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Market Studies

Nationstar Shifts Focus to Servicing

Mortgage originators and servicing companies are facing the reality of decreasing new loan volumes and the entrance of new players to the industry, forcing them to reassess where the best sources of revenue can be found. Following an abrupt drop in its stock price, Nationstar recently announced the sale of its wholesale channel, indicating a shift toward its servicing business, and others appear to be following suit.

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Pending Sales Slip to Lowest Reading in Nearly a Year

Pending sales of existing homes fell a bit further in October, according to the National Association of Realtors (NAR). The trade group's Pending Home Sales Index is a forward-looking indicator; derived from contract signings, rather than closed sales, pending sales figures typically lag actual sales by one to two months. October's reading was the lowest recorded by NAR since last December and marked the fifth consecutive monthly decline.

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Bidding Wars Resume in Major Markets in October

While many Americans paused their homebuying plans during the federal government's partial shutdown last month, purchase activity rebounded once the government reopened, with buyer competition more robust than expected, according to a Redfin. Out of the 22 markets covered in the brokerage's report, San Diego experienced the biggest increase in multiple-bid offers on homes for sale, while Boston saw the biggest drop.

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Yellen’s Likely Confirmation Puts the Brakes on Rising Interest Rates

After two straight weeks moving upward, mortgage rates reversed course following Federal Reserve chair nominee Janet Yellen's comment to lawmakers that ""there is more the Fed can do."" Investors expect Yellen's retraction of the central bank's stimulus measures to be slow and measured, and both bond yields and mortgage rates came in lower in response. Freddie Mac puts the average 30-year rate at 4.22 percent.

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Negative Equity: A New Way of Life in the Recovery

Fast-paced price increases helped bring 1.4 million homeowners to the surface in the third quarter as their home values finally clipped their equity, according to the latest Negative Equity Report from Zillow. The third-quarter drop in negative equity was the largest on record for Zillow, dating back to early 2011. The negative equity rate now stands at 21 percent, down about one-third from a peak of 31.4 percent.

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Foreclosure Inventory Plunges Nearly 30%

The nation's foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54 percent of today's active mortgages, according to Lender Processing Services. The company's latest report assessing the performance of mortgage assets through the end of October shows the industry's foreclosure inventory rate has plummeted 29.61 percent from last year.

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M&T Bank Takes Action to Help Unemployed Borrowers

Who ever heard of banks helping their unemployed borrowers find jobs? Though it may be hard to believe, this concept is becoming a reality thanks to a company in Bend, Oregon. Realizing that job loss in the current economy is the major reason homeowners default on their mortgages, management of M&T Bank announced they'll be offering a pilot program of the company's services to their unemployed borrowers at no cost.

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Fannie Mae Foresees Market Volatility in Coming Months

In the aftermath of the federal government shutdown and contentious debt ceiling negotiations, Fannie Mae predicts continued market volatility for at least the next few months. Consumer sentiment toward the economy and the housing market wavered last month, and the expects that to continue into the new year despite low mortgage rates and robust annual home price gains.

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Sales of Existing Homes Slip for Second Straight Month

Existing-home sales translate to an annual rate of 5.12 million at the October sales pace, according to the National Association of Realtors (NAR). October's sales volume was down 3.2 percent from September and marked the second consecutive month of declining transactions. NAR blames low inventory, diminished buying power from rising prices and interest rates, and a restrictive credit environment for the drop in sales.

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Is Tighter Credit for the Better?

It's no secret underwriting standards have tightened in recent years, and while many decry the heightened standards for making homeownership less accessible to some Americans, an economist with CoreLogic points out in a report released Wednesday that heightened standards are, without question, impacting delinquencies for the better, with 2013 vintage loans carrying a serious delinquency rate of just six basis points.

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