Over the past few years, REO supply has fluctuated almost constantly. The REO Brokers/agents and suppliers who work with agencies like HomeSteps, see this everyday and understand the seasonal and demographical reasons behind these fluctuations. These REO Brokers know how to adapt and change with the low supplies of inventory.
HomeSteps® Launches Nat'l Summer Sales Promotion! Closing Cost Assistance & Selling Agent Bonus!
HomeSteps, which is the real estate sales unit of Freddie Mac, is launching a nationwide sales promotion for its inventory of foreclosed homes starting today.
The HomeSteps Summer Sales Promotion offers: up to 3.5 percent buyer's closing cost, and a $1,200 selling agent bonus on initial offers received between May 16, 2011 - July 31, 2011, and escrows closed on or before September 30, 2011. This is only valid for HomeSteps owner-occupied home buyers.
In addition, a 2 year Home Protect® limited home warranty is offered on some eligible HomeSteps homes. Home Protect also provides discounts of up to 30% on appliances. Note: Rules apply, not all homes or borrowers will qualify. For details, see www.HomeSteps.com/smartbuy.
For HomeSteps Summer Sales Promotion details and conditions, visit http://www.HomeSteps.com.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
30-year fixed-rate mortgage: Averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011, down from last week when it averaged 5.0 percent. Last year at this time, the 30-year FRM averaged 5.05 percent. .
The 15-year fixed-rate mortgage: Average 0.7 point, down from last week when it averaged 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.8 percent this week, with an average 0.6 point, down from last week when it averaged 3.87 percent. A year ago, the 5-year ARM averaged 4.16 percent.
One-year Treasury-indexed ARMs: Averaged 3.40 percent this week with an average 0.6 point, up from last week when it averaged 3.39 percent. At this time last year, the 1-year ARM averaged 4.15 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates eased again this holiday week amid mixed inflation data reports. Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1 percent in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller National Index In addition, the level of the index was the lowest since the fourth quarter of 2002
Low mortgage rates and home prices are sustaining affordability in the housing market. Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months, the National Association of Realtors reported; only the Northeast region experienced a slowdown in sales
30-year fixed-rate mortgage: Averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.
The 15-year fixed-rate mortgage: Averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.87 percent this week, with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago, the 5-year ARM averaged 4.12 percent.
One-year Treasury-indexed ARMs: Averaged 3.39 percent this week with an average 0.6 point, up from last week when it averaged 3.35 percent. At this time last year, the 1-year ARM averaged 4.23 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates eased slightly this week and continue to be very affordable. Prior to 2009, interest rates for 30-year fixed-rate mortgages had never been at 5 percent since our survey began in April 1971. In both 1981 and 1982, the rates were over three times as high as they are today.
The housing market is struggling to regain traction despite still historically low rates. New construction on one-family homes dipped slightly in January to an annualized pace of 413,000 units, which was the fewest number since May 2009. In addition, homebuilder confidence didnt improve for the third consecutive month in February.
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30-year fixed-rate mortgage: Averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.
The 15-year fixed-rate mortgage: Averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.92 percent this week, with an average 0.6 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.19 percent
One-year Treasury-indexed ARMs: Averaged 3.35 percent this week with an average 0.6 point, up from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.33 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week.
For all of 2010, nonfarm productivity rose 3.6 percent, the most since 2002, while Januarys unemployment ate unexpectedly fell from 9.4 percent to 9.0 percent. Moreover, the service industry expanded in January at the fastest pace since August 2005. As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010
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Fannie and Freddie have learned their lesson. The politics of housing has changed from a congressional mandate to make home ownership more accessable, even to the unquaalified, to a rational and more profitable system. They/we lost a bundle and they are looking at another bad year with foreclosures expected to rise again in 2011.
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30-year fixed-rate mortgage: Averaged 4.80 percent with an average 0.7 point for the week ending January 27, 2011, up from last week when it averaged 4.74 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.
The 15-year fixed-rate mortgage: A veraged 4.09 percent with an average 0.7 point, up from last week when it averaged 4.05 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: A veraged 3.70 percent this week, with an average 0.7 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.25 percent.
One-year Treasury-indexed ARMs: A veraged 3.26 percent this week with an average 0.6 point, up from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.29 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Mortgage rates followed bond yields a little higher this week amid positive data reports from The Conference Board that suggest the economy is strengthening. The index of leading indicators rose 1.0 percent in December, nearly twice that of the market consensus forecast and represented the sixth consecutive monthly increase, according to the Board. They also reported a stronger gain in consumer confidence for January, rising to an eight-month high. In addition, the share of households who said jobs were plentiful rose to the highest level since May 2009.
Consumer demand in the housing market is also showing some positive gains. Sales of existing homes rose in December to the strongest pace since May and sales of new homes jumped to the highest since April. At their current sales rate, the expected time on the market fell from 9.5 to 8.l months for existing houses and fell from 8.4 to 6.9 months for new home
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30-year fixed-rate mortgage: Averaged 4.71 percent with an average 0.8 point for the week ending January 13, 2011, down from last week when it averaged 4.77 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.
The 15-year fixed-rate mortgage: Averaged 4.08 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.45 percent
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.72 percent this week, with an average 0.7 point, down from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.32 percent.
One-year Treasury-indexed ARMs: Averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.24 percent. At this time last year, the 1-year ARM averaged 4.39 percent
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Bond yields drifted lower following the release of the December employment report , which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery. Fixed mortgage rates followed bond yields lower for a second consecutive week, bringing them to a four-week low.
In its January 12th regional economic review, the Federal Reserve noted that activity in residential real estate and new home construction remained slow across all Districts over the last two months of 2010 due to concerns about the pace of economic recovery, especially in employment. In addition, the outlooks for residential real estate were mixed, with contacts in most Districts described as expecting continued weak conditions
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30-year fixed-rate mortgage: Averaged 4.86 percent with an average 0.8 point for the week ending December 30, 2010, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
The 15-year fixed-rate mortgage: Averaged 4.20 percent with an average 0.8 point, up from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.77 percent this week, with an average 0.7 point, up from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.44 percent.
One-year Treasury-indexed ARMs: Averaged 3.26 percent this week with an average 0.6 point, down from last week when it averaged 3.40 percent. At this time last year, the 1-year ARM averaged 4.33 percent
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Interest rates on fixed mortgages and the 5 year Hybrid ARM rose slightly over the holiday week, but were still below the years highs set in the first half of 2010. For the year as a whole, 30 year fixed mortgage rates averaged just below 4.7 percent, which represented the lowest annual average since 1955 when secondary market yields on FHA mortgages were above 4.6 percent and the average price of a home was $22,000. Recent news on housing markets has been mixed. The S&P/Case-Shiller house price index fell 0.99 percent in October, in line with other reports showing a softening in house prices since mid year. Home sales continue to recover in the months following the expiration of the Home buyer Tax Credit, however, with sales of new and existing homes up 5.5 percent and 5.6 percent, respectively, in November
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30-year fixed-rate mortgage: Averaged 4.61 percent with an average 0.7 point for the week ending December 9, 2010, up from last week when it averaged 4.46 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
The 15-year fixed-rate mortgage: Averaged 3.96 percent with an average 0.7 point, up from last week when it averaged 3.81 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.60 percent this week, with an average 0.6 point, up from last week when it averaged 3.49 percent. A year ago, the 5-year ARM averaged 4.26 percent.
One-year Treasury-indexed ARMs: Averaged 3.27 percent this week with an average 0.6 point, up from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.24 percent.
Freddie Sayz Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. After Europe made strides in its debt situation, investors left the security of U.S. Treasury debt causing bond yields to rise and mortgage rates along with them. Interest rates for 30 year fixed mortgages are now almost a half percentage point higher than the record low set in mid November, which for a $200,000 conventional loan amounts to $50 more in monthly payments. Housing demand appears to be picking up recently. Existing pending sales jumped 10.4 percent in October to the strongest pace since April, according to the National Association of Realtors. More recently, mortgage applications for home purchases rose for the three consecutive weeks ending on December 3rd, representing a 17.7 percent increase and the strongest pace since the week of May 7th, based on figures released by the Mortgage Bankers Association Maximizing The Rent
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Has this happened to you?!?
Lately I have had clients make offers on Freddie Mac REOs with the local Freddie Mac REO listing companies. In Boise, as in many communities around the country, local brokerages have a virtual monopoly on listing properties for Fannie Mae and Freddie Mac.
The overwhelming number of REOs dumped onto our market has completely overwhelmed these listing agents. Of course, some of these REO agents are really great. Others agents though.... Just try getting a response from them within a week or two! We have one offer in on a Freddie Mac property and have not had a response from the listing agent for over three weeks! Turns out they recently received approximately 50 new Freddie Mac REO listings. Seems to me that this will merely reduce their poor service and slow responsiveness to non-existent!
It stands to reason that if Fannie and Freddie really do want to liquidate their massive inventory, then they need to spread these listings out over many more agents so that no one individual is overwhelmed. If you have had similar frustrations please comment so we can raise awareness of this issue and help facilitate positive changes in this industry!
I found the following graphic at REOInsider.com
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