Daily Archives: November 20, 2013

30-Year Fixed Mortgage Rates Plummet 16 Basis Points | Chappaqua Real Estate

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Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.06 percent, down from 4.22 percent at this same time last week.

The 30-year fixed mortgage rate steadily declined last week, leveling off near 4.12 percent over the weekend before falling to the current rate this morning.

“Mortgage rates during the past week have fallen back to lower levels, helped by Federal Reserve vice chair Janet Yellen’s assurances before the Senate Banking Committee that Federal Reserve stimulus won’t be removed too quickly. This trend halves the increases of the prior two weeks,” said Stan Humphries, chief economist at Zillow. “Looking ahead, rates will be influenced by the Federal Reserve’s meeting minutes, scheduled for late Wednesday, as observers try to read the tea leaves to assess the likelihood of a December taper.”

Additionally, the 15-year fixed mortgage rate this morning was 3.05 percent, and for 5/1 ARMs, the rate was 2.69 percent.

 

 

 

http://homes.yahoo.com/news/30-fixed-mortgage-rates-plummet-16-basis-points-192253906.html

JPMorgan settlement gives glimpse into mortgage machine | Bedford Real Estate

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The historic settlement with JPMorgan Chase & Co (JPM) over the bank’s mortgage practices offers a unique look at how the bank packaged and marketed the mortgages it sold as securities, according to The New York Times:

At the heart of the civil settlement, which materialized after months of wrangling, is a statement of facts negotiated with the government that provides details into how JPMorgan assembled mortgage securities sold from 2005 through 2008. While the bank did not admit any violations of law, its decision to approve the statement was one of a few critical concessions it made in order to strike the deal.

The statement shows that as JPMorgan packaged the residential mortgages into complex securities, the bank promised to alert investors to any flaws that might raise questions about the loans, according to the statement.

Of course, the real news about the settlement is that it isn’t really about JPMorgan Chase at all. It’s about the crappy loans sold by Bear Stearns and Washington Mutual:

Many of the mortgage securities included in the settlement are not JPMorgan’s. Instead, they belong to Bear Stearns and Washington Mutual, which JPMorgan bought in 2008.

On a conference call on Tuesday, Marianne Lake, the bank’s chief financial officer, said that roughly 80 percent of the losses at issue in the settlement stem from Bear Stearns.

Bet JPM feels great about those purchases right about now.

 

 

http://www.housingwire.com/articles/28047-jpmorgan-settlement-give-glimpse-into-mortgage-making

4 Reasons to Buy a Home During the Holiday Season | Bedford Corners Real Estate

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If you’re house hunting over the holidays, you’re likely a serious buyer with an immediate need.  Perhaps you have to relocate for a new job opportunity, or there’s been a change in your personal life? Regardless, while you may assume it’s not an ideal time to be looking — namely because there isn’t much to look at — there are some advantages to buying this time of year.

Less competition

Let’s start with the obvious one: less competition. This lowers the chances of multiple offers and bidding wars (something we saw a lot of last spring/summer), and should translate into a bigger discount for you. Know your market! This is where sites like Zillow come in handy. Start your research here for comps in your area and to see what homes are selling for.

Serious home sellers

Why would sellers pick such an inconvenient time — while everyone is busy entertaining family and friends and enjoying the spirit of the holidays  — to list their properties? Probably because they need to sell and may feel compelled to do so before the end of the year for tax purposes. What this means for you: less hassle when it comes to negotiating; a greater willingness, on the part of the seller, to agree to concessions; less chance of the seller waffling; and greater respect for your offer, even if it’s a little lower than the seller was perhaps expecting.

Faster mortgage approval

Lenders aren’t as busy this time of year, and less volume could mean faster approval. Some lenders might even be willing to reduce fees during the off-peak season in hopes of gaining your business. Regardless, don’t just go with the first lender who comes along. It pays to shop around. Get multiple quotes and check out lender reviews on Zillow Mortgage Marketplace.

 

 

 

 

Bedford Hills sales up 50% | Median Price down 20% | #RobReportBlog

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Bedford   Hills NY Real Estate ReportRobReportBlog
20136 months ending 11/202012
15Sales10up 50%
$545,000.00median sold price$683,750.00down 20%
$170,000.00low sold price$323,199.00
$2,800,000.00high sold price$3,995,000.00
2129average size3194
$320.00ave. price per foot$310.00
158ave days on market185
$696,000.00average sold price$1,192,970.00
93.99%ave sold to ask94.59%

Bedford Real Estate weekly report | #RobReportBlog | Bedford NY Homes

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Bedford   NY Weekly Real Estate Report11/20/2013
Homes for sale78
Median Ask Price$1,537,500.00
Low Price$415,000.00
High Price$14,500,000.00
Average Size4701
Average Price/foot$409.00
Average DOM159
Average Ask Price$2,013,776.00

Purchase Loans Fell 19.8 Percent in Q3 | Armonk Real Estate

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Rising rates caused residential loan originations took a hit in the third quarter, and fourth quarter volume is poised for a further decline. But the top three lenders and servicers maintained their standings.

Mortgage Daily’s estimate of total U.S. originations from all lenders during the third quarter is $441 billion. Business was down around 19.8% from the second quarter thanks to increasing rates that drove down refinances. Compared to the third-quarter 2012, originations subsided around 21.1%.

The estimates were based on data collected by Mortgage Daily. In addition to a quarterly lender survey, the numbers were obtained from earnings reports, public filings and announcements.

With a third-quarter market share of around 18.1%, Wells Fargo maintained its standing as the biggest residential lender during the third quarter.

The second-biggest lender was JPMorgan Chase, where market share was around 9.3 percent.

Originations By Lender (in billions)

Wells Fargo$80
Chase$41
BofA$24
U.S. Bank$22
Quicken$17

Compared to the second quarter, business was up 20.4% at Walter Investment Management — more than any other company.

Nationstar Mortgage followed with a 12.7% gain in the third quarter.

Stonegate Mortgage had the third-biggest increase: 12.2%. In addition, thanks to its planned acquisition of Nationstar’s wholesale division, Stonegate is about the only lender that is poised for further short-term growth.

With a 62.3% decline between the second and third quarters, Provident Funding had the biggest drop.

Among lenders to report third-quarter 2012 originations, Nationstar’s 344.4% increase was the largest year-over-year gain.

 

 

 

http://www.realestateeconomywatch.com/2013/11/purchase-loans-down-198-percent-in-q3/

JPMorgan’s $13-billion settlement includes $4 billion allocated for consumer mortgage relief | Chappaqua Homes

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JPMorgan Chase has agreed to a $13-billion settlement with the government over selling shoddy mortgage investments, ending a legal battle that signals a tougher stance against Wall Street wrongdoing.

The nation’s largest bank admitted to knowingly peddling the toxic securities that helped lead to the housing bubble and the worst financial meltdown since the Great Depression. The settlement is the largest made by any single American company in history.

California, slammed by 1 million foreclosures during the mortgage meltdown, will be a major beneficiary of the deal.

The agreement includes $4 billion to help homeowners in the Golden State and across the nation who were foreclosed on or who are struggling with their loans. California pension funds, which were big investors in mortgage securities, will receive nearly $300 million in damages to cover losses to the retirement accounts of state employees and teachers.

For the Justice Department, it was a much-needed win. Critics have lambasted the government for not doing enough to hold banks accountable for financial chicanery that helped trigger a global recession.

“Before the crisis, Big Brother was asleep on the couch,” said Mike Mayo, a banking analyst at CLSA in New York. “Now Big Brother is coming back with a vengeance.”

JPMorgan has long contended that the government’s case against it was unfair because many of the problem mortgage securities came from investment bank Bear Stearns Cos. and thrift Washington Mutual. JPMorgan purchased those crippled institutions at the depths of the financial crisis at the urging of the federal government.

Jamie Dimon, JPMorgan’s chairman and chief executive, said the bank was “pleased to have concluded this extensive agreement” that covers a “very significant portion” of its legacy mortgage problems.

 

 

http://www.latimes.com/business/la-fi-jpmorgan-doj-deal-20131120,0,1814328.story#axzz2lCdeUPPK

 

Home sales in October weaken more than forecast | North Salem Real Estate

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Home sales declined for the second consecutive month in October, while prices continue to rise given a limited supply of homes for sale, the National Association of Realtors says.

Total existing home sales fell 3.2% to a seasonally adjusted annual rate of 5.12 million in October from 5.29 million in September. They are 6% higher than the 4.83 million-unit level in October 2012.

Economists’ median forecast was for an annual rate of 5.25 million for last month, according to an Action Economics’ survey.

A flattening trend is expected, says Lawrence Yun, NAR chief economist.

“The erosion in buying power is dampening home sales,” he said. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country.”

Recent housing data shows that the market “has come off the boil,” says Paul Diggle, economist with Capital Economics.

Home builder confidence moderated in October and there have been signs that price gains are slowing.

 

 

 

10 Affordable Big Cities for Renters | Mount Kisco Real Estate

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Homeownership isn’t for everyone. Some, including many young adults, simply  don’t have the money for a down payment on a house. Others covet the  flexibility of renting, which makes it easy to move across town for a  better apartment or cross-country for a better job.

Renting is an especially popular option in big cities, where career, social  and educational opportunities tend to be clustered and populations tend to be  more transient. In fact, renters outnumber homeowners in six of the ten  most populous cities in the country, according to the 2010 U.S. Census.  But not all rental markets are created equal. An apartment in Manhattan goes for  an average of $3,350 a month, more than triple the typical American’s mortgage  payment.

That’s why we went in search of the most affordable big cities for renters.  To pinpoint these promising places, we started with the nation’s 75 largest  metropolitan areas and ranked them based on average monthly rent, median  household income for renters, residential rental vacancy rate and overall cost  of living. Our top ten cities exhibit an appealing combination of  affordable living expenses, including rent, relative to the typical earnings of  renters. Take a look.

 

 

 

Read more at http://www.kiplinger.com/slideshow/real-estate/T006-S001-affordable-big-cities-for-renters/index.html#JL1FdUKlUHrD8dvx.99

It’s official: JPMorgan signs $13B RMBS settlement | South Salem Real Estate

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Mega bank JPMorgan Chase (JPM) signed an agreement with government agencies to end all existing legacy mortgage-backed securities issues for $13 billion.

New York Attorney General Eric Shneiderman, who co-chairs a working group overseeing legacy mortgage investigations, announced the deal, calling it the largest settlement with a single entity in American history.

Schneiderman chairs the RMBS working group, which has spent the past year investigating RMBS issues on behalf of state and federal regulators. The bank reached the deal with the RMBS Working Group, the Department of Justice, and countless other agencies.

The settlement reportedly resolves federal and civil claims related to the bank’s packaging, marketing, sale and issuance of mortgage-backed securities prior to the housing downturn. It also covers legacy issues left over from Bear Stearns and Washington Mutual, two entities JPM took over in the wake of the financial meltdown.

As part of the final agreement, JPMorgan will pay $9 billion, while also providing $4 billion in consumer relief in the form of loan modifications for borrowers at risk of foreclosure.

New York state alone will receive $1 billion from the settlement, including $613 million in cash and another $400 million in consumer relief for struggling borrowers in the state.

Some of the aid will fund families impacted by Superstorm Sandy, with the rest going to legal services and counseling for distressed New York homeowners.

The RMBS Working Group that Schneiderman co-chairs helped usher in the deal. The organization is a joint state and federal effort launched back in 2012 to engage several agencies in the fight against legacy RMBS issues. Those entities include the Department of Justice and various federal and state law enforcement groups.

“Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” said Attorney General Schneiderman in a statement. “This historic deal, which will bring long-overdue relief to homeowners around the country and across New York, is exactly what our working group was created to do.”

 

 

 

http://www.housingwire.com/articles/28036-its-official-jpmorgan-signs-13b-mbs-settlement-deal-with-the-doj