Aside from the inertia in Congress, Washington is looking good. The Washington area housing market, that is.
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An analysis by Housing Intelligence ranks the D.C. metro area as the 13th healthiest in the nation – out of 100 regions — “outperforming national trends” in just about every key metric.
Noting that the Nation’s Capital is one of only two cities in the latest SP Case Shiller 20-city home price index to notch year-over-year price appreciation, HI points out that D.C. has “long been” a stable employment market. After all, employment here is driven by what’s known locally as the ‘Three As’: associations, accountants and attorneys. And, of course, Uncle Sam.
All four of those key employment categories are going gang-busters in the political capital of the world.
Meanwhile, the research division of Hanley Wood found that new home closings in August were up 10% from August of last year, new home prices were up 2%, and foreclosures were down by half.
Daily Briefing | Wednesday, September 28, 2011
Foreclosure Starts Head North Again
Foreclosure starts reached 217,955 units in August, an 18% sequential jump, and the first time since March that the reading was north of 200,000, according to new figures compiled by the Hope Now alliance.
Mortgage Fraud “Suspicious Activity” Up 88%
The Financial Crimes Enforcement Network said there has been an 88% year-over-year increase in mortgage loan fraud suspicious activity reports filed in the second quarter.
FTC Busy with Servicing Investigations
The Federal Trade Commission is investigating several residential servicing shops for abusive practices including inaccurate payment records and charging excessive fees — according to FTC associate director Joel Winston.
Low Rates Finally Spur a Hike in Applications
Applications for new mortgages jumped 9.3% for the week ending September 23, a sign that ultra low rates are finally spurring new business activity.
Insurer Markets Home Value Product
An insurance product, which is supposed to protect homeowners from declines in property values, is now being marketed in Ohio with plans to roll it out nationwide.
Call to Action for CU-Owned Secondary Mortgage Market
With the fate of Fannie Mae and Freddie Mac up in the air, credit unions should pool their resources to create an alternative entity that can handle securitization and other functions currently fulfilled by the two government-sponsored entities.
NYLX Adds Harmony Loan to Platform
Product and pricing engine NYLX is adding to its platform a Mortgage Harmony loan product that gives borrowers at certain times the option of lowering their rates to market level.
Ohio Lawsuit Against Rating Agencies Tossed Out
Standard Poor’s, Moody’s Corp. and Fitch Inc. won dismissal of a lawsuit alleging that their ratings of nonprime MBS were faulty and caused five Ohio public employee pension funds to buy into these money-losing investments.
ACUMA: Many Methods to Increase Mortgage Share
Marketing to single females is one of several ways credit unions can capture mortgage loans, according to experts who spoke at the America Credit Union Mortgage Association’s Annual Conference in Las Vegas Tuesday.