over the last seven years. In a new analysis by the National Association of Home Builders, researchers point to the following metros as having the largest percentage-point increase in single-family concentration from 2005 to 2012:
REALTORS about their transactions in March. Short sales were on the market the longest, for 112 days in March compared to 98 days in February, according to the report. Foreclosed homes were on the market for 55 days. About 37% of real estate professionals report that properties sold in March had been on the market for less than a month. In February, 34 % of practitioners reported the same. Buyer traffic was also up in March, watch video to learn more.
recently announced it has cut its minimum credit score for borrowers of Fannie Mae and Freddie-backed loans from 660 to 620. Borrowers with lower credit scores must prove their ability to sustain home ownership, however, says Frank Codel, head of production for Wells Fargo. Wells Fargo is looking for "compensating factors" to close the loan, such as requesting an explanation of a credit history event, reviewing the strength of income and stability of employment. But some borrowers are also have an easier time including gifts from relatives as part of a down payment. And in January, the bank began accepting borrowers with credit scores of 600—down from 640—for FHA loans.
landscape. As home prices have risen over the past two years, many distressed loans have worked their way through the system and the percentage of Americans with negative equity has declined considerably. Two years of relatively consecutive home price increases and a general decline in the number of distressed loans have contributed to a decreasing number of underwater borrowers, learn more.
But with rising insurance premiums for loans insured by the Federal Housing Administration, traditionally a popular first-time buyer option, more first-timers are having to look elsewhere for financing their home purchase, The New York Times reports. First-time buyers are looking to special programs through banks, state and local down payment assistance programs, and their own families for assistance in purchasing a home. More lenders are offering low down payment programs. For example
been thinking twice about proceeding with a short sale. A sharp drop in short sales began at the start of this year, likely because of the increase in taxes borrowers will now have to pay on forgiven debt, Khater says. The MFDRA exempted borrowers from paying taxes on any mortgage debt forgiven by a lender in a short sale or loan modification. Since the act expired on Dec. 31, 2013, borrowers now will have to count forgiven mortgage debt as income on their federal tax returns. Congress has yet to renew the act, read more
all is down, dropping 4.1 percent from the fourth quarter in 2013, as well as declining 6.5 percent from the previous year's first quarter. The company defines flips as homes purchased and sold again within six months. This is another good sign that this #housing recovery is behaving much more rationally than the last housing boom, learn more