Meanwhile, the Case-Shiller numbers for March were released, and these declined. CalculatedRISK delineates the weakening Case-Shiller numbers.
Meanwhile, David Stevens, the chief of the FHA says the housing market is on "life support":
“This is a market purely on life support, sustained by the federal government,” he said at the Mortgage Bankers Association conference. “Having FHA do this much volume is a sign of a very sick system.”Read here.
The FHA, which backs loans with down payments as low as 3.5 percent, insured $52.5 billion of home-purchase mortgages in the first quarter, compared with $46 billion of purchases of the debt by Fannie Mae and Freddie Mac, according to data compiled by Washington-based Potomac Partners.
Mortgage Rates Near Historic Lows...As Mortgage Applications Slide to 13 yr Low and more of those who already have mortgages find themselves in trouble....