The value of American homes compared to the mortgage on those homes continues to rise after the real estate collapse during the Great Recession.

ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q2 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the second quarter of 2017 there were more than 14 million (14,038,372) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — up by nearly 320,000 properties from the previous quarter and up by more than 1.6 million properties from a year ago.

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The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt rose by $114 billion (0.9 percent) to $12.84 trillion in the second quarter of 2017. Mortgage balances shown on consumer credit reports on June 30 stood at $8.69 trillion, an increase of $64 billion from the first quarter of 2017.

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During the week, mortgage loan rates fell on three of the five loan types that the MBA tracks.

The seasonally adjusted purchase index decreased by 2% compared with the week ended August 4.

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Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 11, 2017.

The first graph shows the refinance index since 1990.Refinance activity will not pick up significantly unless mortgage rates fall well below 4%.

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Every quarter, the New York Fed publishes a report on Household Debt and Credit.

The report shows serious credit card delinquencies rose for the third consecutive quarter, a trend not seen since 2009.

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A reverse mortgage can indeed be a big boon in retirement, providing needed income and improving your financial security. But reverse mortgages are not without some drawbacks and dangers.

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Never Utter These 5 Things When Closing on a Home [0.09]

Posted on Aug. 12, 2017, 12:55 p.m. by 24/7 Wall St. @ [source]

You’re sitting at a conference room table with your agent, the sellers of the home you are buying and their agent, just about to initial dozens of pages of documents and put your signatures on the dotted line to complete your purchase of a new home.

That may be your plan, but the sellers probably have an emotional attachment to the house and saying something like this is not what they want to hear.

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The financial crisis roughly a decade ago was a defining moment in U.S. economics and regulation, but really this was a story of debt and who gets left holding the bag. The financial crisis as we know it was brought about by the housing market collapse, and with mortgages making a significant portion of the debt that Americans had, the market didn’t stand a chance.

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The Crisis at the Tipping Point [0.05]

Posted on Aug. 9, 2017, 12:55 p.m. by The Aleph Blog @ [source]

Ten years ago, things were mostly quiet. I was following it for a firm that was considering doing the “big short” but could not figure out an effective way to do it in a way consistent with the culture and personnel of the firm.

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During the week, mortgage loan rates fell on four of the five loan types that the MBA tracks.

The seasonally adjusted purchase index increased by 1% compared with the week ended July 28.

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The three-decade-old market for reverse mortgages is a niche one — there are about one million such loans outstanding.

But reverse mortgages are viewed as crucial pieces in helping an aging population plan for retirement, and new lenders are coming into the market.

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The share of home mortgage loan payments that are 30 days or more past due fell from 5.3% in May 2016 to 4.5% in May 2017.

The share of mortgages that transitioned from current to 30 days past due was 0.9% in May 2016 compared with 0.8% in May 2017.

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Black Knight Financial Services (BKFS) released their Mortgage Monitor report for June today.

Today, the Data & Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of June 2017.

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The search for a new home, especially among first-time buyers, has a lot of moving parts.

According to a recent report from Chase Home Lending, a division of JPMorgan Chase & Co. (NYSE: JPM), and Alphabet Inc.’s (NASDAQ: GOOGL), online search activity among first-time home buyers has reached an all-time high and — no surprise here — affordability remains the top priority for prospective buyers.

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After announcing earnings earlier this week, it seems Genworth Financial (GNW) is now priced like a "heads I win, tails I win more" situation.

Two big things happened when Genworth reported Q2 earnings on August 1st.

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Thursday: Unemployment Claims, ISM non-Mfg Survey [0.11]

Posted on Aug. 2, 2017, 11:05 p.m. by Calculated Risk @ [source]

Mortgage rates held steady today, keeping them in line with the best levels in just over a month. That means the best-qualified borrowers putting more than 20% down are seeing conventional 30yr fixed rates of roughly 4%, depending on the lender.

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During the week, mortgage loan rates either remained unchanged or increased on the five loan types that the MBA tracks.

The seasonally adjusted purchase index decreased by 2% compared with the week ended July 21.

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Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. These have the power to create more market movement than we saw at the end of last week and thus, a bigger change in mortgage rates, for better or worse.

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Every July, Impac Mortgage (IMH) holds their annual meeting in sunny Irvine, California. This might be a perfect analogy for Impac, the mortgage market, and the overall economy.

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Saving up a down payment to buy your first house can seem a pretty daunting task.

The first step in saving up your down payment is to pin down the amount you can responsibly spend on a house.

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