Smashing Estate

On Wednesday, information from a business group confirmed that, the volume of mortgage applications of U.S. climbed last week, as require for home purchase loans climbed still as interest rates edged up from record shorts.

Mortgage Applications increase by 4.7 percent for the week and it is the 5th raise in a row.  And hopeful news from the statement is the purchase index climbed by 11.1 percent which is the largest week on week achieved since Nov 28, 2008 and just the 10th double digit enhance since January 2008.  And achievement happened in spite of the increase in mortgage price to 4.73 percent from 4.61 percent.

Cameron Findlay, Chief economist of LendingTree.com which is based on Charlotte, North Carolina, said that,

The quality of the borrowers coming to us has remained high with high FICO scores (scores refer to borrowers’ credit ratings) and low loan-to-value ratios He also added,

This is an encouraging sign as responsible borrowers looking to purchase or refinance their homes are getting the help they need with low rate, high-quality loans.

The data of weekly mortgage application is really great sign to hope, it’s a great indication for financial releases for the upcoming weeks as the summer or spring housing period gets into rock.

During the first quarter of this year 21 condos sold in Downtown. The amount decreased 62% compared to 55 condos sold in first quarter of the last year. The figure is revealed by   Center City Commission (CCC) recent report. However, the report says the sales amount increased 40% compared to 15 condos sold in fourth quarter of previous year. 205 condos sold for all the year round of 2008. The amount declined 5.9% compared to 218 condos sold during 2007. The figure declined 55.8% too, compared to 464 condos sold during 2006.

The CCC report says lower condo sales 2008 are attributed to different economic factors like unsteadiness in the monetary markets, declining in credit and some financing options. At present 2,100 units in Downtown Memphis.  It has estimated residents of more than 27,000 and yearly growth rate of 7.3% in the Central Business Improvement District.

Treasury Secretary Tim Geithner said that during the rise of the Obama’s administration program to rescue troubled homeowners, several federal agencies are gathering up to battle mortgage and proceeding scams. $75 billion effort of the administration to help as many as 9 million mortgage holders get new or refinanced loans is drawing a lot of interest from homeowners, Treasury Department officials explained.

Treasury Secretary Tim Geithner said,

Those who would seek to prey on the most vulnerable also seek to intensify their efforts as well, we will aggressively pursue those involved in mortgage rescue scams.

The Department of Justice, Treasury, The Department of Housing and Urban Development will be leading the effort from Washington. The State attorneys general will also be participating.

The Columbus Board of Realtors (CBR) reported yesterday (23 March) that or the second consecutive month, the sale of on hand single-family homes dived by over 20%. According to CBR report sales of single-family homes and condominiums in the central Ohio fell 23% in February to 1,123 units, vs. 1,459 one year ago. The decline follows a 22% go down in home sales in January.

The board said home sales contracts (an indication of future sales activity) dropped 37% in February 2009 to 1,064 from 1,689 in February 2008. Simultaneously, the average sale price of an existing home in the area went down 15% to $133,604 from $156,497. And it is three times as much as the 5% sale price drop seen during 2008. CBR President Gary Parsons said that the group is hoping for boost sales activity as mortgage rates hover close to 40-year lows. As a result, for the first time homebuyers get benefits from a new tax credit.

Home sales in January and February 2009 were dropped 23% at 2,082 units, vs. 2,712 during February 2008. The average sale price is declined around 13% at $135,373, vs. $154,921 previous year. Franklin, Delaware, Fayette, Madison, Morrow and Union counties, and portions of Licking, Pickaway, Clark, Knox, Champaign, Logan, Fairfield and Marion counties sales are also monitored by CBR.

According to an industry trade group on Wednesday, the maximum 30-year mortgage rates in a year worn demand for U.S. house refinancing and purchase loans.

With interest rates declining, the amount of mortgage applications as tracked by the Mortgage Bankers Association’s (MBA) seasonally adjusted application index dropped 6.2 percent in the week ending July 18 to 489.6, with a 6.59 percent 30-year mortgage rate depressing applications for purchases and refinancing.

The trade group said average 30-year house loan rates rose 0.37 percentage point in the week, exceeding the 6.57 percent rate in mid-June to match the rate placement in the July 20 week of 2007. In that week last year, the MBA’s total applications index was 609.0, having dropped from just over 1,000 as in recent times as early February.

U.S. President Obama last month declared the Homeowner Affordability and Stability Plan, which is intended to provide much-needed support to the housing market. The objectives of the housing plan are to support refinancing for quality borrowers. IT will help upset borrowers keep away from foreclosure and inspire new housing demand through the growth of Fannie Mae and Freddie Mac, the top two U.S. home funding companies.