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Processing delays have taken their toll on first-time home buyer interest in short sales, which now account for more than one of every six house sales, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

First-time home buyer purchases…

RISMEDIA, December 2, 2010—The following is a statement by National Association of REALTORS® President Ron Phipps regarding their view of mortgage interest deduction and its effect on homeownership and the economy. “As the leading advocate for housing and homeownership issues, NAR firmly believes that the mortgage interest deduction (MID) is vital to the stability of the American housing market and economy.

“The MID must not be targeted for change. NAR is actively engaged on behalf of the nation’s…

The most recent Weekly Survey on Mortgage Application Activity released by the Mortgage Bankers Association brings back some positive light after showing declines for the third week of October. Looking at over 50% of all US residential mortgage applications, the MBA reports that demand for new mortgages increased 8.2% in the last week of October while average 30-yr fixed rates fell to 4.97%. The week before application activity had fallen 12.3% even though rates dropped that week as well.

Not…