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Existing Home Sales Flat, Foreclosures Down and the Progress Report on the National Mortgage Settlement

Economist Anthony B Sanders reports on the National economy.
In my opinion the numbers all look good. They are all pointing towards recovery. However, I will remain cautiously optimistic.

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Mortgage Delinquencies, Foreclosures at Multiyear Lows

I’m so glad this is the news regarding foreclosures and delinquencies.

24/7 Wall St.

Foreclosed homeThe delinquency rate for mortgage loans fell to its lowest level since 2008 at the end of the fourth quarter of 2012. The seasonally adjusted delinquency rate of 7.09% was down 31 basis points sequentially and 49 basis points lower than the 2011 delinquency rate. The loans were made for one-to-four unit residential properties.

The data was published today by the Mortgage Bankers Association (MBA). The delinquency rate includes loans at least one payment past due but not yet in foreclosure.

Only 0.7% of loans went into the foreclosure process during the fourth quarter of 2012, the lowest level since the second quarter of 2007. Similarly, the percentage of loans in the foreclosure process fell to 3.74%, down 33 basis points sequentially and 64 basis points year-over-year, the lowest level since the fourth quarter of 2008.

The MBA’s chief economist noted:

The foreclosure starts rate decreased by the largest amount…

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The Olympian Reports on Thurston County Housing Sales and Prices

Wow! The housing market is still improving in Thurston County, just take a look at the latest article in The Olympian by Rolf Boone. He collected the data from the Northwest Multiple Listing Service and gave us a great rundown of the latest housing market numbers.

See, “Thurston County housing sales, Prices up.”

Will Interest Rates Rise on Mortgages?

One of the things people say is mortgage interest rates will rise this year.  Historically interest rates stay low before a presidential election year and tend to rise after the presidential election. Four years ago people were saying the same thing and interest rates are still very low.

If interest rates rise, a buyer will need to shop for a lower priced home and if the interest declines, the buyer will be able to afford a higher priced home. If interest rates rise too much it could negatively impact the housing market because fewer people could afford to purchase a home which in turn could have a negative influence on the economy.

In reading through blogs regarding the housing market I came across a blog called, “1994 Redux: Will Treasury and Mortgage Rates Rise Again?” By Anthony B. Sanders. He compares to the 1990’s recession to the most recent recession in easy to understand terms and uses graphs to help visualize the concepts.

Fox News recently did a story,  “Anthony Sanders Discusses The Decline In Home Sales.” This news clip is very easy to understand and great information for both home buyers, sellers, and real estate professionals.

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