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  • Pending home sales hit second highest point in decade

    Pending home sales increased in July led by high gains in the West, which hit its highest month in more than three years. There is, however, still room for more growth. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market. Click the headline to read more.

Fannie Mae serious delinquency rate drops annually for first time since 2007

The serious delinquency rate on single-family mortgages held by Fannie Mae was 4.56% in September, a 16 basis point drop from September 2009 and the first yearly decline since April 2007. In April 2007, the serious delinquency rate was at 0.62%, down 2 bps from April 2006. The September 2010 rate, the latest available from Fannie Mae, also marked the seventh-straight monthly decline. It was down 14 bps from August. The last time the delinquency rate increased from the previous month was in February, when it climbed 7 bps to 5.59%. It has averaged a roughly 14 bps drop every month since to what is now its lowest point since August 2009. Fannie Mae mortgage-backed securities issuance held flat in October at $69.6 billion, roughly the same as the previous month but up roughly 71% from a year ago. So far in 2010, Fannie Mae has issued $472.6 billion in MBS. In 2009, Fannie issued $807.8 billion. The Fannie Mae gross mortgage portfolio declined in October to $798.2 billion, down 0.5% from the previous month but up 3.5% from a year ago. Write to Jon Prior.

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