Tuesday , 27 October 2020

Around The Web

Residential Construction Back on Track; FHFA Head Seeks Input on Fannie/Freddie Policies; Rates Moving Higher

Residential construction resumed its upward trend after a brief pause in August. The U.S. Census Bureau and Department of Housing and Urban Development reported that all three measures of construction, permitting, housing starts, and unit completions, increased in September. Permits for privately owned residential construction were issued at a seasonally adjusted annual rate of 1,553,000, up by 5.2 percent from …

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Delinquency Rate Doubles Great Recession Peak

In July 2020, 6.6% of mortgages in the U.S. were delinquent by 30 days or more including those in foreclosure; this represents a 2.8-percentage point increase in the overall delinquency rate compared with July 2019. The CoreLogic Loan Performance Insights report measures mortgage performance through July, and is available in full here (upon login). “Measuring … The post Delinquency Rate …

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Why Credit Scores Are Rising in Face of National Crisis

The average FICO credit score hit a record high of 711 this past July. This uptick to the score may come as a shock, especially since it has taken place several months “knee deep” amid a global pandemic, FICO representatives told CNBC Make It. Even as tens of millions of American workers are currently unemployed … The post Why Credit …

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FHA Announces COVID-19 Forbearance Request Extension

The Federal Housing Administration (FHA) and U.S. Department of Housing and Urban Development (HUD) today announced it is extending the date for single family homeowners with FHA-insured mortgages to request an initial forbearance from their mortgage servicer to defer their mortgage payments for up to six months. Homeowners experiencing a financial hardship as a result … The post FHA Announces …

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Residential Construction Reflects ‘Record-High Builder Optimism’

The U.S. Census Bureau released its construction statistics for September, recording a 1.9% increase in housing starts compared to August. Single-family residential starts rose 8.5% over the month to 1.1 million annualized units, a level not seen since 2007. Realtor.com’s Chief Economist George George Ratiu credits “record-high builder optimism” and a “strong wave of buyer demand” … The post Residential Construction …

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DS5: Housing Forecasts & the State of Foreclosure Auctions

In this week’s DS5: Inside the Industry, Auction.com’s VP of Market Economics, Daren Blomquist, shares his thoughts on where housing is headed and what effects the health crisis is having on foreclosure auctions. The post DS5: Housing Forecasts & the State of Foreclosure Auctions appeared first on DSNews.

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Strong Hombuying Demand Slowing Down; Record Builder Confidence; Fewer 2nd Homes

While applications for new home purchase mortgages jumped in September, the Mortgage Bankers Association (MBA) expects only modest changes in the September sales data. MBA’s Builder Application Survey (BAS) data shows mortgage applications for new home purchases increased 38.2 percent in September compared to a year earlier but were down 5 percent from August 2020 . The latter change does …

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