July 16, 2009
For the fourth consecutive month, the country’s foreclosure activity was dominated by a small number of states. As reported by RealtyTrac.com , more than 50 percent of the country’s foreclosure-related actions in June concentrated in just 3 states: California Florida Nevada The states rounding out the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado. Meanwhile, June’s reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
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July 15, 2009
Mortgage markets worsened for the third straight Tuesday after the government reported June’s Retail Sales report came in slightly better than expected . Since falling to near 5.000 percent last week, 30-year fixed conforming mortgage rates have risen by almost 3/8. It’s a similar mortgage rate pattern to what we’ve seen over the last 10 months — rates drift down to near their “all-time lows”, and then surge higher over just a few days time.
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