(Existing Home Sales) An Awfully Bad Number - Yesterday we noted that economists were looking for Existing Home Sales to come in at a very weak reading of 4.65 million.  A reading that low would have been down to levels last seen during the depths of the financial crisis.  Well, the actual number came in much, much worse.  As shown below, Existing Home Sales in July came in at 3.83 million.  ... Expect plenty of calls for new federal intervention in the housing market in the near future. ... - Bespoke Investment Group
------------

(Existing Home Sales) America stops buying homes - Felix Salmon - ... This number is the lowest that the NAR has ever reported, and I can see why it spooked the markets, ... and 4.57 million sold in 2009. The latest annualized number in that series, for July 2010, is just 3.37 million. That’s a 26% fall from last year’s rate. ... The number is so low that it looks like a statistical aberration: let’s hope it is. ... The news also means that there’s a big gap between buyers and sellers: the market isn’t clearing ... - Reuters

------------

Tighter spreads on jumbo mortgages are a good sign - Scott Grannis - ... But the more important development in the past month or two is that the spread between jumbo and conforming mortgage rates has narrowed to about 40 bps. At the height of the financial market panic in late 2008, when 10-yr Treasury yields collapsed to a mere 2.05%, the spread was an outsized 170 bps. In "normal" times the spread tends to be about 20 bps. ... - Calafia Beach Pundit

------------

Mortgage closing costs rise nationwide in 2010 - AP - The cost of getting a mortgage increased this year, but closing costs remain relatively affordable in the Great Plains.  A study by Bankrate.com says the origination and title fees on a $200,000 mortgage averaged $3,741 nationwide this year. That's up from $2,732 a year ago largely because of new regulations. - KTIV.com 

------------

Fed Proposes New Reverse Mortgage Advertising Requirements -  A new proposal from the Federal Reserve aims to reign in misleading marketing from reverse mortgage lenders after consumer testing found statements used in advertisements could be confusing to consumers. - Reverse Mortgage Daily
------------

Don't Fear A Housing Dip - John Tamny - Mortgage defaults and housing weakness signal an economy on the mend - Forbes 
------------

(catch up on the latest fraud scams) Mortgage Fraud Is Rising, With a Twist - By ROBBIE WHELAN - Adopting to Tighter Rules After Collapse, Scammers Turn to More Complex Plots WSJ Real estate

------------

The fallacy of cheap home prices and the two income trap – dual income households underscore massive housing inflation. Nationwide home prices overvalued by 25 percent. - Dr. Housing Bubble

------------

Mortgage Refi Madness Packs Less Kick Than In The Past - By Kathleen Madigan - ... This time around, homeowners seem to be looking to cut their debt loads. For instance, one-third of refis involve moving from a 30-year loan to a 15- or 20-year maturity. And 22% of refinancers sought to lower their principal balance by paying in additional cash when the loan closed. This “cash-in” share was tied for the third highest rate since Freddie Mac began tracking cash-ins in 1985.  Moreover, fewer homeowners are cashing out ... - WSJ Blogs
------------

(introducing the DJI mortgage)  The Mortgage of the Future - DANIEL INDIVIGLIO - ... As banks and lenders adjust, they may have to revisit the mortgage products they used to believe were very safe. Will the 30-year fixed-rate mortgage survive? ... I would recommend what I'll call the "DJI" Mortgage. DJI stands for Declining Jackhammer Interest. It's sort of like an option adjustable rate mortgage, but turned upside down. ... - has example - The Atlantic