Thursday, September 13, 2018
Crushing Call Reluctance by Carl White.
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Look for 2019 Cash Out Boom?
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Lenders continue to be pessimistic about
their profit outlook as 2018 draws to an end.
Fannie Mae said its fourth quarter 2018 Mortgage Lender Sentiment Survey
found the profit outlook reported by respondents at an all-time survey
low. This was true whether they were
talking about purchase or refinance mortgages or about GSE-eligible,
non-GSE-eligible, or government loans. It was the ninth consecutive quarter
that lender outlook has declined. Smaller slices of a shrinking pie sums up
the reasons given by lenders for their lowering outlook, especially for
The Mortgage Bankers Association (MBA) added
a little more evidence to the pile indicating a rather rapid slow-down in the
housing market. MBA's Builder
Application Survey (BAS) data for November shows mortgage applications for
newly constructed home purchases falling by 14 percent compared to
October. The MBA data is not adjusted to
account for seasonal variations, and while sales nearly always decline this
time of year, applications were also down 11 percent compared to November 2017. Based on the survey data and assumptions about
market coverage and other factors, MBA estimates new home
sales were running at a seasonally adjusted annual rate of 627,000 units in