New York state saw an uptick in residential mortgage delinquencies and home foreclosures in the third quarter, according to the Mortgage Bankers Association. Nearly 9 percent of residential mortgages were in delinquency in the third quarter, according to the report, up 14 basis points from the second quarter. The percentage of loans that were in the foreclosure process last quarter hit 4.74 percent, up 17 basis points from the second quarter, while the percentage that entered the foreclosure process reached .95 percent, up 13 basis points. TRD [more]
Posts Tagged ‘mortgage brokers’
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Multi-family lending declined sharply between 2008 and 2009, according to the Mortgage Bankers Association’s annual multi-family lending report, released today. Developers nationwide secured $52.5 billion in loans for new apartment buildings in 2009, marking a 40 percent decline from the dollar amount loaned in 2008. In total, 2,725 different lenders financed projects in 2009, according to the report. The top five lenders — in terms of dollar value lent — were Wells Fargo, PNC Real Estate, Deutsche Bank Commercial Real Estate, CBRE Capital Markets and Capmark Financial Group. TRD
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Spurred by recent improvement in nationwide employment, the commercial real estate market is beginning to firm up, according to the Mortgage Bankers Association’s second-quarter market report. The office sector improved as “businesses eased job cuts and started to hire,” in the second quarter, according to a statement from the MBA. Meanwhile, in the multi-family market, a nationwide trend toward renting a home — rather than owning — has helped landlords. “Since the end of 2005, census figures indicate the number of households owning their home has declined by 370,000 while the number of households renting has increased by 3.25 million,” the MBA said. TRD
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From the August issue: Ask half-a-dozen mortgage and real estate brokers which bank has the
best rates for residential mortgages in New York City right now, and
expect two dozen different answers.
Then check back again, in a week or even a day, for an entirely new set of replies.
Buyers have typically benefited from shopping around for mortgage
rates from various lenders. However, in the wake of a massive
government bailout of ailing banks plus a recessionary deep freeze in
the credit markets, the residential mortgage market is more splintered
than it has been in 15 years. What’s more, it’s only growing more
fractured. “It used to be three or four banks would control 80 percent of the
market, but now it’s 12 banks, and those constantly change,” said Eric
Appelbaum, president of Apple Mortgage Corp. in Manhattan. “Rates are
between 4 7/8 and 5 3/8 right this second, and two months ago they were
cheaper.” Look beyond the waves of volatility, and a few clear trends emerge. [more]
