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  • Look for 2019 Cash Out Boom?

    Look for 2019 Cash Out Boom?

    The post Look for 2019 Cash Out Boom? appeared first on National Real Estate Post.

  • Lenders Looking to New Tech as Pessimism Over Profit Margins Grows

    Lenders continue to be pessimistic about their profit outlook as 2018 draws to an end.  Fannie Mae said its fourth quarter 2018 Mortgage Lender Sentiment Survey found the profit outlook reported by respondents at an all-time survey low.  This was true whether they were talking about purchase or refinance mortgages or about GSE-eligible, non-GSE-eligible, or government loans. It was the ninth consecutive quarter that lender outlook has declined. Smaller slices of a shrinking pie sums up the reasons given by lenders for their lowering outlook, especially for refinancing. 

  • Not Just the Season; MBA Predicts New Home Sales Down Sharply

    The Mortgage Bankers Association (MBA) added a little more evidence to the pile indicating a rather rapid slow-down in the housing market.  MBA's Builder Application Survey (BAS) data for November shows mortgage applications for newly constructed home purchases falling by 14 percent compared to October.  The MBA data is not adjusted to account for seasonal variations, and while sales nearly always decline this time of year, applications were also down 11 percent compared to November 2017. Based on the survey data and assumptions about market coverage and other factors, MBA estimates new home sales were running at a seasonally adjusted annual rate of 627,000 units in November. 

  • Reverse Mortgages Continue to Loom Large

    Reverse Mortgages Continue to Loom Large

    The post Reverse Mortgages Continue to Loom Large appeared first on National Real Estate Post.

  • September Delinquencies Mostly Unaffected by Disasters, Eased Underwriting

    CoreLogic reports that mortgage delinquency rates were little changed in September.  The percentage of mortgage loans that were 30 or more days delinquent and including those in the process of foreclosure declined by 0.6 percentage point on an annual basis, to a national rate of 4.4 percent. Early delinquencies, those 30 to 59 days past due were down from 2.4 percent in September 2017 to 2.2 percent.  Other delinquency rates are reflected in the graphic below. Serious delinquencies, those more than 90 days past due or in foreclosure were either down or unchanged in every state.  Rates however increased in 10 metro areas.

     

  • Mortgage Applications: Trade Fears Drive Rates Lower, Borrowers Respond

    Borrower activity continued to pick up last week as interest rates retreated to September levels and mortgage applications extended their recent winning streak. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 1.6 percent on a seasonally adjusted basis during the week ended December 7.  On an unadjusted basis, the Index lost 1 percent from the previous week's level. The Refinance Index rose 2 percent compared to the week ended November 30, and the share of applications that were for refinancing bettered the previous week's 9 month high of 40.4 percent, rising to 41.5 percent.  The seasonally adjusted Purchase Index increased for the fourth straight week, this time by 3 percent. 

  • White House Nominates Calabria as New FHFA Chief

    Almost exactly 10 years after he helped pass the legislation that established the Federal Housing Finance Agency (FHFA), Mark Anthony Calabria has been nominated by the White House to be its director.  If his nomination is confirmed by the Senate, Calabria, currently the Chief Economist in the Office of the Vice President, will succeed Melvin Watt whose five-year term expires in January. Calabria has a long history in housing and housing finance.  He was a senior aide to the Senate Banking Committee in 2008, helping to draft the Housing and Economic Recovery Act of 2008 (HERA), which created the Federal Housing Finance Agency and was a Deputy Assistant Secretary at the Department of Housing and Urban Development during the second Bush administration. 

  • The 80/20 Webinar

    The 80/20 Webinar

    The post The 80/20 Webinar appeared first on National Real Estate Post.

  • NAHB Says Second Homes Aren't Just Vacation Destinations

    The stereotype of a second home usually involves a tropical beach, a boat dock on a lake, or skiers whizzing past a picture window, but the National Association of Home Builders (NAHB) says that is not reality. Or at least not all of it.  Na Zhao, writing in NAHB's Eye on Housing blog says there are a good amount of second homes and lots exist in non-vacation-y areas. NAHB estimates there are 7.4 million homes, or 5.6 percent of the total housing stock that qualify for the second home mortgage tax deduction.  That information comes from the Census Bureau's 2016 American Community Survey (ACS.)

     

  • Black Knight and the Case of the Disappearing Equity

    We know that home price growth is slowing, and cash-out refinancing has been coming back, still it is a bit of a stunner to find that homeowner equity actually declined in the third quarter of this year.  Black Knight's current issue of its Mortgage Monitor reports that the amount of total equity (home value net of mortgage balance) held nationally by homeowners at the end of the third quarter was down by $160 billion compared to the second quarter of the year and now totals $9.8 trillion. Of that total, $5.9 trillion is considered "tappable," that is equity that can be withdrawn by the homeowner without hitting a maximum 80 percent combined loan-to-value (CLTV) ratio. 

  • A Gift From Fannie/Freddie - Evictions Suspended for the Holidays

    Both Freddie Mac and Fannie Mae have announced the suspension of eviction lockouts for single-family and two- to four-unit properties for the holiday season.  The moratorium will begin December 17 and end January 2. Fannie Mae said it will allow legal and administrative proceeding for evictions to proceed during the 16-day period, but families will be allowed to remain in the home.  "We believe it is important to extend the timeline of help for struggling borrowers during the holidays," said Jacob Williamson, Vice President of Single-Family Real Estate at Fannie Mae. "We encourage homeowners who may be struggling with their mortgage or facing possible foreclosure to reach out to Fannie Mae or your servicer to get help. We want to help pursue those options whenever possible."

     

  • Welcome to Mr. Stevens Mortgage Minute

    Welcome to Mr. Stevens Mortgage Minute

    The post Welcome to Mr. Stevens Mortgage Minute appeared first on National Real Estate Post.

  • Tiny Homes in Backyards – The New Conversation Starter

    Tiny Homes in Backyards – The New Conversation Starter Connect with Port Telles: Website: www.CAbackyard.com e-mail: port@CAbackyard.com Facebook: CAbackyardhomes  

    The post Tiny Homes in Backyards – The New Conversation Starter appeared first on National Real Estate Post.

  • Uptick in Home Purchase Sentiment Reflects Increased Confidence

    Fannie Mae's Home Purchase Sentiment Index (HPSI) for November rose slightly, but within the 0.5-point increase was some increased confidence about personal finances and the wisdom of buying a home.  The index, which consolidates responses from a subset of questions on the company's National Housing Survey, rose to 86.2 from 85.7 in November. The index is 1.6 points lower than in December 2017. A survey high record was set in the net share of Americans who reported their income was up significantly over the last 12 months.  A 5-point increase brought the net share to 24 percent. Fifty-seven percent of respondents told pollsters it was a good time to buy a home while 34 percent disagreed.  This resulted in net positive responses of 23 percent, up two points from October.

     

  • New Fannie/Freddie Requirements May Penalize High-Risk Borrowers

    Three researchers from the Urban Institute (UI) recently analyzed the new capital standards rule proposed by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac (the GSEs.)  The proposed rule includes two alternative leverage ratio proposals.  Under the first, the GSEs would be required to hold capital equal to 2.5 percent of total assets and off-balance sheet guarantees, the second, to hold capital equal to 1.5 percent of trust assets and 4 percent of non-trust assets.  The second approach differentiates between the greater funding risks of non-trust assets and the lower funding risks of the trust assets while increasing the capital requirements for both relative to the current statutory requirements.

     

  • The Keller Zillow Rebuttal

    The Keller Zillow Rebuttal

    The post The Keller Zillow Rebuttal appeared first on National Real Estate Post.

  • Sluggish Construction Challenges the Housing Market

    While there has been a lot of talk since the recovery took hold about the lack resiliency in the residential construction sector, the issue is now moving from an academic discussion to one on the verge of alarm.  As Freddie Mac's Economic and Housing Research Group writes in the company's Insights blog, "The inadequate level of U.S. housing supply is a major challenge facing the housing market in 2018 and likely for years to come." The Insights' authors, Sam Khater, Chief, and Len Kiefer, Deputy Chief Economists, and Ajita Atreya and Venkataramana Yanamandra, both senior quantitative analysts, estimate the U.S. needed 370,000 more than the 1.25 million units that were added to the stock in 2017 to satisfy demand. 

  • Better Access to Conforming Loans Means More First-Timers in Market

    Access to mortgage credit moved higher in November, largely due to improved access to conforming mortgages. The Mortgage Bankers Association's Mortgage Credit Availability Index (MCAI increased 1.1 percent to 188.8. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.  The Conventional MCAI increased (2.4 percent) and the Government MCAI decreased (0.1 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI rose 1.1 percent, while the Conforming MCAI gained 4.0 percent.  "The supply of credit continues to drift higher, driven once again by growth in the conventional credit space, while credit supply in government loans was essentially unchanged from the previous month," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. 

  • Drop the CRM Grab the Phone

    Drop the CRM Grab the Phone – Especially this month!  A good CRM certainly does it’s job, but during this holiday period, it’s better to grab the phone.

    The post Drop the CRM Grab the Phone appeared first on National Real Estate Post.

  • Mortgage Applications Bouncing Back

    Mortgage rates remained largely flat or even slightly lower during the week ended November 30.  This probably helped to maintain the upward trend in mortgage applications that began the previous week during the Thanksgiving holiday and despite a shortened work week.

    The Mortgage Bankers Association (MBA) said its market Composite Index, a measure of loan application volume, moved up 2 percent on a seasonally adjusted basis and after an adjustment to the prior week's report to account for the holiday.   On a non-adjusted basis, applications shot up 42 percent.

  • UI Researchers Evaluate Proposed Changes to Fannie/Freddie

    In June the Federal Housing Finance Agency's (FHFA) issued a proposed capital standard for the government-sponsored enterprises (GSEs), Freddie Mac and Fannie Mae.  Three Urban Institute researchers have analyzed the rule with an eye to answering two questions: how well it will align risk and capital across the various mortgage attributes and how the capital requirement might vary across the business cycle.  Requiring too much capital raises mortgage rates and reduces homeownership; too little results in insolvency and financial crisis. The proposed rule includes two alternative leverage ratio proposals.  Under the first, the GSEs would be required to hold capital equal to 2.5 percent of total assets and off-balance sheet guarantees.  

  • Zillow and Keller Together?

    Zillow and Keller Together?

    The post Zillow and Keller Together? appeared first on National Real Estate Post.

  • Buyers Persist in Search for THE Dream Home

    It is often billed as the most important and consequential financial decision a household can makes, so it probably follows that buying a home should not be a quick one. Findings from the National Association of Home Builders' (NAHB's) Housing Trends Survey Report indicate that prospective home buyers take the decision seriously.  They are also apparently willing to take their time. In its fourth and final report derived from the third quarter survey, NAHB analyst Rose Quint says that 13 percent of those polled indicated they intend to buy a home in the next 12 months and of those, almost half (46 percent) have already begun the search.  Of those, 54 percent have been trying to find the right home for at least three months.

     

  • Fannie Freddie Changes Coming This Month?

    Fannie Freddie Changes Coming This Month?

    The post Fannie Freddie Changes Coming This Month? appeared first on National Real Estate Post.

  • Public Spending Buoys October Construction Numbers

    Construction spending was lower on a month-over-month basis in October, but an increase in public sector spending held the overall decline to a minimum.  The U.S. Census Bureau said that total expenditures on spending nationwide was at a seasonally adjusted annual rate of $1.309 trillion, down 0.1 percent from the revised (from $1.330 trillion) September rate of 1.311 trillion.  Overall spending has been relatively flat for some months, but spending is up year-over-year by 4.9 percent.

    On a non-adjusted basis total spending was $117.333 billion during the month compared to $117.898 in September.  For the year-to-date (YTD) through October total spending of $1.044 trillion is 5.1 percent higher than through the first 10 months in 2017.

  • Homeownership is a Top Priority for Millennials

    While their behavior thus far doesn't do much to validate it, a survey by Bank of America (BoA) finds that Millennials put a high priority on homeownership.  In fact, among members of that generation responding to the company's 2018 Homebuyer Insights Report, 72 percent put owning a home near the top of their list, surpassed only by "being able to retire." Other important milestones named were traveling the world (61 percent) and getting married (50 percent), trailed by having children at 44 percent.

     

  • Maxine Waters Large and IN Charge

    Maxine Waters Large and IN Charge

    The post Maxine Waters Large and IN Charge appeared first on National Real Estate Post.

  • Freddie Mac Portfolio Grows 3.5 Percent, Delinquencies Decrease

    Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 4.7 percent in October, up from 2.3 percent the previous month.  The portfolio balance at the end of the period was $2.159 trillion compared to $2.151 trillion at the end of September and $2.067 trillion a year earlier.   Purchases and Issuances totaled $33.968 billion, bringing the 2018 year-to-date total to $319.568 billion, Sales were ($686) billion and Liquidations ($24.927) billion in October and totaled ($17.602) and ($239.930) billion respectively so far this year.  The annualized growth rate for 2018 through the end of October was 3.5 percent and the annualized liquidations rate was (13.7) percent. 

     

  • Happy St. Patricks Day!

    Happy St. Patricks Day!  That will get their attention!

    The post Happy St. Patricks Day! appeared first on National Real Estate Post.

  • Decline in Originations Hurting Lender Profit

    Financial concerns continued for independent mortgage banks and mortgage subsidiaries of chartered banks as they reported, on average, declining profit margins in the third quarter.  The Mortgage Bankers Association's (MBA's) newly released Quarterly Mortgage Bankers Performance Report shows that the 342 banks that responded to its third quarter survey reported a net gain of $480 on each loan they originated compared to $580 in the second quarter.  "These are very challenging times for independent mortgage bankers, with the average pre-tax net production income per loan reaching its lowest level for any third quarter since inception of our report in 2008," said Marina Walsh, MBA's Vice President of Industry Analysis. 

  • New Loan Amounts and More

    New Loan Amounts and More

    The post New Loan Amounts and More appeared first on National Real Estate Post.

  • New Home Sales Defy Expectations and Retreat in October

    New home sales were expected to make a strong showing in October; the consensus of analysts polled by Econoday was for a sharp increase from the September level of 553,000 to 575,000 units.  Instead, there was a steep decline, amplified by a major upward revision to the September estimate. The U.S. Census Bureau and the Department of Housing and Urban Development estimate that October sales of newly constructed homes were at a seasonally adjusted annual rate of 544,000 units, falling well below the lowest of analysts' projections.  The result was a decline of 8.9 percent from the restated September rate, an upward revision to 597,000 units. 

     

  • Housing Forecasts: When Cooling Isn't so Cool.

    With both interest rates and home prices rising it is nearly impossible to find a housing forecast that doesn't include the word "cooling."  The November outlook from Freddie Mac is no exception.  The company's Economic and Housing Group, in fact, applies that word to the entire issue of economic growth, noting the waning effects of fiscal stimulus and ongoing Federal Reserve tightening of monetary policy.  Housing is just the icing, as it were, on the topic. They do offer a positive caveat, if there is such a thing.  While the recent negative trends in sales could persist, they believe the market along with the economy will adjust to the shock of higher mortgage rates and resume modest growth.

     

  • Cash-Out Refi's surge, Can't Compare to Pre-Crash Activity

    The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing.   But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety.  Freddie Mac says that 81 percent of all refinancing during the third quarter of this year involved a new mortgage that was at least 5 percent larger than the loan it replaced.

    This is the highest share for cash-out refinancing since the third quarter of 2008 and up from a 62 percent share in the third quarter of last year.  However, it is still below the 89 percent cash-out share of refinancing in the third quarter of 2006.  The recent dollar volume is lower as well, in fact it pales in comparison to the cash-out refinance mania that preceded the housing crisis.

  • Inventories Recover as Pending Home Sales Cool

    Pending  home sales in October failed to build on their small September gains - only the second uptick in six months. The Pending Home Sales Index (PHSI) from the National Association of Realtors® (NAR) declined 2.6 percent to 102.1 in October from 104.8 the prior month.  The index, a forward-looking indicator based on new purchase contracts for existing homes, was down even more significantly on a year-over-year basis, falling for the tenth straight month, this time by 6.7 percent. Given the PHSI's recent track record, analysts weren't expecting much improvement. Those polled by Econoday had made predictions in the range of -0.5 percent to 1.0 percent, but the consensus was for the index to remain at the September level.

     

  • Bending The Rules of Compliance

    Bending The Rules of Compliance

    The post Bending The Rules of Compliance appeared first on National Real Estate Post.

  • Home Prices Still Increasing - Just a Little Slower

    The views about the direction of home prices diverged slightly in September, as those reported in the S&P CoreLogic Case Shiller indices slowed for the second month in a row while those from the Federal Housing Finance Agency (FHFA) for both September and the third quarter mostly kept chugging along. The Case-Shiller National Home Price index which covers all nine U.S. census divisions slowed from a 5.7 percent increase in August to 5.5 percent.  On a non-seasonally adjusted basis the index gained 0.1 percent and was up 0.4 percent after adjustment.  The monthly appreciation in August was reported at 0.2 percent unadjusted and 0.6 percent afterward.

     

  • Loan Limits Increase to $484,350

    Given the rapid run-up in home prices over the last year, it's no surprise that loan limits will also be going up in 2019.  The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages eligible for acquisition or guarantee by the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae will be $484,350.

    The conforming loan limit as established by the Housing and Economic Recovery Act (HERA) is reviewed each year and adjusted as necessary to reflect the change in the average U.S. home price.   The new limit represents a 6.9 percent increase over the $453,100 limit for 2018, the percentage by which FHFA's Housing Price Index (HPI) for the third quarter of 2018 increased on an annual basis.

  • Mortgage Applications: Volumes Ignore Holiday With 5.5% Increase

    Even though the week was shortened by the Thanksgiving holiday MBA's Market Composite Index, a measure of mortgage application volume, managed a 5.5 percent increase on a seasonally adjusted basis.  While the index was adjusted to account for the holiday, it was the largest increase since the week ended January 8, a period which followed a protracted holiday period. On an unadjusted basis the index dropped by 29 percent. The increase was driven by a large gain in the seasonally adjusted Purchase Index which rose 9 percent. The unadjusted index was down by 28 percent but was 2 percent higher than the same week in 2017, also a holiday shortened week.  The Refinancing Index was up 1.0 percent and the refinance share of mortgage activity decreased to 37.9 percent of total applications from 38.5 percent the previous week.

     

  • The Loan Depot Thing Everyone is Freaking Out About

    The Loan Depot Thing Everyone is Freaking Out About

    The post The Loan Depot Thing Everyone is Freaking Out About appeared first on National Real Estate Post.

  • Can Owning a Home Still Build Wealth?

    "Possibly the only thing worse than a world in which homeownership doesn't work as a wealth-building tool is a world in which it does work as a wealth-building tool." That statement summarizes the argument made recently by Daniel Hertz, senior fellow at City Observatory who contends that housing can't be both affordable and a good investment.  This observation runs contrary to conventional wisdom that homeownership is the most reliable pathway to household wealth.  Well perhaps it is, Hertz says, just not for everyone.  And this pits two pillars of American housing policy directly against each other.

     

  • Black Knight: Delinquencies See Sharp Decline in October

    Mortgage delinquencies spiked in the September "first look" report from Black Knight, but that was followed by a swift reversal in October.  The company's latest report notes a sharp decline in early stage delinquencies and a downturn in serious ones as well. Loans that were more than 30 days past due but not in foreclosure fell 8.2 percent month-over-month and were nearly 18 percent lower than in October 2017.  This translates into 165,000 fewer delinquencies than in September and an improvement of 378,000 year-over-year.  These changes leave 1.884 million loans in the national non-current bucket. 

  • Reissue – Zillow Back in Vegas

    We issued this show on Thanksgiving day and thought we’d re-release it today as many may not have seen it.  Hope you had a great Thanksgiving! Zillow is back in Vegas.

    The post Reissue – Zillow Back in Vegas appeared first on National Real Estate Post.

  • Increase in ARM and Refi Shares Reflect Rising Interest Rates

    The share of loans that were for refinancing and those where borrowers opted for adjustable rate mortgages (ARMs) both ticked up in October, with the latter garnering the largest share in recent memory, 8.2 percent.  This was a full percentage point higher than the September share. According to Ellie Mae's Origination Insights Report, the split between refinancing and purchase loans jumped from 29/71 in September to 32/68 in October.  Both VA and FHA showed an uptick in their refinancing activity. Closing rates for all loans increased to 72.2 percent in October, the highest point this year and up from 71.7 percent the previous month.  

  • Zillow Back in Vegas

    Zillow is Back in Vegas.  The Vegas MLS has had a change of heart.

    The post Zillow Back in Vegas appeared first on National Real Estate Post.

  • Existing Home Sales Break Free From Losing Streak, Posting October Gains

    Existing home sales broke their extended losing streak in October, increasing 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million completed sales.  It was the first positive report on sales of existing single-family homes, condos, townhouses, and co-op apartments since last March. The National Association of Realtors® (NAR) said the gain was not enough however to return existing home sales activity to 2017 levels.  They lag the 5.5 million transactions last October by 5.1 percent

     

  • We Found the Millennials! Now Go Get Them!

    We Found the Millennials!  Now Go Get Them!

    The post We Found the Millennials! Now Go Get Them! appeared first on National Real Estate Post.

  • Improved Rates Have Little Impact on Mortgage Volume

    Mortgage rates pulled back slightly during the week ended November 16, but that did little to move mortgage applications higher.  The Mortgage Bankers Association said its Market Composite Index, a measure of overall application volume, continued to trend down, dipping 0.1 percent on a seasonally adjusted basis compared to the week ended November 9.  The weeks results do not include an adjustment to account for the Veterans' Day holiday. On an unadjusted basis, the Index was down 3.0 percent. The seasonally adjusted Purchase Index shored up the overall index, rising 3.0 percent from the previous week, the first increase in that index in a month.  

  • Troublesome Housing Sector Drags Down Economic Projections

    Fannie Mae's Economic and Strategic Research Group (ESR) upped their projection for economic growth slightly, to 3.1 percent this year, but say housing will probably have little to do with it.  The first estimate for the third quarter GDP came in at an annualized 3.5 percent, off a bit from 4.2 percent in the second quarter.  Consumer and government spending and a building up in private inventories contributed to growth while business fixed investment was soft, residential fixed investment was down for the third straight quarter and the trade deficit widened. The ESR, in its November Economic Developments, says they expect solid gains in employment and wages to continue, but growth will slow to 2.3 percent next year due to further increases in short-term interest rates and the diminishing effects of last February's fiscal stimulus.  

  • Vegas Dumps Zillow

    Well, a Las Vegas MLS is pulling its feed to Zillow.  Beginning of a trend?

    The post Vegas Dumps Zillow appeared first on National Real Estate Post.

  • Sweat Equity as a Downpayment? Yes, Actually

    Freddie Mac has announced a new collaboration with a handful of rural non-profits to expand sweat equity opportunities to homeowners in several rural and underserved regions. Potential homebuyers in selected areas will be able "to leverage their construction skills to cover down payment and closing costs when purchasing a home."   

    The company said the expansion of sweat equity parameters of its Home Possible program, part of its "Duty to Serve" mandate, is designed to support the renovation of aging homes and provides borrowers with an additional form of down payment instead of cash. There is no limit on the amount of sweat equity that can be applied toward a down payment as long the labor is completed in a skillful manner to support the appraised value-and is certified by an appraiser. 

  • Mixed Residential Construction Results, Another Lackluster Month

    October was another mixed but largely mediocre month for residential construction.  Permits were lower both on a monthly and an annual basis, while housing starts improved marginally, but only for the month. Completions also lagged earlier numbers. The Census Bureau and the Department of Housing and Urban Development said that permits were issued at a seasonally adjusted annual rate of 1,263,000 units, down 0.6 percent from the September rate of 1,270,000.  The September number was revised up from the original estimate of 1,224,000.  Permits in October were down 6.0 percent from the October 2017 rate of 1,343,000 units.

     

  • Builder Based Mortgage Companies be on Alert

    Builder Based Mortgage Companies be on Alert

    The post Builder Based Mortgage Companies be on Alert appeared first on National Real Estate Post.

  • After a Steady Run, Builder Confidence Finally Folds

    Builder confidence took a steep dive this month, reflecting increasing news of slowing home sales and rising concerns over affordability.  The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), a joint project of NAHB and Wells Fargo, dropped eight points.  The index, which has been floating in the 67 to  70 range since March, had a November level of 60, the lowest since July 2016. 

     NAHB Chairman Randy Noel said, "Builders report that they continue to see signs of consumer demand for new homes but that customers are taking a pause due to concerns over rising interest rates and home prices.".

  • Time to Get Real About the Numbers

    CLICK HERE FOR THE SPREADSHEET CLICK HERE FOR THE PRESENTATION CLICK HERE TO SCHEDULE A CALL WITH FRANK CLICK HERE TO GET YOUR COMPANY ON THE NREP

    The post Time to Get Real About the Numbers appeared first on National Real Estate Post.

  • New Home Sales, Prices Faded in October

    The Mortgage Bankers Association (MBA) notes that applications for the purchase of new homes declined by 2.1 percent in October compared to the same month in 2017.  Those applications were also 11 percent lower than in September.  The information, taken from responses to MBA's Builder Application Survey, does not include any adjustment for seasonal patterns. Based on the survey results and other assumptions including about market coverage, MBA estimates that new single-family home sales were at a seasonally adjusted rate of 673,000 in October, an increase of 4.7 percent from the September sales rate of 643,000 units. 

  • You Look Like Nice People

    You Look Like Nice People is all it took to hook me into an on-going relationship.

    The post You Look Like Nice People appeared first on National Real Estate Post.

  • Buyers Not Holding Their Breath for Short Term Market Relief

    It ain't going to get any easier... The National Association of Home Builders (NAHB) tells us these cheery words encapsulate the attitude of respondents to its survey regarding home purchasing. The company's Housing Trends Report for the third quarter of the year found that seven out of 10 of prospective homeowners think that shopping for a house is either going to get harder or stay about the same. The report focuses on the 13 percent of survey respondents defined as prospective homebuyers, that is persons planning on purchasing within the next year.  This percentage was 24 percent in the fourth quarter of 2017 and has declined steadily since.  Among Millennials surveyed, 19 percent had short term purchase plans as did 13 percent of Gen Xers.  

  • Fannie Mae Offering Relief Programs in Wildfire Areas

    Fannie Mae has expanded the menu of post-disaster services it is offering to its borrowers.  The new services are in addition to the up to 12 months of forbearance, waived fees, and temporary foreclosure moratorium that Freddie Mac and Fannie Mae (the GSEs) traditionally offer in the wake of hurricanes, wildfires, and other disasters.

    A press release from Fannie Mae, probably prompted by the unprecedented destruction and loss of life from wildfires in both the northern and southern parts of California, announces personalized case management services through its Disaster Response Network.  The program will provide personalized support "to address safety and basic needs, property repairs, employment, and financial recovery-all of which affect a borrower's ability to meet their mortgage obligations."

  • Mutual Mortgage Insurance Fund Outperforms for Fourth Year in a Row

    The Federal Housing Administration (FHA) said on Thursday that its Mutual Mortgage Insurance Fund (MMI Fund) exceeded its congressionally mandated minimum reserves in FY2018 for the fourth year in a row.  In its 2018 Annual Report to Congress the agency said its Capital Reserve Ratio was 2.76 percent at the end of the year, an 0.58 percentage point increase from FY2017.  The Economic Net Worth of the fund was $34.8 billion an increase of more than $8 billion from the previous year. The figure is comprised of Total Capital Resources of $49.24 billion and a negative Cash Flow NPV of -$14.38 billion.

     

  • Americans Have Way Too Much Equity…

    Americans Have Way Too Much Equity…

    The post Americans Have Way Too Much Equity… appeared first on National Real Estate Post.

  • Desperate Zillow Now Looking to Sell Seller Leads

    Desperate Zillow Now Looking to Sell Seller Leads

    The post Desperate Zillow Now Looking to Sell Seller Leads appeared first on National Real Estate Post.

  • Homes Sales and Prices in California May Have Hit an Affordability Tipping Point

    It may be that California, where home prices have exploded over the last few years, has jumped the shark when it comes to affordability.  CoreLogic's Andrew LePage writes in the company's Insights blog that September home sales in the state were the lowest in the country since September2007. The sales report comes in the wake of reports from several sources showing an abrupt slowdown in home price growth in many of the state's largest metros.  CoreLogic says the state's annual gain of 4.1 percent in the median home price statewide was the lowest in more than two years. 

  • Mortgage Applications: Refis at Lowest Levels Since 2000

    Mortgage application activity continued to shrink during the week ended November 9.  The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume dropped by 3.2 percent on a seasonally adjusted basis when compared to its level on November 2.  The index has declined by an aggregate of 9.7 percent since it posted its last increase back on October 19. On an unadjusted basis the index was down 5 percent. The Purchase Index also continued its downhill trend, decreasing 2.3 percent on an adjusted basis to its lowest level since February 2017.  The unadjusted Purchase Index fell 5 percent week-over-week and was 3.0 percent lower than the same week in 2017.

     

  • Millennials Could be Foregoing Equity Wealth

    While reams of research have been done on why members of the Millennial generation are less likely to own a home compared to their baby boomer and Gen X elders at the same age, the Urban Institute (UI) notes that knowing the reasons doesn't necessarily shed much light on the potential long-term implications of this behavior. Delaying homeownership, according to UI analysts Jung Hyun Choi and Laurie Goodman, may reduce the wealth the generations' members will acquire over their lifetime. Goodman and Choi used a dataset called the Panel Study of Income Dynamics (PSID) which has tracked individuals since 1968 to identify individuals who reached age 60 between 2003 and 2015 and gather information on their histories, including the age at which they bought their first homes.  

  • Making Veterans a Protected Class

    Making Veterans a Protected Class

    The post Making Veterans a Protected Class appeared first on National Real Estate Post.

  • Barry Habib Shows Cash Out Home Run

    Barry Habib Shows Cash Out Home Run!

    The post Barry Habib Shows Cash Out Home Run appeared first on National Real Estate Post.

  • Meet the New Boss – Maxine Waters

    Meet the New Boss – Maxine Waters

    The post Meet the New Boss – Maxine Waters appeared first on National Real Estate Post.

  • CoreLogic: Easing Standards for DTI, LTV Underwriting

    A deep dig into recent home purchase loans shows that some of the underwriting standards employed by FHA and the GSEs (Fannie Mae and Freddie Mac) eased over the year that ended with Q2 2018.  Archana Pradhan, an analyst with CoreLogic's Mortgage Finance and Risk Management Department writes in the company's Insights blog that neither conventional nor FHA lending extended the easing to their respective treatment of credit scores.    CoreLogic looked at the three key factors in mortgage underwriting, debt-to-income (DTI) and loan-to-value (LTV) ratios along with credit scores.  

  • Share of "Affordable" Homes Falls to 10-Year Low

    Housing affordability crept down again in the third quarter of 2018 reaching, according to the National Association of Home Builders (NAHB), a ten-year low.  The NAHB/Wells Fargo Housing Opportunity Index (HOI) indicates that 56.4 percent of new and existing homes that were sold nationwide during the quarter were affordable to families earning the U.S. median income of $71,000.  In the second quarter 57.1 percent of homes were affordable by this measure.  Affordability, according to the 2nd quarter reading, is the lowest since mid-2008.

  • Delinquency Recovery Interrupted by Natural Disasters

    The ongoing improvement in mortgage performance hit a slight snag in the third quarter of 2018, one that appears to be disaster related.  The Mortgage Bankers Association (MBA) said the National Delinquency Survey found the national delinquency rate grew by 11 basis points (bps) from the second quarter to 4.47 percent.  This was, however an improvement of 41 bps from the same quarter in 2017.  Foreclosure starts continued to decline, dropping 1 bp quarter-over-quarter to 0.23 percent, its lowest level since, not just the recession, but 1985.

     

  • Careful of Those Hiring Bonuses

    Careful of Those Hiring Bonuses

    The post Careful of Those Hiring Bonuses appeared first on National Real Estate Post.

  • Housing Sentiment Continues to Sour as Economy Booms

    Despite the success of the U.S. economy as of late, housing sentiment seems to have hit a rough patch.  Fannie Mae said its Home Purchase Sentiment Index (HPSI) continued to decline in October, moving lower for the third time in four months.  The index, based on responses to a portion of questions in the National Housing Survey, fell by 2.0 points to 85.7 with five of the six components posting declines and the fifth unchanged from September. The net share of Americans who say it is a good time to buy a house fell 5 percentage points to only 21 percent. 

  • Zillow Continues to Move Across the Country Buying and Selling Homes

    Zillow Continues to Move Across the Country Buying and Selling Homes

    The post Zillow Continues to Move Across the Country Buying and Selling Homes appeared first on National Real Estate Post.

  • Jumbo Credit Access Surged in October

    The ease of access to mortgage credit rose in October according to the Mortgage Credit Availability Index.  An increase in the Index, a product of the Mortgage Bankers Association (MBA), indicates that credit standards are loosening while a decline is a sign that standards are tightening. The 2.5 percent change in October took the composite index to 186.7. Among its components the Conventional MCAI, which itself is composed of two indices, gained 5.5 percent. One of its sub-measures, the Jumbo MCAI, surged by 6.3 percent while the other, the Conforming MCAI was 4.6 percent higher. Moderating the overall gains, the Government MCAI ticked down 0.4 percent.

     

  • Mortgage Apps: Down to Four-Year Low, Highest Rates Since 2010

    The week ended November 2 was another week of retreat for mortgage applications as the Mortgage Bankers Association's (MBA's) Market Composite Index dropped by 4.0 percent on a seasonally adjusted basis. This brought the index to its lowest level since December 2014. The index was down 2.0 percent on an unadjusted basis compared to the previous week. The Refinance Index decreased 3 percent and the share of applications that were for refinancing shrunk to 39.1 percent from 39.4 percent of the total.  Despite fluctuating almost weekly and even with rising interest rates, the share of loans that were for refinancing has declined by only a  net of 2 percentage points since the end of July.

     

  • Here is Some Data You Can Sink Your Teeth Into

    Here is Some Data You Can Sink Your Teeth Into

    The post Here is Some Data You Can Sink Your Teeth Into appeared first on National Real Estate Post.

  • Surge in Cash-Out Refis Doesn't Concern UI Researchers

    Cash-out refinancing is currently a larger share of the refinance market than at any time since the financial crisis. However, the Urban Institute (UI) says even though those refinances were one of the main contributors to the crash, the present trend doesn't worry them. Cash out loans, defined as those where the new loan is at least 5 percent larger than the loan it replaces, made up 77 percent of total refinances in the second quarter of 2018.  According to Freddie Mac, which tracks its loans that are refinanced into another Freddie Mac product, this is the largest share since 2008.

     

  • Zillow Mortgage Gets Underway

    Zillow Mortgage Gets Underway

    The post Zillow Mortgage Gets Underway appeared first on National Real Estate Post.

  • Black Knight: The Rising Toll of Rates on Refinancing, Affordability

    By mid-October the average interest rate for 30-year fixed rate mortgages (which at that point was at 4.85 percent) represented an increase of 85 basis points from the first of the year and 35 basis points just since August.  In light of this, Black Knight's September Mortgage Monitor attempts to measure how many homeowners might still have an incentive to refinance their homes.  They estimate that the refinanceable population has been more than cut in half (a 56 percent reduction) since the beginning of 2018 as some 2.2 million people have lost that incentive.  This leaves only about 1.86 million homeowners who would be likely to qualify for refinancing and still have a rate-based reason to do so.

     

     

     

  • To Heck with the Rate Predictions!

    To Heck with the Rate Predictions!

    The post To Heck with the Rate Predictions! appeared first on National Real Estate Post.

  • Affordability Now Biggest Concern as Metro Home Prices Rise

    Single family home prices increased during the third quarter of 2018 in 93 percent or 166 of the 178 metropolitan areas tracked by the National Association of Realtors® (NAR).  NAR's quarterly report on existing home sales and metro area prices again faults the low level of moderately priced homes for stifling home sales and continuing to drive prices higher. None-the-less, there was a tiny bit of deceleration noted in the third quarter report. NAR says the national median price for an existing single-family home was $266,900, an increase of 4.8 percent from the third quarter 2017 median of $254,700.  This is a 0.1 point smaller rate of increase than in second quarter.

  • Multifamily Construction Boosts Residential Spending Numb