Mount Olympus Mortgage Company


The Mortgage Blog of Mount Olympus Mortgage Co.

New Home Sales Increase 3.3 Percent In April

The U.S. Department of Housing and Urban Development and the U.S. Department of Commerce released their New Residential Sales report for April. According to the report, sales of new single-family homes rose 3.3 percent over March’s revised rate and are 9.9 percent above year-before levels. The gains put new-home sales at a seasonally adjusted annual rate of 343,000, up from March’s revised rate of 332,000. The median sales price of new homes sold in April was $235,700; the average was $282,600. At the current sales pace, there was a 5.1-month supply of new homes available for sale at the end of the month. More here and here.

Housing Starts Up 30 Percent From Last Year

According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, privately-owned housing starts in April were at a seasonally adjusted annual rate of 717,000. That’s 2.6 percent above March’s revised number and 29.9 percent above April 2011. Single-family housing starts were also up in April, rising 2.3 percent from the month before. And though total building permits fell after rising 4.5 percent in March, single-family authorizations were at a rate of 475,000, which is a 1.9 percent increase over March’s revised figure of 466,000. More here.

Industry Insiders Say Housing Market Has Turned A Corner

Speaking at an economic conference in Washington, Shaun Donovan, secretary of the Department of Housing and Urban Development, said the housing market has turned a corner. Donovan cited sales statistics, the number of signed contracts, and the decreasing number of households falling into foreclosure as evidence that the market has made progress over the past few years. Donovan’s remarks echo the increasingly positive forecasts being released by industry insiders and market analysts. For example, Fitch Ratings’ most recent outlook says housing starts should see a 10 percent increase in 2012, with new home sales up 8.0 percent. And Capital Economics’ Paul Diggle expects housing to become a boost to economic growth in the near future. More here, here, and here.

Government Scorecard Finds Progress In Recent Housing Data

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s monthly Housing Scorecard collects key market data and tracks the administration’s recovery efforts. The April report cites progress made in home sales and mortgage delinquencies but says there is continued fragility in the housing market. Mortgage delinquencies have declined for four straight months and existing-home sales are up more than five percent from last year’s level. Home prices, while still fragile, are beginning to show signs of stabilization and, in some markets, improvement. Also, inventory is at its lowest level in years, having fallen to levels typically associated with a healthy, balanced market. More here and here.

New Home Sales Up 7.5 Percent From March 2011

The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales Report for March 2012 shows that sales of new single-family homes are up 7.5 percent over the previous year’s pace. According to the report, new home sales came in at a seasonally adjusted annual rate of 328,000, which is 7.1 percent below February’s revised rate of 353,000 but a significant improvement over last March’s estimate of 305,000. February’s estimate was revised up from an originally reported 313,000, making that month’s sales pace the fastest since November 2009. Also, the median sales price of new houses sold during the month was $234,500; the average sales price was $291,200. At the current sales pace, there was a 5.3 month supply of new homes available for sale at the end of March. More here.

Building Permits Up 4.5 Percent In March

The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Construction report for March shows permits to build privately-owned housing units rose 4.5 percent in March. Permits were at a seasonally adjusted annual rate of 747,000, which is 30.1 percent above last March’s estimate. But though permits were up for the month, housing starts fell 5.8 percent from February to a seasonally adjusted annual rate of 654,000. Still, new residential construction is 10.3 percent above last year’s level and single-family housing starts were down just 0.2 percent for the month, which indicates the decline was due largely to a drop in multifamily construction. Also in the report, housing completions rose 4.2 percent in March. More here.

Gov’t Scorecard Finds 2012 Off To A Strong Start

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their March housing scorecard,which compiles key housing market data and the results of the government’s recovery efforts. And though the report still finds fragility in the market, it also shows that home sales are off to their strongest start since 2007, after upwardly revised January numbers and a solid February for existing-home sales. Also, mortgage delinquency rates continue to fall and are substantially below last year’s levels. And, according to the scorecard, the administration’s recovery efforts have started more than 5.8 million mortgage modification arrangements since April 2009, including 1.8 million HAMP trial modifications. More here.

New Home Sales Slip, Prices Hit Eight Month High

The U.S. Department of Housing and Urban Development and U.S. Department of Commerce’s New Residential Sales Report for February shows sales of new homes fell 1.6 percent from January to a seasonally adjusted annual rate of 313,000. But though sales slipped from the month before, year-over-year sales were up 11.4 percent. Also in the report, the median price of new houses sold in February was $233,700. That’s 8.3 percent above January and the highest it’s been since last June. Compared to February 2011, the median price was up 6.2 percent. The estimated number of new homes for sale at the end of the month was 150,000, which represents a 5.8-month supply at the current sales pace. More here.

Housing Starts Dip, Building Permits Surge In February

The U.S. Census Bureau and the Department of Housing and Urban Development’s new residential construction statistics for February show housing starts down 1.1 percent from January but still nearly 35 percent above the year before. Despite the slight dip in new construction, building permits for future construction rose to their highest level since October 2008. Permits to build privately-owned housing units jumped 5.1 percent over January’s revised rate and are 34.3 percent above the February 2011 estimate. Single-family authorizations climbed 4.9 percent to a rate if 472,000, up from January’s figure of 450,000. More here.

Housing Inventory At Lowest Level Since 2006

The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements to the Home Affordable Refinance Program resulted in another 300,000 families beginning the process of refinancing their homes. More here and here.


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About Mount Olympus Mortgage Company:

The Mount Olympus leadership team has a combined lending experience of over 130 years. Our goal is to deliver accurate information, competitive rates, and a transparent process for our clients. Along with full compliance of new, stricter Federal regulations, we’ve implemented our own internal quality control policies as an extra layer of consumer protection.
*All of our mortgage bankers are SAFE Act licensed
In 2008 the Federal government enacted a new federal licensing requirement known as the SAFE Act. It establishes minimum standards for licensing which include background checks, credit checks, testing, ongoing education requirements and registration of loan originators in order to enhance consumer protection. All of our mortgage bankers are SAFE Act licensed and registered. We comply with all federal licensing, state licensing and lending policies. Click Here for the National Mortgage License System & Registry Consumer Access.
*We comply with a strict “no-steering policy”
None of our employees are incentivized to put you in one loan program over another. Our loan process is always looking out for your best interest.
*We provide an upfront and honest Good Faith Estimate (GFE)
New federal regulations require lenders to provide customers a standardized Good Faith Estimate or GFE when disclosing rate and fees. The new and improved GFE is designed to make all lenders conform to a standardized document. This guarantees that upfront third party fee quotes are within 10% of the actual fees charged at closing. At MOMco, transparency is key to earning the trust of our clients.

About MOMco

Mount Olympus Mortgage Company ("MOMco") maintains its headquarters in Irvine, California. With extensive knowledge in both conventional and government financing, MOMco has been driving the change toward responsible lending and increased efficiency.
The home loan industry has changed dramatically in recent months and we at MOMco are here to help you navigate through it. Whether it is higher loan limits or the changing landscape of the mortgage market as a whole, MOMco is here to help you wrap your arms around the changes and select the best loan program to fit you and your family's financial situation.


Mount Olympus Mortgage Company
2600 Michelson Drive, 6th Floor
Irvine, CA 92612
Office: 949-453-8700
Toll-Free: 888-453-4659

Email: Quick Contact





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