INFORMATION

INFO THAT HITS US WHERE WE LIVE... One of the more interesting reports last week  was the Mortgage Bankers Association's Weekly Mortgage Applications Survey. It showed mortgage applications went up a spectacular 25.5% from the week before. Interestingly, this survey was for the week ending October 2, the day before the government's TRID rules for mortgage lenders went into effect. The new 1,888-page regulation is intended to make the mortgage process clearer to the borrower, a good thing. But it's also expected to lengthen the closing process, which is why many home buyers and refinancers raced to get their applications in before TRID went into effect.

All of us of course will work as efficiently as possible while complying with the new TRID requirements. In any case, the majority of Americans remain undaunted. Fannie Mae's September Home Purchase Sentiment Index went up 3 points in September, hitting 83.8. The share of respondents saying now is a good time to buy a home went up 1%, to 64%. And the share saying now is a good time to sell increased 5%, to 52%. The realtor.com "Advanced Read of September Trends" found that we've transitioned into a buyer's market. Their chief economist believes that buyers now "should find some relief with lower prices and less competition."