Daily Real Estate News March 26, 2008
Countrywide's Former CEO Takes New JobThe former president of Countrywide Financial Corp., the nation’s largest mortgage lender, is the new chairman and CEO of a company that plans to acquire and restructure distressed mortgages.Stanford Kurland will head Private National Mortgage Acceptance Co. LLC, also known as PennyMac. The company was established to help borrowers restructure loans in order to avoid foreclosure.“We’ll look to restructure mortgages and as soon as the loans are performing, we’ll look to resell,” Kurland said. “Other properties that may take longer, we’re prepared to hold for five to seven years.”Analysts recognized the irony. "He won't be the first or the last person trying to make money on both sides of a trade," said Frederick Cannon, an analyst at Keefe, Bruyette & Woods Inc., who covers Countrywide.
Source: The Associated Press, Ryan Nakashima (03/24/08)
Now this was a smart move! He knows the affect on one...so let's see what will happen!
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Saturday, March 29, 2008
Refinancing Giving Breathing Room To Some
Daily Real Estate News March 26, 2008
Refinancing Boosts Mortgage Applications
Borrowers hoping to refinance their home mortgages pushed mortgage applications up 50 percent last week, according to the Mortgage Bankers Association’s weekly survey.The index rose 48.1 percent to a seasonally adjusted 965.9 last week compared to the previous week. On an unadjusted basis, the index increased 46.1 percent and was up 41.1 percent compared with the same week a year ago.The refinance index rose 82.2 percent to 4255.2 from 2335.2 the previous week, while the purchase index increased only 10.6 percent. In all, the refinance share of mortgage activity increased to 62 percent of the total.“The Federal Reserve acted last week to bring some stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates. "With a drop in the 30-year fixed rate of at least a quarter of a point, we saw a sharp increase in refinance applications, but applications for home purchases also increased over where they have been the last few weeks, although still below where they were this time last year,” said Jay Brinkmann, MBA’s Vice President of Research and Economics.Mortgage rates were down:
30-year fixed-rate mortgages decreased to 5.74 percent from 5.98 percent;
15-year fixed-rate mortgages decreased to 5.23 percent from 5.24 percent;
1-year ARMs increased to 7.02 percent from 6.99 percent.
Source: Mortgage Bankers Association (03/26/2008)
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Refinancing Boosts Mortgage Applications
Borrowers hoping to refinance their home mortgages pushed mortgage applications up 50 percent last week, according to the Mortgage Bankers Association’s weekly survey.The index rose 48.1 percent to a seasonally adjusted 965.9 last week compared to the previous week. On an unadjusted basis, the index increased 46.1 percent and was up 41.1 percent compared with the same week a year ago.The refinance index rose 82.2 percent to 4255.2 from 2335.2 the previous week, while the purchase index increased only 10.6 percent. In all, the refinance share of mortgage activity increased to 62 percent of the total.“The Federal Reserve acted last week to bring some stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates. "With a drop in the 30-year fixed rate of at least a quarter of a point, we saw a sharp increase in refinance applications, but applications for home purchases also increased over where they have been the last few weeks, although still below where they were this time last year,” said Jay Brinkmann, MBA’s Vice President of Research and Economics.Mortgage rates were down:
30-year fixed-rate mortgages decreased to 5.74 percent from 5.98 percent;
15-year fixed-rate mortgages decreased to 5.23 percent from 5.24 percent;
1-year ARMs increased to 7.02 percent from 6.99 percent.
Source: Mortgage Bankers Association (03/26/2008)
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Market Trend Reports For Panama City and Panama City Beach Florida Area
The Panama City and Panama City Beach Area real estate markets always seem to be changing, but a steady growth is beginning to be developed. Please feel free to review the sales trends below to find out more about the area and the trends for not only residential detached single family, but condomininums and attached single family property in Panama City and Panama City Beach Florida.
FLORIDA
Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report
Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report
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www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
FLORIDA
Panama City
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report
Panama City Beach
2008 Resale Housing Trend Report
2007 Resale Housing Trend Report
www.InvestSmarter.com
www.RandBCoastalRealEstate.com
www.Panama-City-Beach-Florida-MLS.com
www.Panama-City-Beach-Florida-Condominiums.com
www.Panama-City-Beach-Florida-Commercial-Real-Estate.com
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