Foreclosures down for 20th straight month

By
Mortgage and Lending NMLS 291249

DailyMORTGAGE LOCK ADVISORY 

June 14, 2012, 6:45am PST

Click for Lock Advice Updated Several Times Daily

      

7 day Mortgage Interest Rate lock or Float Advice: LOCK
Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.08 point.


30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.

Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.

 

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.75%
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MORTGAGE NEWS BRIEFS
 

Foreclosures down for 20th straight month
Servicers started more foreclosures in May from the month before but filings were still down 4% from last year, according to RealtyTrac. "U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said RealtyTrac CEO Brandon Moore.>>Read More Housing Wire
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Rainer
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Dan Hopper
Denver Realtor Advocate/Short Sale/Loan Modificati
RE/MAX Alliance, www.danhopper.com

Watch out... we see increases in the foreclosure notices versus a year ago in our area.  The banks have been holding back for too long, and are started to let loose.  It amazes me when we discuss short sale options with folks that have missed 5-10 months of payments, and NO foreclosure has been started, yet.

June 14, 2012 06:59 AM
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Rainmaker
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Bill Ladewig

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