Bank Earnings Solid; Gfee Chatter - Who's Buying "dem" Mortgages? And what are they Buying?

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Posted To: Pipeline Press

Pay no attention to those stories about "Shadow Inventory"! Apparently that has all been soaked up. Or, at least, builders and the NAR would like to believe that. It is hard to pick the top or bottom of any market, but it is hard to argue that housing prices are still heading down . Even the USA Today ("McPaper") headline today was about improving housing prices . The most recent Residential Price Index from FNC reveals that prices for non-distressed homes rose for a consecutive six months to hit their 20-month peak as of this August. They increased a mere 0.3% from July but year-to-date has increased 5% from January, which reflects the overall strengthening of the housing market. Not only is purchasing activity on the up, foreclosure sales dropped from 23% to 17.4% over that same time period...(read more)

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