Author Archives: Erkan Erturk

RMBS: Conforming Mortgage Limits To Drop On Oct. 1st

The projected reductions in agency mortgage limits are likely to lead to further weakness in home prices, but would only be a first step in reducing the role of government in housing finance and reviving private-label RMBS, in our view. If there is no Congressional action, the maximum limit will drop from $729,750 to $625,500 […]

U.S. Existing Home Sales Remained Weak In June In The Northeast And West

U.S. sales of existing homes declined 0.8% in June to a seasonally adjusted annual rate (SAAR) of 4.77 million units, the National Association of Realtors reported on July 20. This is the third straight monthly decline, following a 3.8% decline in May and another 1.8% in April. Existing home sales are currently 8.8% below their […]

U.S. pending home sales rose in all Regions in May, posting the first annual gain since April 2010

U.S. pending home sales reversed course in May and increased 8.2% on a seasonally adjusted basis following an 11.3% decline in April, the National Association of Realtors reported on June 29. This increase also follows May’s 3.8% decline in existing home sales and 2.1% decline in new home sales, which were reported last week. The […]

U.S. existing home sales remain weak in May despite low mortgage rates

U.S. sales of existing homes declined 3.8% in May to a seasonally adjusted annual rate (SAAR) of 4.81 million units, the National Association of Realtors reported on June 21. This decline follows a 1.8% decline in April, a 3.5% increase in March, and a significant decline of 8.9% in February. Existing home sales are currently […]

What the future could look like for U.S. home mortgages

Although the prospects for the U.S. housing finance market are currently bleak, a disciplined remodeling of the residential mortgage market could bring about a slow and steady return of private capital and help borrowers sleep easier at night, said industry executives speaking at a panel discussion during Standard & Poor’s Housing Summit: Boom, Bust and […]

Why A Revival In The U.S. Private-Label RMBS Market Is Still Years Away

They once exceeded one trillion dollars in annual issuance, but now U.S. private-label residential mortgage-backed securities (RMBS) have faded into the shadows. The housing market downturn was one of the leading contributors to the securitization market’s departure from housing finance, and housing’s continuing weakness is largely why a revival in private-label RMBS is still several […]

Highlights Of April’s Existing Home Sales

U.S. existing Home sales showed weakness in April in all regions except the Midwest. Below are some of the highlights of April’s Existing Home Sales Report: Existing home sales were down 0.8% based on the completed transactions in April. This decline in sales comes after an increase in March. However, existing sales were down 12.9% […]

Continued Challenges for the U.S. Market: FHFA House Price Index Declines in Feb.

The 1.6% decline in the February FHFA House Price Index indicates that home prices will remain weak. This will likely have a negative effect on the U.S. housing market and the performance of the underlying collateral in U.S. residential mortgage-backed securities. The amount of shadow inventory (which S&P defines as outstanding properties whose borrowers are […]

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