… For the second consecutive week, the unadjusted Purchase Index was lower compared to the same week one year ago. … The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.42 percent, the lowest rate since mid-June, from 4.49 percent, with points increasing to 0.44 from 0.34 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. emphasis added Click on graph for larger image. The first graph shows the refinance index. The refinance index is up over the last four weeks as rates have declined.
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The timetable for hearings and a vote is uncertain. Ms. Yellen has been the Fed’s second-in-command since 2010. From that perch, she’s been a close adviser to Mr. Bernanke as he devised new easy money programs aimed at supporting economic growth.
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That’s up 12.8 percent from 5,612 such homes listed in August and up 60.5 percent from one year ago. emphasis added There are several key trends that we’ve been following: 1) Overall sales were down slightly from August, and down about 1% year-over-year. 2) Conventional sales are up sharply. In September 2012, only 41.6% of all sales were conventional. This year, in September 2013, 69.6% were conventional. That is an increase in conventional sales of about 59% (of course there is heavy investor buying, but that is still quite an increase in non-distressed sales). 3) Most distressed sales are short sales instead of foreclosures (over 3 to 1). Both foreclosures and short sales are declining. 4) and most interesting right now is that non-contingent inventory (year-over-year) is now increasing quickly. Non-contingent inventory is up 60.5% year-over-year!
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from Gallup: Weekly Drop in U.S. Economic Confidence Largest Since ’08 Americans’ confidence in the economy has deteriorated more in the past week during the partial government shutdown than in any week since Lehman Brothers collapsed on Sept. 15, 2008, which triggered a global economic crisis.
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