Mortgage Market News

Analytics firm CoreLogic reported on Tuesday that completed foreclosures were down nearly 25% in July from a year ago, led by job market gains and home price appreciation. Home prices were up 7% from a year ago, while the Unemployment Rate hit 5.1% in August, the lowest in seven years. There were 38,000 completed foreclosures in July, down from the 50,000 completed in July 2014, while foreclosures were down 6.2% compared to June 2015. "As we enter the final months of 2015, the housing markets continues to gather steam buoyed by improving economic conditions and the recent pent up demand for homeownership," said Anand Nallathambi, president and ceo of CoreLogic.
Small business optimism was little changed in August from July, reports the National Federation of Independent Business as the Index rose to 95.9 from 95.4. The slight increase was paced by job openings and earnings trends, as both components were up in August from July. A spokesperson said the small businesses were not influenced by the volatility in the Stocks markets, though the surveys were mostly done right before the gyrations sparked by slowing economic conditions in China.
A recent survey of mortgage lenders revealed that 2016 is expected to be a seller's market in housing, while a large portion feel that the market could cope with a possible interest rate hike this fall. Mortgage bankers are also looking ahead to 2016 for new innovations in banks' menus of mortgage products, continued home price gains along with lowering acceptable down payments amounts by 10%.
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