'Substantial' Discounts Still Offered on Foreclosures

'Substantial' Discounts Still Offered on Foreclosures
Could the foreclosure crisis finally be fading away? REO and short sales comprised about 11 percent of total home sales in July, the lowest share since December 2007, CoreLogic reports. "The ongoing shift away from REO sales is a driver of improving home prices, as REOs typically sell at a larger discount than do short sales," CoreLogic notes. The pre-crisis share of distressed sales typically was about 2 percent, so analysts say there is still a ways to go. Distressed sales are making up a shrinking share of sales nationwide, but the average discount on them continues to be “substantial,” says Daren Blomquist. See the median sales price of distressed residential properties.

Pending Home Sales Up

Pending Home Sales Up
Pending home sales inched up slightly in September, and for the first time in 11 months, they were above year-ago levels, according to the National Association of REALTORS®' Pending Home Sales Index. "Housing supply for existing homes was up in September by 6 percent from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,"  However, tight credit conditions continue to be a barrier for many borrowers, NAR notes. The Pending Home Sales Index rose 0.3 percent in September to 105. That's 1 percent above the September 2013 reading and the second-highest level since that time, See 2014 Housing Statistics:

Don’t Get Intimidated by Closing Costs

Don’t Get Intimidated by Closing Costs
At the end of the home-buying process, you will be faced with closing costs, the fees due at signing required to complete a home sale. Closing costs can be expensive, but some of those fees may be negotiable. Check the Market Temperature The nature of the housing market may dictate whether the buyer or the seller picks up various closing costs. If it’s a buyer’s market—a bit cold and homes aren’t selling well—sellers may be more willing to bargain and take on some closing costs. If it’s a seller’s market—the market is hot and homes are selling quickly—the seller has the advantage and little incentive to give the buyer a break. However, you shouldn’t accept any fishy-looking fees without asking first. Which Closing Costs Are Negotiable?
What are closing cost, read more.

Biggest Benefits of VA Loans

Biggest Benefits of  VA Loans
VA home loans are making a huge difference for a new generation of military home buyers. During a time of tight mortgage lending, these government-backed loans are absolutely booming. The reason for the resurgence: VA loans provide some key home buying benefits that, when taken in total, other financing options can’t match. No Down PaymentThis is the program’s defining benefit. Qualified buyers can purchase up to $417,000 in most parts of the country before having to factor in a down payment. Borrowers in costlier areas can go even higher.
Here’s a look at the four biggest benefits of VA mortgages.

"A Victory For Consumers"

"A Victory For Consumers"
Rates Haven’t Been This Low Since 2013: 30-year fixed-rate mortgage dipping  this week, staying below the 4 percent threshold and keeping borrowing costs at the lowest rate in more than a year. And the mortgage-financing environment for households could improve as a result of a rule federal regulators put in place Tuesday. The Federal Deposit Insurance Corporation is the first of six financial regulators to release the final version of the long-awaited qualified residential mortgage (QRM) rule. Because the QRM loan comes without the risk-retention requirement, lenders should be able to make more loans — and for cheaper — because they don't have to pass along that risk-retention cost to borrowers. QRM Rule Opens More Doors for Consumers, read more.

Home Equity Rebound

Home Equity ReboundMore home owners are eeking out equity again on their properties, 
but with  slowing home appreciation, millions of home owners may still be at risk of foreclosure. Equity-rich properties – those with at least 50 percent equity – grew to 10.8 million, or 20 percent of all properties with a mortgage, in the third quarter, according to U.S. Home Equity & Underwater Report. That percentage is up from 19 percent of properties in the second quarter of 2014.Another 8.5 million properties – or 16 percent of all homes with a mortgage -- are teetering on the edge of equity, with between 10 percent of negative equity and 10 percent of positive equity. But many home owners have yet to regain equity. The number of properties with negative equity has fallen to the lowest level, Learn more.

Fewer Homes Are Standing Vacant

Fewer Homes Are Standing Vacant 
1 in 3 Homes Is a Rental, A growing number of single-family homes have become rentals, according to the findings from the newly released 2013 American Housing Survey. The report takes a look at the nation’s housing stock and provides information on the housing quality and make-up.
The report shows that 65 percent of all housing units were occupied by owners in 2011, while 35 percent were occupied by renters. Fewer homes are standing vacant. Of the 133 million total housing units in 2013, 87 percent were occupied—an increase of 413,000 since 2011.
The housing stock is reportedly having fewer maintenance issues, read more.