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Lee Richardson's Blog

By Lee Richardson | Mortgage Broker
or Lender in 10594
  • Pending Home Sales Rise Unexpectedly

    Posted Under: Market Conditions in Olmsted Falls  |  September 3, 2010 8:00 AM  |  3,391 views  |  No comments

    The National Association of Realtors’ Pending Home Sales Index rose 5.2 percent in July but is still 19.1 percent below last year’s level. The data reflects signed contracts, not closings, and is considered an indicator of future existing-home sales. Lawrence Yun, NAR’s chief economist, said the housing recovery looks to be a long process. Yun believes home sales will remain soft in the months ahead and feels conditions will continue to benefit buyers through the end of the year. More here, here, and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Record-Low Mortgage Rates Spark Demand

    Posted Under: Market Conditions in Olmsted Falls  |  September 1, 2010 3:07 PM  |  3,411 views  |  No comments

    According to The Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates set yet another record low last week. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.43 percent from 4.55 percent the week before. The drop in rates spurred loan demand and led to a 2.8 percent increase in The Refinance Index and a 1.8 percent jump in purchase activity. Michael Fratantoni, MBA’s vice president of research and economics, said, despite the slight increase in demand, the continued low level of purchase applications indicates upcoming sales reports are unlikely to show improvement. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Home Price Report Shows Second-Quarter Gains

    Posted Under: Market Conditions in Olmsted Falls  |  September 1, 2010 3:06 PM  |  3,409 views  |  No comments

    Home prices are 3.6 percent above their year-earlier levels and up 4.4 percent in the second quarter, according to Standard & Poor’s Case-Shiller Home Price Indices. David M. Blitzer, chairman of the index committee at Standard & Poor’s, said the housing market is in better shape than it was at this time last year but warns that, despite upbeat second quarter numbers, more recent data suggests fewer gains ahead. Lack of demand combined with foreclosures and the shadow inventory could begin to affect home prices in the coming months. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Mixed News On Foreclosures

    Posted Under: Market Conditions in Olmsted Falls  |  September 1, 2010 3:05 PM  |  3,377 views  |  No comments

    According to The Mortgage Bankers Association, the inventory of homes somewhere in the foreclosure process fell for the first time since 2006. The number of seriously delinquent loans, or those late by three months or more, dropped to 9.11 percent from 9.54 percent in the first quarter. Jay Brinkmann, MBA’s chief economist, said the numbers provided a mixture of good and somewhat bad news. Though foreclosure starts and the number of loans late by 90 days or more fell, the rate of first-time delinquencies, or those one payment behind, rose after four consecutive quarters of decline. More here, here, and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Let the Housing Market Normalize!

    Posted Under: Market Conditions in North Royalton  |  August 26, 2010 10:53 AM  |  3,419 views  |  No comments

    Recently there have been some encouraging signs that Congress is finally willing to admit what should have been evident two years ago. Even after a $150 billion bailout, Fannie Mae and Freddie Mac are still bankrupt and should be abolished. Indeed Rep. Barney Frank, a longtime champion of Fannie and Freddie has made a few statements alluding to this. There seems to be a growing consensus in favor of abolishing Fannie and Freddie. This is the good news.

    The bad news is that instead of simply returning to the free market, Fannie and Freddie will probably be replaced with something equally damaging, and at this point we can only guess what that will be. One possibility is that instead of these two giant Government Sponsored Enterprises (GSEs) the government will deputize thousands of smaller banks to do the same thing -- that is to securitize mortgages with taxpayer guarantees to encourage lending that otherwise would not happen. In other words, there will be a myriad of smaller Fannies and Freddies, and government involvement will reach even deeper into the financial sector.

    Fannie and Freddie, and thus the taxpayer, has an alarming $5 trillion exposure to the mortgage market. To some, spreading out this risk might seem tempting, and a smart thing to do. But the fact remains that if a bank expects to lose money on a loan, so will the taxpayers. Playing around with structures and definitions will still not deal with the root problem -- government meddling in the housing market, playing fast and loose with our tax dollars, and central planning by the Federal Reserve.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • New Home Sales Fall In July

    Posted Under: Market Conditions in North Royalton  |  August 26, 2010 10:21 AM  |  3,415 views  |  No comments
    Sales of single-family homes fell 12.4 percent in July, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Year-over-year, sales were down 32.4 percent. The past three months have been the worst on record for new home sales and July’s pace was the slowest since records began in 1963. An estimated 210,000 new houses were for sale at the end of July, a 9.1-month supply at the current sales pace. Six months of inventory is considered normal market conditions. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Loan Demand Rises As Rates Set New Record Low

    Posted Under: Market Conditions in North Royalton  |  August 26, 2010 10:18 AM  |  3,410 views  |  No comments

    According to The Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage application volume, rose 4.9 percent last week. The increase was the result of another boost in refinance activity as the average contract interest rate for a 30-year fixed-rate mortgage fell from 4.60 percent to 4.55 percent, a new record low. Michael Fratantoni, MBA’s vice president of research and economics, said refi applications were up 26 percent over their level four weeks ago and set a 15-month high for the Refinance Index. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/

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