According to a survey done by the Mortgage Bankers Association mortgage loan applications were up .7% when compared to the same week during 2006. This is the second week in a row applications have been up since the previous two week run of lowered applications.
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The final numbers are in from the National Association of Realtors and as expected 2006 suffered a large drop in prices. After a five year boom driven by a strong economy and low interest rates the real estate market started to fall in 2006.
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At this speech Ben Bernanke, Chairman of the Federal Reserve, stated that the past several months have been an eventful period for the US economy. That many of the financial markets have had increased concerns about credit quality because of investor fear.
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Lance Anderson, President and Chief Operating Officer of NovaStar Financial, Inc., announced today that they entered into a final agreement to sell all of it’s servicing rights to Saxon Mortgage Services, Inc.
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During a meeting today about the housing market Treasury Secretary Henry Paulson warned that the housing correction will continue to hurt the US economy and financial markets for some time. He also asked for assistance from public private partnerships to address the issues in the mortgage industry that brought on this credit crisis.
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Odds of the us resession are less than half. Greenspan stated today when asked about whether or not the international growth would slow down that “we certainly expect something because the lesser developed countries are doing exceptionally well.”
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Citigroup announced today that it’s combining it’s investment banking and alternative investment divisions into one lead by Vikram Pandit, a former Morgan Stanley executive.
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Lawrence Yun, senior economist for the National Association of Realtors, predicts home sales will turn around in early 2008. She states this is due to more favorable conditions in the current mortgage market.
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Freddie Mac said today that the average rates on a 30 year fixed rate mortgage rose slightly last week. A 30 year fixed rate mortgage averaged 6.4 percent compared to 6.37 percent from the prior week. Fifteen year mortgages averaged 6.06 percent when compared to 6.03 percent the week before.
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Countrywide Financial said in a meeting today that the mortgage loan fundings for September are 44 percent lower than September 2006. They are also now facing a potential federal investigation over the timing of it’s chief executive’s stock sales.
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