Fannie Extends Closing Cost Incentive to Buyers

Fannie Extends Closing Cost Incentive to Buyers

Due to strong buyer response, Fannie Mae has announced it will extend the deadline for an incentive program that allows home buyers to receive up to 3.5 percent in closing cost assistance on purchases of its HomePath foreclosed properties. Home buyers now have until April 30 to submit offers on the REO homes, and transactions must close by June 30 to be eligible. Originally, the incentive applied for offers submitted by March 31 and transactions that closed before May 31. See which states.

Discovery Gateway Children's Museum

Discovery Gateway Children's Museum

Zions Bank Public Finance helped this non–profit museum expand their space within one of Utah’s premier outdoor shopping centers. The Discovery Gateway Children's Museum is a place where kids of all ages can learn about science. Zions Bank Public Finance helped this non-profit museum expand their space within one of Utah's premier outdoor shopping centers. Watch the video to discover more.

High Expectations for Retirement Homes

High Expectations for Retirement Homes

Survey: Seventy percent of Baby Boomers say that the house they live in when they retire will be the best home they've ever had, according to a survey conducted by Better Homes and Gardens Real Estate. The survey had 1,000 respondents.

What’s more, 57 percent say they plan to move out of their current home in order to search for their dream retirement home. Where are the top towns to spend your golden years?

New Report Faults Fannie, Freddie

New Report Faults Fannie, Freddie

Foreclosure Inspections: An investigation into the pre-foreclosure inspections conducted by mortgage giants Fannie Mae and Freddie Mac revealed several errors – including reports that possibly included fraudulent data – and raised "serious quality control issues, claims a new report from the Office of Inspector General for the Federal Housing Finance Agency. The report alleges that the Fannie Mae and Freddie Mac did "not have quality controls in place to obtain reasonable assurance that pre-foreclosure property inspection information is accurate, consistent, and complete." The government-sponsored enterprises paid more than $91.2 million in pre-foreclosure property inspections in 2011 and 2012. Read more on distress properties.

More Banks Lower FICO Score Requirements

More Banks Lower FICO Score Requirements

More banks are lowering minimum FICO score requirements in an attempt to shore up lending for underserved borrowers.

Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score.  It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with below FICO scores. Wells Fargo, the nation’s largest mortgage lender, said in February that it was lowering its minimum FICO score requirements on FHA-backed mortgages.

Forecast Home Price Increases

Forecast Home Price Increases
REALTORS® expect home prices to continue to rise over the next 12 months. 
But they expect them to do so at a moderate pace, given tight credit conditions and the chipping away of home affordability, according to the latest REALTORS® Confidence Index, a monthly survey distributed to more than 50,000 real estate practitioners to gauge expectations over home sales, prices, and market conditions. In states with booming economies like Utah, North Dakota, Texas, Michigan, and the D.C.-metro area, the expected price increase is about 3 to 5 percent. read more

More Homes Hit the Market in Time for Spring

More Homes Hit the Market in Time for Spring
Inventories of homes for sale have increased 10 percent year-over-year, 

signaling growing seller optimism and a strong, early start to the spring home-buying season, National Housing Trend Report, which tracks 146 markets. The median list price edged up 76 percent higher in February compared to year-ago levels. The median age of inventory also rose 6.5 percent year-over-year to 114 days. “Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we've been watching since late last summer. read more

A New Weapon for Bidding Wars

A New Weapon for Bidding Wars
Buyers Turn to 'Pre-Underwriting' to Compete With Cash Buyers: 
Buyers needing financing for their home purchase often struggle to compete with other buyers willing to pay all cash to close the sale. All-cash buyers are making up an increasing part of sales too. Some lenders are helping buyers better compete. Known as  "pre-underwriting," they're putting loan applications through a more thorough venting process before the buyer even enters into a contract for a home. Read more

Refresh Your Home and Save, 'Springtime'

Refresh Your Home and Save, 'Springtime'
Springtime is a great time to consider a home improvement project. Whether you’re looking to remodel your home to sell or to just live more comfortably, Rocky Mountain Power has tips and cash incentives to help you improve energy efficiency, too. Remodel your kitchen, Install new windows and one way to cut energy costs and improve comfort is to upgrade your home’s insulation. Learn more about cash incentives available

Provo Utah 4th best Downtowns for 2014

Provo Utah 4th best Downtowns for 2014

The new Utah Valley Convention Center in downtown Provo, which features 85,578 square feet of meeting and garden space, plus 19,620 square feet of exhibit space, hosts a variety of conferences and events that help fill nearby hotels and restaurants.

Downtown Provo blends the old with the new to maintain the character that draws thousands of residents and visitors each year while offering modern services and high-level entertainment. The Provo Downtown Historic District has a collection of buildings constructed between 1880 and 1930, with more than 40 listed on the National Register of Historic. See A glimpse of springtime in Utah 

Mortgage Rates Stall Home Sales

Mortgage Rates Stall Home Sales

Spring time in Salt Lake City Utah

With the spring selling season about to get underway, the company says March and April should offer insight into buyers' willingness and ability to adapt to higher prices and mortgage rates—as well as sellers' ability to price appropriately, a skill some are having to relearn to stay competitive. This year, even homes that are priced competitively are only seeing two or three offers come in, often at or below list price. Learn more

Where Have All the Loans Gone?

Where Have All the Loans Gone?

A new study by the Urban Institute calls for 'expanding the credit box' in order to promote not only a housing recovery, but an overall economic recovery. The report estimated, '1.22 million fewer purchase mortgages were made in 2012 than would have been the case had credit availability remained at 2001 levels.'  The Impact of Credit Availability on Mortgage Volume,” reported that in 2001, 4.93 million first lien mortgages originated for home purchases.  Another factor leading to a decrease of new home purchases was an increase of investor activity in the housing market, rising from 17.8 percent in 2001 to 39.5 percent in 2012. 'We can largely explain the drop in originations by the concurrent decline in home sales and the increase in the all-cash share. Read more

February Monthly Housing Trend

February Monthly Housing Trend
This is the market these sellers have been waiting for:  Realtor.com released its February Monthly Housing Trend Report, which showed an increase in listing prices as well as an increase of housing inventory. The increase in both list price as well as inventory points to a 'strong early beginning to this spring's home buying season. The gain of median listing price represents a 7.6 percent increase from the previous year, and is up 2.05 percent from the previous month. See Nationally, median listing price.

4 Million Renters 'Eager to Buy'

4 Million Renters 'Eager to Buy'
Can they?  10 percent of U.S. renters say they want to buy a home in the next year,according to a new survey of renters in the 20 largest housing markets. That means if all the renters buy a home in the next year that would amount to about 4.2 million first-time home buyer sales – double the number of first-time buyers in 2013. But Zombie foreclosures' clog home inventories.

HAMP Borrowers Face Rate Increases

HAMP Borrowers Face Rate Increases
Your mortgage rate will increase: With the five-year anniversary of the federal government's Home Affordable Modification Program coming up, home owners who received loan modifications through the program should expect to face a mortgage-rate increase soon. The interest rate will increase annually by a maximum of 1 percent per year until it reaches a "cap" rate that was set as part of the modification agreement. The payment changes are set to take place to many borrowers' accounts by April 1. Learn more

A Model Home for Your Tabletop

A Model Home for Your Tabletop

 If one company has its way, you may be able to turn those files into 3-D models of homes soon.

The KamerMaker (“room-maker”) is a 20-foot-tall 3D printer currently working on printing an entire house in Amsterdam. The house is more of an art piece than an actual habitat, but by March 1, it will rise above one of Amsterdam’s famous canals and be open to the public. The Plan Collection hosts floor plans for over 20,000 homes created by a variety of architects. The company is moving forward with a plan to include data so that 3-D printers can create miniature versions of the homes that will fit on a desk or table, giving buyers a better impression of the layout of the home. Learn more

Home Buyer and Seller Generational Trends

Millennials Grab Greatest Market Share

For all the discussion in the industry surrounding Millennials and their apparent lack of presence in today’s housing market, a new study found they now account for the greatest market share of recent home purchases. According to the association’s Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.  Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people. Read more.

Fast-Tracking Foreclosures

Fast-Tracking Foreclosures

A study of two states released by the Federal Reserve Bank of Cleveland suggests that fast-tracking foreclosures on vacant properties could provide states with substantial savings. Fast-tracking the properties would prevent damage to vacant homes, which is costly to repair and brings down surrounding properties home values. The study reports that Ohio could have saved between $24 and $129 million in 2012, while Pennsylvania could have saved an estimated $24 to $54 million by fast-tracking properties through the judicial system. Read how  Consumers Show Renewed Confidence in Housing Recovery:

Is renting or buying a better financial bet?

Is renting or buying a better financial bet?
Rent vs. Buy: Which is Cheaper for You? Every six months, Trulia’s chief economist Jed Kolko runs the numbers to answer that question and help you stay on top of the trends.  So what does Trulia’s Winter 2014 Rent vs. Buy Report tell us? Although the gap between renting and buying is narrowing across the U.S.,homeownership is still 38% cheaper than renting. Nationally,
rates would have to rise to 10.6% for #renting to be cheaper than buying – and
rates haven’t been that high since 1989. read more

Credit Unions Offer Up Unique Home Loan

Credit Unions Offer Up Unique Home Loan

Credit unions are offering borrowers some creative home loan products compared to the more standard options at big banks, The New York Times reports. These member-owned nonprofit institutions don’t usually tolerate high-risk with their products, but they’re seeking unique products that may better cater to borrowers’ needs. Read more

More Subprime Mumblings Emerge

More Subprime Mumblings Emerge

More lenders are jumping into the subprime loan market again, ready to give borrowers with flawed credit another shot at the housing market. 'The recession knocked a lot of people to their knees,' says FreedomPlus President Joseph Toms. 'Now, they're in a better position and nobody is willing to lend to them.' And this week reports Falling Mortgage Rates: Freddie Mac released Thursday the results of its Primary Mortgage Market Survey for the week ending March 6, showing the 30-year fixed-rate mortgage (FRM) falling. Read more 

Where will the Housing Market go Next?

Where will the Housing Market go Next?

We can expect to see the U.S. housing market cool off as we move into 2014 for a number of reasons-some economic, some specific to the housing market itself. And the implications are significant for companies in the default services industry.

First, demand is relatively weak, Second, credit is tight, Third, a lot of the price increases we saw in 2013 were due to circumstances that won't be repeated. So 2013 was clearly a seller's market, and probably the last time we'll see the combination of historically low interest rates and lower-than-normal home prices for a while. In 2014, we'll probably see about the same volume of sales. In the meanwhile, on a positive note for the housing market delinquency and default rates continue to decline read more.

M I L L E N N I A L S– BREAKING THE MYTHS

M I L L E N N I A L S– BREAKING THE MYTHS
Will 'Urban 'Burbs' Draw More Millennials to Suburbs? Baby boomers who want to downsize and sell their large suburban homes may have trouble finding a buyer, as Millennials look to make roots in urban areas rather than suburbs or rural areas, according to a new report by Nielsen. "The 'American Dream’ is transitioning from the white picket fence in the suburbs to the historic drownstone stoop in the heart of the city," the report notes.  Millennials are most-concentrated in Western states. According to the report, #Salt Lake City 2nd on the list of the following cities to have the highest concentration of Millennials: read more

West Leads in U.S. Job Growth

West Leads in U.S. Job Growth

More Jobs Are Heading West: The Western region is leading the United States in job growth, benefiting from a strengthening housing market and bustling energy and technology sectors. Colorado and Utah, while enjoying a surge in oil and natural gas drilling, are also now high-tech centers helping satisfy Americans' appetite for mobile devices and applications. 'We expect 2014 to be the year when in-migration [to western states] picks up a lot,' read more

Foreclosure Hit New Low

Foreclosure Hit New Low

Foreclosure inventory in January was down by one-third over the year, although completed foreclosures ticked up over the month. RealtyTrac released its Residential & Foreclosure Sales Report for January, revealing institutional investors made up 5.2% of all residential property sales in January. Investor sales are down from 7.9% in December, and down 8.2% yearly. The January numbers represent a 22 month low. Read more 

Average Credit Score Falls on FHA Loans

Average Credit Score Falls on FHA Loans

First-time and low-income mortgage borrowers may have an easier time qualifying for a Federal Housing Administration loan. Ginnie Mae, a government agency that issues bonds backed by FHA loans, reports that the average credit score on FHA-backed loans fell to 680 in 2013, and the average debt-to-income ratio rose to 40.3 percent — both indicators that credit may be easing. Since last month, Wells Fargo reportedly has been qualifying FHA borrowers with credit scores as low as 600. Learn more