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  • Ocwen2.80+0.00 +0.00%
  • Zillow48.18-2.14 -4.25%
  • Trulia47+0 +0%
  • NationStar17.78-0.14 -0.78%
  • CoreLogic43.36-0.20 -0.46%
  • RE/MAX56.70-0.45 -0.79%
  • Fannie Mae2.35-0.04 -1.67%
  • Freddie Mac2.26-0.02 -0.88%
  • Wells Fargo53.16+0.26 +0.49%
  • CitiMortgage64.23+0.45 +0.71%
  • Bank of America23.27+0.38 +1.66%
  • Fidelity National Financial44.52-0.15 -0.34%
  • First American45.22-0.12 -0.26%
  • Black Knight Financial Services40.05+0.00 +0.00%
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Home | News | Market Studies (page 10)

FHFA Reports Drops In Refinances

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

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Several Banks Report Declining Mortgage Revenue

PNC, Wells Fargo, and JPMorgan Chase all reported optimistic outlooks in their Q1 reports despite some declining revenue. All three banks found that their mortgage revenue has been declining. due to lower gains on residential mortgage servicing rights and lower mortgage loan revenues overall. Overall earnings for JPMorgan Chase and Wells Fargo were down slightly from the previous quarter.

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Moderate Earners Losing Home Selection

The twin realities of the current U.S. housing market‒‒rising home prices and shrinking inventories in nearly every metro‒‒are increasingly putting homes out of reach for middle-income workers within their cities. The typical American worker makes just over $37,000 annually, while the typical American house costs just under $255,000.

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Immigrant Homebuyers Helped Post-crisis Bounceback

According to a new report, immigrant homebuyers helped the housing industry recover from the recession in a big way—and it will continue influencing the markets in the years to come. Suburbs, in particular, will see large immigrant homeownership growth, as most are looking for single-family homes in affordable areas. These communities need to be proactive in preparing for more immigrant residents.

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Construction Jobs Dip Slightly

The number of open construction sector jobs rose to 169,000 in February, still below the cycle high of 238,000 set in July 2016. Additionally, the open position rate, or job openings as a percent of total employment, increased to 2.4 percent. The open position rate on a moving twelve-month average basis stayed near the cycle high at around 2.7 percent.

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Consumers Slowly Getting Savvier About Finances

A new study by Equifax finds that Americans are not as financially literate as they want to be, but they are increasingly interested in changing that fact. Survey takers overwhelming wish financial literacy was a mandated school course. They also overwhelmingly understand the importance of paying their bills.

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Kashkari Responds to JPMorgan Chase CEO

JPMorgan Chase CEO Jamie Dimon stated in a letter to shareholders that the issue of “too big to fail” is solved. However, Minneapolis Federal reserve President Neel Kashkari disagrees. In an interview with Adam Shapiro on Fox Business that Too Big to Fail has not been solved, and is in fact worse.

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Lenders Preferred Refinancing Over New Purchases Post-Crisis

A new study suggests that after the Fed began quantitative easing in 2008, many lenders began leaning more toward refinancing applicants than those seeking new purchase loans. This was likely due to the stronger payment history and less risk associated with these applicants. Weaker, less-capitalized banks were more likely to follow the trend.

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Most Improved Markets in Portland and Charlotte

Mark Fleming, Chief Economist at First American, recently weighed in on the National Housing Market Index released by AEI and First American. According to the NHMI, the most improved ones were Portland, Oregon; Charlotte, North Carolina; Baltimore; Atlanta; and Tampa, Florida. Home sales have increased in these regions by more than 25 percent since 2012.

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