Friday, November 27, 2015
Working the sub-prime niche can be a lucrative little secret. Today we give you an idea on how to do it.
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True to tradition, new home sales appear to have moved
higher in March as the calendar closed in on the start of the spring market. The Mortgage Bankers
Association (MBA) estimates sales of newly constructed homes increased by 7
percent compared to February and are 12 percent higher than a year earlier. This
change does not include any adjustment for typical seasonal patterns. Based on the application data, MBA forecasts
that home sales were at a seasonally adjusted annual rate of 714,000 units in
March. This is a decline of 4.5 percent from the February rate of 748,000
units. On an unadjusted basis, the forecast is for 72,000 new home sales in during
the month, an increase of 10.8 percent from 65,000 sales in February.
There was little change in the number of active
forbearance plans over the past week, but Black Knight reminds, in its regular
Friday report, that this it was simply another mid-month lull as servicers
finished processing the prior month's expired plans. Even so, the number of
plans did decline for the seventh straight week, even if it was by a mere 1,000
loans or 0.04 percent. There are 380,000 plans set to expire at the end of
April so Black Knight says the possibility remains of further improvement over
the next two weeks. Even with the minimal decline of the past week, the number of outstanding plans is
still down by 296,000 (11.4 percent) over the last month.
Residential construction recovered in March after a serious
decline the prior month. The U.S. Census Bureau and Department of Housing and
Urban Development said all three measures rose, with housing starts hitting a
15 year high. Some regional increases topped 100 percent. Permits for residential construction were issued at a
seasonally adjusted annual rate of 1.766 million in March, a 2.7 percent
increase from February's rate of 1.720 million. The latter is an upward
revision from the 1.682 million permits originally reported for February, erasing
some of the near 11 percent loss originally reported. The permitting rate for
the month was 30.2 percent higher than in March 2020.