Friday, November 28, 2014

Market Matters

House hunting in the Southern California summer real-estate doldrums
Source: LA Daily News


Home shoppers in Southern California this summer are confronted with a market trying to shake the lingering effects of the Great Recession. From the South Bay through the valleys and into the Inland Empire, there are fewer homes on the market, and appreciation of home prices has moderated —thereby prompting sellers to hold onto their homes longer — and as a result, homes sales are weak.
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Realtor.com®’s First Economist: I’m Anything But Typical
Source: N.A.R.
 
Realtor.com® has hired Jonathan Smoke as its first economist in its 18-year history to compete with rivals Zillow and Trulia, both of which have long had their own economists to provide insights on the market. Smoke previously served as chief economist, senior vice president, and other executive roles at real estate marketing firm Hanley Wood. Smoke stated, “I’m just getting started surveying what we can produce, and I need to hear from consumers and REALTORS® first-hand about what is missing and needed that no company is producing today.”
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Black Homeowners Are Worse Off Today Than They Were 40 Years Ago
Source: The Atlantic

A new study shows that changes in the market that led to the foreclosure crisis have essentially wiped out the gains in racial–residential equality made by black homeowners since the 1970s, and they have been dramatically more likely to transition back to renter status than whites following the recession. Overall, black homeowners in high-income neighborhoods were twice as likely to have subprime mortgages as white homeowners in low-income neighborhoods.
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The future of affordable housing is Lego houses?
Source: HousingWire
 
Is a real-life Lego house the answer to creating more affordable housing? A Danish company is showcasing a prototype for a 3D printed Lego-style home idea. The company stated, “If our Lego-constructed houses are good enough to be the home of tiny Lego figures, then why shouldn't they be good enough on a much bigger scale, to house real people?”
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Julián Castro sworn in, spends first day as HUD Secretary
Source: HousingWire
Julián Castro is now officially the head of the Department of Housing and Urban Development after being sworn into office earlier this week in Washington, D.C. In taking the reins, the 39-year-old is now the highest ranking Hispanic in the federal bureaucracy and the youngest member of the Obama cabinet. President Obama stated, “Julián has lived the American Dream in his own life, and I’m confident he will help Americans across our country seize their own piece of that dream for themselves and their children."
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Some Home Builders Say First-Time Buyers Returning, Others Not Sure
Source: Wall Street Journal

Many major builders across the nation say they’re getting mixed signals about whether first-time buyers are truly returning to the housing market. PulteGroup Inc. stirred optimism after announcing that sales for its entry-level brand leapt by 26 percent in the second quarter, while D.R. Horton, the largest U.S. builder by closings, has seen a low percentage of mortgage originations going to first-timers. Conflicting signals were also seen when KB Homes stated it saw a revival in these buyers while Lennar Corp did not. Many analysts expect these buyers to return in full force in the second half of this year.
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Wednesday, November 19, 2014

New Home Loan Programs

We are starting to see more and more programs becoming available that are outside the guidelines of Fannie Mae and Freddie Mac.  In the past these programs came with really high rates and fees that made them difficult to sell.  Below are some examples of what is now available.  Most programs are available up to70% - 75% of the value or sales price of the property:
 
·        1 Year Seasoning out of Short Sale  (currently 4 years Fannie/Freddie & 3 years FHA)
·        1 Year Seasoning out of Foreclosure (currently 7 years Fannie/Freddie & 3 years FHA)
·        2 Year Seasoning Bankruptcy (currently 4 years Fannie/Freddie & 2 years FHA)
·        Loan amounts up to 1.2 million
 
Most programs are 3, 5, or 7 year ARM programs with rates under 4.0%.  10 and 15 year fixes programs are available.  These are excellent programs for those buyers that don’t qualify for the Fannie/Freddie or FHA guidelines.

Friday, November 14, 2014

Selling my daughter on homeownership

Source: CNBC
 
David H. Stevens, president and CEO of the Mortgage Bankers Association, advocates professionally for aspiring homeowners all across the nation by promoting a healthy entry-level housing market. But he cannot convince his own daughter that the time is right for her to buy a home of her own. Stevens argues that one of the best decisions he ever made was buying his first home at the age of 27 in 1984. Pointing to his own daughter, Stevens writes, “We cannot underestimate the impact of this decline in first-time buyers; the health of the housing market relies heavily on them.”
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Tuesday, November 11, 2014

Hispanic Borrowers Diminishing in California Housing

Source: Bloomberg

The Hispanic share of the market for home mortgages fell to 22 percent in 2013 from 24 percent the prior year and is now barely half of the 2006 peak, according to an analysis of federal lending data by the Urban Institute. While Hispanics account for 39 percent of the population, more Hispanics are dropping out of the market even as their numbers grow, surpassing whites this year as the largest ethnic group in California.
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Friday, November 7, 2014

Humans make a house for sale feel more like home

Source: Marketplace

A nationwide home staging company is allowing people to apply to become “home managers” of a new home, which entails paying a small fee to live in a luxury home on the market. This “home manager” method is the company’s most effective service, as they argue a home feels more attractive to buyers if someone actually lives in it. Of course, this lifestyle involves a lot of moving since a home might sell after just a few weeks.
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Tuesday, November 4, 2014

Supreme Court to Weigh Tactic Used to Combat Housing Bias

Source: The Associated Press
 
Justices on the Supreme Court have agreed to take up a Texas case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate. Banks and mortgage companies have argued that federal housing laws should punish only intentional acts of discrimination, while civil rights groups argue that statistics should be allowed to prove that race-neutral policies disproportionately harm racial minorities.
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