Brad Bergamini's blog

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"Work joyfully and peacefully, knowing that right thoughts and right efforts will inevitably bring about right results."--James Allen (1864-1912), This guy never saw a Monday in RE

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Funny, How do you pic your Real Estate Agent.

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Mortgage Demand Jumps 13.2 Percent As Rates Fall

According to The Mortgage Bankers Association's Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was up 13.2 percent last week from the week before. The Refinance Index increased 17.8 percent and the Purchase Index rose 5.1 percent. Michael Fratantoni, MBA's vice president of research and economics, said application activity was up due to a drop in interest rates. The average contract interest rate for 30-year fixed-rate mortgages fell to 5.0 percent from 5.12 percent a week earlier. More here.

Home Prices End 2010 Down 2.4 Percent

The S&P/Case-Shiller Composite 20-City Home Price Index shows a 2.4 percent drop in home prices at the end of 2010 compared to 2009. December prices were down 1.0 percent from the month before. David Blitzer, chairman of the index committee at Standard & Poor's, said, unlike the period between 2006 and 2009 when all cities saw prices move together, there are differing stories around the country, noting price gains in California and the Northeast. More here and here.

Mortgage Delinquencies Fall to Pre-Recession Levels

The Mortgage Bankers Association's National Delinquency Survey shows the delinquency rate for U.S. mortgages fell to 8.22 percent in the fourth quarter, down 91 basis points from the previous quarter and 125 basis points from one year ago. Jay Brinkmann, MBA's chief economist, said total delinquencies are at their lowest level since the end of 2008 and loans one payment past due are at the lowest level since 2007. Brinkmann says, though delinquency and foreclosure rates are still above historical norms, the economy has clearly turned a corner and he expects the delinquency picture to continue to improve during 2011. More here and here.