Market Studies

The number of bank-owned property sales in Connecticut has jumped significantly, according to The Warren Group, which provides real estate data for the entire New England region. The research firm said REOs represent nearly 6 percent of the state’s single-family home sales so far in 2009, compared to just 1 percent last year.

Applications for home purchases and mortgage refinances both declined last week, despite a 10 basis point decline in interest rates, according to the Weekly Applications Survey issued by the Mortgage Bankers Association (MBA) on Wednesday.

Jacksonville, Florida-based Lender Processing Services (LPS) says foreclosure starts have increased to their second highest level since the company began keeping records in 1992. LPS released its June Mortgage Monitor Report last week, which provides mortgage industry performance indicators based on data collected as of May 31.

After months of plummeting, mortgage and home equity marketing via direct mail campaigns is finally leveling off, and according to the Chicago-based direct marketing firm Mintel Comperemedia, this detail points to a turnaround in the housing industry.

The Mortgage Bankers Association (MBA) issued its Weekly Mortgage Applications Survey on Wednesday, which showed the applications for home loans – both new purchases and refinances – rose last week.

Mortgage rates shifted only slightly this week amid mixed reports on the state of the housing market, according to the Primary Mortgage Market Survey (PMMS) issued by Freddie Mac on Thursday. Frank Nothaft, Freddie Mac’s VP and chief economist, pointed to numbers released by the National Association of Realtors earlier this week, which showed that sales of existing homes have risen for two consecutive months.

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and the first-time buyer tax credit, according to the latest report from the National Association of Realtors.

The Mortgage Bankers Association (MBA) announced Monday that it has lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The association explained that $84 billion of the drop is due to lower purchase originations and the other $616 billion-plus is due to fewer rate and term refinancings and very low volumes within the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP).

Lender Processing Services, Inc. (LPS), a Jacksonville, Florida-based provider of technology and services to the mortgage industry, announced Tuesday the launch of its proprietary Home Price Index (HPI).

The Sacramento, California-based real estate tracking and research company ForeclosureS.com says its market data shows that many areas of the country are now experiencing rebounds, with declining foreclosures, increasing home sales, and even increased average sale prices.