Wednesday, July 09, 2008

Mortgage Bankers Association - "Mortgage Applications Increase In Latest MBA Weekly Survey" (7-9-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 4, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 513.4, an increase of 7.5 percent on a seasonally adjusted basis from 477.7 one week earlier. This week’s results include an adjustment to account for the Independence Day holiday. On an unadjusted basis, the Index decreased 14.1 percent compared with the previous week and was down 18.1 percent compared with the same week one year earlier."

Bloomberg - "MGIC Claims, Expenses to Top Premiums by Two-to-One, S&P Says" (7-9-08)

"MGIC Investment Corp., the largest U.S. mortgage insurer, will pay out more than $2 dollars in claims and expenses for every premium dollar earned this year and may lose money through 2009, Standard & Poor's said. "

Mercury News - "Contractors at the ready for remodeling work amid slowdown" (7-9-08)

"Americans spent $178 billion on home improvement projects in 2006, but that fell to $166 billion in 2008, according to Harvard University's Joint Center for Housing Studies."

Orange County Register - "LA/OC home prices off 23%, by the square foot" (7-9-08)

"RadarLogic, a home-price tracker that concentrates on per-square-foot valuations, says LA/OC home values (for all types of residences sold — homes, condos and newly built) ran at $303 per square foot in April, down 23.4% in the year, according to their most recent pricing report. To some observors, the per-square-foot measure can be more accurate because it’s not as easily swayed by a changing mix of homes sold in a period."

Realty Times - "Market Conditions" (7-9-08)

"The Fed announced yesterday morning that it would tighten rules on lending to subprime and exotic loan borrowers. What does this mean for the real estate market?"

Realty Times - "Can You Rely On Your Home Equity Line of Credit?" (7-9-08)

"If you have a home equity line of credit -- what the industry calls a "HELOC" -- you probably think of it as a financial safety net, quick cash you can access in times of emergency or when you face a big expense that can't otherwise be paid all at once. Unfortunately, HELOCs have been drying up across the country as lenders have put the brakes on withdrawals and reduced credit limits."

Realty Times - "Realty Viewpoint: Location Has Never Been More Important" (7-9-08)

"The The National Association of Realtors expects job losses to be temporary, as companies clean house. The unemployment rate should average 5.4 percent this year and rise to 5.8 percent in 2009, but that's still well under the seven percent unemployment we had as recently as 2003."

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