Featured, Internet, Real Estate
Social Software: Applications & Sites that Make Me Giddy
Written by: David Bayer
While social software is usually associated with web technologies, I personally don’t know why any collaborative software, social technology or conversational technology would not be included in the definition. In any case, a handful of these technologies have become necessities in my daily activities.
Popularity: 5%
Real Estate
Another Casualty in Mortgage Arena
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
It was just a matter of time before heads rolled at Bear Stearns Co. This was only to be expected after Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund, valued at about $638 million and the High-Grade Structured Credit Fund, worth about $925 million lost their value in July.
The casualty was co-President and co-Chief Operating Officer Warren Spector, he resigned last week. In an announcement, CEO James Cayne cited the performance of the two valueless funds as a main reason for the restructuring in management. Spector started his career as a trader at Bears Stearns in 1983 and was considered the likely successor to Cayne.
Popularity: 7%
Real Estate
Mortgage Applications Drop Yet Again
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
The mortgage crisis seems to be persisting unabated. Now it looks like the volume of applications is still sliding. Last week showed the weakest level ever in five months with the Mortgage Banker Association’s (MBA) adjusted index of mortgage applications falling 0.3 percent in the week ending July 27 to 607.1. This is barely above the February 16 week reading of 606.6. I see it as just the tip of the iceberg for the mortgage industry.
Popularity: 5%
Real Estate
Subprime Mortgages Injurious to Fannie Mae and Freddie Macs Health?
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
The mortgage industry is again in the throes of controversy, Freddie Mac and Fannie Mae, darlings of the mortgage markets may be facing financial discomfort in the future. So far, the two private-sector companies which are sponsored by the federal government have bought billions of dollars of subprime mortgage home loans this year.
However, they may not be resistant to the allergic sneeze of the housing market. Cumulatively the two companies own or guarantee 45% of all residential mortgages in the U.S. As big players they have assumed more risk by obtaining a substantial chunk of subprime home loans.
Popularity: 4%
Real Estate
Builder Confidence Down While Home Construction Rises
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
There still arent any signals of a jump in the housing market. In June, home construction rose 2.3 percent while building permit activity sank to the lowest rate in 10 years. The new building permits are an indicator of future construction plans.
The building permits decreased by 7.5 percent in June to 1.406 million units. This was barely above the 1.402 million unit rate of June 1997 and slightly lower than the 1.48 million unit rate that economists had predicted.
Popularity: 4%
Real Estate
Borrowers Sacrifice Home Equity Loan Payments for Credit Card Bills
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
The American Bankers Association (ABA) stated that between January and March 2007 payments on home equity loans rose to 2.15 percent, an increase of 0.23 percent since the fourth quarter of 2006. The ABA quarterly survey of consumer loans reflected delinquency rates based on a composite of several types of consumer loans such as boats, autos, home improvements, some home equity line of credit loans increased to 2.42 percent in the first three months of this year. This was the highest delinquency rate since second quarter of 2001, up 0.19 percent from the fourth quarter of last year.
Popularity: 2%
Real Estate
Mortgage Rates Slide Lower, Somewhat
Written by: Gaurav Bhola, MSM, Managing Editor & Community Manager
The never ending saga of increasing mortgage rates seems to have hit a wall; well, more like a small speed bump. After an 11 month high of 6.74 percent for 30-year mortgages, the rate lowered last week to an average of 6.69 percent, as reported by Freddie Mac. It seems that investors have awakened to the fact that the direct effects on the economy from the unending housing slum could last longer.
The pressure in the housing arena keeps building. The construction of new homes and apartments was down by 2.1 percent. The National Association of Home Builders said that the index that measures builder sentiment fell in June to its lowest point in 16 years.
Popularity: 3%
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