Scott Springborn's (springborn) Blog

Mortgage and Lending - Back Bay Funding
The housing market recovery stalled last month. At least temporarily. According to the National Association of REALTORS®, Existing Home Sales slipped 1 percent in April from the month prior, falling to 5.05 million units on a seasonally-adjusted, annualized basis. The reading is exactly in-line ...
The Federal Reserve released its April 2011 Federal Open Market Committee meeting minutes Wednesday. In the hours since, mortgage markets have worsened; rates in California are higher by 1/8 percent this morning, at least. The “Fed Minutes” is published 8 times annually, three week after each sc...
Single-family housing starts dropped by 21,000 units in April on a seasonally-adjusted annual basis. The Housing Starts report measures the number of homes on which new construction “broke ground”. It’s tracked by the U.S. Department of Commerce which releases new data monthly. Single-family hou...
Mortgage markets worsened overall last week for the first time in 5 weeks. Better-than-anticipated economic data plus dwindling concerns forGreece’s sovereign debt combined to a spark a bond sell-off. Conforming mortgage rates moved higher in California as a result. At Monday’s close, convention...
Another day, another piece of evidence that the U.S. economy is expanding. Thursday, the Census Bureau released the April Retail Sales report. Excluding cars and auto parts, retail receipts rose for the 10th straight month and, at $321 billion, reached an all-time high. Retail sales account for ...
Foreclosure activity continues to drop nationwide. Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March. A “foreclosure filing” is defined as any foreclosure-related action including Notice of De...
When a mortgage applicants chooses an adjustable-rate mortgage over a fixed-rate one, he accepts a risk that — at some point in the future — the mortgage’s interest rate will rise. Lately, though, that hasn’t been the outcome. Since mid-2010, conforming mortgages have adjusted below their initia...
With housing prices down across the country, there are a lot of homeowners in Costa Mesa barely breaking even on their respective home sales. Some are even losing money. You may find yourself in that position, too; wanting to sell, but worried about bringing cash to your own closing. It creates ...
Mortgage markets improved last week on a bevy of economic and geopolitical news. Conforming mortgage rates in Newport Beach improved, falling to their lowest levels of 2011. It’s a welcome development for home buyers and rate shoppers nationwide. Mortgage rates were expected to rise throughout m...
In an echo of February’s Case-Shiller Index report, the government’s own home price-tracker — the Home Price Index — showed home values slipping between January and February 2011. The Federal Home Finance Agency data had home values down 1.6 percent nationwide in February, on average, marking th...

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