Avoiding the pitfalls of Silicon Valley culture

The solutions that offer so much promise also open up the possibility of 24/7 availability. The mission of many in our industry is satisfying consumer demand, and understandably so. But we should be careful. Sometimes consumers are ridiculous and unreasonable. Sometimes meeting their demands comes at too high a price. http://www.housingwire.com/articles/37672-avoiding-the-pitfalls-of-silicon-valley-culture ❤️ #share #mortgage

Hot Seat: Kim Hoffman of Sutherland #mortgage Services

Being creative, thinking outside the box, and working with partners who can provide customized solutions such as outsourcing non-core functions offshore to capitalize on the highly educated work force, lower salary requirements, and ability to work shifts around the clock, can really be a productivity and expense game-changer. http://www.housingwire.com/articles/37671-hot-seat-kim-hoffman-of-sutherland-mortgage-services ❤️ #share #mortgage

Monday Morning Cup of Coffee: Condo legislation finally a law; Brexit impact on refi apps

As one of his last housing accomplishments before he leaves office, President Obama signed H.R. 3700 into law on Friday, which will dramatically improve long-fought restrictions on Federal Housing Administration financing for condominiums. Meanwhile, 2.8 million borrowers should be thanking Brexit right now for their positive financial situation. http://www.housingwire.com/blogs/1-rewired/post/37674-monday-morning-cup-of-coffee-condo-legislation-finally-a-law-brexits-impact-on-refi-apps ❤️ #share #mortgage

How state and local governments are constructing a solution for affordable housing

According to Harvard University’s Joint Center for Housing Studies, the supply gap in 2015 was 400,000 units. Of course, that leads to price inflation on rental rates for existing units as well as driving developers to build. But today’s construction isn’t necessarily providing for all of tomorrow’s renters. http://www.housingwire.com/articles/37667-how-state-and-local-governments-are-constructing-a-solution-for-affordable-housing ❤️ #share #mortgage

Auction.com helps servicers maximize foreclosure sales

Auction.com takes a multi-channel approach to marketing foreclosure properties, which means sellers get a broad, global pool of potential buyers. The Auction.com website boasts more than 4 million active users and more than 300,000 unique visitors each week. http://www.housingwire.com/articles/37668-auctioncom-helps-servicers-maximize-foreclosure-sales ❤️ #share #mortgage

Guardian #mortgage parent company merging with Sunflower Financial

In a move that will create the third largest banking institution headquartered in Colorado, Sunflower Financial, the parent company of Sunflower Bank and Logia Portfolio Management, and Strategic Growth Bancorp, the parent company of First National Bank of Santa Fe, Capital Bank and Guardian #mortgage Company, announced plans to merge. http://www.housingwire.com/articles/37661-guardian-mortgage-parent-company-merging-with-sunflower-financial ❤️ #share #mortgage

Two Harbors bailing on jumbo bonds already impacting #mortgage market

Two Harbors Investment Corp. shocked the #mortgage industry Thursday when it announced that it planned to shutter its #mortgage loan conduit and securitization business. But what about the loan originators that turned to Two Harbors to buy jumbo loans? What happens to them now that there’s one less buyer and securitizer of jumbo #mortgages in the market? http://www.housingwire.com/articles/37670-two-harbors-bailing-on-jumbo-bonds-already-impacting-mortgage-market ❤️ #share #mortgage

DOJ loses another top cop on #mortgage fraud

The Department of Justice is about to lose another one of its top cops in its fight against #mortgage fraud. The DOJ announced Friday that John Walsh, the U.S. Attorney for the District of Colorado and the co-chair of the DOJ’s Residential #mortgage-Backed Securities Working Group. While with the DOJ, Walsh played a key leadership role in securing a $7 billion settlement with Citigroup over residential #mortgage-backed securities and collateralized debt obligations. http://www.housingwire.com/articles/37669-doj-loses-another-top-cop-on-mortgage-fraud ❤️ #share #mortgage

New York reportedly investigating Nationstar, Walter Investment reverse #mortgage divisions

The New York Department of Financial Services is reportedly launching an investigation into the reverse #mortgage divisions of Nationstar #mortgage and Walter Investment Management Corp., according to the New York Post. Click here for the scoop. http://www.housingwire.com/articles/37666-new-york-reportedly-investigating-nationstar-walter-investment-reverse-mortgage-divisions ❤️ #share #mortgage

NAR: Proposed TRID changes a "significant victory"

The National Association of Realtors secured a victory in the changes announced Friday to the much-anticipated Consumer Financial Protection Bureau Know Before You Owe rule. The bureau gave much more concrete explanations for one of the biggest problem areas — the closing disclosure. http://www.housingwire.com/articles/37665-nar-proposed-trid-changes-a-significant-victory ❤️ #share #mortgage

Dallas homebuilding values shift dramatically

New home starts in Dallas may be up, but it won’t help the affordability crisis as homebuilders made a dramatic shift in the type of homes they are building. Instead of building affordable homes, new home starts are increasing in the higher price ranges. http://www.housingwire.com/articles/37659-dallas-homebuilding-values-shift-dramatically ❤️ #share #mortgage

Community #lenders: Here's why we should be exempt from CFPB rules

The Community Home #lenders Association believes that small non-bank #mortgage #lenders should be exempt from the Consumer Financial Protection Bureau’s rules. Here, the organization explains why and discusses why that exemption would help small #lenders better serve consumers. http://www.housingwire.com/blogs/1-rewired/post/37660-community-lenders-heres-why-we-should-be-exempt-from-cfpb-rules ❤️ #share #mortgage

CFPB will update Know Before You Owe

Staying true to its announcement three months ago, the Consumer Financial Protection Bureau released a set of proposed updates to its Know Before You Owe #mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule. However, the changes, while welcomed, don’t address everything the industry asked for. http://www.housingwire.com/articles/37658-cfpb-will-update-know-before-you-owe ❤️ #share #mortgage

Consumers unsure about economic conditions

Consumer sentiment decreased in July from last year as well as last month. Some of the decrease can be credited to Brexit, and near the end of July consumers became more optimistic about the state of the economy. http://www.housingwire.com/articles/37657-consumers-unsure-about-economic-conditions ❤️ #share #mortgage

Paltry GDP growth shows economy is "barely above water"

“Over the past 12 months, the economy has expanded by only 1.2%,” Paul Ashworth, chief economist at Capital Economics, said. “What is really worrying is that pace has still been enough to reduce the unemployment rate further, suggesting that the economy’s potential growth rate could conceivably be close to zero.” http://www.housingwire.com/articles/37656-paltry-gdp-growth-shows-economy-is-barely-above-water ❤️ #share #mortgage

Home Sales Accelerate During The “Dog Days of Summer” [INFOGRAPHIC]

Some Highlights:

* Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
* Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
* Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900. http://www.simplifyingthemarket.com/en/2016/07/29/home-sales-accelerate-during-the-dog-days-of-summer-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Ellie Mae raises full year guidance after another record earnings report

Ellie Mae is moving from strength to strength, and its president sees no end in sight to the company’s growth potential. After market close, the company reported record revenue of $90.1 million, up 37% from $65.9 million in Q2 2015. http://www.housingwire.com/articles/37655-ellie-mae-raises-full-year-guidance-after-another-record-earnings-report ❤️ #share #mortgage

Fannie Mae sells first small NPL pool to private equity firm

Fannie Mae announced Thursday that it selected a winning bidder for its fourth sale of non-performing loans as part of its “Community Impact Pool” program. But for the first time since it began targeting smaller investors, Fannie Mae selected a private equity firm as the winner of the auction. http://www.housingwire.com/articles/37653-fannie-mae-sells-first-small-npl-pool-to-private-equity-firm ❤️ #share #mortgage

Lower delinquencies boost Old Republic MI ratios

A decrease in delinquencies combined with an increase in cured defaults pushed claim ratios lower in the second quarter of 2016. Diluted earnings per share also inched up from last year. http://www.housingwire.com/articles/37652-lower-delinquencies-boost-old-republic-mi-ratios ❤️ #share #mortgage

Two Harbors gives up securitization business

Once a prominent feature of the secondary #mortgage market, prime jumbo residential-#mortgage backed securities fell out of favor in the aftermath of the housing crisis. While the post-crisis figures paled in comparison to the pre-crisis days, there are still a number of companies actively issuing prime jumbo RMBS deals. But now, there’s one less. http://www.housingwire.com/articles/37651-two-harbors-gives-up-on-securitization-business ❤️ #share #mortgage

Single-family rental investors struggle to make money in California

Investors are having a hard time in California, which holds most of the markets on the top 10 list of worst markets to invest in single-family rentals. HomeUnion’s study shows a list of the best and worst market for investors. http://www.housingwire.com/articles/37650-single-family-rental-investors-struggle-to-make-money-in-california ❤️ #share #mortgage

Exclusive: Chronos Solutions acquires UPF Services

Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition. Click the headline to read what this means for their #mortgage business. http://www.housingwire.com/articles/37647-exclusive-chronos-solutions-acquires-upf-services ❤️ #share #mortgage

Yes, college grads more likely to buy a home... but

Fannie Mae conducted a survey where it collected information on Americans with student debt, and what affect that debt has on homeownership. A college education showed to improve homeownership rates in the end, but may delay it. http://www.housingwire.com/articles/37649-college-graduates-more-likely-to-buy-a-home ❤️ #share #mortgage

SEC details Ocwen's efforts to rid itself of California #mortgage servicing restrictions

Ocwen Financial revealed Wednesday that it is attempting to rid itself of the business restrictions placed upon it by the California Department of Business Oversight, but a Thursday filing with the Securities and Exchange Commission details just how those negotiations are going and why Ocwen is trying to buy its way out of the settlement. http://www.housingwire.com/articles/37648-sec-filing-reveals-details-on-ocwens-efforts-to-rid-itself-of-california-servicing-restrictions ❤️ #share #mortgage

First Guaranty hires new senior director

First Guaranty hired Joaquin Torre as its new senior director. Company chief revenue officer talks about why Torre makes an exceptional addition to the capital markets team. http://www.housingwire.com/articles/37646-first-guaranty-hires-new-senior-director ❤️ #share #mortgage

Expert economists: Latest drop in homeownership no big deal

Although homeownership rates hit their lowest rate since 1965, some experts say that the change reflects more trends in the rental market than in housing. Others, while concurring that the data shows a lot about rental trends in the market, disagree about the gravity of the decreasing homeownership rate. http://www.housingwire.com/articles/37645-expert-economists-latest-drop-in-homeownership-no-big-deal ❤️ #share #mortgage

Radian grows new #mortgage insurance written 60% in Q2

Radian’s second quarter earnings showed an increase in new #mortgage insurance written, as well as a tightening credit box as more of its primary #mortgage insurance risk consisted of loans with a FICO score of at least 740. http://www.housingwire.com/articles/37644-radian-grows-new-mortgage-insurance-written-60-in-q2 ❤️ #share #mortgage

Freddie Mac: #mortgage rates continue upward trend

The 30-year fixed-rate #mortgage increased again this week, however it does not seem to bother #homebuyers as rates are still near historical lows. On the other hand, the 10-year Treasury yield remained flat. Freddie Mac chief economist explains why. http://www.housingwire.com/articles/37643-freddie-mac-mortgage-rates-continue-upward-trend ❤️ #share #mortgage

House Hasn’t Sold Yet? Take Another Look at Your Price!

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the summer as many real estate professionals are reporting bidding wars with listings actually selling above listing price. What about your house?

If your house hasn’t sold, it is probably because of the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

Bottom Line

The housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the pricing conversation. http://www.simplifyingthemarket.com/en/2016/07/28/house-hasnt-sold-yet-take-another-look-at-your-price/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Existing home sales to continue upward trend?

Existing home sales performed well during the past four months and aren’t projected to change in the near future. Ten-X Executive Vice President Rick Sharga comments on what’s making this market tick. http://www.housingwire.com/articles/37642-existing-home-sales-to-continue-upward-trend ❤️ #share #mortgage

Is there a light at the end of the tunnel for Ocwen?

True to its own predictions from earlier in the year, Ocwen Financial posted another loss in the second quarter, putting it on track to post a loss in 2016. But is there finally a light at the end of the tunnel for the nonbank? http://www.housingwire.com/articles/37641-is-there-a-light-at-the-end-of-the-tunnel-for-ocwen ❤️ #share #mortgage

Deutsche Bank negotiating with DOJ on #mortgage bond settlement

Deutsche Bank revealed Wednesday that it is currently in negotiations with the Department of Justice to resolve an investigation into the bank’s #mortgage bond activities. The bank’s earnings materials don’t disclose what specific matter the DOJ is investigating, but the DOJ has been looking into Deutsche Bank’s #mortgage-backed securities activities since at least 2013. http://www.housingwire.com/articles/37640-deutsche-bank-negotiating-with-doj-on-mortgage-bond-settlement ❤️ #share #mortgage

California families priced out of housing in top school districts

Families all over the country are preparing their kids to go back to school But in California, for families who want to get into a good school district, rent prices could be problematic. http://www.housingwire.com/articles/37638-california-families-priced-out-of-housing-in-top-school-districts ❤️ #share #mortgage

Report: Kendall Jenner Buys Emily Blunt and John Krasinski's Home

In the kind of star-studded real estate deal you find only in Hollywood, model and Kardashian little sister Kendall Jenner has bought the home of actors Emily Blunt and John Krasinski. And Jimmy Kimmel is her new neighbor.

She paid $6.5 million, the Los Angeles Times reported, which is $1.5 million less than Blunt and Krasinski initially asked.

The 4,800-square-foot home has all the right angles and giant windows of a modern masterpiece built in 1958. Blunt and Krasinski renovated it with 10-inch walnut flooring and other glamorous touches.

Arranged on three stories, the home offers ample space for relaxing and playing. The living room, which blends into the backyard deck and pool area via a retractable glass wall, shares a fireplace with the formal dining room that also boasts floor-to-ceiling windows.

The chef’s kitchen, with high-end appliances and an eat-in island, sits opposite a family room accented by a wall of white bricks. It’s ideal for settling in with a casual meal on the sofa while watching the latest episode of “Keeping Up With the Kardashians.” There’s also a more formal media room for extended viewing.

The master suite is a luxurious oasis that offers the privacy of trees outside its walls of glass, beyond which you can peek at the city of Los Angeles. The suite’s spa-like bathroom includes a marble-top dual vanity plus a soaking tub with its own wall of glass. The walk-in closet is a room of its own, with a center island and built-in drawers.

Krasinski designed the deck that opens off the third story. Its dining and lounging areas are enhanced by sweeping views and warmed by a fire pit for cool California evenings.

If Jenner becomes buddies with Kimmel, maybe he’ll gift wrap the house for her, too.

The listing agents were Kurt Rappaport and James Nasser of Westside Estate Agency.

See more of Jenner’s new Hollywood Hills neighborhood.

Don’t miss out on the next Zillow video! Subscribe today to see the latest. 

Related:

• Kylie Jenner Asks $3.9M for Her Tuscan-Style Mansion
• Scott Disick Lists His Home Near the Kardashians
• Kris Jenner, House Collector, Buys Another … But for Whom?

from Zillow Porchlight http://www.zillow.com/blog/jenner-blunt-krasinski-home-202176/

Despite "largely positive" news, FOMC holds on raising interest rates in July

The Federal Open Market Committee chose to forgo raising the federal funds rate in its latest July meeting as the market starts to recover from the initial impact of Brexit. The news, however, appeared more upbeat, leaving people to question what will happen in the next meeting. As it stands, there are only three meeting left this year. http://www.housingwire.com/articles/37639-despite-largely-positive-news-fomc-holds-on-raising-interest-rates-in-july ❤️ #share #mortgage

Fannie Mae updates HomeReady to make it even easier to get a 3% down #mortgage

HomeReady, Fannie Mae’s affordable lending product, hit the market nearly one year ago. Since its launch, the program continues to evolve with enhancements that expand access to credit and promote homeownership. Here are the key changes from this announcement. http://www.housingwire.com/articles/37636-fannie-mae-updates-homeready-to-make-it-even-easier-to-get-a-3-down-mortgage ❤️ #share #mortgage

U.S. expands investigation into money laundering by foreign cash buyers

The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a “significant” portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas. Click the headline to read more. http://www.housingwire.com/articles/37637-us-expands-investigation-into-money-laundering-by-foreign-cash-buyers ❤️ #share #mortgage

BB&T names new presidents in Georgia, Texas regions

BB&T is making changes to its executive teams in Georgia and Texas. Heath Campbell and Rob Bowlby are stepping into new roles as presidents in Georgia and Texas respectively. http://www.housingwire.com/articles/37635-bbt-names-new-presidents-in-georgia-texas-regions ❤️ #share #mortgage

CoreLogic: Cash sales this year lowest start since 2008

Cash sales continue to steadily decrease, and are predicted to hit pre-crisis levels in two years if the decrease continues at the current rate. For now, cash sales at the start of this year are at the lowest level since 2008. http://www.housingwire.com/articles/37634-corelogic-cash-sales-this-year-lowest-start-since-2008 ❤️ #share #mortgage

Affordability constraints hold back pending home sales

Pending home sales barely moved in June as current market conditions such as low inventory and high home prices prevented more growth. Until inventory conditions markedly improve, prospective buyers are likely to run into situations of being priced out of the market or outbid on the very few properties for sale. http://www.housingwire.com/articles/37633-affordability-constraints-hold-back-pending-home-sales ❤️ #share #mortgage

MBA: Refinance and purchase #mortgage applications tumble

#mortgage applications tumbled in the latest report from the #mortgage Bankers Association, falling back down as if Brexit never happened. But this shouldn’t be a shocker. Looking back at the past several application reports reveals a different story. http://www.housingwire.com/articles/37631-mba-refinance-and-purchase-mortgage-applications-tumble ❤️ #share #mortgage

Americans Believe Real Estate is Best Long-Term Investment

According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.

Bankrate asked Americans to answer the following question:

“Which would be the best way to invest money you did not need for more than 10 years?”

Real Estate came in as the top choice with 25% of all respondents, while cash investments (such as savings accounts and CD’s) came in second with 23%. The chart below shows the full results:

Sterling White, co-founder of Holdfolio, gave one reason as to why real estate may have ranked so high.

“Houses are tangible. You can physically see and feel the product. So you know where your money is going.”

July’s poll also found that for the “26th consecutive month, Americans’ sense of financial well-being improved when taking into account debt, savings, net worth, job security, and overall financial situation.”

Bottom Line

There are several reasons, both financial and non-financial, as to why homeownership makes sense. It is nice to see that Americans have returned to a belief in homeownership as the best investment. http://www.simplifyingthemarket.com/en/2016/07/27/americans-believe-real-estate-is-best-long-term-investment/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Bay Area's high housing costs leave local commuter trains without engineers

The famously high cost of housing in San Francisco and the surrounding Bay Area has a new commuter train line in desperate need of new engineers as candidates for the position repeatedly tell the Sonoma-Marin Area Rail Transit agency that it’s simply too expensive for them to live where they’d be working. http://www.housingwire.com/articles/37632-bay-areas-high-housing-costs-leave-local-commuter-trains-without-engineers ❤️ #share #mortgage

Fidelity National Financial acquires Commissions, Inc.

Fidelity National Financial, the nation’s largest title insurance company, announced Tuesday that the company is acquiring Commissions, Inc., a provider of web-based real estate marketing and CRM software for residential real estate agents and agent teams, with an eye towards expansion. http://www.housingwire.com/articles/37630-fidelity-national-financial-acquires-commissions-inc ❤️ #share #mortgage

EverBank in "advanced negotiations" to be acquired

Jacksonville, Florida-based EverBank revealed in it second-quarter earnings that it is in advanced talks to be acquired. The company stopped short of answering too many details, so here is what we do know. http://www.housingwire.com/articles/37629-everbank-in-advanced-negotiations-to-be-acquired ❤️ #share #mortgage

Republic Bank expands into #mortgages with Oak #mortgage acquisition

Republic First Bancorp, the parent company of Republic Bank, announced Tuesday that the Philadelphia-based bank acquired is planning to expand into #mortgage lending with the acquisition of Oak #mortgage Company. Both companies view the deal as an opportunity to expand. Here’s why. http://www.housingwire.com/articles/37628-republic-bank-expands-into-mortgages-with-oak-mortgage-acquisition ❤️ #share #mortgage

Here are Summer’s hottest housing markets

These summer months, weather isn’t the only thing heating up. Ten-X has five new hottest real estate markets for the Summer. All of these markets have new rankings compared to the Spring. http://www.housingwire.com/articles/37627-here-are-summers-hottest-housing-markets ❤️ #share #mortgage

Barclays triumphs in toxic #mortgage bond row with U.S. Bank, FHFA

Barclays Bank and a defunct subprime lending unit of the company are off the hook for allegedly misrepresenting the quality of the #mortgages that made up a $619 million #mortgage bond after the Supreme Court of the state of New York ruled that U.S. Bank and the Federal Housing Finance Agency waited too long to file a lawsuit against Barclays. http://www.housingwire.com/articles/37626-barclays-triumphs-in-toxic-mortgage-bond-row-with-us-bank-fhfa ❤️ #share #mortgage

Fannie Mae: #mortgage industry isn't even close to done with tech innovation

Even though the #mortgage industry is finally stepping up and answering the call for more technology innovation in the space, a new survey from Fannie Mae on the pulse of the industry shows its not even close to getting to where it should be. But the motivation is definitely there. Here’s looking at you, TRID. http://www.housingwire.com/articles/37625-fannie-mae-mortgage-industry-isnt-even-close-to-done-with-tech-innovation ❤️ #share #mortgage

Housing supply increase brings slight relief to California #homebuyers

The California housing market could be cooling down as inventory rises, bringing welcome relief to #homebuyers across the state. On the other hand, competition remains fierce, and it will take more than one month in increasing inventory to quench the competition in the state. http://www.housingwire.com/articles/37624-housing-supply-increase-brings-slight-relief-to-california-homebuyers ❤️ #share #mortgage

Consumer optimism holds steady in July

Consumer confidence barely moved, but remains historically high. While consumers may feel less confident about business in the short term, experts explain that this report tells tale of increasing economic growth into the third quarter. http://www.housingwire.com/articles/37623-consumers-optimism-holds-steady-in-july ❤️ #share #mortgage

New home sales reach 8-year high

New homes sales not only beat out experts’ expectations, but also hit an eight-year high. Although home prices are up, it does not seem to be discouraging the demand for new homes. http://www.housingwire.com/articles/37622-new-home-sales-reach-8-year-high ❤️ #share #mortgage

Case Shiller: May home prices rise at modest rate

Opinions about this month’s Case-Shiller results are as mixed as the report seems to be. While prices continue to rise, it is at a smaller rate than before. The most surprising, however, is which markets are cooling versus those that continue to drive strong price increases. http://www.housingwire.com/articles/37621-case-shiller-may-home-prices-rise-at-modest-rate ❤️ #share #mortgage

The Top Reason to List Your House For Sale Now!

If you are debating listing your house for sale this year, here is the #1 reason not to wait! 

Buyer Demand Continues to Outpace the Supply of Homes For Sale

The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:

“With demand holding firm and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale.

Realtors are acknowledging, with increasing frequency lately, that buyers continue to be frustrated by the tense competition and lack of affordable homes for sale in their market.”

The latest Existing Home Sales Report shows that there is currently a 4.6-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and 5.8% lower than June 2015.

The chart below details the year-over-year inventory shortages experienced over the last 12 months:

Anything less than a six-month supply is considered a “Seller’s Market”.

Bottom Line

Let’s get together and discuss the supply conditions in your neighborhood to be able to assist you in gaining access to the buyers who are ready, willing and able to buy now! http://www.simplifyingthemarket.com/en/2016/07/26/the-top-reason-to-list-your-house-for-sale-now/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

HUD program offers investors a discount on default properties

Because many servicers and investors are new to the CWCOT program, Chronos Solutions offers high-touch service that walks them through the whole auction process. Whether the property is being sold through a live auction at the courthouse or through an online auction process, Chronos maintains close contact with the bidders through RealtyBid. http://www.housingwire.com/articles/37617-hud-program-offers-investors-a-discount-on-default-properties ❤️ #share #mortgage

Appraisals creep higher as Brexit continues to impact volume

Appraisal volume, while small, still increased for the week of July 17, as the impact from Brexit continues to filter through the systems. However, according to Kevin Golden, director of analytics with a la mode, the impact won’t last much longer. http://www.housingwire.com/articles/37620-appraisals-creep-higher-as-brexit-continues-to-impact-volume ❤️ #share #mortgage

Keller Williams CEO: The need for a real estate agent is alive and well

As technology grows in the housing industry, so does the need for real estate agents, with the two working in conjunction rather than against each other, Chris Heller, CEO of Keller Williams, explained in an interview with HousingWire. Here’s Keller Williams’ view of today’s real estate agent. http://www.housingwire.com/articles/37619-keller-williams-ceo-the-need-for-a-real-estate-agent-is-alive-and-well ❤️ #share #mortgage

CoreLogic revenue explodes thanks to growing property valuation business

Thanks in large part to its growing property valuation business, CoreLogic saw a huge jump in revenue during the second quarter, the company reported Monday afternoon. And the company plans to grab even more valuation services market share moving forward, thanks to a “highly fragmented and challenged market space.” http://www.housingwire.com/articles/37618-corelogic-revenue-explodes-thanks-to-growing-property-valuation-business ❤️ #share #mortgage

Growing pains at Ditech? Company begins layoffs

Ditech Financial relaunched in 2014 with big plans and big goals. Earlier this month, the company said that it is planning to launch a wholesale lending channel, calling the expansion a “natural progression.” As it turns out, some of Ditech’s employees will no longer be taking part in the company’s “natural progression,” as sources tell HousingWire that the company is set to lay off a number of employees. http://www.housingwire.com/articles/37616-growing-pains-at-ditech-company-begins-layoffs ❤️ #share #mortgage

Behind the scenes on why Castro didn’t get picked to be Clinton's vice president

After much talk, and even controversy, surrounding HUD Secretary Julián Castro’s possible nomination to become Hillary Clinton’s vice president, there was a lot more going on behind the scenes, preventing him from locking in the bid. In an interview with The Washington Post’s Dan Balz, Castro explains what happened in the days leading up to Clinton’s major vice president reveal. http://www.housingwire.com/articles/37615-behind-the-scenes-on-why-castro-didnt-get-picked-to-be-clintons-vice-president ❤️ #share #mortgage

Expanding #mortgage servicer hires 4 new executives

Statebridge will expand into GSE-backed loans, and hired four new executives to lead the company through the process. Here’s why the company is excited about the new hires. http://www.housingwire.com/articles/37613-expanding-mortgage-servicer-hires-4-new-executives ❤️ #share #mortgage

Tired? Here's one #mortgage #lender's fun tip on perking things up

United Wholesale #mortgage goes to great lengths to make create a fun, but also driven, work environment at its headquarters. In what may be one of the best examples of UWM’s dedication to its employees, the company’s answer to getting through the day goes a little off track. But according to the CEO, it works. http://www.housingwire.com/articles/37612-tired-heres-one-mortgage-lenders-fun-tip-on-perking-things-up ❤️ #share #mortgage

A deeper look into Black Knight’s recent HPI report

A deeper look into Black Knight’s latest report on home prices shows a shocking discovery about where the top state, and the top metros lie. While home prices are up monthly across every state, just one area contains eight of the top 10 metro areas. http://www.housingwire.com/articles/37611-a-deeper-look-into-black-knights-report ❤️ #share #mortgage

[Housing Op-ed] Party platforms, polls, and presidential politics

The platforms of the two major political parties are a good barometer of the prevailing sentiments of the base of activists in each party. Public opinion polls, on the other hand, provide a broader measure of public attitudes, especially in regard to the nation’s attitudes to housing. http://www.housingwire.com/blogs/1-rewired/post/37614-housing-op-ed-party-platforms-polls-and-presidential-politics ❤️ #share #mortgage

U.S. Bank partners with Sage to adapt new credit reporting trends

A new partnership between U.S. Bank and Sage provides consumers with a new program that helps with personal finances. The app could help consumers improve credit as more companies move to alternative credit reporting that uses trending credit data. http://www.housingwire.com/articles/37610-us-bank-partners-with-sage-to-adapt-new-credit-reporting-trends ❤️ #share #mortgage

How to Avoid Breaking Your Lease

Renters often plan out their lives in six- to 12-month increments. But sometimes life brings an unforeseen circumstance.

Whether you just accepted a new job that’s in a different city, or you need to make room for a new baby, the idea of breaking your lease might make you a little nervous.

Before you fork over the remaining rent on your lease, it’s good to explore all of your options with your landlord or property management team.

Start with a conversation

If your situation has changed or you’re dissatisfied with your rental, don’t assume you’re on your own.

“When you’re unhappy, go talk to the management,” says Tracy Atkinson, director of global marketing and relations for Goodman Real Estate in Seattle. “Millennials, in particular, want to do everything online. But come down and speak to someone. Be articulate in letting them know the circumstances. Tell them why [you need a change].”

But before you make an appointment to go speak to your landlord or property manager, be sure to really evaluate your situation to determine whether you actually need to break your lease.

Is it a situation where your roommate is moving out and you can’t afford your rent alone, or are you just disturbed by your neighbor’s habits? If you’re simply having issues with neighbors or the property itself, you can most likely work with the manager to solve the problem.

“Whether the problem is that they have noisy neighbors, or the unit they’ve chosen is too far away from the clubhouse, we do try to be proactive,” says Atkinson. “We deal with these kinds of problems on a weekly basis.

“The very first thing we do is bring in [residents] and have them share their story,” she continues. “We ask them what has made them unhappy. We try at that point to solve the problem. If it’s a noise issue, we try to deal with the neighbor. Seven out of 10 times we can solve the issue.”

You have options

After you discuss your situation with the manager and you both determine it’s necessary for you to break your lease, you can then consider your options. Depending on the size of the property management company and the terms of your lease, you may have several choices.

If you need to up- or downsize, one option is to move into a different unit in your building. This can be an especially appealing choice if you’re about to have a baby and need more space, or if your roommate is leaving and you need a smaller apartment.

Another opportunity is to check for availability in a sister property or another landlord-owned property. Some property management companies own buildings in several states, so if you’re relocating, it’s a good idea to see if there’s an option to transfer.

These changes in the lease, however, may come with fees, which will depend on your lease or rental agreement terms and tenant laws in the state.

Ask up front

Though you may have some options to move into another unit or building that management owns, the best way to get out of a lease is to negotiate from the beginning, Atkinson says.

If you think you may buy a house, try to negotiate a mortgage clause. When you buy a home on a short sale or you are building a home, timing can often be unpredictable, so it’s good to have a flexible lease.

Or if you know there may be a job relocation for you in the near future, try to add a relocation clause to the lease.

Although you can’t predict every major life change, for the ones you can, you should add a loophole to the lease. "Ask up front. It’s always at the beginning that you have the negotiating power,“ Atkinson says.

Ultimately, breaking your lease depends on what the lease itself defines.

"At the end of the day, a lease or rental agreement supersedes everything,” Atkinson says. “The key is understanding that lease or rental agreement before you move in.”

Related:

• Lease Agreements: 5 Things You Didn’t Know You Could Negotiate
• Hidden Fees and Add-ons to Watch for in Your Lease
• 5 Ways to Score a Lease in a Competitive Market

from Zillow Porchlight http://www.zillow.com/blog/avoid-breaking-lease-201734/

3 Ways to Protect Your Escrow Deposit

You’ve made an offer on a property, the seller has accepted, and maybe you’re about to sign a contract. Now it’s time to put some money down to show that you’re serious about moving forward.

The amount of money a buyer puts down (and when it’s put down) varies by state and local market. For many, it’s a few thousand dollars, up to three percent of the purchase price. In some parts of the country, it can be up to 10 percent.

The deposit is a good-faith gesture to the seller, indicating you’re serious about buying their home. Once deposited, this money can’t be moved or touched without written consent from both buyer and seller. Upon the close of escrow, the earnest money deposit is applied to the balance of the down payment.

Like price and terms, the deposit amount is negotiable. But if you put in much less than what’s customary in your market, it won’t fare well with the seller - particularly in a competitive market.

That doesn’t mean you can’t get your deposit back - or lose it, if you aren’t careful. From the time you put up the deposit until you close escrow, a lot can happen.

Here are the top 3 ways to protect your deposit.

1. Get to know the property

Every house, no matter if it’s a 100-year-old Victorian or a modern marvel, should have some type of inspection before it’s sold. Your contract should include a “contingency” for such an inspection, to protect you from unwittingly buying a money pit.

In an older home, the inspector will look at the foundation, the roof, and everything in between. You can have specialized inspectors go to the property as well, such as a heating ventilation and air conditioning (HVAC) specialist, a pool inspector, a termite inspector, or a structural engineer if the property merits it.

Even in a new condo, you’ll want to inspect the interior systems.

Should the inspection uncover some problems, it’s time to decide if you can live with them or not. Inspection contingencies are often so general that the buyer can get out of the contract and have their full deposit returned. Some call it the “cold feet” contingency, because sometimes buyers walk after the inspection, even if there weren’t major issues.

2. Get it in writing

You need to get written notice that your loan has been approved, and make sure the property doesn’t appraise for less than the purchase price.

Given tougher lending standards since the housing and credit crisis, the appraisal/loan contingency is more important than ever. A contingency clause allows the buyer to receive full written approval from the lender, before moving forward to the closing. So, if your loan is denied for whatever reason, you can exit the contract and get your deposit back.

If your loan broker isn’t willing or able to give you written notice that your loan has been fully approved, do not remove this contingency. If you do, you risk forfeiting your deposit. Some lenders will pull out or deny the loan at the last minute - like the day before they’re set to fund.

To protect your deposit, grill the loan broker, and don’t feel pressured by the seller to move ahead. It’s absolutely appropriate to ask the seller for an extension if necessary. Everyone in the transaction should want to work together to make the deal go through. But if you sign off that you’re approved and then you’re denied a loan, you risk losing your deposit.

An appraisal contingency should be added to the loan contingency as well. The property needs to appraise at no less than the purchase price. Some buyers have a larger down payment, and they may get loan approval even if the property appraisal comes in low. This isn’t good news. And as the buyer, you should be able to walk away or renegotiate the purchase price if the appraised value is less than the contract price.

3. Review the property disclosures

Sellers are required, in most real estate markets, to complete a series of disclosures regarding their knowledge of and experience with the property. By law, they’re required to disclose property defects, neighborhood nuisances, or anything that would negatively affect the property.

Additionally, you should have the opportunity to review any local or state reports, like a building permit history or a flood/earthquake map.

You should receive the seller’s disclosures and any required reports soon after your offer is accepted. In some markets, you may receive these disclosures before you make an offer. If you discover something negative about the property, this is your chance to say “no thanks” to the seller.

However, you’ll be required to sign off on these disclosures and reports at some point. Once you’ve done that, your deposit is at risk. So take your time. Review everything carefully. Don’t be afraid to ask questions about what you’ve learned.

If you feel something is vague, or if a particular disclosure brings up an issue for you, investigate it. Go back to the listing agent or the seller and ask for additional documentation, because your deposit is at stake.

For example, in one case, a seller disclosed there was some leaking in one window in the rear of the house. On the surface, it appeared to be a small leak. Upon further discussion and investigation, however, the prospective buyer discovered that the leak was part of a much bigger roof and gutter/dry rot problem

Thousands of dollars are at stake

Depending upon a home’s price, a buyer’s earnest money deposit can be a significant sum. A three-percent deposit on a $450,000 property, for example, would be $13,500. That’s not the kind of money most people would want to lose. So take your time as you move from offer to contract to closing.

Related:

• Avoiding Home Buyer’s Remorse
• 5 Signs It’s Time to Walk Away From a Home Purchase
• How Buyers Should Prepare for Their Final Walk-Through

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/protect-your-escrow-deposit-54041/

Brexit 1 Month Later: The Impact on #mortgage Rates

Just over a month ago, the United Kingdom decided to withdraw from the European Union in a decision commonly known as Brexit. At that time there was a lot of speculation on how that decision would impact the U.S. residential #mortgage market. Today, we want to look at the impact of the first 30 days.

Most believed that the Brexit decision would drive #mortgage rates down and keep them down for some time. As CoreLogic reported:

 “First-time buyers can count on continued low #mortgage rates to help with affordability issues. Similarly, re-setting adjustable rate loans will have less of a rate shock, and in some cases may even go down.”

What has actually happened?

Initially, rates did fall. However, Freddie Mac has reported that rates have stabilized and have actually increased marginally each of the last two weeks. This prompted Freddie Mac Chief Economist Sean Beckett to say:

“Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their near-record 30-year #mortgage rate lows.”

And, Capital Economics Property Economist Matthew Pointon believes rates will continue to increase:

“Given we expect Brexit will have a minimal impact on the U.S. economy, we see no reason to change our forecast for #mortgage rates to reach 3.85% by the end of this year, and 5.0% by the middle of 2018.”

For now, it appears that the impact of Brexit on the U.S. housing market was not as dramatic as some thought it could be. http://www.simplifyingthemarket.com/en/2016/07/25/brexit-1-month-later-the-impact-on-mortgage-rates/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Obama administration presents a look at life after HAMP

Time is ticking on the government’s Home Affordable Modification Program and Home Affordable Refinance Program, as both will end on Dec. 31, 2016. In a comprehensive report published Monday, the Treasury, HUD, and the FHFA say that while these programs are set to end this year, the government plans to continue working with the #mortgage industry on various loss mitigation programs moving forward, but caution that the industry needs to be prepared to do more. http://www.housingwire.com/articles/37608-obama-administration-presents-a-look-at-life-after-hamp ❤️ #share #mortgage

Black Knight: Home prices continue to trudge higher in May

Home prices produced much of the same in May, which isn’t necessarily a bad thing. Here’s which states and metros performed well this time around. http://www.housingwire.com/articles/37607-black-knight-home-prices-continue-to-trudge-higher-in-may ❤️ #share #mortgage

Monday Morning Cup of Coffee: Is housing talk finally coming to the 2016 election?

Well, we’re smack dab in the middle of election season now, and housing is thus far, decidedly not on the agenda. But is that all about to change? While Republican nominee Donald Trump didn’t touch on housing in his acceptance speech last week, the Republican Party platform does call for significant changes to the country’s housing finance system. As for the Democrats, the party made two big moves over the weekend that could bring housing into the conversation. http://www.housingwire.com/blogs/1-rewired/post/37609-monday-morning-cup-of-coffee-is-housing-talk-finally-coming-to-the-2016-election ❤️ #share #mortgage

Here's one unusual tip on how to beat out all-cash buyers

When the market gets competitive, all-cash offers typically win out as inventory tightens and bidding wars commence. This leaves borrowers who choose to finance at an extreme disadvantage - until now. One unique tip from an article in The New York Times could be the key difference in locking in a home, but it’s not for everyone. http://www.housingwire.com/articles/37606-heres-one-unusual-tip-on-how-to-beat-out-all-cash-buyers ❤️ #share #mortgage

First Guaranty hires two account executives for its correspondent division

First Guaranty hired David Sorsabal and Marty Richardson as its two new account executives. The company CEO says their experience, product knowledge, and industry relationships are a true value-add to the company. http://www.housingwire.com/articles/37605-first-guaranty-hires-two-account-executives-for-its-correspondent-division ❤️ #share #mortgage

New York unveils $13 million program for cities' fight against zombie homes

The state of New York takes its next steps in its ongoing battle against neighborhood blight caused by abandoned foreclosures by unveiling a new program designed to help cities throughout the state fight back against the rise of zombie homes. And the state is using money from a massive settlement with Morgan Stanley to do it. http://www.housingwire.com/articles/37604-new-york-unveils-13-million-program-for-cities-fight-against-zombie-homes ❤️ #share #mortgage

On the rebound: Get ready for the 2018 surge of #homebuyers

‘Rebound’ might not be a good thing when referring to a dating situation, but it’s not a bad thing at all when we’re talking about housing. In fact, there are a lot of people 'on the rebound’ that #mortgage loan officers and their Realtor partners should be courting. Approximately 1.5-million consumers are eligible to buy homes in 2018. Ready? http://www.housingwire.com/blogs/1-rewired/post/37602-on-the-rebound-get-ready-for-the-2018-surge-of-homebuyers ❤️ #share #mortgage

Regardless of age, real estate is consumers' top investment choice

Americans of all ages agree that real estate is the best long-term investment, beating out stocks, cash investments and other investment options. While the stock market has been on a long bull run, consumers are still wary. http://www.housingwire.com/articles/37603-regardless-of-age-real-estate-is-consumers-top-investment-choice ❤️ #share #mortgage

Zillow: Buyers better act fast because homes are "flying off the market"

#homebuyers need to be prepared to act and act fast, as homes are “flying off the market” at speeds not seen in six years, a new report from Zillow shows. Here’s the full scoop. http://www.housingwire.com/articles/37601-zillow-buyers-better-act-fast-because-homes-are-flying-off-the-market ❤️ #share #mortgage

Valuation Partners hires new VP

Dammen brings over 25 years of experience in the #mortgage industry, primarily as a correspondent lending executive. Most recently, he worked as an account executive in the correspondent lending division of IMPAC #mortgage Holdings. http://www.housingwire.com/articles/37600-valuation-partners-hires-new-vp ❤️ #share #mortgage

Ellie Mae: Purchase applications continue to dominate demand

Purchase volume continues to dominate the market, according to the latest #mortgage report from Ellie Mae. But given the United Kingdom’s decision to leave the European Union at the end of June, will this continue into July? http://www.housingwire.com/articles/37599-ellie-mae-purchase-applications-continue-to-dominate-demand ❤️ #share #mortgage

Sandwich generation homes on the rise

Over the last several years, there has been a rise in the number of homes where three generations live under one roof. Now, Trulia identified two factors that are causing a rise in multi-generational homes. http://www.housingwire.com/articles/37598-sandwich-generation-homes-on-the-rise ❤️ #share #mortgage

Is the #mortgage industry ready for a Brexit-driven refinance surge?

The likelihood that we are facing yet another refinance volume spike in the wake of Brexit is a good news/bad news scenario for many #mortgage #lenders. Of course, any surge in orders means a surge in revenue, which is generally very good news. In order to ensure a positive outcome, stick to this advice. http://www.housingwire.com/blogs/1-rewired/post/37597-is-the-mortgage-industry-ready-for-a-brexit-driven-refinance-surge ❤️ #share #mortgage

#mortgage income pushes SunTrust earnings up in Q2

SunTrust Bank reported positive earnings for the second quarter. Revenues increased from last month and last year, driven mainly by the company’s #mortgage-related income, which increased even while interest rates are near all-time lows. http://www.housingwire.com/articles/37596-mortgage-income-pushes-suntrust-earnings-up-in-q2 ❤️ #share #mortgage

Slaying Myths About Home Buying [INFOGRAPHIC]

Some Highlights:

* Interest Rates are still below historic numbers.
* 88% of property managers raised their rent in the last 12 months!
* Credit score requirements to be approved for a #mortgage continue to fall. http://www.simplifyingthemarket.com/en/2016/07/22/slaying-myths-about-home-buying-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

SEC busts two men for $7M collateralized #mortgage obligation Ponzi scheme

Earlier this week, the U.S. District Court for the District of Utah, at the behest of the Securities and Exchange Commission, handed down final judgments against two men that the SEC accused of running a scheme that defrauded investors out of more than $7 million. http://www.housingwire.com/articles/37595-sec-busts-two-men-for-7m-collateralized-mortgage-obligation-ponzi-scheme ❤️ #share #mortgage

California home sales explode in June

The Golden State experienced a very good month for real estate in June, as California existing home sales hit a nearly four-year high, according to a new report from the California Association of Realtors. But it’s not all good news. Here’s the full story. http://www.housingwire.com/articles/37594-california-home-sales-explode-in-june ❤️ #share #mortgage

CFPB announces several promotions to its executive team

“I am very pleased to announce today’s changes to senior leadership positions at the bureau,” CFPB Director Richard Cordray said. “These leaders have played important roles in fulfilling the CFPB’s mission to protect consumers, and I am looking forward to continuing to work alongside them here at the Bureau.” http://www.housingwire.com/articles/37590-cfpb-announces-several-promotions-to-its-executive-team ❤️ #share #mortgage

Warren and Castro out of the running to be Clinton's vice president?

Ever since Donald Trump announced Indiana Gov. Mike Pence as his running mate, America has looked to Hillary Clinton to reveal her much-anticipated vice presidential pick. Up until now, the list featured several top housing names, but are they still on her short list? http://www.housingwire.com/articles/37593-warren-and-castro-out-of-the-running-to-be-clintons-vice-president ❤️ #share #mortgage

Clayton Holdings launches new underwriting program for "fix and flip" lending

Clayton Holdings, a provider of loan due diligence, surveillance, REO management, consulting, valuation, title and settlement services to the #mortgage industry, revealed its latest offering. The new solution is already in the market and is specifically designed for the “fix and flip” market. http://www.housingwire.com/articles/37592-clayton-holdings-launches-new-underwriting-program-for-fix-and-flip-lending ❤️ #share #mortgage

VRM #mortgage awarded as a top 100 diversity-owned business

VRM received several awards from DiversityBusiness.com for the third year in a row. The recognition from these awards renews the company’s efforts to strive for even greater excellence as a company, according to its CEO. http://www.housingwire.com/articles/37591-vrm-mortgage-awarded-as-a-top-100-diversity-owned-business ❤️ #share #mortgage

Happy 5-year anniversary CFPB! Will you make it to 6?

Five years ago today marked the first day of one of the most unique and powerful regulators in government. The entity, designed to fix one of the worst financial crises in America’s history, might not be around much longer, at least not in the same capacity the #mortgage industry has come to know. The bureau might want to think twice about its birthday wish this year. http://www.housingwire.com/articles/37588-happy-5-year-anniversary-cfpb-will-you-make-it-to-6 ❤️ #share #mortgage

Black Knight renews partnership with Department of Veterans Affairs

Black Knight Financial Services announced Thursday that it is extending its contract with the Department of Veterans Affairs to provide a reporting application for VA-insured #mortgages. http://www.housingwire.com/articles/37589-black-knight-renews-partnership-with-department-of-veterans-affairs ❤️ #share #mortgage

Fidelity National earnings up 7% over last year

While refinance closings were down for the second quarter of 2016, the boost in refinances over the last three weeks bodes well for the third quarter. That is, if the trend continues. http://www.housingwire.com/articles/37587-fidelity-national-earnings-up-7-over-last-year ❤️ #share #mortgage

Existing home sales increase 4 months in a row

The number of first-time #homebuyers increased this month to the highest level in four years, pushing existing home sales up yet again. Experts doubt that this upward trend can continue in the coming months. http://www.housingwire.com/articles/37586-existing-home-sales-increase-4-months-in-a-row ❤️ #share #mortgage

BB&T reports record revenues

The bank hit record revenues and came in with strong quarterly earnings. The bank attributes most of its success this quarter to two factors. Here are the details. http://www.housingwire.com/articles/37584-bbt-reports-record-revenues ❤️ #share #mortgage

Freddie Mac: Brexit volatility tapers off, #mortgage rates increase

Experts believe the impact of Brexit is coming to an end, and this week’s average #mortgage rates may just prove them right. Once again the 30-year fixed-rate #mortgage edged up slightly. http://www.housingwire.com/articles/37585-freddie-mac-brexit-volatility-tapers-off-mortgage-rates-increase ❤️ #share #mortgage

eOriginal names 3 executives to new positions

eOriginal just hired Karl Matthews, Brian Kelly and Simon Moir to its executive team. The executives bring previous experience from Adobe, JPMorgan Chase and CoreLogic. http://www.housingwire.com/articles/37581-eoriginal-names-3-executives-to-new-positions ❤️ #share #mortgage

Baby Boomers Are On the Move

According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.

A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed, or are about to change, let’s get together to discuss your next steps. http://www.simplifyingthemarket.com/en/2016/07/21/baby-boomers-are-on-the-move/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

White House won't discipline HUD Secretary Castro for election law violation

The Obama Administration will not punish Department of Housing and Urban Development Secretary Julián Castro for violating federal election law when he discussed soon-to-be Democratic presidential nominee Hillary Clinton during an April interview. http://www.housingwire.com/articles/37582-white-house-wont-discipline-hud-secretary-castro-for-election-law-violation ❤️ #share #mortgage

Airbnb adds former Attorney General Eric Holder to fight discrimination

Facing allegations that the company isn’t doing enough to address potentially racially driven rental decisions, Airbnb is adding former U.S. Attorney General Eric Holder to help the company develop its anti-discrimination policy. http://www.housingwire.com/articles/37583-airbnb-adds-former-attorney-general-eric-holder-to-fight-discrimination ❤️ #share #mortgage

Affordable housing takes center stage at GOP convention event

Amid all the headlines at the 2016 GOP Convention, the J. Ronald Terwilliger Foundation for Housing America’s Families is making sure affordable housing gets some attention. Here are some tweets that show how affordable housing is making waves in Cleveland. http://www.housingwire.com/articles/37580-affordable-housing-takes-center-stage-at-gop-convention-event ❤️ #share #mortgage

Expanding #mortgage credit availability isn't hard, if you do it right

At meeting after meeting with #mortgage industry executives, government officials ask all of us to expand #mortgage availability to underserved borrowers. But those officials caution industry leaders in the very next breath, don’t loosen underwriting standards and return to the go-go days of the credit crisis. Hearing these seemingly contradictory requests, the lending community is left scratching its collective head. But there are ways to bridge the divide. http://www.housingwire.com/blogs/1-rewired/post/37579-expanding-mortgage-credit-availability-isnt-hard-if-you-do-it-right ❤️ #share #mortgage

Trulia: Building permits preventing new housing growth

Of the 100 largest metros, Las Vegas has been the most elastic housing market in the U.S. over the past 20 years. Prices over this period increased 71.4%, but the housing stock increased 87.8%, leading to an elasticity estimate of 1.17. Other metros are not so fortunate. http://www.housingwire.com/articles/37578-trulia-building-permits-preventing-new-housing-growth ❤️ #share #mortgage

Study: Race still a major factor in #mortgage lending

A new study released this week by the National Community Reinvestment Coalition shows that race is still a significant factor in #mortgage lending in two major U.S. metro areas. The study found that in both St. Louis and Milwaukee, more #mortgage lending is done in primarily white neighborhoods compared to minority neighborhoods. http://www.housingwire.com/articles/37576-study-race-still-a-major-factor-in-mortgage-lending ❤️ #share #mortgage

The future of #mortgage rates in a post-Brexit world

There’s no denying the past few weeks in the housing market have been filled with repercussions from Brexit, however that may all be at an end, according to Capital Economics. http://www.housingwire.com/articles/37575-the-future-of-mortgage-rates-in-a-post-brexit-world ❤️ #share #mortgage

Goldman Sachs revenue drops from last year

Net earnings came in at $1.82 billion for the second quarter, which ended June 30, 2016. This is a 61% increase from the first quarter’s $1.14 billion and a 74% increase from last year’s $1.05 billion. http://www.housingwire.com/articles/37574-goldman-sachs-revenue-drops-from-last-year ❤️ #share #mortgage

Freddie Mac: Americans ignoring conventional wisdom in housing market

More than 33% of Baby Boomer homeowners still have a #mortgage, and most have over 10 years left until their loan is paid off. In addition, about 19 million Baby Boomers want to buy a home, with 8 million saying they want to do it within the next four years. http://www.housingwire.com/articles/37573-freddie-mac-americans-ignoring-conventional-wisdom-in-housing-market ❤️ #share #mortgage

MBA: #mortgage applications flip 180 degrees

The frenzy surrounding #mortgage applications in the wake of Brexit is starting to wane as refinance applications post a slight drop in the latest report from the #mortgage Bankers Association. Instead, a different category is starting to shine: purchase applications. http://www.housingwire.com/articles/37570-mba-mortgage-applications-flip-180-degrees ❤️ #share #mortgage

Rents Skyrocket at Highest Rate in almost a Decade

The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007.

This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016. The report revealed:

* There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year.
* That the effective rent growth this quarter compared to last quarter was 2.3%.
* Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues.

Here is a graph to illustrate the rate of increase over the last several years:

Bottom Line

With rents continuing to rise and #mortgage interest rates still at historic lows, let’s meet up today to determine if you could turn your monthly rental cost into a home of your own. http://www.simplifyingthemarket.com/en/2016/07/20/rents-skyrocket-at-highest-rate-in-almost-a-decade/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Here's the social media guide tailored just for #mortgage lending

$1.6 trillion. This number defines the business potential you have in #mortgage originations. The trick is to use social media to beat out all the other companies in the #mortgage space that are also fighting for their share. But you’re not trying to just master social media, you’re trying to harness a tool to connect with future clients and keep client retention to grow your business. This is how you do that. http://www.housingwire.com/blogs/1-rewired/post/37572-heres-the-social-media-guide-tailored-just-for-mortgage-lending ❤️ #share #mortgage

FHA to begin insuring #mortgages with PACE loans

The Federal Housing Administration will soon begin insuring #mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the #mortgage, the Department of Housing and Urban Development announced Tuesday. Here are all the details. http://www.housingwire.com/articles/37571-fha-to-begin-insuring-mortgages-with-pace-loans ❤️ #share #mortgage

First Guaranty brings on new executive

First Guaranty hired William Johns as its new director of enterprise data. First Guaranty’s CIO explains why Johns is a good fit for the company, in addition to the experience he brings with him. http://www.housingwire.com/articles/37569-first-guaranty-brings-on-new-executive ❤️ #share #mortgage

Republican Party calls for significant changes to housing in 2016

If the Republican Party sweeps November’s elections, the world of housing finance could be in for some significant changes, as the 2016 Republican Party platform calls for seriously cutting the government’s role in housing, potentially abolishing the Consumer Financial Protection Bureau and ending the use of disparate impact to enforce fair lending laws. http://www.housingwire.com/articles/37568-republican-party-calls-for-significant-changes-to-housing-in-2016 ❤️ #share #mortgage

CoreLogic: Distressed sales keep falling

CoreLogic reported that distressed sales continue to decline in all but seven states. At this rate of decline, the market is on track to see pre-crisis distressed sales numbers by the middle of 2018. http://www.housingwire.com/articles/37567-corelogic-distressed-sales-keep-falling ❤️ #share #mortgage

BB&T names regional president of Louisville-based region

BB&T promoted Tom Eller to regional president of its Louisville-based region. Eller has about 16 years of experience with the company, and 27 years of experience in the banking industry. http://www.housingwire.com/articles/37555-bbt-names-regional-president-of-louisville-based-region ❤️ #share #mortgage

Fannie Mae: Brexit casts uncertainty on second half of 2016

Fannie Mae predicts that the current economic growth outlook will remain unchanged for the rest of the year, however it also warns of the effects of Brexit. Not everyone agrees with the company’s predictions. http://www.housingwire.com/articles/37563-fannie-mae-brexit-casts-uncertainty-on-second-half-of-2016 ❤️ #share #mortgage

Brexit impact makes its way to appraisal volume

It took a bit longer, but the Brexit impact finally made its way to appraisal volume. Since appraisals are ordered later in the #mortgage process, it takes more time to see the true impact. The results are officially in and appraisals fell right in line with #mortgage applications. http://www.housingwire.com/articles/37565-brexit-impact-makes-its-way-to-appraisal-volume ❤️ #share #mortgage

HUD Secretary Castro broke election law with Clinton endorsement

Department of Housing and Urban Development Secretary Julián Castro, rumored to be on former Secretary of State Hillary Clinton’s shortlist for vice president, violated federal election law when discussing and endorsing Clinton during an April interview with Yahoo News. Here’s the full story. http://www.housingwire.com/articles/37564-hud-secretary-castro-broke-election-law-with-clinton-endorsement ❤️ #share #mortgage

CoreLogic gives University Data Portal an upgrade

“These enhancements significantly expand the scope of research that can be performed through use of the CoreLogic University Data Portal and provide deep insight into the most seismic real estate event of the last 80 years: the #mortgage and foreclosure crisis,” said CoreLogic Chief Economist Frank Nothaft. http://www.housingwire.com/articles/37562-corelogic-gives-university-data-portal-an-upgrade ❤️ #share #mortgage

MGIC revenues increase more than expected

Not only did MGIC surpass last year’s revenues, but also experts expectations for the second quarter. MGIC also showed strength in its new insurance written, which also increased from last year. http://www.housingwire.com/articles/37561-mgic-revenues-increase-more-than-expected ❤️ #share #mortgage

June housing starts down slightly from last year

Housing starts came in higher than last month, but down from last year. Overall, the numbers are still well below historic norms. Trulia’s chief economist explains what could be the cause for the shortage in new supply. http://www.housingwire.com/articles/37560-june-housing-starts-down-slightly-from-last-year ❤️ #share #mortgage

Two Ways to Compare Renting vs. Owning a Home

One of the hottest topics in housing is whether it’s better to rent or buy a home. The answer always changes based on market conditions, so it’s handy to use a rent vs. buy calculator to do comparisons on the fly.

But you should also know how rent vs. buy calculations actually work so you can feel confident in deciding what’s right for your budget and your family. Here are two easy ways to do this.

Checking the numbers

The first thing you need to understand is how rent vs. buy math works for you personally. You do this by calculating the monthly costs of home ownership, subtracting tax benefits, then comparing the final figure to the rental cost of a similar home in the same neighborhood.

Let’s assume you have a credit score of 750, and a $300,000 home purchase price with 10 percent down (that’s $30,000) for a 30-year fixed mortgage. Current rates are around 3.25 percent.

In this scenario, a mortgage calculator quickly tallies your total monthly housing costs as follows:

Mortgage payment of principal and interest	$1,175
Property taxes	$300
Private mortgage insurance (PMI)	$133
Homeowners insurance	$67
TOTAL monthly housing cost	$1,675

Next you calculate your tax benefit. As a homeowner, you get to deduct your mortgage interest and property taxes.

To calculate annual mortgage interest, you multiply your $270,000 loan amount by your 3.25 percent rate to get $8,775. To calculate annual property tax, you multiply your $300,000 home price by a national average of 1.2 percent property tax to get $3,600.

The sum of $8,775 in mortgage interest and $3,600 in property tax is $12,375 in deductible costs. Based on the income needed to qualify for a $300,000 home, your tax bracket is likely around 28 percent.

To get a quick estimate of annual tax savings, we multiply $12,375 by 28 percent to get $3,465.

Next we divide $3,465 by 12 months to get a monthly estimated tax savings of $289.

Then we subtract $289 from your total monthly housing cost of $1,675 to get estimated after-tax cost of $1,386.

Finally, you compare this estimated after-tax housing cost of $1,386 to market rent for a comparable home in the same city. Be sure to compare properties of the same size, quality, and location to ensure your analysis is accurate.

How long before owning is cheaper than renting?

The second thing you need to understand is how long it takes for buying to become more financially advantageous than renting. The threshold you cross when buying becomes more favorable is called the breakeven horizon.

This is a calculation Zillow’s team of economists created to incorporate all possible buying costs and benefits such as the down payment, closing costs, mortgage payment, property taxes, insurance, utilities, maintenance, and tax benefits, as well as all renting costs for the same home. Calculations also incorporate home value and rental price appreciation.

Breakeven horizon is the year when buying costs become less than or equal to renting costs, when accounting of all of the factors noted above.

According to the most recent quarterly data, the breakeven horizon is less than two years in 72 of America’s 100 largest markets. When it comes to making an investment as large and as long-term as a home purchase, this is a very compelling breakeven period.

The latest report allows you to look at local markets so you can see what the breakeven horizon is for you, and the tables also include median rents for quick reference.

Take all this data into consideration when making your rent vs. buy decision.

Related:

• Renting or Buying a Home: Which Is Best for You?
• 5 Ways to (Really) Save for a Down Payment
• Quiz: Are You a Savvy Mortgage Shopper?

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/compare-renting-vs-owning-home-201408/

A Homeowner’s Net Worth is 45x Greater Than a Renter’s!

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.

The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:

Put Your Housing Cost to Work for You

Simply put, homeownership is a form of ‘forced savings.’ Every time you pay your #mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:

“Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn’t be overlooked.”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let’s get together to discuss your next steps. http://www.simplifyingthemarket.com/en/2016/07/19/a-homeowners-net-worth-is-45x-greater-than-a-renters/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

RealtyTrac launches game-changing property information database

RealtyTrac, a provider of comprehensive property data, announced Tuesday morning that it is launching a massive rebranding of the company, and will be known moving forward as Attom Data Solutions. But this is more than just a rebrand. The world of real estate and housing is about to change, as consumers and operators within the industry are about to have more information available at their fingertips than ever before. http://www.housingwire.com/articles/37559-realtytrac-launches-game-changing-property-information-database ❤️ #share #mortgage

Ringleader of #mortgage scheme sentenced to over 9 years in federal prison

“This sentence should serve as a strong warning about the consequences awaiting those engaged in large-scale financial fraud,” said Terence Opiola, Special Agent in charge of homeland security investigations in Newark. “The organization identified in this case was responsible for harming countless innocent victims.” http://www.housingwire.com/articles/37558-ringleader-of-mortgage-scheme-sentenced-to-over-9-years-in-federal-prison ❤️ #share #mortgage

Ellie Mae launches new version of Encompass

Ellie Mae’s new version of Encompass includes DataVerify’s DRIVE services, including fraud detection and 4506-T for income verification, and FraudGuard, First American #mortgage Solutions’ decision-support tool designed to quickly and accurately identify risk in #mortgage transactions. http://www.housingwire.com/articles/37557-ellie-mae-launches-new-version-of-encompass ❤️ #share #mortgage

Borrowers love Wells Fargo’s 3% down program

First-time #homebuyers are taking a liking to Wells Fargo’s 3% down program as applications came in at $1 billion during the program’s first month. Wells Fargo spoke about the success of the program on the company’s earnings conference call. http://www.housingwire.com/articles/37556-borrowers-love-wells-fargos-3-down-program ❤️ #share #mortgage

Kevin Jonas Lists the Jersey Mansion He Built

Now that Kevin Jonas and his wife, Danielle, are expecting their second child, “it’s about time” to sell that mansion he built in New Jersey and move to another one in a neighboring town.

The eldest of The Jonas Brothers pop-rock trio, Kevin built this 7,390-square-foot home around the same time the band was winding down and he was launching a career in construction with JonasWerner Fine Custom Homes. It’s on the market now for $2.325 million with agents Amy Werner and Celia Riggio of Terrie O’Connor Realtors.

Billed as a Hamptons-style home on 2.5 acres, it boasts 5 bedrooms and 6 baths, plus a 1,500-bottle wine cellar in the dining room and a cigar lounge in the “man cave” basement. Luxury touches abound, from the high, coffered ceilings to wood and marble floors.

Savor the rock-music flair of the den as the Jonas’ have decorated it, with a juke box and gold curtains. Their master suite features a sitting area and a spa-like bathroom with views of the grounds, which include a saltwater pool and putting green.

There’s room for all the brothers to visit — and leave their wheels in the four-car garage.

The home has been on the market before, starting in 2014 when it listed for $3.35 million. That same year, Kevin and Danielle sold another mansion a few minutes’ drive away.

Photos by Flying Turtle Studio.

Related:

• Christie Brinkley Asks $29.5 Million for Hamptons Estate
• Which Celeb Is Your Staycation Soulmate?
• Ben Stiller’s New NYC Pad Is Ridiculously Good-Looking

from Zillow Porchlight http://www.zillow.com/blog/kevin-jonas-lists-nj-mansion-201817/