New home sales decline in November
Sales of newly built, single-family homes declined 11.3 percent in November to a seasonally adjusted annual rate of 355,000 units, according to a report released by the U.S. Commerce Dept.
Foreclosures will keep rising through 2010
Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. 30, putting that quarterly delinquency measure at its highest level since 1972, when the Mortgage Bankers Assn. began reporting it. At the beginning of this year, 1 in 10 loans was past due or in foreclosure.
The continued surge in delinquencies suggests that a recovery in the housing market could be stalled by the worsening job picture as well as by further fallout from the easy-money lending that prevailed during the boom years.
One in seven U.S. home loans was past due or in foreclosure as of Sept. 30, putting that quarterly delinquency measure at its highest level since 1972, when the Mortgage Bankers Assn. began reporting it. At the beginning of this year, 1 in 10 loans was past due or in foreclosure.
The continued surge in delinquencies suggests that a recovery in the housing market could be stalled by the worsening job picture as well as by further fallout from the easy-money lending that prevailed during the boom years.
Changes in FHA Financing
Spot approvals extended and only 1 appraisal now needed for Jumbo loans!
FHA came out with a few announcements last week that will help the housing market in the near term. Spot approvals were supposed to be ending on December 7th, but have been extended yet again until February 1st 2010. I actually would not be surprised if they extended this until the end of 2010. They also eased the guidelines for condo project eligibility until December 31st 2010 in regards to owner occupancy rates, pre sale requirements and FHA concentration requirements for each condo project…this essentially will make it easier for a buyer to qualify to buy a condo so this good news. FHA also took away the need for a 2nd appraisal on all jumbo loans over $417k, needing two appraisals done before was both more costly and time consuming for buyers and sellers.
FHA came out with a few announcements last week that will help the housing market in the near term. Spot approvals were supposed to be ending on December 7th, but have been extended yet again until February 1st 2010. I actually would not be surprised if they extended this until the end of 2010. They also eased the guidelines for condo project eligibility until December 31st 2010 in regards to owner occupancy rates, pre sale requirements and FHA concentration requirements for each condo project…this essentially will make it easier for a buyer to qualify to buy a condo so this good news. FHA also took away the need for a 2nd appraisal on all jumbo loans over $417k, needing two appraisals done before was both more costly and time consuming for buyers and sellers.
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