August 22nd, 2013 9:22 AM by Eric Fang
1)Lenders are cutting mortgage related job.Wells Fargo announced that they will layoff around 2200 jobs for the next a few months.
2)Mortgage Lenders Lower Standards.Faced with declining originations, mortgage bankers lowered their lending standards last month across the board -- approving borrowers with lower credit scores, higher loan-to-value ratios and higher debt-to-income ratios. Refinance share plunged to the lowest level in at least two years.
3)Home Prices Hit Best Level since Feb 2005.Though this is in the news, some areas alreadyhit all time high, some area still at the 2007-2008 price levels. Even though the current interestrate is higher, it is still indeed low comparedto the history levels.
4)7.4% unemployment rate is still not good enough.The economy recovery, the home sales needs more jobs to support.