Do Energy-Efficient Buildings Have a Downside?

Do Energy-Efficient Buildings Have a Downside?

When the Alberta Court of Appeal reopened after a renovation in 2001 to make the building more energy-efficient, it didn't take long before occupants started noticing problems. Judges, lawyers, and others complained of fatigue, irritated lungs, and watery eyes. A professor of architecture asked to investigate the problem said that 'within a couple of weeks, we shut down the whole courthouse,' says reporter Umair Irfan. The retrofitting that had so thoroughly sealed the building 'helped cut energy costs but also trapped humidity inside that would otherwise have dried out in drafty air. Without adequate vapor barriers and ventilation, a toxic blend of mold grew in the walls,' Irfan explains. More education is needed in the building industry and among home owners on how to retrofit homes for greater energy savings. read more.

Home Prices to Stabilize

Home Prices to Stabilize
Inequality Marks Recovery; The Demand Institute, a non-advocacy, non-profit think tank jointly operated by the Conference Board and Nielsen, released Wednesday a new report entitled: 'A Tale of 2000 Cities: how the sharp contrast between successful and struggling communities.' 50% of communities studied are struggling to move forward, according to the report. 'Now, with prices firmer and the number of distressed or foreclosed properties down, the market is stabilizing. More homeowners are looking to sell than previously, so inventories will rise; that and the expected rise in mortgage rates and only tepid median household income gains will moderate future house price rises.' Learn more.

Boomerang' Buyers Get Another Chance at Homeowners

Boomerang' Buyers Get Another Chance at Homeowners

Boomerang Buyers Making Moves to Return to Home Ownership: Now that the worst of the foreclosure crisis is in the rearview mirror, former home owners who lost their #homes to a short sale or foreclosure are re-entering the #housing market.They've spent the last few years rebuilding their credit - and they're ready to buy again. Some boomerang buyers heading back to the housing market may find they have to make down payments of at least 20 percent to qualify for a loan, but others are finding opportunities to put down as little as 3.5 percent or 5 percent. The wait times for qualifying for a #loan can vary depending on the former home owners' circumstances. Read more

Subprime Mortgages' Modest Comeback

Subprime Mortgages' Modest Comeback

Lenders are returning to the subprime market – although still at only a fraction of what subprime lending was before the mortgage crisis.

Some subprime lenders that collapsed during the financial crisis are coming back into business with new nonprime loan offerings. Wells Fargo is looking to re-enter the subprime mortgage market by lowering its standards of acceptable credit scores for home borrowers. Subprime loans – mostly targeted to those with credit scores below 660. Learn more

Spring Selling Season May Be Coming Early

Spring Selling Season May Be Coming Early

Want to Sell Your Home? If you're considering selling your home in 2014, now is the time to get ready. Not next month, not next week, not tomorrow. Right now. Why? Because buyers are already on the hunt. The Internet is the new curb appeal: Last month will likely be remembered for polar vortexes, widespread snow, and historic traffic jams. Lost in the shuffle is that while American's were sitting inside trying to stay warm, they were looking at houses for sale on the Internet. How to Prepare to Sell Your Home 

Good News for Rural Housing Programs

Good News for Rural Housing Programs 
Rural Communities Protected Through 2020: More than 900 communities that were at risk for losing access to federal rural housing programs are now protected through 2020.  For the last three years, NAR has worked with Congress extend the eligibility of communities under a 40-year old definition of rural. Rural families face unique difficulties in finding access to safe, affordable mortgage financing and rental housing. See more on Rural Housing.
 

Should Homebuyers Consider Renting?

Should Homebuyers Consider Renting?
House Payments Rise; RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago.  A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year. Despite rising interest rates and increased activity from investors and cash buyers, buying a home is still cheaper than renting in most counties. Will Priceline for landlords determine your next rent?

Families Step in as Lenders

Families Step in as Lenders  Helping Kids Buy a Home:
Employment troubles, large student loan debt, and tight underwriting standards have been major hurdles holding back potential first-time home buyers. Studies have shown a strong desire among 20- and 30-somethings to buy a home, but their finances are holding them back from making such a move. As such, more relatives are stepping in to provide assistance with downpayment and closing costs. Twenty-seven percent of first-time buyers received a money gift from relatives last year. See what Loans that Allow Gift Funds.

America's 10 Fastest-Growing Cities 2014

America's 10 Fastest-Growing Cities 2014
When it comes to growing cities, Texas is booming. The Lone Star State boasts the highest number of cities on Forbes’ annual list of America’s Fastest Growing Cities. Three Texas cities and Two Utah cities made it into the top 10. Salt Lake City (at No. 5), Ogden (No. 7). Forbes’ list of America’s fastest-growing cities rates the 100 most populated metros in the country based on several factors, such as the estimated rate of population growth for 2013 and 2014, year-over-year job growth for 2013, unemployment data, median salaries for local college-educated workers, and the rate of economic growth for 2013. See which other states made the list.

Tax Tips for You and Your Clients

Tax Tips for You and Your Clients
This coming Tuesday, Feb. 18, is the deadline for financial institutions to send their customers the documents they'll need to file taxes if they received capital gains, interest dividends, or profits from real estate sales. Finally, you'll have all the paperwork – including forms 1099 – you need to do your taxes. And this year's tax season is shorter than usual, so it's time to get moving! Did you know that President's Day is one of the busiest times for IRS phone lines? Here are some of the most common taxpayer questions, which have been answered by IRS. These will not only help you, but also provide great tips you can pass on. REALTOR Magazine created two videos to help you prepare for tax-related changes see at affordableutahhousing.com.

Will Heirs One Day Face the Bill?

Will Heirs One Day Face the Bill?

On a Reverse Mortgage: Reverse mortgages are expected to be an increasing option that baby boomers turn to as they age to cover living expenses, but heirs may get stuck with the final bill, The New York Times reports. "Some people don’t even know their parents had a reverse mortgage," said Vincent Liberti, an estate planning and elder law lawyer in Hartford. "In the future, more homes passed on to children will come with a bill attached. Learn more

Closing Cost Help to REO Buyers

Closing Cost Help to REO Buyers

Mortgage Giant Offers: Fannie Mae is offering temporary closing cost assistance in 27 states to owner occupants of #REO homes. The offer applies to owner-occupant buyers of 

its FirstLook homes, a program where buyers get 20 days to purchase homes ahead of competition from investors.

"This incentive will provide more opportunities for families to find a property to call home."  To be eligible, buyers must submit their offers on the #homes by March 31, 2014.  See which states and learn more about this incentive. 

Mortgage Delinquencies in U.S. Fall Below 4%

Mortgage Delinquencies in U.S. Fall Below 4%
Mortgage delinquencies nationwide have plummeted to their lowest level in more than five years,as more home owners are 

coming out of the red on their payments, Struggling home owners are shoring up their finances as home values and equity rise, the job market improves, and refinancing helps to lower their monthly payments, the survey notes. Plus, “many of the risky home loans made before 2008 that went unpaid are no longer a factor, since the homes have been sold or foreclosed upon,” the Associated Press reports. “Loans issued since then, after banks tightened lending standards, are less likely to go unpaid.” See which states

Buyers Could Benefit From Smoother Market

Buyers Could Benefit From Smoother Market
As Investors Withdraw; Home Values Expected to Normalize Through 2018, According to Zillow Home Price Expectations Survey. A majority of experts surveyed expect large-scale investors will pull out of the housing market in the next few years—and that hopefully means a smoother field for consumer buyers. Buyers entering the market in the next few months will not be competing with cash-rich investors like they were last year. The gradual decline of investor activity should be viewed as another sign of the market slowly returning to normal. Read more

Sellers Getting Ahead of Spring Rush

Sellers Getting Ahead of Spring Rush

The spring selling rush may already be under way, as some home owners are already throwing their properties on the market to take advantage of rebounding home prices and improved equity.

Some sellers are listing properties earlier than usual in anticipation of the spring season. Sellers are “nervous about what the spring is going to bring.” “They don’t know if everybody will list this spring — then you’ll have a big counterbalance toward too much inventory — or if there’ll be a crunch again. They figure they’ll get out ahead of the market, list, sell, and be done with it.” Economists say, improved home prices will likely convince more sellers to sell this year, and that should relieve the inventory crunch in many markets. Read more.

Consumers Expect Brighter Economy,

Consumers Expect Brighter Economy,
Slower Home Price Gains: Consumers apparently haven’t gotten the memo that mortgage standards are tightening, if responses to Fannie Mae’s January 
National Housing Survey are any indication. Fifty-two percent of respondents in the company’s latest survey said they think it would be easy to get a mortgage today, reflecting a climb of 2 percentage points. The number of consumers saying it would be difficult to obtain a loan fell 3 points, meanwhile, dropping to 45 percent.“The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home.”Watch our video to learn more...

Prior Short Sellers: Watch for Credit Errors

Prior Short Sellers: Watch for Credit Errors

Those who have undergone a previous short sale need to pay careful attention to their credit report to make sure it was reported accurately by the lender, especially if they want to apply for a new mortgage anytime soon. The short sale may erroneously appear on their credit report as a foreclosure, a blemish that could haunt them much longer and prevent them from obtaining a new mortgage because it’s a red flag to a lender. Typically, when lenders report on a short sale, they’ll say, “settled for less than full balance.” That’s a key indicator for a buyer's new mortgage lender to see because it shows that the previous property was a short sale, not a foreclosure. Credit.com says these credit report codes will also hamper a borrowers’ ability to qualify for a mortgage any time soon.

Rent-to-Buy? Try ‘Vacation-to-Buy’

Rent-to-Buy? Try ‘Vacation-to-Buy’

We thought we’d seen it all when we caught wind of a peculiar marketing
 tactic to let potential home buyers spend the night in a house before making an offer. But, of course, things can always go a step further. At luxury communities in Park City, Utah, a sleepover isn’t going to cut it. Instead, house hunters can vacation there before deciding whether to buy a property. “It’s really a rare opportunity for buyers to get a feel for the home they want, and sellers have a chance to show off the nuances of a property in a way that you just can’t in a walk-through,” Watch Ski Utah

Interest Rate Declines Continue

Interest Rate Declines Continue

This week brought more news of declines in mortgage interest rates, according to releases from Freddie Mac.

One upside to the downturn in the U.S. stock market is a sharp drop in mortgage rates. Those rates follow the yield on the 10-year Treasury bond and on pricing in agency mortgage-backed securities; as investors rush to the comparative safety of the bond market, yields fall and so do rates. It's not a perfect correlation, however, since there are other factors weighing on today's lenders, such as new regulations. Interest Rate Declines Continue and one bank Lowers Credit Requirements for FHA #Home Loans, FICO minimum from 640 to 600.

Short Sales Fall Sharply as Home Prices Rise

Short Sales Fall Sharply as Home Prices Rise

Short sales are on the decline, as home prices inch up and more home owners stay current on their mortgages. Daren Blomquist, vice president at RealtyTrac, says short sales started to trend lower in the second half of 2013. Four percent of December sales were short sales, selling for an average discount of 13 percent below market value, according to the National Association of REALTORS®’ latest existing-home sales report. While these types of purchases sound like a great deal, due to the lower price, many times buying a foreclosed or short sale house can be difficult and lengthy processes.

Double-Digit Gains for Home Prices in 2013

Double-Digit Gains for Home Prices in 2013

Home prices made double-digit gains in 2013, posting the highest annual rate of increase since 2005, according to CoreLogic's latest housing report, released Tuesday. Ten states and the District of Columbia reached new all-time price peaks last year. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” Read more   Existing-#home sales in the West rose 4.8 percent 

Condo Revival Slowly Emerging?

Condo Revival Slowly Emerging?
The condo market is on an upswing, but sales are still more than 30 percent short from its peak.
From 2009 to 2013, condo sales increased more than 55 percent, while total existing home sales rose by 29 percent during that time period.  In comparison, during the boom years between 2001 and 2005, condo sales rose more than 50 percent and existing-home sales increased by 37 percent. 
Existing-Home Sales Rise, 2013 Strongest in Seven Years 

Home Price Boosted Profits for Flippers in 2013

Home Price Boosted Profits for Flippers in 2013
As the foreclosure crisis continues to recede, some parts of the country remain at elevated levels. Five states now account for nearly half of all the completed foreclosures in the nation. “Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long-awaited corner. The housing market should continue to heal in 2014, but we expect progress to remain very slow.” Home Flipping Ramps Up in 2013

Recovery Expected to Enter ‘Middle Innings’

Recovery Expected to Enter ‘Middle Innings’

In 2014: While the housing market is still far from “normal,” it is inching that way, according to a report released. Last year’s skyrocketing home price appreciation, frenzied demand from investors, and high tide of negative equity are all expected to subside somewhat this year, according to the real estate company. Nationally, home prices increased 6.4 percent year-over-year in the fourth quarter. While home prices rose 1.4 percent in the fourth quarter to $169,000, rents rose 0.7 percent to $1,302. Utah made the Boon for Housing list with 4.1 percent unemployment rates. See other States with the Lowest Unemployment rates that made this list.