Tuesday, September 30, 2014

Fewer Redefaults on Restructured Mortgages

Fewer Redefaults on Restructured Mortgages
Fewer borrowers are redefaulting on their modified mortgages, according to a new report by the Office of the Comptroller of the Currency. Only 12.7 percent of borrowers who had their loans modified in 2013 have redefaulted after six months. In 2009, the redefault rate stood at 32.2 percent and during the height of the foreclosure crisis in 2008, the redefault rate was 44.8 percent. A redefault on a modified loan is defined as when the borrower’s payment is 60 days past due or more. "By reaching out early servicers are able to make better decisions for them" and offer them more and different loss mitigation options, read more.

Monday, September 29, 2014

Borrowing Costs Ease Slightly

Borrowing Costs Ease Slightly 
Fixed-rate mortgages dropped slightly from the previous week, holding near yearly lows, 
Freddie Mac reports in its weekly mortgage report. Freddie Mac released the following national averages with mortgage rates for the week. What’s New on the Mortgage Front? From low down payment options for first-time buyers to jumbo loan options for move-up purchases, find out what lenders are offering buyers today.Buyers’ loan options may have changed more than you may realize. Make sure to check with lenders or mortgage brokers for the latest terms and conditions of any loan product, read more.

Fixed-rate mortgages dropped slightly from the previous week, holding near yearly lows, Freddie Mac reports in its weekly mortgage report. Freddie Mac released the following national averages with mortgage rates for the week.
  • 30-year fixed-rate mortgages: averaged 4.20 percent, with an average 0.5 point, dropping from last week’s 4.23 percent average. Last year at this time, 30-year rates averaged 4.32 percent.
What’s New on the Mortgage Front? From low down payment options for first-time buyers to jumbo loan options for move-up purchases, find out what lenders are offering buyers today.Buyers’ loan options may have changed more than you may realize.
- See more at: http://www.affordableutahhousing.com/blog/1215148/4574910/Borrowing-Costs-Ease-Slightly#sthash.h7QdzHMe.dpuf

Saturday, September 27, 2014

Is Housing Market Stuck in a Rut?

Is Housing Market Stuck in a Rut?
The housing market is struggling to maintain momentum as housing prices moderate and mortgage applications fall, Freddie Mac reports in its latest Multi-Indicator Market Index. In July, Freddie's MiMi indicator showed that 8 of the 50 states and 11 of the 50 metros surveyed were on an improving three-month trend. That marks a stark difference from last year at the same time period, when every state, plus the District of Columbia, and every metro was on the improving trend, Freddie Mac reports. The good news is, overall, the housing market continues to improve and is up 5 percent on a yearly basis, See Most Improving States

Friday, September 26, 2014

Borrower Equity Increased Year-Over-Year In Q2

Borrower Equity Increased Year-Over-Year In Q2
The nation's negative equity rate dipped closer to single digits in the year's second quarter, though nearly one in five borrowers remain poorly positioned, according to new data released Thursday. Nearly 946,000 homes returned to positive equity in the second quarter, meaning the mortgage holders owe less on their loan than the property's worth. With the most recent quarterly increase, CoreLogic estimates the total number of mortgaged homes with equity across the country has surpassed 44 million. In total, borrower equity increased year-over-year in Q2 by approximately $1 trillion nationwide—"evidence that things are moving solidly in the right direction," said Sam Khater, deputy chief economist for CoreLogic"Borrower equity is important because home equity constitutes borrowers' largest investment segment and, as a result, is driving forward the rise in wealth for the typical homeowner," read more.

Thursday, September 25, 2014

Investors Are Plowing Into Farmland, Here's Why

Investors Are Plowing Into Farmland, Here's Why
Farmland prices continue to soar, producing fields of new multimillionaire farmers in agriculture pockets across the country, Forbes reports. Well, hold on to your straw hats, because one of the most interesting investments to catch their fancy recently is farmland. Iowa is particularly seeing strong price gains. For example, a survey this spring of local farmland brokers in Iowa put the average price for the highest quality farmland there at $11,674 per acre and for midgrade land at $8,300 per acre, according to a survey.  The prices have fallen 5 percent from a year earlier but are still up well over historical standards, Forbes.com notes. As comparison, in the 1990s, midgrade farmland fetched less than $1,700 per acre. See more:  Investors are still fetching high returns with farmland.

Wednesday, September 24, 2014

Rents Are Up Over 3 Percent From A Year Ago

Rents Are Up Over 3 Percent From A Year Ago
Investors Continue Gradual Pullback of the housing market after helping to propel it to double-digit gains in 2012 and 2013. For the better part of this year, investors have been slowly trickling out of the home buying market, but in August they apparently cut off the cash flow in a big way. The drop has been long expected. Home prices jumped dramatically last year and are still higher by nearly 5 percent from a year ago, while the supply of cheap, distressed properties fell. When calculating for potential returns, the math simply doesn't work as well anymore for investors.  Why are they leaving the market now? Read more.

Tuesday, September 23, 2014

Changes that Could Boost Credit Scores

Changes that Could Boost Credit Scores Posted by Affordable Utah Housing Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
During a recent hearing of the House Financial Services Committee, lawmakers reviewed credit reporting and scoring system practices. Some advocated changes to help erase blemishes faster from a credit report and urged other factors to be considered in the scoring process.

For example, a new bill proposed, aims to change the federal Fair Credit Reporting Act to require the national credit bureaus to delete most blemishes from a person’s credit report within four years, instead of the current seven. These blemishes would include delinquencies on credit cards and mortgages, foreclosures, short sales, and more. The bill proposed bankruptcies stay on file for seven years instead of the current 10. If this law is enacted, it means that many of the hardships consumers faced during the recession would be deleted from their credit reports.
- See more at: http://www.affordableutahhousing.com/blog/1215148/4559455/Changes-that-Could-Boost-Credit-Scores#sthash.iehHV1vV.dpufDo you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
Changes that Could Boost Credit Scores
Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
 During a recent hearing of the House Financial Services Committee, lawmakers reviewed credit reporting and scoring system practices. Some advocated changes to help erase blemishes faster from a credit report and urged other factors to be considered in the scoring process. For example, a new bill proposed, aims to change the federal Fair Credit Reporting Act to require the national credit bureaus to delete most blemishes from a person’s credit report within four years, instead of the current seven. These blemishes would include delinquencies on credit cards and mortgages, foreclosures, short sales, and more. The bill proposed bankruptcies stay on file for seven years instead of the current 10, read more.

Monday, September 22, 2014

Home Sales Down, Prices Up For August

Home Sales Down, Prices Up For August
Home sales in August remained below last year's pace for yet another month as prices inched higher, reported on September 16. The real estate company calculated an 8.2 percent drop in August transactions compared to a year ago. Out of the 52 metros tracked in the firm's monthly report, only four posted higher sales on an annual basis. Compared to July, August sales were down 6.6 percent. Out of the last six months, four have seen sales climb above the previous month's pace. Despite the currently slower environment, CEO Margaret Kelly is keeping a positive view on recent figures, noting that August sales were still more than 10 percent higher than in 2012 and 17.8 percent higher than in 2008, read more.

Saturday, September 20, 2014

Dip in Home Affordability, But

Dip in Home Affordability, But Posted by Affordable Utah Housing Housing affordability nationwide creeped lower once again, as home prices continue to outpace incomes, according to the Monthly Housing Affordability Index. Nevertheless, price gains are slowing and mortgage rates are hovering near yearly lows, which is helping to keep homes more affordable to the average family.

All though Mortgage Rates Make Biggest Jump of the Year, Mortgage rates were on the rise this week, with fixed-rates making the biggest one-week leap so far this year, Freddie Mac reports in its weekly mortgage market survey. Fixed-rate mortgages are now at the highest level since the week ending May 1, see rates.

The median single-family home price in July was $223,900, rising 5.1 percent year-over-year.
- See more at: http://www.affordableutahhousing.com/blog/1215148/4551112/Dip-in-Home-Affordability--But#sthash.z4yCF8xy.dpufHousing affordability nationwide creeped lower once again, as home prices continue to 
Dip in Home Affordability, But
Housing affordability nationwide creeped lower once again, as home prices continue to outpace incomes, according to the Monthly Housing Affordability Index. Nevertheless, price gains are slowing and mortgage rates are hovering near yearly lows, which is helping to keep homes more affordable to the average family. The median single-family home price in July was $223,900, rising 5.1 percent year-over-year. All though Mortgage Rates Make Biggest Jump of the Year, Mortgage rates were on the rise this week, with fixed-rates making the biggest one-week leap so far this year, Freddie Mac reports in its weekly mortgage market survey. Fixed-rate mortgages are now at the highest level since the week ending May 1, see rates.

Friday, September 19, 2014

New Program For Low- to Moderate-Income Borrowers.

New Program For Low- to Moderate-Income Borrowers.
Discount on Your Mortgage: Lending giants Bank of America Corp. and Citigroup reportedly will offer mortgages at discounted rates to stir more lending among low-income borrowers and those with subprime credit histories. The loans will be originated through a program by the Neighborhood Assistance Corp. of America, a national nonprofit group that primarily assists low- to moderate-income borrowers. Under the new program, the discounts, which will be offered on fixed-rate mortgages, To get the discount in the new loan program, the borrowers will have to pay mortgage points, which are upfront fees that lower the interest rate on a mortgage, read more.

Thursday, September 18, 2014

Tenants Facing Foreclosure are Protected Under PTFA

Tenants Facing Foreclosure are Protected Under PTFA
The process of eviction has become more heavily regulated in recent years right along with the rest of the housing industry, mainly by the Protecting Tenants at Foreclosure Act  (PTFA) of 2009. evictionTwo experts discussed how the process of eviction has changed in the "PTFA and Beyond: Handling Evictions" on September 15 at the Property Management Lab of the Five Star Conference. Tenants who are facing foreclosure and are protected under PTFA have more options than they did before. PTFA, like much of today's housing regulation, was created in response to the mortgage crisis of 2008. It was set to expire at the end of 2012 but the expiration date was extended to December 31, 2014 due to the passage of the Dodd-Frank Reform Act in 2010, Read more.

Wednesday, September 17, 2014

Increase Rents Leave More Cash-Strapped

Increase Rents Leave More Cash-Strapped
Renters are increasingly becoming cash-strapped, facing higher rents while their paychecks are shrinking or stagnant, RealtyTrac reports. Nationwide, rents have risen by 6 percent over the last decade, according to data compiled from Harvard's Joint Center for Housing Studies.Meanwhile, incomes have plunged, falling 13 percent over that same time period. More than half of all renters now are devoting 30 percent or more of their income to paying rent, up from 12 percent a decade ago. Among some of the least affordable rental markets (in which the percent of income spent on rent is 42 percent or more). Coinciding with the increase in renting, home ownership rates have been falling. What are your thoughts? Are the rents too high? Will rents fall?

Tuesday, September 16, 2014

Are Smart Homes What People Actually Want?


Are Smart Homes What People Actually Want?
American’s thirst for smart home technology is growing, with more home owners 
seeking greater control of their  home’s appliances, lighting, and systems. Indeed, more than 70 percent of about
2,000 adults recently surveyed say they wish they could just control something in their home from their mobile device, according to Lowe’s 2014 Smart Home Survey.
“In general, Americans feel positively toward products that will make their homes safer, more energy efficient, and easier to manage,” says Kevin Meagher, Lowe’s vice president and general manager of Smart Home. “People want DIY solutions that are simple and affordable,” Meagher said about the survey results. What do they most want to be able to do?


Monday, September 15, 2014

Borrowers Get Revising On Waiting Period

Borrowers Get Revising On Waiting Period
Recently released a report revising the waiting periods for distressed borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan. For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae's new mandated minimum waiting period to become eligible fora new loan is four years. The time is shortened to two years if there are extenuating circumstances. According to Fannie Mae, extenuating circumstances are defined as "nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.", See more
with
a short sale or deed-in-lieu of foreclosure on their record - See more
at:
http://www.affordableutahhousing.com/blog/1215148#sthash.rglwVR5Y.dpuf
with
a short sale or deed-in-lieu of foreclosure on their record - See more
at:
http://www.affordableutahhousing.com/blog/1215148#sthash.rglwVR5Y.dpuf

Saturday, September 13, 2014

Avoiding Awful Neighbors in a Rental


Avoiding Awful Neighbors in a Rental
Avoiding Awful Neighbors in a Rental
You’ve considered a new apartment from every angle. It has enough space for a home office, the porch would be perfect for relaxing after work, and the community gym is top-notch … but what about your potential neighbors? Even if you don’t see yourself making small talk around the laundry machine or celebrating with your neighbors around a fire pit, awful neighbors can ruin your rental experience. Here are some awful neighbor lowlights to watch out for: Late night parties: There’s little worse than having to get up early for work when your neighbors have been blaring rock music all night. Fights: Your neighbors may not fight with you. However, if they fight with each other, it puts you in a horrible position. Dirty common areas: The porch may look clean now, but did the landlord clean up right before he showed you the place? Frequent visits from the landlord: Loud, disruptive neighbors mean the landlord is around more often, and that can make you feel like you have little privacy. Read How, you can avoid the drama with a little bit of research before you sign your lease. 

Friday, September 12, 2014

Are Home Owners Throwing Away $11,500?

Here’s why some homeowners throw away $11,500 a year on mortgage payments. About 20 percent of households who would benefit from refinancing are not doing it — and they could be losing out on lessening their mortgage payments by thousands of dollars over the life of the loan, according to a new report from the NBER. In analyzing a large random sample of outstanding mortgages from December 2010, researchers found that the median household could save $160 per month over the remaining life of the loan, amounting to a total savings of about $11,500.

"Despite the large stakes, anecdotal evidence suggests that many households may fail to refinance when they otherwise should," according to the report. "Failing to refinance is puzzling due to the large financial incentives involved."
- See more at: http://www.affordableutahhousing.com/page/1215148/Blog#sthash.JJRRjdhk.dpufHere’s why some homeowners throw away $11,500 a year on mortgage payments. About Here’s why some homeowners throw away $11,500 a year on mortgage payments. About 
Are Home Owners Throwing Away $11,500
Here’s why some homeowners throw away $11,500 a year on mortgage payments. About 20 percent of households who would benefit from refinancing are not doing it — and they could be losing out on lessening their mortgage payments by thousands of dollars over the life of the loan, according to a new report from the NBER. In analyzing a large random sample of outstanding mortgages from December 2010, researchers found that the median household could save $160 per month over the remaining life of the loan, amounting to a total savings of about $11,500See more

Thursday, September 11, 2014

Gen Z, Wish List of Future Buyers

Eighty-nine percent of Gen Z teens surveyed say owning a home is part of what they believe the
American dream is. They’re optimistic that they’ll become home owners one day, too. Ninety-seven percent say they’ll own a home one day, and they say they’d even be willing to make some unusual sacrifices in order to put them on the path to home ownership. “We have a clear view of tomorrow through our millennial consumer research; now it’s time to look at the day after tomorrow,” Tighter inventory at the end of a foreclosure wave typically results in an increase in asking prices, See more

Wednesday, September 10, 2014

Summit Park, Utah Hot Spots for Seniors by 2019

Summit Park, Utah Hot Spots for Seniors by 2019
America is getting grayer than ever, with the 50-and-over population projected to increase about20% by 2030 to 132 million strong. This means big changes across the nation. As the largest generation in U.S. history approaches senior adulthood, the country is ill-prepared to meet the senior population’s needs, according to a new report from Harvard University’s Joint Center for Housing Studies. Demographics data to find the metro markets that will see the largest percentage of growth in residents aged 55 and over within the next five years. On the verge of retirement, where will those aged 55 and over choose to live? See the 10 markets project to see largest percentage of growth.

Tuesday, September 9, 2014

Get Started With Selling Now

Get Started With Selling Now
The good thing for buyers and sellers is that there’s still plenty of time to buy or sell a #home especially if you follow these simple tips.Sellers: Get Started With Selling Now One of the biggest problems which most sellers face is waiting for the perfect time to sell their homes and most Real Estate agents will tell you that the “perfect time” will never come that’s why any seller who wants to sell their home should jump-start the home sales process by getting their home ready for sale by doing the following. - See more at: http://www.affordableutahhousing.com/page/1215148/Blog

Monday, September 8, 2014

Mortgage Rates Stay Level

Despite Low Mortgage Rates, Home Sales Typically Slow in Autumn: For the third consecutive week, the 30-year fixed-rate mortgage held steady, with borrowing costs for home buyers and refinancers remaining near its lows for the year. Lawrence Yun, chief economist and senior vice president of the National Association of Realtors (NAR), issued a statement on September 3 reporting that despite reports of more jobs, lower interest rates, and overall economic improvement, home sales are typically slow for the autumn months. See Freddie Mac reports the following national averages with mortgage rates 

Saturday, September 6, 2014

Chinese Nationals Have Been Snatching Up U.S


Chinese Nationals Have Been Snatching Up U.S
Chinese nationals have been snatching up U.S. homes the last few years, and now they're
expanding their focus to not only home buying but building, too. CNBC reports that Chinese nationals are buying up some of the priciest parcels of land in the U.S. and are planning to build new developments to attract U.S. and Chinese buyers."The Chinese real estate market is very competitive, and the U.S. housing market is recovering and expanding rapidly, read more.

Friday, September 5, 2014

Time to Head Off the Next Housing Crisis

Time to Head Off the Next Housing Crisis
Fortunately, there’s time to address this crisis — but not much. In 15 years, one in five Americans will be 65 or older. And by 2040, we’ll have 28 million who are 80+. “If things don’t change, low-income older people will be compromising their well-being in many respects,” says Chris Herbert, acting managing director of the Harvard Joint Center for Housing Studies. “It’s an issue that will affect us all.”Housing, says Vivian. The lack of affordable, accessible, and well-located homes is failing to meet the needs of an aging population and could be the nation's next housing crisis, a new report suggests.The cost of renting and home ownership is too high, read more.

Thursday, September 4, 2014

Are Lots Getting Smaller or Homes Getting Larger?

Are Lots Getting Smaller or Homes Getting Larger?
How Many Homes Fit on a Football Field? Given that single-family homes have been generally getting larger, it may be Modative Fox News Small Lot Storytempting to assume that the lots they’re sitting on are getting larger as well. By definition, the single-family detached homes sold discussed above exclude “custom” homes built on the home owner’s land, either with the owner hiring a builder or serving as the general contractor him or herself. However, according to the Census Bureau’s the opposite is closer to the truth, read more.

Wednesday, September 3, 2014

Mall Turned into Micro Homes First one in The U.S.

Mall Turned into Micro Homes First one in The U.S.
We seen Tiny Houses Offer Potential Sparking Big Movement to Commercial Properties Converted into Homes and now we have America’s first indoor shopping mall, Rhode Island’s Providence Arcade has gotten a makeover. The nearly 200-year-old downtown building closed in 2008 after failing to attract enough commercial tenants. But now the mall has been reopened, transformed to house a growing trend in real estate: Micro apartments, Read more

Tuesday, September 2, 2014

Housing Market Continuing Its Tilt Back to Buyers

Housing Market Continuing Its Tilt Back to Buyers
The balance of power in the housing market is continuing its tilt back to buyers - and that could spell a surge in home sales in the coming months. Chief Economist Nela Richardson notes two ongoing trends indicating a shift to a more balanced market as the nation heads into fall: a slowdown in home price growth and a transfer in pricing power away from sellers. The median sales price of homes sold in the major metros the company tracks, marking the first time in five months that price growth was essentially flat, Richardson said. "We ... expect prices to continue to flatten, and to potentially decline month over month in September or October," she added. "If that happens, it will be the first three-month price decline since the fall 2012.' read more