Analysts breakdown foreclosures for lawmakers

by Geoff Dornan, R-C Capitol Bureau December 4, 2007

The head of an independent Southern Nevada research firm told lawmakers Monday nearly 60 percent of homes in foreclosure there are not occupied by their owners.

That means they are either rentals or homes purchased by speculators during the housing boom of the past couple of years.

Jeremy Aguero, of Applied Analysis in Las Vegas, said of the nearly 30,000 unsold homes on the market, 42 percent are vacant and another 11 percent occupied by renters.

Duncan said Nevada, California, Arizona and Florida are in the same situation and the cause is a mix of over-development and speculative investment.

http://www.recordcourier.com/article/20071204/NEWS/71204004

Monthly ARM Reset Schedule

This chart shows that the majority of the loan resets don't happen until Jan-June 2008.

http://blogs.ocregister.com/mortgage/resetbigchart.gif

The Fed Rate Cut Aftermath

Mr Practical Oct 04, 2007 9:45 am

As stocks climb to new highs, let’s look at what the Fed’s rate cuts have really done. 30 year mortgage rates before the cut... 6.375%. 30-year mortgage rates after the cut... 6.625%. Stocks’ reaction... priceless.

Forget about 5-year ARMs and interest-only loans. Those are priced completely differently now and are bones in the sand. A mortgage broker at a big bank tells me business is down significantly with no signs of picking up.

http://www.minyanville.com/articles/banks-Fed+rate+cut-mortgage-ARMs-speculating/index/a/14350

Want to Refinance? Think Again, Brokers Say

By Reuters 11 Sep 2007 01:54 PM ET

Some 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen, according to a national survey on Tuesday. .....

The Campbell survey also found that a third of home purchase closings were canceled in August. Loan closings were canceled for 56 percent of subprime borrowers in the month amid failed approvals, while closings for 21 percent of home buyers with good credit were foiled.

http://www.cnbc.com/id/20723118