Friday, January 31, 2014

Despite Fewer Foreclosure Starts, Sales Rose

Despite Fewer Foreclosure Starts, Sales Rose
The nation's foreclosure inventory fell by nearly a third last year, according to data put out by CoreLogic Wednesday. Despite declining foreclosure starts over the year, distressed sales made up a higher percentage of overall home sales in 2013 than they did the previous year, according to the U.S. Residential & Foreclosure Sales Report released and Economists have predicted that mortgage rates will rise in 2014. It's 2014 — Why Aren't Mortgage Rates Higher?

Thursday, January 30, 2014

Fixed-Rate Mortgages Losing Popularity?

Fixed-Rate Mortgages Losing Popularity?
In high-priced housing markets, it can be difficult to afford a home. That’s why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan. Specialty Mortgages: Risks and RewardsFor a borrower taking out a 30-year, 5/1 hybrid ARM instead of a 30-year fixed-rate mortgage, the savings was about 1.36 percentage points in January, Freddie shows. This would amount to a savings on the monthly principal and interest payment of about $194 on a $250,000 loan for the first five yearsBut before you choose one of these mortgages, make sure you understand the risks and how they work. To learn more visit our website.

Wednesday, January 29, 2014

Rents Still Rising

Rents Still Rising
Good News for Landlords: Average rental prices have ticked up nearly 4 percent nationwide, according to the latest TransUnion Rental. Rents were on the rise for all four of the classifications of rental properties. The average rent of all four types of properties was $1,072 in 2013. Since renting has become a less affordable option, it may make financial sense to consider purchasing a home. With home prices and mortgage rates still relatively low, now is the time to start looking. Read more

Tuesday, January 28, 2014

Slow December Growth Paints Promising Picture

Slow December Growth Paints Promising Picture
Home price growth bucked recent trends in December as sales numbers continued on a slower course.
Report: Slow December Growth Paints Promising Picture
December show month-to-month home price growth was positive in 36 out of 42 reporting counties, a downturn from months of growth across all markets. While the slowdown in growth was a change from the last few months, it's not necessarily a bad sign, says Data Quick's VP. In the latest report, Crawford maintains that the previous pace of growth 'was not sustainable given the fairly weak underlying economic drivers.' 'This month, home price growth decreased substantially, which is encouraging as it shows that home prices are starting to respond to fundamentals rather than proceed along a speculative bubble-like track, Fannie Mae and Freddie Mac are lending more to first-timebuyers.

Monday, January 27, 2014

Housing Recovery Unmoved by Rising Interest Rates

Housing Recovery Unmoved by Rising Interest Rates

Mortgage rates may be rising, but the housing market doesn’t seem to mind. In fact, several indicators have improved alongside rising rates. The lending atmosphere is becoming friendlier, especially to first-time buyers. Simultaneously, the average time on market for non-distressed properties and the average sales-to-list price ratio both improved year-over-year in December, according to the survey. Simultaneously,
the average time on market for non-distressed properties and the average
sales-to-list price ratio both improved year-over-year in December. See
HousingRecovery Regional Snapshot.

Saturday, January 25, 2014

The Best Metro Areas for Homeownership:

The Best Metro Areas for Homeownership:
Three Cities in Utah made the Best Metro Areas for Homeownership: Recently, Harvard University’s Joint Center for Housing Studies concluded that one in four households are spending more than 50 percent of their income on rent
Since renting has become a less affordable option, it may make financial sense to consider purchasing a home. With home prices and mortgage rates still relatively low, now is the time to start looking. See more about #Utah.

Friday, January 24, 2014

Highest Foreclosure Rates

Highest Foreclosure Rates
While foreclosures have fallen by 26 percent nationwide in the past year, Florida continues to be a hotbed for foreclosures, according to recent data. "But the shadow cast by the foreclosure crisis is shrinking as fewer distressed properties enter foreclosure and properties already in foreclosure are poised to exit in greater numbers in 2014, given the greater numbers of scheduled foreclosure auctions in 2013 in judicial states - which account for the bulk of U.S. foreclosure inventory." See Where to Invest in Housing 2014

Thursday, January 23, 2014

Tight Housing Inventories Still Plague Markets

Tight Housing Inventories Still Plague Markets
“As we open the new year, the first-quarter inventory figures are especially crucial as our first barometer [of] seller confidence for the 2014 #home buying season,” “The market is still showing significant demand, but in order to have a strong home buying season, sellers need to put their homes on the market.” Salt Lake City is 6th in Markets Showing Big Home Price Growth7 Markets Showing Big Home Price Growth:

Wednesday, January 22, 2014

Housing Starts Soften After Last Month’s Highs

Housing Starts Soften After Last Month’s Highs

New-home construction posted its largest percentage decrease since April, a big fall after last month’s surge, the Commerce Department reports. 
Housing starts dropped 9.8 percent in December to a seasonally adjusted annual rate of just under 1 million units. The drop follows a sharp rise in November, in which new-housing starts had accelerated to the fastest pace since February 2008.  Single-family home construction, which makes up the largest segment of starts, dropped 7 percent in December to a seasonally adjusted annual rate of 667,000 units. However, total single-family housing starts still mark the highest monthly total in 2013. Watch Housing Now

Tuesday, January 21, 2014

Boomers' Demand Shifts to Change Real Estate

Boomers' Demand Shifts to Change Real Estate

Aging Boomers to Boost Demand for Apartments, Condos and Townhouses:
The aging of the nation's Baby Boomer population could reshape the United States' residential real estate market and economy in the coming years. As members of this demographic get older, many will move out of the houses where they raised families and downsize into smaller, cozier apartments, condominiums, and townhouses. 
This is a normal transition for people of such age, but it represents a potentially massive shift in the nation's housing demand. Based on demographic trends, the nation should see a stronger rebound in multifamily construction than in single-family construction in the years to come.  read more...

Monday, January 20, 2014

Investors Target Ski Towns for Rental Properties

Investors Target Ski Towns for Rental Properties

As some skiers hit the slopes, investors are hitting the real estate market in these ski resorts, hoping to cash in. Some investors are finding they don’t have to be into skiing or snowboarding to enjoy the benefits of a home in a ski town. Park City Utah 
Median list price: $897,129
Gross rental yield: 1.70 %
The properties can be rented out weekly, monthly, or as seasonal vacation rentals that can sometimes generate the cash flow to cover the costs of ownership, Watch This year Ski Utah.

Saturday, January 18, 2014

Mortgage Rates Pull Back Further

Mortgage Rates Pull Back Further
December’s discouraging jobs report caused mortgage rates to pull back once again this week. Freddie Mac’s weekly Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) falling.
Mortgage rates drifted downward this week amid signs of a weakening economic recovery,” explained Freddie Mac chief economist Frank Nothaft.In addition to December’s disappointing jobs report—which showed payroll growth of only 74,000 along with a substantial drop in labor participation—Nothaft cited weak retail sales numbers as another factor in this week’s rate movements. Finance site Bankrate also reported declines in fixed and adjustable rates for the week. See Credit Score and Purchasing Power.

Friday, January 17, 2014

70% of HOAs Are Underfunded

70% of HOAs Are Underfunded
About 70 percent of association-governed communities are underfunded, a 12.5 percent increase compared to 10 years ago, according to Association Reserves. Homeowners associations are increasingly going after home owners who fail to pay their dues. Beyond fines and notices, they are foreclosing on delinquent home owners. See How to Deal with Your Homeowner's Association

Thursday, January 16, 2014

4 Short-Sale Myths Dispelled

4 Short-Sale Myths Dispelled
Myth 1: “A short sale is not an option for me because I’m current on my mortgage payments.

Freddie Mac Fact: Even if home owners are current on their mortgage payments, they may still qualify for a short sale. They must meet general eligibility requirements, the home must be their primary residence, and their debt-to-income ratio must be more than 55 percent. read more....

Wednesday, January 15, 2014

2014 the 'Year of the Big Move'

2014 the 'Year of the Big Move'
Several factors in the housing market point to a growing trend of relocation in the new year. 
More people may be prompted to relocate to areas that offer better costs of living, making 2014 the “year of the big move,” 
As home prices have risen, many home owners have seen equity return and are finally in a position where they can move again.
More #home owners may look at other states for a lower cost of living, better job opportunities, and better weather, Watch: Help Takethe Fear Out of Moving.

Tuesday, January 14, 2014

VA Loans Post Biggest Year on Record in 2013

VA Loans Post Biggest Year on Record in 2013
The VA guaranteed nearly 630,000 mortgage loans in 2013, says Mike Frueh, the director of the VA’s Loan Guaranty Program. The average loan was about $225,000. The VA’s total loan volume has soared about 372 percent since 2007, according to Chris Birk, the executive editor at Veterans United Home Loans. 
An overall tight lending environment is also making VA loans more attractive to service members. VA loans do not require a downpayment for first-time #home buyers, and about 90 percent of all VA-guaranteed loans for home purchases are made without any money down. The loans also do not require private mortgage insurance. read more....

Monday, January 13, 2014

Mortgage Rates React to Light News Week

Mortgage Rates React to Light News Week
This week saw conflicting reports of interest rate movements, despite markets having little news with which to react. Freddie Mac’s Primary Mortgage Market Survey showed little movement among fixed rates for the week ending January 9, with the 30-year fixed-rate mortgage. New Mortgage Rules Roll Out - What Will Be the Impact? New mortgage rules take effect Friday that set out to protect borrowers against risky lending practices. Read more and see how this could impact the purchase of a new #Home.

Saturday, January 11, 2014

Shadow Inventory Plummets

Shadow Inventory Plummets
While the foreclosure pipeline is gradually clearing, many home owners across the United States are still struggling to make their payments. read more

Friday, January 10, 2014

Local Markets Return to 'Normal'

Local Markets Return to 'Normal'
More than 35 percent of the more than 350 metro markets tracked in the National Association of Home Builders and First American’s Leading Markets Index are performing at 90 percent or higher of their pre-housing crisis norms, according to the latest Leading Markets Index. Currently, 56 markets have turned the corner and returned to normal, up from 54 last month. “More markets are slowly returning to normal levels and we expect this upward trend to continue as an improving economy and pent-up demand brings more home buyers back into the marketplace,” Housing Now: See what's in store for the #housing industry on Capitol Hill in 2014.

Thursday, January 9, 2014

Foreclosure Risk Lessens

Foreclosure Risk Lessens
As Borrowers Regain Equity:
A new industry report shows 69 percent of all homes in foreclosure are underwater, and nearly half—48 percent—are deeply underwater, meaning the borrower owes at least 25 percent more on the mortgage than the home is currently worth. 
 Those numbers may sound pretty big, but RealtyTrac, which conducted the study, says negative equity has been steadily declining. rising #home prices resulting in falling negative equity, which in turn is giving millions of homeowners a lifeline to avoid foreclosure when they encounter a trigger event.” read more

Wednesday, January 8, 2014

Price Tags Rise as Homes Get Costlier to Build

Price Tags Rise as Homes Get Costlier to Build
Single-family home construction costs are at the highest levels since 1998, according to a new report by the National Association of Home Builders. Costs were significantly higher in 2013 when compared to 2011 average construction costs—$246,453 in 2013 versus $184,125 in 2011. 
Report: Home Prices End Year Strong: According to the company’s index, home prices nationwide (including distressed sales) increased 11.8 percent in November compared to the year prior. On a monthly basis, prices moved more or less sideways, coming up an estimated 0.1 percent from October’s revised numbers. read more

Tuesday, January 7, 2014

Banks Aim to Clear Foreclosure Backlogs

Banks Aim to Clear Foreclosure Backlogs
“Lenders know there’s now a much better chance they can get those properties sold, so they’re moving to do that,”
But now that prices are rising in most markets, the backlog of bank-owned homes is being trimmed quickly. With tight inventories of homes for-sale in many cities, banks are seeing opportunity in getting repossessed homes back on the market faster for a quick sale, analysts say. #Homes' Days-on-Market Remain Low in November. read more

Monday, January 6, 2014

Sun Belt the Center of Population Shift

Sun Belt the Center of Population Shift
The Sun Belt includes “places that are newer, have more opportunities for job growth, and are less costly to live. Online TechnologyLikely to Play Larger Role in #Mortgage Process:

Saturday, January 4, 2014

Buy-and-rent investors get squeezed

Buy-and-rent investors get squeezed

Friday, January 3, 2014

Housing Market Is Stabilizing 'Mortgage Rates' Up

Housing Market Is Stabilizing 'Mortgage Rates' Up
Contracts to buy new homes leveled off in November, ticking up slightly by 0.2 percent, the National Association of REALTORS® reports. Pending home sales — which reflect contracts and not closings — were 1.6 percent below year-ago levels.Pending #home sales in November posted the largest gains in the South and West, rising 2.3 percent and 1.8 percent month-over-month, respectively. Total existing-home sales are expected to end the year with nearly a 10 percent gain over 2012.  In this video, NAR Chief Economist Lawrence Yun talks about November pending home sales and gives a forecast for 2014.

Thursday, January 2, 2014

Buyers Get Extended Offer Period on REOs

Buyers Get Extended Offer Period on REOs
Fannie, Freddie give non-investor home buyers 'first look' period: 
Mortgage giants Fannie Mae and Freddie Mac announced an extension of their “first look” programs, granting buyers seeking a primary residence a full 20 days to submit offers on REO properties ahead of investor competition.The expanded 20-day program took effect for HomeStep listings on or after Dec. 17. Fannie Mae’s First Look HomePath program is effective for properties listed on or after Jan. 2, 2014. The programs are designed to promote owner-occupancy in communities, which the mortgage giants believe contributes to neighborhood stabilization. Some second home purchases are also eligible for HomeSteps First Look programHowever, purchases of investments or rental properties are not eligible.