{"id":7965,"date":"2009-04-18T20:59:03","date_gmt":"2009-04-19T03:59:03","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=7965"},"modified":"2009-04-19T06:46:23","modified_gmt":"2009-04-19T13:46:23","slug":"mortgage-market-week-in-review-15","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7965\/mortgage-market-week-in-review-15\/","title":{"rendered":"Mortgage Market Week in Review…."},"content":{"rendered":"

Well it’s hard to believe, <\/strong>but another week has flown by.\u00a0\u00a0 Rather than spending a Saturday working on mortgage stuff and writing about mortgage stuff, I spent the day taking my 8 year old to a birthday party, cleaning out the garage and getting the pool ready for the season.\u00a0 It was a good day for that.<\/p>\n

But enough about me, it’s time to take a look at what’s happened in the financial markets this week. \u00a0 Let’s look at a couple of key economic reports\/financial news items:<\/p>\n

Foreclosures –<\/strong> for the first three months of this year, many of the big banks and Fannie and Freddie had foreclosure moratoriums on.\u00a0\u00a0 What does that mean?\u00a0\u00a0 Basically that they stopped foreclosing on homes.\u00a0 But, many of the big banks lifted the moratorium shortly after the 105% refi plan was announced and Fannie and Freddie lifted their ban on March 30.\u00a0 The reports that I’ve read (and written about on Straight Talk About Mortgages )<\/a> show that foreclosures are spiking way up again. \u00a0\u00a0 What does that mean?\u00a0 A couple of things: 1) Our inventory problems aren’t going to go away any time soon. \u00a0 2) Bank earnings problems aren’t going to go away any time soon.<\/p>\n

New Construction –<\/strong>Housing starts and permits both came in at pretty close to historical lows.\u00a0\u00a0 But frankly that’s not a horrible thing from a long term standpoint.\u00a0\u00a0 Let me explain: We have too much inventory.\u00a0\u00a0 In virtually all price ranges and virtually all markets, there are too many houses for sale.\u00a0\u00a0 So we don’t need builders building more houses right now because it adds to the inventory problems.\u00a0\u00a0\u00a0 Also, we have a situation where in most markets, the number of foreclosures that are on the market is raising the discrepancy between the cost of existing homes and the cost of building a new home.\u00a0 According to many of the developers who I’ve talked to, it’s almost impossible, in many markets, to sell a brand new home at a profit because of the pricing pressures. \u00a0 So, until we can work through the inventory and also address the jobs issues Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Well it’s hard to believe, but another week has flown by.\u00a0\u00a0 Rather than spending a Saturday working on mortgage stuff and writing about mortgage stuff, I spent the day taking my 8 year old to a birthday party, cleaning out the garage and getting the pool ready for the season.\u00a0 It was a good day […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,26],"tags":[190,261,178],"class_list":{"0":"post-7965","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","8":"tag-mortgage-market","9":"tag-mortgage-market-week-in-review","10":"tag-mortgage-rates","12":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2217,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2217\/hr-3915-why-federally-chartered-banks-get-the-pass\/","url_meta":{"origin":7965,"position":0},"title":"HR 3915: Why Federally-Chartered Banks Get The Pass","author":"Brian Brady","date":"November 13, 2007","format":false,"excerpt":"Big banks have a HUGE advantage over mortgage brokerage firms; they have the money. Federally-chartered banks also are regulated differently than mortgage brokers; they are overseen by the Office of Thrift Supervision, a successor regulator to the Federal Home Loan Bank Board. Federally-chartered banks also subscribe to FDIC insurance which\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10856,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10856\/2010-mortgage-broker-renaissance\/","url_meta":{"origin":7965,"position":1},"title":"2010 Mortgage Broker Renaissance","author":"Brian Brady","date":"January 14, 2010","format":false,"excerpt":"Is the business of broking mortgage loans dead?\u00a0 About two years ago, Morgan Brown predicted our demise on Blown Mortgage.\u00a0 His conclusion was that the industry would need a scapegoat for the poor lending practices and that \"blaming\" mortgage brokers was convenient (and not necessarily fair).\u00a0 His conclusion suggested that\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8815,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8815\/8815\/","url_meta":{"origin":7965,"position":2},"title":"The mortgage situation for nonresident buyers","author":"Phil Hodgen","date":"June 8, 2009","format":false,"excerpt":"Tom Vanderwall chimes in here on BHB regularly and helpfully about the mortgage situation. I look forward to his interpretation of the spins we get from DJ Bernake and crew. I handle foreign real estate transactions and here's what I'm seeing right now. What follows is all buyer-side stuff, because\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13382,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13382\/rule-of-law-and-all-that-the-foreclosure-mess\/","url_meta":{"origin":7965,"position":3},"title":"Rule of Law and All That: The Foreclosure Mess","author":"Damon Chetson","date":"October 17, 2010","format":false,"excerpt":"Suffice to say, I take a different view of the current foreclosure - robo-signer - problem now confronting the mortgage industry. Where Greg calls the banks' fraud upon the court \"procedural laxities,\" I say the banks are committing, wait for it, \"frauds upon the court.\" Greg does a neat rhetorical\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8546,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8546\/the-end-of-no-cost-mortgage-loans-and-other-hr-1728-concerns\/","url_meta":{"origin":7965,"position":4},"title":"The End of No-Cost Mortgage Loans and Other HR 1728 Concerns","author":"Mark Madsen","date":"May 22, 2009","format":false,"excerpt":"The H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act is a problem that all mortgage and real estate professionals need to pay attention to. My first rule of blogging has always been to avoid political discussions, especially if I'm not an expert on every angle of the topic. So, with\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3251,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3251\/redefining-mortgage-disclosure\/","url_meta":{"origin":7965,"position":5},"title":"Redefining Mortgage Disclosure","author":"Brian Brady","date":"June 21, 2008","format":false,"excerpt":"Jeff Corbett announced that he launched Ratespeed this week: What is it? An anonymous, automated, transparent, mortgage program and interest rate pricing pre-qualification Search Engine widget, thingy. Why is this important? For the first time anyone can transparently access wholesale direct mortgage interest rates and program quotes without having to\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=7965"}],"version-history":[{"count":4,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7965\/revisions"}],"predecessor-version":[{"id":7969,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7965\/revisions\/7969"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=7965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=7965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=7965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}