Read More »FHA’s Lowering of MIP Has Had Little Effect on Minority and First-Time Buyer Share
Recent research by Washington, D.C.-based think tank American Action Forum (AAF) showed that as of the end of May, the share of FHA endorsements for both minority borrowers and first-time homebuyers was unchanged from a year earlier–33 percent for minority borrowers and 83 percent for first-time buyers.
Read More »Ginnie Mae Sets Record for Monthly Mortgage-Backed Securities Issuance
The new record set in July surpassed the previous mark of $46.1 billion, set in July 2009. For Fiscal Year 2015, Ginnie Mae has guaranteed more than $346 billion mortgage-backed securities, way ahead of the $242 billion the corporation guaranteed by this point in FY 2014.
Read More »Majority of GSE HAMP Permanent Modifications Remain Active
Slightly more than 419,000 permanent loan modifications completed by homeowners using the Department of Treasury's Home Affordable Modification Program (HAMP) on loans backed by Fannie Mae and Freddie Mac remained active as of the end of May 2015.
Read More »Foreclosure Numbers Still Elevated in Florida Despite Substantial Declines
Two of the top three metro areas in the category of 12-month sum of completed foreclosures were located in Florida: Tampa-St. Petersburg-Clearwater was first with 16,750 and Orlando-Kissimmiee-Sanford was third with 12,970.
Read More »Housing Demand Shifting Toward Central Parts of Cities
According to Fitch, home prices have grown 50 percent faster in urban centers than in the larger metro statistical areas (MSAs) since 2000. City centers are expected to continue to experience growth due to the shift in demand, even in regions lacking significant fundamental support, and are currently considered overvalued.
Read More »Ask the Economist: Recovering Home Prices Can Drive Inventory and Sales Increases
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Peter Muoio, Chief Economist with Auction.com.
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