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  • Square Peg Round Hole

    Square Peg Round Hole

    The post Square Peg Round Hole appeared first on National Real Estate Post.

  • New Home Sales Need More Trees and Contractors

    The Mortgage Bankers Association (MBA) is projecting a decline in new home sales for June, putting them significantly behind those in June 2017.  MBA's Builder Applications Survey (BAS) shows mortgage applications for the purchase of newly constructed homes were down 12 percent from May and 8.8 percent year-over-year. The survey's results are not adjusted to reflect seasonal patterns.

     "Applications for new home purchases fell in June, both compared to last year at this time and relative to May, which fits the seasonal pattern. So far this year, new home applications are up 2.5 percent relative to the first 6 months of 2017. Our sense is that builders remain constrained by the tight job market for construction labor and rising input costs, particularly lumber costs," said Mike Fratantoni, MBA Chief Economist and Senior Vice President of Research and Industry Technology.

  • Inflation Data Shows Deceleration in Housing Costs

    While the Labor Department's Employment Situation Report for June showed wages plodding along at a 2.7 percent annual increase, unchanged from May, it is still being outstripped by rising costs, especially for housing. Today's Consumer Price Index (CPI) report shows consumer costs overall were up 2.9 percent with the shelter portion rising 3.4 percent over the last 12 months.

    Shelter is one of the categories in the CPI's "market basket," the goods and services that the Bureau of Labor Statistics (BLS) considers necessary for day-to-day living.  The CPI does not include housing units which it views as capital or investment rather than consumption items.  Shelter is viewed as a "service" provided by that investment and is thus a consumption item.

  • New SCOTUS Pick Could Kill CFPB as We Know It

    New SCOTUS Pick Could Kill CFPB as We Know It

    The post New SCOTUS Pick Could Kill CFPB as We Know It appeared first on National Real Estate Post.

  • Black Knight: Tappable Equity Skyrockets, But HELOC Loans Decline

    This month's Mortgage Monitor Report from Black Knight, Inc. is again about equity, but this time with a twist regarding the way homeowners are treating it.  The company says that the tappable equity held by homeowners increased by $820 billion dollars over the 12 months that ended in March, $380 billion in the first quarter of 2018 alone. Those numbers equate to 16.5 percent growth year-over-year, and 7 percent for the quarter.  Equity growth is generally highest in the first and second quarters of the year, but the first quarter growth this year was up 30 percent from the same quarter in 2017.  It was the highest single-quarter increase recorded by Black Knight since it began keeping records in 2005. 

     

  • Bring on the Inevitable Housing Crash

    Bring on the Inevitable Housing Crash

    The post Bring on the Inevitable Housing Crash appeared first on National Real Estate Post.

  • Jumbo Guidelines Loosening Quicker Than The Rest

    The Mortgage Bankers Association attributed an increase in its Mortgage Credit Availability Index (MCAI) last month to increased competition among lenders for the jumbo prime mortgage market.  MBA said its index increased 0.2 percent in June to 181.0. An increase in the Index indicates that credit standards are loosening.

    Due to competition which MBA's Chief Economist and Senior Vice President Mike Fratantoni categorized as "fierce," the Jumbo MCAI rose 9.3 percent from May to June and is now over 300.  The Index was benchmarked to 100 in March 2012.  The increase in that index component was offset by a decline in the Government MCAI which was down 3.9 percent.  Fratantoni attributed recent tightening in government lending, which put that index, at its lowest point since the summer of 2016, to ...

  • Mortgage Application Volume Ignores Holiday, Purchases Make Strong Showing

    Despite the Independence Day holiday which both shortened and bisected the week, mortgage activity rallied significantly during the week ended July 6.  The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, increased 2.5 percent on a seasonally adjusted basis compared to the week ended June 30.  The holiday did take a toll on the unadjusted numbers with the overall index dropping 18 percent. The week's results were driven by strong growth in the volume of purchase mortgage applications. That index was up 7 percent from the previous week on a seasonally adjusted basis although it declined 15 percent unadjusted. 

  • New Encompass Mobile App – Yay or Nay

    New Encompass Mobile App – Yay or Nay

    The post New Encompass Mobile App – Yay or Nay appeared first on National Real Estate Post.

  • Housing Sentiment Still Optimistic, but Losing Momentum

    Americans may still feel it is a good time so sell a home and a so-so one for home purchases, but, in June at least, they were feeling a little edgy about their job security.  Fannie Mae says its Home Purchase Sentiment Index, a measure based on results from the National Housing Survey (NHS), declined last month from new survey highs reached in April and May. The Index was down 1.6 points to 90.7 in June, the drop attributed to four of the six components that go into its calculation. The Index is 2.4 points higher than in June 2017.

     

     

     

  • Financing a Condo? Recent Guideline Changes Could Make a Big Difference

    Fannie Mae recently made some fairly big changes to the condo underwriting process.  While it may not affect everyone in the market for a condo, it will make all the difference for others.  MND community member Ted Rood provided this excellent overview:

    If you've ever financed a condo, you're likely familiar with the term "condo reviews".  These reviews include analysis of condo complexes' financials and insurance, breakdowns on units' ownership and residency, the percentage of owners in arrears on Home Owners' Association (HOA) dues, any pending legal actions, and more.  Lenders must obtain them on every condo loan, in one of two different variations: "limited" and "full" reviews. If complexes don't meet the requirements, buyers in that HOA can't get financing.  Far more complexes fail full reviews than limited, a distinction I always address with clients early in the loan process.

  • Foreclosure Inventory Cruising on at 11-Year Low

    The foreclosure inventory, that is the percentage of loans in the process of foreclosure, appears to have stabilized at 0.6 percent of all outstanding first mortgage loans.  CoreLogic said on Tuesday that that the inventory has been unchanged at that level, the lowest since June 2007, since last August.  The number is down 1 basis point compared to April 2017. The company's monthly Loan Performance Insights Report shows that, nationally, 4.2 percent of mortgages were past due by 30 days or more in April, including loans in foreclosure.  This is a 0.6 percentage point decline in the overall delinquency rate compared with the previous April when it was 4.8 percent.

     

  • Is This the New Crisis?

    Is This the New Crisis?

    The post Is This the New Crisis? appeared first on National Real Estate Post.

  • Headship Rates Indicate 2.4M Missing Millennial Households

    Recently the National Association of Home Builders (NAHB) released a study, based on census data, showing an increasing percentage of young adults, about a third of those in the Millennial generation, living with parents, other relatives, or with unrelated house- or roommates.  A second part of that study looks at the correlating rates of homeownership and where both those sharing living quarters and those aged 24 to 35 who have moved out on their own tend to be located. NAHB's Natalia Siniavskaia says only 40 percent of those in that age group led their own households in 2016, the last year for which data is available, compared to 46 percent in both 1990 and 2000.  

  • Have a Great Weekend

    We’ll be back on Monday!  Hope you all had a wonderful 4th of July Holiday! Don’t miss out on Angel Oaks “New Biz Toolkit” Webinar on August 2nd where you’ll learn: How to add new business into your pipeline FAST. Where to find the new business. The short easy scripts you need to get the […]

    The post Have a Great Weekend appeared first on National Real Estate Post.

  • Can A.I. Fix Income Calcs For Mortgages? Funny You Should Ask

    Fannie Mae's Lender Sentiment Survey has foreshadowed the growing attention to automating the loan approval process.  That survey underlined the extent to which lenders are viewing increased efficiency as key to reversing their declining profitability expectations. Freddie Mac has talked about the growing need for lenders to embed artificial intelligence (AI) into their internal operations and now CoreLogic has jumped in with a specific area in which it sees a need for streamlined software, borrower income verification.

  • Wisdom From the Streets of Nebraska

    Wisdom From the Streets of Nebraska

    The post Wisdom From the Streets of Nebraska appeared first on National Real Estate Post.

  • At Mid-Year, Mortgage Application Volume Continues Decline

    In spite of a slight uptick in purchase activity, the overall pace of mortgage applications fell again during the week ended June 29.  The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of that volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier and was down 1 percent unadjusted. Last week marked the mid-point of 2018, and the year has, so far, been notable for its declining volume. The MBA Index has been up in 11 of the 26 weeks, and only four of those gains have come since mid-March.

     

     

  • Overcoming Vocational Irony as AI Role Grows

    A sure sign that a topic has progressed beyond trending and is now “trended” is when its acronym has firmly replaced the actual name.  Artificial intelligence, the theory and development of computer systems able to perform tasks that normally require human intelligence, such as speech recognition or decision-making, has been discussed by techies since at least the early 1970s.  However, its journey from something few understood to wide recognition of the verbal shortcut “AI” has happened in only a few short years. Now that it is mainstream there is a lot of discussion about how best to manage it and get the most from it.

  • Millennials Still Aren't Home Alone

    Millennials, it is said, are finally moving out on their own, establishing households and buying houses.  But, if new research from the National Association of Home Builders (NAHB) is correct, quite a few of them are bucking the trend.

    Natalia Siniavskaia writes in NAHB's Eye on Housing blog that sharing living quarters with others is still a hallmark of the generation which is now aged 25 to 34, and its popularity is growing.  She says that only 4 percent of those who were in that same age group in 1990 shared living quarters with roommates, housemates, and other non-relatives. By 2016 that number had nearly doubled to 7.5 percent. In addition, 21 percent are still living with parents or in-laws compared to 12 percent 28 years ago, and another 5 percent (versus 3 percent in 1990) are living with relatives other than parents.  This means that more than 15 million, or one in three Millennials, is sharing housing with relatives or non-related persons.

  • Barry Habib Sees Pressure on MBS

    Barry Habib Sees Pressure on MBS

    The post Barry Habib Sees Pressure on MBS appeared first on National Real Estate Post.