Rural Areas to Stay Rural — for Now
The National Association of REALTORS® and other housing groups have been urging Congress for years to grandfather eligibility of some 900 rural communities into federal rural housing programs, including the popular Sec. 502 direct-loan program that enables home buyers who can’t get financing elsewhere to get no-down mortgage loans. Congressional intervention is needed because the definition of rural hasn’t changed since 1974, and hundreds of rural communities, including many near growing metropolitan areas, are at risk of losing their designation even though they remain for all intents and purposes rural. Read more...
Friday, September 28, 2012
Thursday, September 27, 2012
Home Sales, Prices Both Up in August
Home Sales, Prices Both Up in August
Existing-home sales last month were up almost 8 percent from July and home prices were up 9.5 percent from a year ago, to $187,400.
“More buyers are taking advantage of excellent housing affordability conditions,” NAR Chief Economist Lawrence Yun said in his national press conference today in Washington in which he released the latest home sales figures. “Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices.” Read and Hear more...
Existing-home sales last month were up almost 8 percent from July and home prices were up 9.5 percent from a year ago, to $187,400.
“More buyers are taking advantage of excellent housing affordability conditions,” NAR Chief Economist Lawrence Yun said in his national press conference today in Washington in which he released the latest home sales figures. “Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices.” Read and Hear more...
Wednesday, September 26, 2012
How High Will Housing Prices Be in 2016?
How High Will Housing Prices Be in 2016?
Read more
A quarterly survey of more than 100 economists shows growing optimism for the real estate market when it comes to housing prices. The majority of the economists surveyed say they expect home prices to steadily increase for the next four years.
Tuesday, September 25, 2012
Fixed Mortgage Rates Find New Lows
Fixed Mortgage Rates Find New Lows
In Wake of QE3 Announcement
The Federal Reserve’s announcement confirming a third round of quantitative easing sent long-term mortgage rates tumbling to all-new record lows this week.
In Wake of QE3 Announcement
The Federal Reserve’s announcement confirming a third round of quantitative easing sent long-term mortgage rates tumbling to all-new record lows this week.
Freddie Mac’s Primary Mortgage Market Survey showed a drop in both the 30-year and 15-year fixed. According to the survey, the 30-year fixed-rate mortgage (FRM) averaged 3.49 percent (0.6 point) for the week ending September 20, down from 3.55 percent the week before.
The 15-year FRM also fell this week, averaging 2.77 percent (0.6 point). The previous survey showed an average of 2.85 percent.
Adjustable-rate mortgages (ARMs) saw so slippage, however. The 1-year ARM saw no change from last week, averaging 2.61 percent (0.4 point). The 5-year ARMactually increased, rising to 2.76 percent (0.6 point) from 2.72 percent before. Read more
Monday, September 24, 2012
Basel III Will Increase Mortgage Costs
Basel III Will Increase Mortgage Costs
Limit Riskier Lending: Fitch
Proposals found in Basel III to raise capital requirements for mortgage loans would increase borrower costs for traditional mortgages and make nontraditional mortgages less available at regulated banks, according to a commentary from Fitch Ratings.
“U.S. regulators’ ‘notice of proposed rulemaking’ (NPR) addressing capital requirements and risk-weighted asset (RWA) calculation criteria would, if adopted, ultimately push banks away from all but the most conventional and low risk forms of mortgage lending,” Fitch stated.
“U.S. regulators’ ‘notice of proposed rulemaking’ (NPR) addressing capital requirements and risk-weighted asset (RWA) calculation criteria would, if adopted, ultimately push banks away from all but the most conventional and low risk forms of mortgage lending,” Fitch stated.
Nontraditional loans that carry higher risks fall under Category 2, while traditional loans are in Category 1. Under the NRP, Category 2 loans, such as negative amortization mortgages, loans with a balloon payment, loans lacking verification of a borrower’s ability to repay, loans that take more than 30 years to mature, require banks to hold two to three times more capital, Fitch explained. Read more
Saturday, September 22, 2012
A Good Week for Housing
A Good Week for Housing
The housing recovery showed signs of strengthening this week, as two new reports showed home sales and prices on the upswing.
Existing-home sales have soared nearly 8 percent from a year ago, the National Association of REALTORS® reported this week. Meanwhile, the new-home market also is showing signs of recovery, with starts rising 29.1 percent over year-ago levels, according to the Census Bureau.
What’s more, home builders are getting more confident about the market with recent sales, future sales, and buyer traffic. Homebuilder confidence reached its highest level since the housing-boom time of June 2006, according to this month’s index of homebuilder sentiment.
Also this week, fixed-rate mortgages this week were at all-time record lows or near it, helping to keep home buyer affordability high, Freddie Mac reported in its weekly mortgage market survey. Read more:
Existing-home sales have soared nearly 8 percent from a year ago, the National Association of REALTORS® reported this week. Meanwhile, the new-home market also is showing signs of recovery, with starts rising 29.1 percent over year-ago levels, according to the Census Bureau.
What’s more, home builders are getting more confident about the market with recent sales, future sales, and buyer traffic. Homebuilder confidence reached its highest level since the housing-boom time of June 2006, according to this month’s index of homebuilder sentiment.
Also this week, fixed-rate mortgages this week were at all-time record lows or near it, helping to keep home buyer affordability high, Freddie Mac reported in its weekly mortgage market survey. Read more:
Friday, September 21, 2012
Fed moves push mortgage back into record territory
Fed moves push mortgage back into record territory
Mortgage rates were at or near record lows this week following the Federal Reserve's announcement that it will buy tens of billions in mortgage bonds every month for an indefinite period in order to reduce the cost of borrowing and stimulate the economy.
Thursday, September 20, 2012
Existing Home Sales at 27-Month High in August
Existing Home Sales at 27-Month High in August
Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday. The median price of an existing single-family home in August was $187,400, down $400 from July but up $16,200 or 9.5 percent from August 2011. Read more
Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday. The median price of an existing single-family home in August was $187,400, down $400 from July but up $16,200 or 9.5 percent from August 2011. Read more
Tuesday, September 18, 2012
Saturday, September 15, 2012
The Market Gets Competitive for Home Buyers
The Market Gets Competitive for Home Buyers
More home buyers are finding they’re losing their power position in the real estate market and that when they submit an offer for a home, they may not be alone in the bidding. In fact, buyers who submit low offers may not even get a courtesy of a callback nowadays.
One Florida couple says they put in seven offers on homes over two months — most at or above asking price — before they were finally able to get a $365,000 Sarasota home.
A drop in the inventory of for-sale homes around the country is prompting more competition among home buyers. Inventory in June is 24 percent below year-ago levels. Read more
One Florida couple says they put in seven offers on homes over two months — most at or above asking price — before they were finally able to get a $365,000 Sarasota home.
A drop in the inventory of for-sale homes around the country is prompting more competition among home buyers. Inventory in June is 24 percent below year-ago levels. Read more
Friday, September 14, 2012
Mortgage Rates Continue to Hover Near Lows
Mortgage Rates Continue to Hover Near Lows
Fixed-rate mortgages mostly held steady this week near their all-time lows, keeping the purchasing power of home buyers high.
Thirty-year fixed-rate mortgages, the most popular choice among home shoppers, has been below 4 percent every week this year except for one, Freddie Mac reports in its weekly mortgage market survey. Fifteen-year fixed-rate mortgages, which tend to be more popular among refinancers, has remained below 3 percent since the last week in May. Read more
Thirty-year fixed-rate mortgages, the most popular choice among home shoppers, has been below 4 percent every week this year except for one, Freddie Mac reports in its weekly mortgage market survey. Fifteen-year fixed-rate mortgages, which tend to be more popular among refinancers, has remained below 3 percent since the last week in May. Read more
Thursday, September 13, 2012
Borrowers in Negative Equity
Borrowers in Negative Equity Declines as Home Values Gain:
About 600,000 borrowers rose above negative equity in the second quarter of 2012, CoreLogic reported Wednesday.
According to the company’s analysis, 10.8 million, or 22.3 percent, of residential properties with a mortgage remained underwater for the second quarter of 2012. The second quarter figure is a decrease from the first quarter of this year, when 11.4 million properties, or 23.7 percent, were underwater.
Even though negative equity is said to be a driving factor for default, 84.9 percent of underwater borrowers managed to stay current on their payments. Read more
Wednesday, September 12, 2012
5 Strong Performing Housing Markets
5 Strong Performing Housing Markets
Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?
24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing some of the strongest. The states that emerged on top of the list are: Read which states by clicking on the link.
Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?
24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing some of the strongest. The states that emerged on top of the list are: Read which states by clicking on the link.
Tuesday, September 11, 2012
First Winning Bidder Announce FHFA's REO Bulk Sale
First Winning Bidder Announced FHFA's REO Bulk Sale
San Diego-based-“Pacifica Companies”:http://pacificacompanies.com/, LLC, purchased 699 Fannie Mae properties in Florida through the REO pilot initiative.Out of the 699 properties, 506 were occupied units. According to the transaction details, the estimated value of the transaction to Fannie Mae is $78.1 million or 95.8 percent of the third party value ($81.5 million). To see if this is happening in your area click here.
Sunday, September 9, 2012
Multifamily Market Posts Strong Gains
Multifamily Market Posts Strong Gains
DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 07, 2012
DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 07, 2012
In the second quarter of this year, the apartment and condo market reached their highest levels since the second quarter of 2005, according to the Multifamily Production Index, released by the National Association of Home Builders.
The latest improvements in the index marks the eighth consecutive month the multifamily sector has continued to grow. Read more
The latest improvements in the index marks the eighth consecutive month the multifamily sector has continued to grow. Read more
Saturday, September 8, 2012
Survey: Homes Are Selling Faster
Survey: Homes Are Selling Faster
Sales are quickening their pace as the time to sell a home decreases and falls more in line with a “balanced” housing market, according to new research by the National Association of REALTORS®.
The median time a home listed for sale was on the market in July was 69 days, down from 98 days one year earlier. Broken down further, one-third of homes purchased in July were on the market for less than a month, and one in five of homes purchased in July were on the market for at least six months. Read more
The median time a home listed for sale was on the market in July was 69 days, down from 98 days one year earlier. Broken down further, one-third of homes purchased in July were on the market for less than a month, and one in five of homes purchased in July were on the market for at least six months. Read more
Friday, September 7, 2012
Rates Hold Steady After Falling Week Before
Rates Hold Steady After Falling Week Before
Amid uncertainty regarding another stimulus from the Fed, mortgage rates generally declined over the week last week. In his recent speech, Federal Reserve Chairman Ben Bernanke “left the door wide open” for further stimulus, according to Bankrate.com.
Freddie Mac Chief Economist Frank Nothaft reports mortgage rates “were little changed” overall last week. Read more
Thursday, September 6, 2012
Median Days Listed Shortens as Inventory Tightens
Median Days Listed Shortens as Inventory Tightens
Homes are spending less time on the market as supply conditions tighten, according to a report from the National Association of Realtors (NAR) released Wednesday.
The median time homes stayed listed was down 29.6 percent to 69 days in July compared to 98 days in July 2011. While the overall median is down, the report stated one in five homes bought in July stayed on the market for at least six months.
At the current sales pace, it would take 6.4 months to clear the supply of homes available as of the end of July, a 31.2 percent decrease from a year ago when there was a 9.3-month supply. Read more
Wednesday, September 5, 2012
July Home Prices
July Home Prices
According to the company’s July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June.
July marked the fifth consecutive increase in home prices on both a monthly and yearly basis.
Of the top 100 Core Based Statistical Areas (CBSAs), only 23 showed year-over-year declines, four fewer than June. Read more
See Biggest Yearly Increase Since 2006: CoreLogic
Home prices in July saw the biggest nationwide year-over-year increase since August 2006, CoreLogic reported Tuesday.
According to the company’s July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June.
July marked the fifth consecutive increase in home prices on both a monthly and yearly basis.
Of the top 100 Core Based Statistical Areas (CBSAs), only 23 showed year-over-year declines, four fewer than June. Read more
Tuesday, September 4, 2012
Fannie, Freddie to Hike Loan Fees
Fannie, Freddie to Hike Loan Fees
DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 04, 2012
The Federal Housing Finance Agency (FHFA) announced that mortgage giants Fannie Mae and Freddie Mac will increase — by an average of 10 basis points — the fees they charge lenders to guarantee loans.
The fee increases are expected to be passed along to borrowers, possibly with higher interest rates, Bloomberg reports. However, banking trade groups say any increases should be minimal and shouldn’t hurt mortgage lending.
For example, a rise of 10 basis points could potentially cost a borrower with a $200,000 mortgage about $4,000 over the term of a 30-year loan, Bloomberg reports. Read more
The fee increases are expected to be passed along to borrowers, possibly with higher interest rates, Bloomberg reports. However, banking trade groups say any increases should be minimal and shouldn’t hurt mortgage lending.
For example, a rise of 10 basis points could potentially cost a borrower with a $200,000 mortgage about $4,000 over the term of a 30-year loan, Bloomberg reports. Read more
Saturday, September 1, 2012
What Can Hurt a Home’s Appraisal
What Can Hurt a Home’s Appraisal
DAILY REAL ESTATE NEWS | MONDAY, AUGUST 27, 2012
Owners can take steps to avoid having their home appraised at a lower value than the asking price.
“Taking the time to understand the areas that can positively influence your appraisal can help ward off the chances that your home will be appraised at a lower value than the asking price,” according to a recent article at Realty Times, which highlights ways sellers can prepare for an appraisal.
Here are a few ways that home owners can hurt their appraisal, according to the piece. Read more
“Taking the time to understand the areas that can positively influence your appraisal can help ward off the chances that your home will be appraised at a lower value than the asking price,” according to a recent article at Realty Times, which highlights ways sellers can prepare for an appraisal.
Here are a few ways that home owners can hurt their appraisal, according to the piece. Read more
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