Taking the Bait

TheMReport — News and strategies for the evolving mortgage marketplace.

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Th e M Rep o RT | 5 These sTories heaTed up MreporT's social Media channels. The sTory: What happened to the spring recovery? The scoop: With spring numbers coming up short despite hopeful forecasts, MReport got in touch with some of the industry's leading minds to find out: Was the anticipated spring recovery dead on arrival, or is there still hope? And if spring numbers don't improve, what does that mean for the rest of the year? Despite a disappointing start to the season, most analysts are still holding on to hope, though they're not expecting activity to come anywhere near last year's levels. The sTory: What recent Buyers Wish They Knew The scoop: A new survey from Chase shows that although most recent buyers felt prepared going into their home purchase, more than half now wish they had been better equipped with the necessary knowledge, especially when it came to the financial details. In order to help first-timers, the bank has announced the launch of its "My New home" campaign intended to walk potential homebuyers through the process before they even begin searching. The sTory: price Gains continue to Build up steam The scoop: While other price gauges have showed signs of slowing down, FNC Inc.'s Residential price Index picked up speed in February, rising at its fastest pace in nearly eight years. The national index, created to gauge price movement among "normal" home sales (exclusive of distressed properties), climbed 9.1 percent year-over-year in February, bringing it back to levels last seen at the peak of the housing market in June 2006 as non- distressed sales gain market share. The sTory: new home purchase applications up 15% The scoop: The Mortgage Bankers Association's Builder Applications Survey, a forward-looking measure of potential new home sales, shows applications for new home purchases rose 15 percent month-over-month in March. Despite the surge, actual new residential sales came in at an estimated rate of 384,000, according to the Census Bureau, a 14.5 percent decline from February. (MBA's revised gauge brought expected sales down to a rate of 400,000.) Summer As MReport readers get ready to head out and enjoy the sun, here's what they're saying about the industry. Social life @FayMortgagenews "(Greed replaces fear?) As Sellers Gain Confidence, They Engage in 'Risky' Pricing Approach" @indecomm "You think banks with excess reserves should increase mortgage lending activities & use reserves to help the economy?" @TeresaJaynes "First step is trying #Survey: Fear of Rejection Freezing Potential Homebuyers" Social

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