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Tag Archives: Home Sales

Mortgage Bankers’ Per-Loan Profit Jumps 51%

Independent mortgage bankers and subsidiaries made an average profit of $917 on each loan they originated in the second quarter of 2010, up from $606 per loan in the first quarter of 2010, the Mortgage Bankers Association (MBA) reported Tuesday. The increase was driven by a rise in the average production volume for each firm, as more loans for home purchases were written thanks to the federal government's tax credit incentive.

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HUD Sees Stabilization, but Frailty, in Housing Market Conditions

Housing conditions continued to show signs of stabilizing during the second quarter, following a downward trend that began to reverse itself in mid-2009, HUD says in a new report. The federal agency immediately follows that assessment, though, with ""the housing market's recovery remains fragile."" HUD's quarterly commentary on the state of housing in the U.S. sums up a dichotomy of positives and negatives in market indicators. For example, sales and prices of existing homes rose in Q2, but fell for new homes.

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Zillow Says Fewer Home Sellers Are Cutting Asking Prices

For the first time in five months, fewer sellers cut the asking price of their home in August, according to the online real estate marketplace Zillow. As of the end of last month, the company says just over one-fourth, 28.8 percent, of all listings on Zillow had at least one price reduction. That's a decrease from the 30.1 percent of listings that had a price reduction as of the end of July. Zillow says nationally, the median price cut amounts to 7 percent.

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Report: Price Gains Narrow, but Double Dip Not Expected…until Spring

A study released by Clear Capital Thursday shows that quarter-over-quarter home prices were up 5.7 percent in August, compared to the previous month's reading. It's a gain, but the company says price increases are beginning to narrow and appear to be poised for a descent. Even with the slowdown, Clear Capital's assessment is that home prices won't fall below the lows seen in 2009 and bring about that dreaded double dip...at least not until next spring.

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Beige Book Shows Slowdown in Recovery, Trouble Spots in Real Estate

Economic growth is still grinding along, but has slowed considerably since earlier in the year, according to the Federal Reserve's popular Beige Book report released Wednesday. Reports from the 12 Fed districts on their local economies painted a picture of ""widespread signs of a deceleration."" Real estate remains a drag on economic growth in regions across the country, with major trouble spots identified in poor home sales and weak demand for commercial space.

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Home Purchase Apps Increase, Refinances Slip as Rates Edge Up: MBA

The Mortgage Bankers Association (MBA) reported Wednesday that its index of home purchase applications jumped 6.3 percent for the week ending September 3, 2010, reaching its highest level since the end of May. Purchase activity, though, is still nearly 40 percent below what it was this time last year. Refinance applications, on the other hand, fell 3.1 percent as interest rates edged up slightly - their first drop in six weeks.

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Report: Q2 Title Insurance Premiums Decrease 8.5%

According to a report from the American Land Title Association (ALTA), title insurance premiums written during the second quarter of 2010 decreased 8.5 percent to an industry total of $2.3 billion. That's down from $2.5 billion in Q2 2009. The industry reported $4.4 billion in title insurance in the first half of 2010, a decline of 2.9 percent from the period a year prior. ALTA says the numbers reflect an on-going recession in the housing market with further downward pressure on home prices.

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Shadow Inventory Shrinks for Fifth Consecutive Month: Barclays

That ominous shadow inventory of distressed homes that's been hanging over the industry was trimmed in July, according to Barclays Capital. It marked the fifth straight month the company has recorded a decline in the shadow supply. Barclays says it shrank 1.2 percent, to 3.92 million homes. At the same time, the firm's assessment of the nation's REO inventory ticked up 0.2 percent to 538,000 properties. The distressed share of home sales rose sharply in July, and Barclays says this will likely drive prices down 2 percent over the next three months.

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NAR’s Index of Pending Home Sales Unexpectedly Climbs

Following a sharp drop in the months immediately after the homebuyer tax credit expired, the National Association of Realtors' gauge for future sales of previously owned homes has risen. NAR reported Thursday that its Pending Home Sales Index, based on contracts signed in July, increased 5.2 percent from last month's reading. The month-to-month jump was an unexpected development, and some analysts say it may be a sign that the post-tax credit lull in home sales will soon come to an end.

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Report: Massachusetts Foreclosure Deeds Climb, Petitions Drop

Massachusetts foreclosure deeds increased nearly 80 percent in July from the same month in 2009, according to a new study by the Boston-based research firm the Warren Group. However, foreclosure petitions, the first step in the foreclosure process in Massachusetts, decreased more than 20 percent. The Bay State is on track to outpace foreclosure activity from the past two years. Already completed foreclosures year-to-date are 60 percent above the tally during the same period of 2009.

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