Sep 29
1 Million Homes Regain Equity Nearly 950,000 homes returned to positive equity in the second quarter, now bringing the total number of residential homes with equity nationwide to more than 44 million, according to CoreLogic’s Equity Report. “The increase in borrower equity of $1 trillion from a year earlier is evidence that things are moving …
Sep 26
National Association of REALTORS to Federal Aviation Administration: Lift Ban on Drones The National Association of REALTORS® sent a letter this week to the Federal Aviation Administration asking the agency to consider permitting the use of drones, or Unmanned Aerial Vehicle (UAV) technology, in real estate, arguing that the technology does not pose a …
Sep 24
Bank of Mom and Dad for Housing Purchases First-time buyers are increasingly turning to their parents to help fund their home purchases. Twenty-seven percent of first-time home buyers last year received a cash gift from relatives or friends for a down payment, according to the National Association of REALTORS®. That’s up from 24 percent …
Sep 23
Lending Giants Shy Away From FHA Loans The nation’s largest home lenders are curtailing their involvement in Federal Housing Administration loans, known for their small down payment requirements and help to first-time buyers and lower-income Americans. Lenders say they are concerned that they will be penalized if underwriting errors occur and the loans default. Therefore, …
Sep 22
Mortgage Rates Make Biggest Jump of the Year Mortgage rates were on the rise this week, with fixed-rates making the biggest one-week leap so far this year, Freddie Mac reports in its weekly mortgage market survey. Fixed-rate mortgages are now at the highest level since the week ending May 1. Freddie Mac reports the following …
Sep 19
Discount on Your Mortgage Lending giants Bank of America Corp. and Citigroup reportedly will offer mortgages at discounted rates to stir more lending among low-income borrowers and those with subprime credit histories. The loans will be originated through a program by the Neighborhood Assistance Corp. of America, a national nonprofit group that primarily assists low- …
Sep 18
What’s Necessary to Bring Back First-Time Buyers… The Federal Housing Administration’s rise in its mortgage insurance fees in recent years is pricing many “creditworthy Americans out of the market” and causing the number of first-time home buyers to reach new lows, housing analysts argue. First-time home purchases have fallen to historic lows. They account for …
Sep 17
Renters Account for Growth in Household Formation Construction on buildings with at least five apartments reached the highest monthly pace since the beginning of 2006, Freddie Mac reports in its Economic and Housing Market Outlook for September. But one big difference compared to 2006, Freddie economists note, is that there is less development of condominium …
Sep 16
Fear Is Holding Many Buyers Back Nearly two-thirds of Americans recently surveyed say they believed a stellar credit score was necessary to purchase a home, and more than 40 percent said they needed a down payment equal to or at least 20 percent of the purchase price to buy a home today, according to a …
Sep 15
School Districts Lift Home Prices Homes within highly rated school districts tend to have a higher median sales price, sell for a greater percentage over the list price, and sell faster, according to a new study by the real estate brokerage Redfin. Highly rated public schools were found to have homes with a median sales …
Sep 12
Analysts Are Still Bullish on Housing A slowdown in price growth and in the housing market hasn’t prompted Capital Economics analysts to change their housing forecast. They still see growth ahead for the sector. Paul Diggle, property economist at Capital Economics, says he remains bullish on the housing market and mortgage growth in the coming …
Sep 11
Buyers Facing Less Competition From Cash Buyers The percentage of cash sales fell to 33 percent of total home sales in June, marking the lowest share since September 2008, CoreLogic reports. A year ago, cash sales stood at 36.3 percent of the market; they have been falling steadily since January 2013. Historically, cash sales make …
