The percentage of homeowners who owe more on their mortgages than their homes are worth has declined to less than 12 percent as of the third quarter of this year, according to Lender Processing Services’ (LPS) Mortgage Monitor report. While the increasing number of homeowners rising above water is good news for the market, LPS detects some tumultuous seas ahead as a cloud of problem home equity loans forms on the horizon.
While rising home prices have lifted many underwater homeowners to positions of positive equity, the real estate information and analytics provider DataQuick warns tight credit will still preclude many traditional buyers from the market. Instead, investors will continue to carry an outsized portion of the purchase market for the foreseeable future, according to DataQuick.
National unemployment rate drops to 7.0% as employers add 203,000 jobs in November. Read More
PNC Financial Services Group and Freddie Mac reached an agreement in principle to resolve substantially all indemnification and repurchase obligations related to loans the company sold to the GSE between 2000 and 2008. P ... read more
Fannie Mae completed about 13,000 loan modifications in October, bringing the year-to-date total to nearly 134,000. At the same time, the GSE's serious delinquency rate for conventional single-family mortgages declined s ... read more
Appraisal Logistics, a provider of compliant appraisal management solutions for the mortgage industry, announced it has received the ISO 9001:2008 Certification for Quality Management Systems Standards by LQRA, passing a ... read more