News

With a swipe at both the President and Congress and concerns about ""downside risks"" to the economy, the Federal Open Market Committee (FOMC) voted 11-1 Wednesday to leave interest rates unchanged and to continue its program of purchasing agency mortgage backed securities and longer term Treasury securities. The FOMC explained the actions should ""maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative."" Kansas City Fed President Esther George, cast the lone negative vote.

As debate continues to swirl around the future of the mortgage interest tax deduction, Pew Charitable Trusts released a study revealing the geographic impact of the tax deduction. With 37 percent of all filers claiming the mortgage interest tax deduction, Maryland had the highest claim rate in the country, according to data from 2010. The lowest claim rate occurred in West Virginia and North Dakota, where 15 percent of filers claimed the deduction.

First quarter data from the Texas Association of Realtors showed the Lone Star state's housing market is off to a good start, pointing to a strong selling season for the summer. A report from the association revealed first quarter home sales in Texas totaled 53,937, up 17.5 percent from a year ago.

The Market Composite Index in the Mortgage Bankers Association's (MBA) weekly applications survey rose a seasonally adjusted 1.8 percent for the week ending April 26, the group reported. Unadjusted, the index was up 2 percent week-over-week. The Refinance Index increased 3 percent from the previous week, rising to its highest level since the week ending January 18. The share of refinance applications done under the Home Affordable Refinance Program (HARP) increased to 34 percent, its highest recorded level.

An Oklahoma State District judge dismissed a class action recording fee suit filed on behalf of Cleveland County and ruled in favor of MERSCORP Holdings, Inc. The Cleveland County Board of County Commissioners filed the suit, which asked for defendants to record mortgage assignments (both past and present) and pay associated fees.

As the Baby Boomer generation heads into retirement, many are plagued with debt, and mortgage debt is their most common financial hardship, according to a study released Monday by Securian Financial Group, a St. Paul, Minnesota-based financial services firm. Among those who are near retirement, 67 percent expect to carry mortgage debt with them into their retirement--the largest debt category cited in the Securian study. This is up drastically from 30 percent in Securian's last study completed in 2009.

The Veterans Association of Real Estate Professionals (VAREP) announced the launch of its membership website and the formation six local chapters.

Fannie Mae made available loan-level credit performance data for single-family mortgages delivered to the GSE from January 1, 2000 to March 31, 2012. The release of the new data marks a step toward greater transparency. Through the data, investors can model the credit performance of Fannie Mae loans and analyze potential risk sharing transactions. In a statement, FHFA applauded Fannie Mae's release, explaining it ""represents an important step toward returning private capital to the mortgage market.""

In its most recent foreclosure report, CoreLogic reported 55,000 homes were lost to foreclosure in March, up 6 percent from 52,000 completed foreclosures in February. Still, completed foreclosures stood 16 percent lower compared to the year ago level when 66,000 homes were lost to the process. CoreLogic also reported the number of homes in foreclosure inventory stood at 1.1 million, down 23 percent from March 2012 and down 1.9 percent from February.

The number of households owning homes fell 698,000 to 74,511,000 in the first quarter, the first decline in almost two years, according to a Census Bureau report Tuesday. At the same time, the nation's homeownership rate fell to 65 percent (seasonally adjusted), the lowest level since the fourth quarter of 1995. The Census data paints a grim picture for the home sales market, which has already been struggling against mortgage restrictions and weak inventory.