Mortgage Blog

1)January saw more short sales close nationally than foreclosures
for the first time, meaning that banks were agreeing to more deals.
Short sales accounted for almost 24% of home purchases in January
versus about 20% for sales of foreclosed homes.
--->Yes, short sale approvals are easier now

2)A typical loan regardless of its purpose took 42 days to close
in March, about the same as in February but down three to five days
from December.
---> My closing dates are much better than this statistics

3)The majority of loans were 30-year fixed-rate loans but 20% were
15 year and about 4% were ARMs. 
--> Bayarea ARM Ratio should be higher.

4)The average loan closed in March had a FICO score of 749, an LTV
of 77% and a DTI of 23/35.
--> The mortgage loan quality are much better. And those just had
shortsale and foreclosure not in the market yet. Most of then
have crdit score less than 720.