Posted To: MBS CommentaryThough MBS were not quite as thinly traded as treasuries (lowest volume since the first trading day of 2010), the picture wasn't much better. At least that which is at risk on low volume days--volatility due to the trading that actually happens comprising a larger portion of the total--was not present. Quite the opposite in fact, as the the same trend that began to emerge early this afternoon remained intact through the close. In MBS, the 101-07 to 101-10 range covered almost everything since 1030 AM. That's a quiet, boring day. I move a lower trendline down to 3.57 on the 10yr yield to show that we're going out today at an even lower yield level than Friday. So don't let the entire day of slightly worse readings fool you... The net effect for both markets was FLAT. And in the...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Posted To: Voice of HousingMr. O’Reilly (December 01, 2009) claims that the “new” root cause of the housing crisis is the (lack of) “jobs, jobs, jobs.” So the solution to the crisis must be (the creation of) “jobs, jobs, jobs.” I agree. But the next question is this: What sort of jobs? Consider a proposal for two, complementary jobs programs. The first is called the “Litter Scattering Brigades.” Workers are paid to strew trash along the nation’s highways. The second jobs program is called the “Litter Gathering Brigades.” Workers are paid to collect the trash strewn on the nation’s highways. The workers of the Scattering Brigade have jobs, and thus can afford a home. The workers of the Gathering Brigade have jobs, and thus can afford a home...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Posted To: The Garrett Watts ReportThis was the half time scene in Miami last night at Super Bowl XLIV... I am sure many watchers were thinking: Why The Who? Maybe some of us in our 60s and 70s need to be “put out to pasture” or start “whittling wood” on the front porch. However, as a boomer, I was inspired to see these guys still rocking and rolling. I enjoyed the music and hope they keep playing. Peter Townsend will go down as one of most brilliant musical writers of all time. That’s enough about The Who and dating myself. Lets’ talk about secondary market and locking loans. One of the areas we review during our FOCIS-plus Studies is whether a company has a centralized lock process. Centralizing the lock function means all lock requests and confirmations are managed by a “gate keeper”...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

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PMI has released results of a new study suggesting we may reached the low point in housing prices. They base their conclusions on the fact that residential property values stabilized throughout the second, third and fourth quarters of last year. They claim that the likelihood of prices going lower is slim.The closely watched US [...]

It seems the mortgage business might not get more complicated than the mess it already is. At least for a little while. In the latest directive from the supervisor in charge of Fannie and Freddie, they won’t be allowed to introduce new loan products into the market. This is in an effort to control the [...]

Cities in four Sun Belt states accounted for all top 20 foreclosure rates in 2009, but foreclosure activity showed signs of spreading into previously insulated areas.

A total of 2,824,674 U.S. properties received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007.

RealtyTrac announced the launch of the RealtyTrac Community, a new social media platform that allows RealtyTrac’s millions of visitors to pose questions and exchange answers about real estate online.

The Seattle metro area ended 2009 tallying 22,772 properties with foreclosure filings, a 43 percent increase from the total reported for 2008.

The Riverside-San Bernardino metro area ended 2009 tallying 126,376 properties with foreclosure filings, a 13 percent increase from the total reported for 2008.

The Minneapolis metro area ended 2009 tallying 29,115 properties with foreclosure filings, a 58 percent increase from the total reported for 2008.