In this post, there will be plenty of talk about facts for the economy regarding home sales, foreclosures, purchase price of homes, and what you might expect for the housing market in the future as it relates to the mortgage industry.
Realtytrac reported that foreclosure filings fell 3% in May. That is a progression of work that continued from April. Sounds like it’s all going in the right direction, right?
Credit Suisse reported that it takes on average, 417 days to for a bank to get a foreclosure notice to a home owner after they miss their payments. Still taking a long time, so I wouldn’t think they are caught up or catching up so much yet on clearing their books of the piling of foreclosures. Are you?
TheTruthAboutMortgage reported that purchase loan applications fell the 5th straight week in a row. That isn’t expected in the seasonal buying time that is upon us right now. Is it?
CNN Money talked about the expectations of sales to be increasing month after month of about 5.5%, but the National Association of Realtors reported an increase of 7.6. Are we seeing that there is always a positive look on the economy and at the same time a negative one? In the same report, CNN mentioned, “Banks continue to repossess homes at a record rate, while foreclosure filings drop by 3% in May”. Hm.
Do you wonder why interest rates are so volatile? It is to be expected when the nation continues to struggle to get a glimpse “over the fence” to see what’s next, and all we can get is mixed signals. Reports about housing, in it’s different sectors seem to be counter intuitive. I’m sure that to one Man, there is a formula that leads us to a definitive answer. Like Kidd Kraddick would say, “keep your head up, cause that’s where it’s all at”!
Terri Hardy
Can’t thank you enough for this post. It was just what I was looking for…. Keep up the good info!