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  • Purchase Loans on the Rise

    Purchase Loans on the Rise

    The post Purchase Loans on the Rise appeared first on National Real Estate Post.

  • Mortgage Apps Gaining Ground Despite Higher Rates

    Labor Day typically marks the end of summer and the resumption of business as usual.  Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, was up 1.6 percent on a seasonally adjusted basis during the week ended September 14.  On an unadjusted basis the volume increased 12 percent from the previous week which was shortened by the Labor Day holiday.

     

  • Home Starts Improve, but There's a Catch

    Both permits and starts were expected to pick up in August, at least holding on to their slight gains in July.  Housing starts did deliver, posting a strong increase, but permits, a leading indicator, were down sharply. The U.S. Census Bureau and Department of Housing and Urban Development report that permits fell by 5.7 percent in August to a seasonally adjusted annual rate of 1,229,000 compared to the July rate of 1,303,000.  The July number was a downward revision from the 1,311,000 units originally reported.  This knocks the rate of permitting below the August 2017 level of 1,300,000 units by 5.5 percent. 

  • Enter the Jedi Salesperson

    Enter the Jedi Salesperson

    The post Enter the Jedi Salesperson appeared first on National Real Estate Post.

  • Downpayments Hit Record Levels

    There were quite a few recent milestones, high and low, noted in the Quarter 2 Residential Property Loan Origination Report from ATTOM Data Solutions.  The report covers the 2.09 million 1 to 4 unit residential loans originated during the quarter, an increase of 15 percent from the first quarter but only 1 percent more than a year earlier. One striking finding was the increase in the size of downpayments during the quarter - a median of $19,900, a record high in data going back to the first quarter of 2000. This is a 19 percent increase from $16,750 in the previous quarter and 18 percent from $16,925 in the same quarter last year.  At a percentage, that represents 7.6 percent of the median sales price of the homes purchased with a mortgage during the quarter, compared to 6.6 percent in both of the two earlier periods.  

  • Fannie Thinks Economic Expansion Just Peaked

    The robust growth in the economy in the second quarter may be the final peak of this expansion according to Fannie Mae's Economic Development Report for September.  Initial data indicates the 4.2 percent growth last quarter appears to be moderating to the estimated third quarter gain of 3.2 percent predicted in the August report.  All factors considered, including inventory restocking and increased government spending leads Fannie's Economic and Strategic Research Group (ESR) to expect full-year 2018 growth of 3.0 percent before a slowdown to 2.3 percent in 2019 as the fiscal stimulus runs its course.

  • House-Hungry Millenials Help Keep Builder Confidence Solid

    Builder confidence in the market for newly-built single-family homes stabilized a bit in September. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which has been wobbly in recent months, retained its August reading of 67 in September. The two months are tied at the lowest level of the index so far this year. "Despite rising affordability concerns, builders continue to report firm demand for housing, especially as millennials and other newcomers enter the market," said NAHB Chairman Randy Noel. "The recent decline in lumber prices from record-high levels earlier this summer is also welcome relief, although builders still need to manage construction costs to keep homes competitively priced."

     

  • The Cost of MLO Independence

    The Cost of MLO Independence

    The post The Cost of MLO Independence appeared first on National Real Estate Post.

  • Lower Priced Homes Driving New Home Sales

    While applications for financing new home purchases declined in August, the Mortgage Bankers Association (MBA) is predicting a bump in the month's new home sales.  The MBA's Builder Applications Survey (BAS) data for August show mortgage applications for new home purchases decreased 2.0 percent from applications in July and were down 4.6 percent compared to August 2017. This change does not include any adjustment for typical seasonal patterns. Based on the information from the BAS as well as assumptions regarding market coverage and other factors, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 669,000 units during the month.

  • CoreLogic: Hurricane Florence Losses Estimated at $3 to $5B

    Even as Hurricane Florence is pushing unprecedented levels of flood waters into North and South Carolina homes, CoreLogic is issuing estimates regarding the storm's dollar costs.  Their analysis shows that insured property losses for both residential and commercial properties will be between $3 and $5 billion. CoreLogic basis its estimates on the National Hurricane Center's 8 a.m. September 13 track of the storm and the cone of uncertainty.  Florence made landfall mid-morning on September 14 near New Bern, North Carolina and 250,000 homes in that state are projected to be affected by the hurricane. 

  • Home Buyer Still Confused on Down Payment

    Home Buyer Still Confused on Down Payment

    The post Home Buyer Still Confused on Down Payment appeared first on National Real Estate Post.

  • Mortgage Fraud Risks Rise, Especially Income Fraud

    The risk of mortgage fraud jumped by 12.4 percent on an annual basis in the second quarter, the seventh consecutive quarter in which it has increased.  CoreLogic said its Mortgage Application Fraud Risk Index now puts the rate of fraud at 0.92 percent or one of every 109 mortgage applications received.  In the second quarter of last year the index was 0.82 percent or 1 in 122 applications. The increase was present in all market segments, but the segment for conforming mortgages with loan-to-value (LTV) ratios of 80 percent or less experienced the largest. 

  • Crushing Call Reluctance

    Crushing Call Reluctance by Carl White.

    The post Crushing Call Reluctance appeared first on National Real Estate Post.

  • Most Credit Scores Rose After Reporting Changes; Some Fell

    In the last half of 2017 the three credit bureaus, Equifax, TransUnion, and Experian, agreed to change the way they handle collection accounts.  These accounts represent a wide variety of debt - unpaid gym memberships, unpaid traffic tickets, delinquent rent, even unreturned library books.  However unpaid medical bills account for about 52 percent of those debts.  Another 23 percent are utility bills, and about 6 percent are debts that have defaulted and been sold to third party collection firms.  About 40 percent of consumers with a credit report have had a debt in collections on their record at some point.

  • Consumers Optimistic on Home Values

    Consumers Optimistic on Home Values

    The post Consumers Optimistic on Home Values appeared first on National Real Estate Post.

  • More Competition and Less Demand? Lender Margins Looking Dismal

    Mortgage lenders appear to be holding credit standards stable despite increasing competition and declining demand and profit expectations.  Fannie Mae's third quarter Mortgage Lender Sentiment Survey found an increasing number of respondents reporting a net negative profit margin outlook, the eighth consecutive quarter they have done so.  The net negative was 20 percent compared to 17 percent in the second quarter and 12 percent in the third quarter of 2017, however it was lower than in either the fourth quarter of last year or the first quarter of this year when the net negatives were 22 percent and 31 percent respectively.

     

     

  • Jumbo Loan Guidelines Tightened in August

    The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) moved lower in August due to a decline in its jumbo loan component index.  The composite MCAI decreased 0.3 percent to 183.5.  A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

    "Overall credit availability saw a slight decrease in August, for the first time in four months, as the jumbo index retreated from its record high in July. Strong month-over-month increases in the jumbo index reversed because of a reduction in the...

  • Mortgage Apps: Purchases Up, Refis Retreat During Holiday Hampered Week

    Mortgage applications for home purchases managed to move higher for the second straight time last week in spite of the usual lag in activity that accompanies a holiday shortened work week.  The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, declined 1.8 percent on a seasonally adjusted basis during the week ended September 17.  On an unadjusted basis the index was down by 13 percent, reflecting the Labor Day holiday on Monday. The weeks numbers were further adjusted to account for the holiday.

     

  • As Rents Soften Move-up Seller Needs Increase

    As Rents Soften Move-up Seller Needs Increase

    The post As Rents Soften Move-up Seller Needs Increase appeared first on National Real Estate Post.

  • Eye on Housing: Labor and Wage Demands Push Home Prices Higher

    Last week we summarized a report from the National Association of Home Builders on the acute labor shortages builders are indicating in responses to the NAHB/Wells Fargo monthly Housing Market Index survey. The July version asked a set of special questions about the availability of both employed labor and subcontractors in each of 15 different trades.  That survey also asked builders about the effects the shortages were having on their businesses. Paul Emrath again examines on the survey results in NAHB's Eye on Housing blog and says the most widespread effects are on wages. 

  • Warehouse Product; Servicing Sale; Residential Co. Moves; Conventional/Conforming News

    “Rob, although the initial commotion about Amazon entering the mortgage biz has died down, my management team believes it is still a threat. We have heard, however, that plenty of resi companies use Amazon’s servers to host their sites. Is this true?” “Plenty” is a little vague. I don’t know how many, or exactly who, or the IT implications, but here are a couple of quick, easy to find references: Blend, Roostify, and CloudVirga. To the best of my very limited IT knowledge, Amazon Web Services is entirely separate from Amazon’s other ventures.

  • Will Layoffs Suffer Service for Profits

    Will Layoffs Suffer Service for Profits

    The post Will Layoffs Suffer Service for Profits appeared first on National Real Estate Post.

  • Billions in Modified Pre-Crash Loans Continue to Perform

    Whether due to lessons learned from the foreclosure crisis, an improved economy, or a combination of these and other factors, Black Knight, in its current Mortgage Monitor, shows that foreclosure prevention measures can work.  The company says that the reperforming loan (RPL) market now has nearly 1.84 million borrowers who are current on their mortgages.  At some point each of these was at least 120 days past due on that obligation.  This pool of borrowers represents $306 billion in outstanding mortgage debt. The number of borrowers who have cured serious delinquencies is up by 30,000 since the first of the year as many of those who fell behind due to last year's hurricanes have been able to catch up on their payments.

     

     

     

  • Increasingly Dire Labor Shortages in Builder Trades

    Nearly all of America's home builders say they are facing significant shortages of skilled labor, both in the form of direct labor and as subcontractors. The lack of all types of carpenters is especially critical. The National Association of Home Builders (NAHB) included a set of special questions about labor availability in its NAHB/Wells Fargo Housing Market Survey in July and found that an inadequate supply of both labor and subcontractors was even more widespread than in July 2017.  Paul Emrath, writing in NAHB's Eye on Housing blog says builders were asked about labor availability in 15 specific occupations and found shortages of labor directly employed by builders were at least fairly widespread for each of the 15 occupations, ranging from a low of 47 percent for building maintenance managers to a high of 83 percent for rough carpenters. 

  • Between Two Files

    Between Two Files. A great episode from the boys at TheRESource.tv

    The post Between Two Files appeared first on National Real Estate Post.

  • Housing Goldmine Gets 2 New Years of Data

    Housing trivia probably isn't a major hobby, but if you are into it, it is your birthday and the U.S. Census Bureau brought a present. The Bureau has just released the results of its 2017 American Housing Survey .  Not to make light of it, the biennial AHS is a huge aid to researchers or anyone who needs information on the size, composition, condition, and amenities that exist in the nation's housing stock.  But it is also kind of fun.

    The release includes national level data and more granular information on seven states (California, Colorado, Florida, New York, Ohio, Pennsylvania, and Texas) and 41 metropolitan areas, a number which includes most major American cities. 

  • Employment Sentiment Buoys Consumer Sentiment Results

    Consumers appear to be increasingly upbeat about their jobs and their income, but dramatically less so about getting involved in the real estate market.  After two months of depressed results, Fannie Mae’s Home Purchase Sentiment Index (HPSI) gathered some oomph, rising 1.5 points to 88.0. The Index, based on responses to the company’s National Housing Survey (NHS), rose despite continued negative sentiment in its housing components.The net share of Americans who told survey takers they are not concerned about losing their jobs jumped 15 percentage points in August, more than recovering from an 11 point plunge in July and reaching a new survey high. 

  • Sometimes Insanity is Just What Works Best

    Sometimes Insanity is Just What Works Best. CLICK HERE for the DS News Story.

    The post Sometimes Insanity is Just What Works Best appeared first on National Real Estate Post.

  • Yelp Reviews Helping Home Prices?

    Will appraisals soon need to indicate a home's driving distance to the nearest cold-brew drive-through? Could be. According to a new study by the Harvard Business School, when an outlet for Starbucks opens in a community, home prices in that ZIP code rise by 0.5 percent within one year.

    The information emerged from a larger study on gentrification which was conducted using census data as well as data from Yelp.   

    The study's authors say that Yelp may be a potential new tool for policymakers to monitor gentrification, the process of rebuilding homes and businesses in an area followed by an influx of more affluent residents. 

  • Leads, Marketing and Zillow Proofing Your Business

    Like this video? Feel free to subscribe to www.theREsource.tv

    The post Leads, Marketing and Zillow Proofing Your Business appeared first on National Real Estate Post.

  • Increased Utility Cost Impacting Real Estate

    Increased Utility Cost Impacting Real Estate

    The post Increased Utility Cost Impacting Real Estate appeared first on National Real Estate Post.

  • Public Sector Spending Helping Residential Construction

    Spending on residential construction continued to outpace construction in general in July although new home construction appeared to falter.  The U.S. Census Bureau reports that total spending on construction during the month was at a seasonally adjusted annual rate of $1.315 trillion.  This is a 0.1 percent improvement over the revised June estimate of $1.314 trillion and is up 5.8 percent compared to July 2017, with the percentage gains coming from public sector projects. On a non-seasonally adjusted basis total construction spending during the month was $121,473 billion compared to $118,737 billion in June.  

  • Pre-Holiday Mortgage Applications Dip Slightly, Rates Flat

    Purchase applications increased slightly during the week ended August 31, but overall mortgage activity fell slightly according to the Mortgage Bankers Association (MBA).  Its Market Composite Index, a measure of application volume, was down 0.1 percent on a seasonally adjusted basis compared to the prior week.  On an unadjusted basis the index lost 2.0 percent. Purchase mortgage activity gained 1.0 percent on a seasonally adjusted basis heading into the Labor Day weekend but was down 2.0 percent unadjusted.  The unadjusted index held on to a 2.0 percent advantage over the same week in 2017.

     

  • Warren Buffett Reduces Sales Price on His Home

    Warren Buffett Reduces Sales Price on His Home CLICK HERE to start an NFL Eliminator Pool

    The post Warren Buffett Reduces Sales Price on His Home appeared first on National Real Estate Post.

  • The (Not So) Curious Case of the Shrinking Homestead

    "Go West" may not be the best advice for someone in search of elbow room.  The National Association of Home Builders (NAHB) says that housing lot sizes are shrinking everywhere, but they are smallest in the Pacific and Mountain divisions, and in the furthest west division of the South. The median lot size for a new single-family detached home was 10,000 square feet in 1992.  Ten years later it had fallen under 9,000 square feet but shot back up during both the housing boom and the housing crisis (our guess, because fewer lower priced homes were being built) before resuming a gradual but fairly steady decline. 

  • Jumbo Loans Back in Style?

    Taking out a mortgage with an origination balance higher than whatever the conventional loan limit was at the time used to be an expensive proposition.  Home buyers and refinancers had an incentive to do whatever they could - higher down payments, piggy back second mortgages - to get their loan under that conventional limit in order to reap the benefits of lower borrowing costs. However, as Archana Prahan writes in the CoreLogic Insights Blog, since mid-2013 a jumbo loan has had lower borrower costs than a conforming loan, currently defined as one with a balance at or under $453,100. 

  • HomeReady: Several Big Advantages Over FHA

    Fannie Mae’s 3% down payment HomeReady program was rolled out in 2016. HomeReady has numerous advantages over FHA loans (historically the most common “low down payment” option) and other conventional loans. We’ll compare them in this series. Today, let’s look at mortgage insurance costs:

    No upfront mortgage insurance premium: While both HomeReady and FHA have low down payments (3% for HomeReady, 3.5% for FHA), FHA loans add an upfront mortgage insurance premium (UFMIP) of 1.75% of the amount borrowed to...

     

  • Coaching Company Gets Lender Fined $1.6MM

    Coaching Company Gets Lender Fined $1.6MM – CLICK HERE to see the Press Release.

    The post Coaching Company Gets Lender Fined $1.6MM appeared first on National Real Estate Post.

  • Builders Still Missing the Mark

    Builders Still Missing the Mark

    The post Builders Still Missing the Mark appeared first on National Real Estate Post.

  • Sun Belt has Lock on "Young" Housing

    Earlier this month the National Association of Home Builders' (NAHB's) Eye on Housing blog featured a story on America's aging housing stock.  NAHB analyst Na Zhao used 2016 American Community Survey (ACS) data to put the median age of owner-occupied homes at 37 years compared to a median age of 31 years in 2005.  The aging trend had picked up speed during the Great Recession. Zhao says the age of the housing stock is an important indicator for home remodeling as older houses are less energy efficient than new construction and ultimately will require remodeling and renovation lest they fall into disrepair and out of the housing inventory. 

  • Freddie Mac's Portfolio up 3.2 Percent for Year

    Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 3.5 percent in July.  The portfolio balance at the end of the period was $2.136 trillion compared to $2.130 trillion at the end of June and $2.044 trillion at the end of July 2017. Purchases and Issuances totaled $32,721 billion, bringing the 2018 year-to-date total to $215.891 billion, Sales were ($1.028) billion and Liquidations ($25.413) billion in July and totaled ($12.873) and ($164.198) billion respectively so far this year.  The annualized growth rate for 2018 through the end of July was 3.2 percent and the annualized liquidations rate was (13.4) percent. 

     

  • Freddie Mac Updates Selling Guide, Introduces New Product

    Freddie Mac will be consolidating two of its mortgage products into a single offering effective October 29, 2018.  The company announced this and other changes to its Selling Guide in a Bulletin on Wednesday. The affected products are Freddie Mac's Home Possible and Home Possible Advantage Mortgages. The company said it is making the change in response to seller feedback and to provide those sellers with improved operational efficiencies and ease of use.  The new product will offer the same loan-to-value (LTV) and total LTV (TLTV) ratios as in the Home Possible Advantage program although certain requirements and loan attributes will continue to vary depending on those ratios.

     

  • Millennials Not Such a Good Home Buyer Demographic

    Millennials Not Such a Good Home Buyer Demographic After All?

    The post Millennials Not Such a Good Home Buyer Demographic appeared first on National Real Estate Post.

  • Consumers Want More Online Mortgage Features

    The Fannie Mae's National Housing Survey (NHS) polls a large panel of consumers monthly about their attitudes toward housing and related topics and generally reports on five or six of the survey's trendlines. Others of the 100 or so questions form the basis for occasional special reports such as a new one in the company's Perspectives Blog. Henry Cason, the company's head of Digital Products, details some new revelations about consumers' appetite for better digital resources to speed up the mortgage process.

     

  • Freddie Sees 2 Big Problems For Housing

    Freddie Mac analysts see a two-pronged threat to housing sales for the remainder of the year, especially in the previously high-flying western part of the country.  The company's economic outlook for August notes that the ongoing lack of housing supply and the not unrelated affordability issues will probably keep a lid on the growth of home sales going forward.

    "The housing market hit some speed bumps this su