“If we all worked on the assumption that what is accepted is true is really true, there would be little hope for advance” – Orville Wright
As was mentioned yesterday, ARM business is on the rise. Buried in the MBA’s weekly survey yesterday was a note: applications for adjustable rate mortgages posted a weekly jump of +17.8%.
Yesterday was not the best day for the fixed-income markets. They started off pretty well, in spite of the strong ADP number, and the yield on the 10-yr was sitting around 3.40% – comfortably inside the range it has been in for a few months. But by the end of the day the 10-yr had touched 3.50%, and MBS prices were worse by .125-.250, blamed on another better-than-expected economic report (ADP) and worries about inflation related to higher commodity prices. (Since last Friday’s close, 10-year Treasuries have dropped 1.25 in price with the yield increasing about .16 %.)
Today and tomorrow are busy days for economic news, which so far are showing strength. We’ve had Jobless Claims, Productivity, and Unit Labor Costs. Productivity was +2.6% (better than expected) and Unit Labor Costs were down .6%. Jobless Claims went from 457k down to 415k, down 42k. The 4-week moving average is +1k. Ahead of us, at 8AM MST, are Factory Orders and ISM Non-Manufacturing Index. And tomorrow we will have the Nonfarm Payroll number, expected to be +140k. But after this early news, the 10-yr is still sitting around 3.50% and MBS prices are a shade worse.
Top 10 free real estate apps for Android
Search giant Google unveiled a new Web-based mobile applications store for smart phones powered under its Android operating system Wednesday.
The Android Market, which had only been available on Android smart phones until now, is now accessible through any Web browser. The portal allows users to easily search for and install apps that can be set up to automatically download to a user’s Android device.
The following rankings come from the new store, which allows users to filter apps by popularity and price. There is no formal “real estate” category in the Android Market; these apps appear in a search of the phrase “real estate” on the site. All are free.
- Zillow Real Estate
- Realtor.com Real Estate Search
- Real Estate 114
- Real Estate by Smarter Agent
- Real Estate Droid
- HuizenZoeker (Home search in the Netherlands)
- Funda Real Estate (Home and Apartment Search in the Netherlands)
- HOME’S (Home search in Japan)
HUD reports rise in ‘worst-case’ housing needs
Unemployment, the housing crisis and high rents have contributed to a rising number of households with “worst-case” housing needs, as defined by the U.S. Department of Housing and Urban Development in a report to Congress.
Residents in an estimated 7.1 million households in 2009 were very-low-income renters who did not receive any housing assistance and paid more than half of their income toward rent and/or lived in severely inadequate conditions — up 20 percent from 2007 and up 42 percent from 2001, according to the HUD report, released this week.
“High rents in proportion to renter incomes are an increasingly dominant cause of worst-case needs,” the report concluded.
FHA Extends ‘anti-flipping’ waiver
Homebuyers relying on FHA-insured financing will still be able to buy homes that have changed hands in the last 90 days, thanks to a decision by the Federal Housing Administration to extend a temporary waiver of its “anti-flipping” rule through the end of the year.
The anti-flipping rule — a 90-day waiting period implemented in 2003 to protect the FHA’s mortgage insurance program from losses — already included an exemption for homes repossessed by Fannie Mae, Freddie Mac, and state- and federally chartered financial institutions.
But last year, FHA took the additional step of waiving the waiting period for all resale’s — including homes purchased and rehabbed by private investors.
Since the broad waiver went into effect on Feb. 1, 2010, FHA said it has insured 21,000 90-day property flip loans worth more than $3.6 billion that would otherwise not have qualified for financing.
JULY 27-29, 2011
For those of you interested in the Real Estate & Technology Connect this year click on the link above to register today!
Real Estate Connect® brings together the brightest minds in the real estate and technology industries for three incredible days every year in San Francisco and in New York. Each year, thousands of influential thought leaders gather at Real Estate Connect to discover emerging trends in technology, to network with top real estate leaders, to meet the up-and coming start-up companies, and to learn how to leverage the change that surrounds the real estate industry.
Founder Brad Inman says, “It was clear to me that the old industry was in fear and was doing everything it could to squelch innovation. I started Connect to give the new breed a platform to connect with enlightened members of the legacy industry. We created a safe place for the young entrepreneur to shout from the roof top to introduce their products.”