Mineral Rights and the need for lawyers.

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Mortgage applications increased 1.3% on a seasonally adjusted basis from one week earlier in the Mortgage Bankers Association’s weekly survey for the week ending Oct. 4 as lower rates continued to shift some companies’ purchase-refi loan mixes.
On an unadjusted basis, the MBA’s overall index increased 1%. Refinances jumped 3% and are at their highest level since the week ending Aug. 9. Seasonally adjusted purchases decreased 1%, while unadjusted purchases also decreased 1% week-to-week, and were 6% lower than the same week one year ago. For the second consecutive week, unadjusted purchases were lower compared to the same week one year ago. -- Bonnie Sinnock in Origination News.
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The biggest thing the government shutdown has done to paralyze mortgage rates is postponing the release of economic data.  The Fed's ongoing bond buying stimulus program has kept interest rates low.  Every time good economic data is released, investors assume the Fed will begin tapering the program and rates go up.  When bad economic data is released, investors assume the Fed will maintain the program and rates go up.  Apparently when NO economic data is released, rates don't move. -- Geoff Smith in Weekly Market Report.
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Reuters launched a special report on a new phenomenon – one in which developers and homebuilders are silently keeping ownership of minerals located under various properties. This strategy allows firms to cash in on new drilling technologies, while preventing the new homeowners from taking a share.
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In most states, sellers aren't legally required to disclose to home buyers whether they are severing the mineral rights to a property. Builders sometimes flag the move in sales contracts or deeds and other documents they are required to file with local authorities. But buyers don't necessarily review their paperwork very closely, especially if, as real-estate agents say happens often, they don't hire a lawyer to help them with the transaction.-- HousingWire
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As the industry knows all too well at this point, new rules for mortgage lending are set to go into effect in January as part of the Qualified Mortgage rule under Frank-Dodd.
One of them, the so-called 3 Percent Test, is gaining some attention -- fees on QM-eligible loans need to be below 3 percent of the mortgage amount, lest the mortgage be cast as high-cost. --HousingWire
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Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic. That’s the lowest shadow inventory tally reported since August 2008. -- Carrie Bay in DS News
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According to Wes Moss, now is the time to buy in the stock market because it is primed to finish the year at a record high.
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September foreclosure activity falls 27% year over year. --HousingWire.
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Jill Pierce is Team Leader for RealEstateAuctions.com