Today's economic news

Home prices continue to accelerate across the nation as the housing market rebounds from one of its worst downturns in history. Corelogic reported yesterday that home prices rose by 10.5% year-over-year in the month ended in March, the largest annual increase since March 2006 and the 13th consecutive increase in prices. From February to March, home prices rose by 1.9%, but home prices nationwide remain 25% below the peak levels from April 2006. CoreLogic is a leading property information, analytics and services provider in the U.S. and Australia.
Due to the uptick in home prices and a better outlook on the job market, credit reporting agency TransUnion reports that the percentage of late payments on mortgages has been declining. In the first quarter of 2013, the number of mortgage holders behind on payments for at least two months dropped 21% from the same period last year. It was the largest decline since TransUnion started collecting the data back in 1992. Across the nation, every state posted an annual decline in the late-payment rate.
The Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, surged by 7% in the latest week as home loan rates continue to hover near record low levels. The refinance index made up most the activity rising by 8% while the purchase index gained 2%.
In corporate news, Freddie Mac, the number two provider of U.S. mortgage money reported today that profits in the first quarter of 2013 rose to $4.6 billion, up from $577 million in the same period last year. It was the second largest profit in company history and it sixth straight quarter of profits. Fannie Mae and Freddie combined drew a total of $187.5 billion in bailouts and they must turn over most of their profits to the government.

Plase contact me at My email address with any questions that you may have.

Sincerely,
 
Gerald Chamblin     
Senior Mortgage Loan Originator

NMLS#  200286 GAMLO# 27770
Office:      (770) 279-0222 ext. 363
Toll Free: (800) 344-8788 ext. 363
Cell:          (678) 598-5998
Fax:          (770) 279-9141
Email:       Gerald.Chamblin@SoutheastMortgage.com
Website:  www.SoutheastMortgage.com  

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