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Mark Hemingway

Mortgage Market Update for December 13th

Tuesday, December 13, 2016 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Small businesses across the nation saw an increase in optimism following the presidential election, though profits continue to get squeezed due to sluggish revenue growth and rising operating costs, reports the National Federation of Independent Business (NFIB). The NFIB reported that its Small Business Optimism Index rose 3.7 points to 98.4, which is slightly above the long-term average. Within the report it showed that eight of the index's 10 major components rose in November as small business owners appear to be more optimistic about the outlook for business conditions in the year ahead.

CoreLogic, a leading provider of consumer, financial and property information, reported on Tuesday that completed foreclosures in October fell 25% from October 2016. There were 30,000 completed foreclosures in October, down from the 40,000 in October 2015. On a month-over-month basis, completed foreclosures were down 3.6%. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Along those lines, government sponsored entities Fannie Mae and Freddie Mac announced on Monday that they will suspend foreclosure evictions for the holidays. The two mortgage giants will suspend evictions of foreclosed single-family properties from December 19, 2016 to January 2, 2017. "Our announcement today is to help provide families with a greater measure of certainty during the upcoming holiday season. We also want to be sure families experiencing financial hardship are aware of the options available to them," said Chris Bowden, senior vice president of REO at Freddie Mac.

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