Mortgage Rates: Risk of Floating on the Rise
Posted on July 14th, 2011
Home loan borrowing costs had reached their best levels of the week as of yesterday afternoon, but were unable to improve further today. That leaves the Best-Execution rate decidedly unchanged and bumps costs back up closer to their mid-point of the week, increasing the level of risk heading into tomorrow when several economic reports will be released.
CURRENT MARKET*: The “Best Execution” conventional 30-year fixed mortgage rate is 4.625%. While this was the case last week, few lenders were readily quoting it. More lenders were instead offering 4.75% (extra margin in rate sheets). When taking into account loan pricing improvements awarded over the past four sessions, a greater number of lenders are now actively quoting 4.625%. So
Investors Selling Faster than Bank REOs
Posted on July 14th, 2011
Investors are reselling foreclosure properties at a rapid pace in states along the country’s Western seaboard. In fact, they’re moving distressed homes faster than lenders, according to a new report.
The report says the one consistent market statistic in all five western states (Arizona, California, Nevada, Oregon and Washington) during the month of May was a drop in how long it’s taking foreclosure investors to resell properties.
Their shorter “turn time” from buy, fix to sell is partially due to some increased spring selling activity, but has more to do with an overall lack of quality, affordable homes for sale in general.
Here is how long the buy, fix, resale timeline is taking in the west:
- Arizona: Investors at 95 days, down 10% from month prior. Bank owne
Tags: Faster, Faster Bank
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Credit Unions Getting Aggressive with Mortgages
Posted on July 13th, 2011
Credit unions have a history of being very active in the auto loans and home equity lines of credit markets. It has been a very profitable niche for them for quite a while. In the current mortgage market, more credit unions are beginning to market their ability to do first mortgages.
As far as membership rules, many credit unions have relaxed their restrictions, making it easier for family to join, rather than just employees of a particular company or members of a labor union. There are also regional credit unions, allowing anyone living or doing business in that area to join. One credit union in Florida offers membership to:
The following individuals are eligible for membership at CCCU:
• Anyone who lives or works in Broward, Palm Beach, Miami-Dade, Monroe, Martin, St. L
Tags: Credit Unions, Unions
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ROI Projection of 25.2%, Atlanta Is The Place To Invest and 5.4 Million People Agree
Posted on July 12th, 2011
Jason Hartman talks with Platinum’s Local Market Specialist about investment opportunities in the 9th largest metro area in the USA. You’ll hear Jason’s prediction for ROI in Atlanta and a good market overview.
At
Tags: Invest, Invest 54
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Protester handcuffed at Chase shareholders meeting
Posted on July 12th, 2011
Protesters gather outside the JPMorgan Chase annual shareholders’ meeting Tuesday in Columbus, Ohio. Housing advocates are protesting JPMorgan Chase’s role in the foreclosure crisis. Shareholders trying to get into JPMorgan Chase & Co.’s annual meeting held Tuesday in this midwestern city were greeted by heavy security and over 400 protesters shouting slogans outside every entrance.
At least one person was handcuffed after a group of about 400 protestors marched up Chase’s property and placed a sign on a raft floating in a pond in the bank’s premises.