In the third quarter of 2012, 29 percent of borrowers who refinanced an existing mortgage chose to shorten their loan term, based on the Freddie Mac Quarterly Product Transition Report. Further, refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. Of borrowers who refinanced […]
Negative equity fell in the third quarter, with 28.2 percent of all homeowners with mortgages underwater, down from 30.9 percent in the second quarter, according to the third quarter Zillow® Negative Equity Report. This is the first time negative equity has fallen below 30 percent, and is the biggest quarter-over-quarter drop in negative equity, since […]
Freddie Mac’s economists today used the analogy of a patient with a high fever to talk about the recent course of the housing market. In the November 2012 Economic & Housing Market Outlook, Freddie Mac likened that patient’s 103° temperature to the height of the housing boom in 2006. The patient collapsed, the Outlook reported […]
Province Mortgage Associates is featured in the WJAR Channel 10 Coffee Cup Salute. This video feature discusses our steady growth during the mortgage market bust and economic downturn of the last several years as well as honors us as being voted one of the Best Places to Work by the Providence Business News in 2011 […]
The original Making Home Affordable program was enacted by the US Government by means of the Financial Stability act of 2009, with the intention of blunting the blow foreclosures were causing to the housing market. It contained two components that have had mixed success and was the subject of a recent announcement of additional support.
Non-farms payrolls expected up 90,000; Unemployment rate believed steady at 9.2%; Weak GDP growth seen as a major obstacle A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s […]
The official unemployment rate rose to 9.1% in May, as, in spite of meaningful increases in employed residents, even more previously discouraged workers returned to the labor force. I believe that the opposite effect will be seen in June, as the volume of negative news likely caused more workers to give up their searches. Due to this decrease in the labor force, the unemployment rate is expected to decrease to 8.9%.
Providence Business News has honored Province Mortgage Associates for the third consecutive year as being one of the annual Best Places to Work. The recipients of this award are chosen based on responses to a management questionnaire as well as a confidential employee survey. You can click below to read the original article on the […]
Concerns began to play out in May, as several significant economic activity surveys, including the important Philadelphia and New York Fed surveys, showed a sharp decline in underlying economic growth. In addition, weekly claims for unemployment benefits have climbed significantly, a disturbing trend as it could eventually impact hiring.
April private payrolls expected up 170,000; Labor-force participation rate at multi-decade low; Unemployment rate expected to rise to 9.0% A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s […]