Shannon Odom's (smodom) Blog

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Mortgage and Lending - Northeast Bank - NMLS ID 509649
RECENT BLOG POSTS
According to October data from foreclosure-tracking firm RealtyTrac, foreclosure filings topped 300,000 for the 20th straight month last month as 1 in every 389 U.S. homes received a foreclosure filing. The generic term “foreclosure filing” is defined to include default notices, scheduled auctio...
11/12/2010
It’s getting tougher to get approved for a mortgage. Still. In its quarterly survey of senior loan officers around the country, the Federal Reserve asked whether “prime” residential mortgage guidelines” have tightened in the prior 3 months. A “prime” borrower typically carries a well-documented ...
11/10/2010
  After 3 straight months of improvement, the Pending Home Sales Index slid lower in September. As compared to August, September’s reading fell 2 percent. A “pending home sale” is a home under contract to sell, but not yet closed. The data is drawn from a combination of local real estate associat...
11/09/2010
  Mortgage markets took a roller coaster ride last week, powered by the dual-force of the Federal Open Market Committee, and the government’s monthly Non-Farm Payrolls report. As standalone events, both releases would have ranked among the top market movers of the year anyway, but throw in the re...
11/08/2010
Mortgage rates have been falling since April, shedding more than 1 percentage point since the Refi Boom began. Today, that momentum could lose some steam. The Bureau of Labor Statistics releases the October jobs report at 8:30 A.M. ET. With a stronger-than-expected reading, mortgage rates should ...
11/05/2010
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. In its press release, the FOMC noted that, since September’s meeting, the pace of economic and job growth “continues to be slow”.  Housing starts are “dep...
11/03/2010
The Federal Reserve ends a scheduled, 2-day meeting today. It’s the seventh of 8 scheduled Fed meetings in 2010, and the eighth overall this year. The Fed held an unscheduled meeting May 9, 2010. When today’s meeting adjourns, Fed Chairman Ben Bernanke & Co. will publish a formal statement within...
11/03/2010
This week marks the start of the Refi Boom's 7th month; rates have been falling since early-April 2010. Whether you're looking to refinance or buy a home, however, know that not everyone will qualify for today's low rates. Mortgage approvals are primarily based on good income, good equity and st...
11/02/2010
Mortgage markets remained highly volatile for the second straight week last week. Yet, over the course of 5 days, mortgage bonds ended the week relatively unchanged. Conforming rates in Maine worsened Monday, Tuesday and Wednesday — rising as much as 3/8 percent as compared to the week prior — be...
11/01/2010
Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®. But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking fi...
10/29/2010
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