Precedent Management boosts HOA, tax business with acquisitions from Prescient

Precedent Management, a nationwide provider of real estate solutions, is expanding its business with the acquisition of the HOA and tax lines of business from Prescient, Inc., a government-focused real estate provider. http://www.housingwire.com/articles/38860-precedent-management-boosts-hoa-tax-business-with-acquisitions-from-prescient ❤️ #share #mortgage

Transunion fined $16.9 million by CFPB for advertising practices

Transunion, one of the nation’s largest credit reporting agencies, will pay just shy of $17 million as part of a settlement with the Consumer Financial Protection Bureau over the company’s advertising and marketing practices, the company disclosed late this week. Click the headline to read more. http://www.housingwire.com/articles/38859-transunion-fined-169-million-by-cfpb-for-advertising-practices ❤️ #share #mortgage

Echo app gives buyers a new way to search for houses

Michael DeMasi, a reporter for the Albany Business Review, profiled Miguel Berger, president of Better Homes & Gardens Real Estate Tech Valley in Colonie, New York. Berger and his son developed software for Amazon’s virtual assistants — Echo, Echo Dot and Tap — that gives buyers a hands-free way to search for homes, DeMasi explains. http://www.housingwire.com/articles/38857-echo-app-gives-buyers-a-new-way-to-search-for-houses ❤️ #share #mortgage

Here are HousingWire's top 10 articles of 2016

Well, we’ve almost made it. 2016 is almost over. This year has been a record-breaking year for HousingWire in just about every metric we have, and that’s all thanks to you, our loyal readers. You push us to do more, to do better, to reach higher, to dig deeper, to keep fighting, and we have no plans of stopping. So here, as we wrap up the year, are HousingWire’s top 10 articles of 2016, as determined by our readers. http://www.housingwire.com/blogs/1-rewired/post/38856-here-are-housingwires-top-10-articles-of-2016 ❤️ #share #mortgage

Investors rethink crowded Trump trade

The Wall Street Journal’s Markets section today discussed a shift from investments in stocks over to bonds. The authors say investors are “recalibrating their conviction” in the Trump trade, a term used to describe market volatility in the wake of the presidential election outcome. http://www.housingwire.com/articles/38855-investors-rethink-crowded-trump-trade ❤️ #share #mortgage

Zillow: Total value of U.S. housing reaches all-time high

The total value of all the housing stock in the United States has never been worth more than it is right now, according to a new report from Zillow. That also means that the U.S. housing market has now regained all of the value that was lost during and after the housing crisis. http://www.housingwire.com/articles/38852-zillow-total-value-of-us-housing-reaches-all-time-high ❤️ #share #mortgage

Senate Democrats miss the mark calling Trump Treasury pick “foreclosure king”

According to Jack Guttenberg Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania writing in the Huffington Post, Democrats may find it troubling to get the “foreclosure king” label to stick, primarily due to a level of misreporting in the media. http://www.housingwire.com/blogs/1-rewired/post/38853-senate-democrats-miss-the-mark-calling-trump-treasury-pick-foreclosure-king ❤️ #share #mortgage

5 Reasons to Resolve to Hire a Real Estate Professional [INFOGRAPHIC]

Some Highlights:

* As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team!
* There are many benefits to using a local professional!
* Pick a pro who knows your local market and can help you navigate the housing market! http://www.simplifyingthemarket.com/en/2016/12/30/5-reasons-to-resolve-to-hire-a-real-estate-professional-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

House flipping is back…in California, at least

House flipping, which served as one of the canaries in the coal mine before the house collapse, is apparently back on the map, in California, at least. In the words of one flipper, “the floodgates have opened” when it comes to finding financing for flipping. http://www.housingwire.com/articles/38851-house-flipping-is-backin-california-at-least ❤️ #share #mortgage

Connecticut real estate agent arrested for allegedly abusing access to rob homes

A Connecticut real estate agent is facing charges that he abused the access granted to him as an agent to rob a number of homes. Here are the details on John Rose, who is facing a series of charges after being arrested on Christmas Eve in an apparent burglary attempt of a home that he had access to as an agent. http://www.housingwire.com/articles/38850-connecticut-real-estate-agent-arrested-for-allegedly-abusing-access-to-rob-homes ❤️ #share #mortgage

Redfin: Here are 2016's hottest neighborhoods

As 2016 comes to a close, it will be remembered as a year of low interest rates (for the most part) combining with tight inventory to turn some markets into a cutthroat competition for those seeking to buy a home. But what areas were truly the hottest of the year, with homes flying off the market in less than a week and often well-above asking price? Here’s your answer. http://www.housingwire.com/articles/38849-redfin-here-are-2016s-hottest-neighborhoods ❤️ #share #mortgage

Emily Blunt and John Krasinski Say 'Oh, Bye!' to Ojai Weekend Estate

The girl on the train has finally blown the whistle on her country estate.

Emily Blunt and her actor hubby, John Krasinski, fetched $2.4 million on the property — a big step down from the $4.25-million price tag they hung on it a year ago.

Set on the 5-acre site of the historic Ojai Foothills Hotel, the colonial home spans more than 4,000 square feet with 4 bedrooms and 4.5 baths. It also boasts 4 fireplaces and a private guest wing.

High ceilings, hardwood floors and a sweeping staircase evoke an earlier era, while a backyard pool and spa call to mind a relaxing vacation.

In the wake of their move to New York — and the purchase of a new home in Brooklyn — the couple has been on a listing tear. In the past year, they’ve sold a home near Mulholland Drive for $3.5 million, an ultra-modern remodeled mansion in the Hollywood Hills that Kendall Jenner reportedly bought for $6.5 million, and now this Ojai spread.

Patty Waltcher of Coldwell Banker Previews International was the listing agent in Ojai, a getaway nestled in the hills between Los Angeles and Montecito. Props to Variety’s Real Estalker for spotting the sale.

Check out the area:

See more celebrity neighborhood videos.

Related:

• The Obama Family Named Most Desirable Neighbor for 2017
• 5 Celebs Who Bought Spectacular Homes in 2016
• The 7 Most Gorgeous Celebrity Listings of 2016

from Zillow Porchlight http://www.zillow.com/blog/blunt-krasinski-sell-ojai-209715/

U.S. serves as "global policeman" for financial crimes

“There’s a kind of fundamentalism to U.S. law,” said Nicolas Veron, a senior fellow at the Brussels-based think tank Bruegel and the Washington-based Peterson Institute. “If you break the law, punishment comes down.” So why doesn’t the rest of the world agree? http://www.housingwire.com/articles/38848-us-serves-as-global-policeman-for-financial-crimes ❤️ #share #mortgage

Quicken Loans' In-House Realty seeks to be one-stop home buying shop with OpenHouse acquisition

In-House Realty, a member of the “Quicken Loans family of companies,” announced this week that it plans to acquire the Toronto-based technology group and its proprietary technology platform from OpenHouse Realty, a Santa Monica, California-based residential real estate company http://www.housingwire.com/articles/38847-quicken-loans-in-house-realty-seeks-to-be-one-stop-home-buying-shop-with-openhouse-acquisition ❤️ #share #mortgage

Ten-X: Housing slump may be temporary

Ten-X, the nation’s leading online real estate transaction marketplace, released its latest Ten-X Residential Real Estate Nowcast revealing a monthly decrease in December existing home sales. However, the jury is still out on whether the current slowdown is a seasonal blip or a more permanent trend. http://www.housingwire.com/articles/38846-ten-x-housing-slump-may-be-temporary ❤️ #share #mortgage

Two Ohio-based banks settle "redlining" allegations

A pair of banks based in Ohio must begin increasing #mortgage lending in minority neighborhoods in certain areas of Ohio and Indiana as part of a settlement with the Department of Justice, which accused the banks of “redlining.” The DOJ defines redlining as a “discriminatory practice by banks or other financial institutions of denying or avoiding providing credit services to consumers because of the racial demographics of the neighborhood in which the consumer lives.” http://www.housingwire.com/articles/38845-two-ohio-based-banks-settle-redlining-allegations ❤️ #share #mortgage

Freddie Mac: #mortgage rates climb for ninth straight week

#mortgage interest rates remained at a two-year high this week, climbing again for the ninth straight week after the election. But thanks to incredibly low interest rates seen earlier this year, 2016 will finish with the lowest annual average for the 30-year, fixed-rate #mortgage on record, according to new data published Thursday by Freddie Mac. http://www.housingwire.com/articles/38844-freddie-mac-mortgage-rates-climb-for-ninth-straight-week ❤️ #share #mortgage

Start 2017 Off Right… List Your House for Sale

As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years.

The recent jump in #mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Here is a chart showing the decrease in inventory levels by category:

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the time. http://www.simplifyingthemarket.com/en/2016/12/29/start-2017-off-right-list-your-house-for-sale/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

PHH selling off entire #mortgage servicing rights portfolio

Nearly two months after announcing plans to sell off its Ginnie Mae #mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining #mortgage servicing rights portfolio in a massive deal with New Residential Investment. http://www.housingwire.com/articles/38843-phh-selling-off-entire-mortgage-servicing-rights-portfolio ❤️ #share #mortgage

United Shore lands on DOJ hit list, will pay $48m for FHA lending violations

United Shore Financial Services will pay $48 million to settle allegations brought by the Department of Justice, which accused United Shore of violating the False Claims Act by “knowingly originating and underwriting” #mortgages that did not meet Federal Housing Administration standards, the DOJ announced Wednesday. The settlement makes United Shore just the latest in a long line of #mortgage #lenders that settled with the DOJ over alleged FHA lending violations. Click the headline to read more. http://www.housingwire.com/articles/38842-united-shore-lands-on-doj-hit-list-will-pay-48m-for-fha-lending-violations ❤️ #share #mortgage

Airbnb limits long-term housing options and tenants start to fight back

As more investors and landlords move to list houses and apartments on short-term rental websites, like Airbnb, rather than seek long-term renters, a fight is emerging over the impact of this shift on renters. A new report shows just how contentious the fight over Airbnb is becoming in certain expensive markets, such as San Francisco. http://www.housingwire.com/articles/38841-airbnb-limits-long-term-housing-options-and-tenants-fight-back ❤️ #share #mortgage

What happened to all that #mortgage settlement money?

While the headlines don’t show up quite as often as they once did, it still seems like that every few weeks another bank is settling with the federal government (or other parties) over the #mortgage misdeeds of the past. Each of those settlements checks in the multi-billion dollar range, but what happens to the settlement money after the banks pay up? http://www.housingwire.com/blogs/1-rewired/post/38840-what-happened-to-all-that-mortgage-settlement-money ❤️ #share #mortgage

Credit Suisse reaches RMBS settlement from 2007 housing boom

This settlement releases Credit Suisse from potential civil claims by the DOJ related to its securitization, underwriting and issuance of RMBS, according to a release on its investor relations website. http://www.housingwire.com/articles/38839-credit-suisse-reaches-rmbs-settlement-from-2007-housing-boom ❤️ #share #mortgage

NAR begins search for new CEO

A “diverse member search committee” will work with with Heidrick & Struggles, a provider of executive search, leadership consulting and culture shaping worldwide, to recruit candidates for the CEO position, the trade group said in an email. They begin their search immediately. http://www.housingwire.com/articles/38838-nar-begins-search-for-new-ceo ❤️ #share #mortgage

New York just required beefed up cybersecurity measures at banks and insurers

The new measures require banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program. All seven steps of a new “incidence response plan” need to be in place by March 1. http://www.housingwire.com/articles/38837-new-york-just-required-beefed-up-cybersecurity-measures-at-banks-and-insurers ❤️ #share #mortgage

Rising interest rates already slowing home sales

Recent reports showed the impact of the post-election rise in #mortgage interest rates on borrowers looking to refinance, with higher interest rates shrinking the pool of borrowers who have incentive to refinance. Now, the housing industry is getting its first look at how higher interest rates may also affect the purchase market, as a new report from the National Association of Realtors shows that pending home sales slowed in November to the lowest level since January. http://www.housingwire.com/articles/38836-rising-interest-rates-already-slowing-home-sales ❤️ #share #mortgage

Deutsche Bank massive RMBS penalty gets cut in half

Under the terms of the settlement agreement, Deutsche Bank agreed to pay a civil monetary penalty of $3.1bn and to provide $4.1bn in relief to American homeowners. Deutsche Bank initially fought the larger charge of $14 billion; the latest figure puts the penalty in the $7bn range. http://www.housingwire.com/articles/38835-deutsche-bank-massive-rmbs-penalty-gets-cut-in-half ❤️ #share #mortgage

The Obama Family Named Most Desirable Neighbor for 2017

Every December we ask Americans which celebrities they would most like to have as their neighbor, and which ones they wouldn’t dare share a fence with.

Most desirable neighbors for 2017

The Obama family is the top choice for a celebrity neighbor in 2017, earning 14 percent of the votes. The family garnered strong votes among both male and female voters, and across generations.

The Obamas are rumored to be renting an 8,200-square-foot home in Kalorama, a neighborhood within Washington, D.C.

“There was a lot of excitement around the fact that the Obamas chose to stay in D.C. after living in the White House - a first for a former president since Woodrow Wilson,” said Jeremy Wacksman, Zillow chief marketing officer. “Maybe it’s the additional neighborhood security, or the possibility of running into other influential and famous people, but it’s clear people are intrigued by the idea of living next to the former first family.”

Actor and former professional wrestler Dwayne “The Rock” Johnson was a close second, with 13 percent of the votes. Johnson is known for his collection of mega mansions, and has sold at least 10 homes in Florida alone over the past decade.

Chip and Joanna Gaines of HGTV’s "Fixer Upper” came in third with eight percent, followed by Ellen DeGeneres and Portia de Rossi (seven percent).

Worst neighbors of 2016

Justin Bieber topped the list of worst neighbors for the second time, earning the highest percentage of votes in survey history. One in three (36 percent) found Bieber to be the most undesirable neighbor of 2016 - a two percentage point increase from his previous win in 2014.

Bieber has rented numerous showy, modern L.A. homes, most recently paying a reported $8,000 per month in Toluca Lake.

“Justin Bieber continues to stir up trouble everywhere he goes, and would likely be an unpredictable neighbor,” notes Wacksman.

Reality TV stars Rob Kardashian and Blac Chyna came in second place with 23 percent of the votes. The on-and-off-again couple ranked higher by large margins over competitors Tom Cruise (seven percent), Taylor Swift (four percent) and Tom Brady (three percent).

Here’s a look at the full survey results:

See last year’s results and read more celebrity real estate news.

Related:

• 5 Celebs Who Bought Spectacular Homes in 2016
• The 7 Most Gorgeous Celebrity Listings of 2016
• 10 High-Wattage Celebrity Home Handoffs

Embed This Image On Your Site (copy code below):

from Zillow Porchlight http://www.zillow.com/blog/celebrity-neighbor-survey-2016-209621/

You Need an Agent Who Will Put You First

When it comes to buying a home, whether you are a rookie #homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, as well as the trends of that area, should be your goal.

One great example of an agent who is in your corner and is always looking out for your best interests is one of the main characters on ABC’s Modern Family, Phil Dunphy.

For those who aren’t familiar, the character Phil is a Realtor with a huge heart who always strives to do his best for his family and his clients.

In one recent episode, Phil even shared the oath that he created and holds himself accountable to:

“On my honor, I promise to aid in man’s quest for shelter, to recognize I’m not just in the business of houses – I’m in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients’ needs before my own." 

While this might seem silly, and it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client’s needs above your own are not to be taken lightly. 

Bottom Line

When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process. http://www.simplifyingthemarket.com/en/2016/12/28/you-need-an-agent-who-will-put-you-first/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

New York boosts community redevelopment program

New York Gov. Andrew Cuomo announced Tuesday that the state plans to provide $8 million for the construction, rehabilitation, or repair of nearly 300 homes as part of New York’s Homes and Community Renewal Affordable Home Ownership Development Program. http://www.housingwire.com/articles/38834-new-york-boosts-community-redevelopment-program ❤️ #share #mortgage

Consumer confidence hits highest level since 2001

Consumers are feeling more upbeat about America’s economic outlook than at any time in the last 13 years. And President-elect Donald Trump is a big reason behind that rise, helping push consumer confidence to the highest level since August 2001. http://www.housingwire.com/articles/38833-consumer-confidence-hits-highest-level-since-2001 ❤️ #share #mortgage

CFPB, PHH curry court's favor with competing, combative arguments

With a landmark decision looming, the Consumer Financial Protection Bureau and PHH are continuing their legal battle and attempting to sway the U.S. Court of Appeals for the District of Columbia Circuit into either upholding the court’s initial ruling that declared the agency’s leadership structure unconstitutional or agreeing to rehear the case. http://www.housingwire.com/articles/38832-cfpb-phh-curry-courts-favor-with-competing-combative-arguments ❤️ #share #mortgage

[Infographic] This is how to stop your house from getting hacked

Yes, a new WiFi-capable refrigerator and wearable watch sound super fancy and high tech, but they’re also the perfect back doors for cyber attackers to easily walk through. As technology improves, so must your awareness of how to protect yourself against the new modern thief — hackers. These tips could make all the difference when it comes to protecting your information. http://www.housingwire.com/articles/38831-infographic-this-is-how-to-stop-your-house-from-getting-hacked ❤️ #share #mortgage

Here’s the U.S. Treasury’s plan to preserve access to #mortgage credit

The financial crisis caused a major shift in the housing market as the credit box pendulum swung too far in one direction. The impact of this left many would-be homeowners with no financial options. The Treasury Department’s latest blog proposes three ways the government can make sure the housing market functions in good times and bad. http://www.housingwire.com/articles/38830-heres-the-us-treasurys-plan-to-preserve-access-to-mortgage-credit ❤️ #share #mortgage

Morgan Stanley hits quarter pole in $400 million consumer relief obligation

Over the last few months, Morgan Stanley handed out more than $100 million in consumer relief in the state of New York, pushing the company past the 25% mark in its consumer relief obligations as part of the $3.2 billion settlement it reached earlier this year. http://www.housingwire.com/articles/38829-morgan-stanley-hits-quarter-pole-in-400-million-consumer-relief-obligation ❤️ #share #mortgage

Wells Fargo settles with ResCap over faulty #mortgage securities

The long string of banks still resolving toxic #mortgage issues after the financial crisis is far from over. Wells Fargo and Residential Capital, also called ResCap, are the latest two banks settling #mortgage claims dating back to the financial crisis over toxic #mortgage securities. http://www.housingwire.com/articles/38827-wells-fargo-settles-with-rescap-over-faulty-mortgage-securities ❤️ #share #mortgage

Case-Shiller: Home prices rise in October, threaten affordability

Even though the U.S. economy is reporting robust job numbers and moderate wage growth, rising home prices, combined with rising interest rates, may make the housing market unaffordable for many. The latest home price report from Case-Shiller shows national home prices posted another rise in October after the previous report’s record high. http://www.housingwire.com/articles/38826-case-shiller-home-prices-rise-in-october-threaten-affordability ❤️ #share #mortgage

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 by the end of 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

As we’ve said before, 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 and evaluate your ability to buy today! http://www.simplifyingthemarket.com/en/2016/12/27/homeowners-net-worth-is-45x-greater-than-a-renters-2/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Top 5 Reasons You Should Not For Sale By Owner

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 17% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

* 51% on the internet
* 34% from a Real Estate Agent
* 9% from a yard sign
* 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

* The buyer who wants the best deal possible
* The buyer’s agent who solely represents the best interest of the buyer
* The buyer’s attorney (in some parts of the country)
* The home inspection companies, which work for the buyer and will almost always find some problems with the house
* The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $185,000, while the typical house sold by an agent sells for $245,000. This doesn’t mean that an agent can get $60,000 more for your home, as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, let’s get together and discuss the options available in your market today. http://www.simplifyingthemarket.com/en/2016/12/26/top-5-reasons-you-should-not-for-sale-by-owner/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Existing Home Sales Surge Through The Holidays [INFOGRAPHIC]

Some Highlights:

* November’s Existing Home Sales report revealed that sales are now at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”
* Total housing inventory (or the inventory of homes for sale) fell 8.0% from last month and is now 9.3% lower than November 2015.
* Inventory has dropped year-over-year for the last 18 months.
* The median price for all home sales in November was $234,900, up 6.8% from last year and marks the 57th consecutive month of year-over-year gains. http://www.simplifyingthemarket.com/en/2016/12/23/existing-home-sales-surge-through-the-holidays-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Trump nominates Mick Mulvaney for director of the Office of Management and Budget

Rep. Mick Mulvaney, R-S.C., is one of the latest nominations to come out of Trump’s team. The president-elect selected Mulvaney for director of the Office of Management and Budget. While not much is known about him right now, what we do know so far could change the way the CFPB deals with regulations. http://www.housingwire.com/articles/38825-trump-nominates-mick-mulvaney-for-director-of-the-office-of-management-and-budget ❤️ #share #mortgage

Civil rights groups stand behind CFPB director Cordray

Richard Cordray, the director of the Consumer Financial Protection Bureau, has been under fire from the incoming Trump administration, which has declared its intention to dismantle the Dodd-Frank Act which established the bureau. Despite that, Cordray is planning to finish his term as director, and is now getting support from several civil rights groups. http://www.housingwire.com/articles/38824-civil-rights-groups-stand-behind-cfpb-director-cordray ❤️ #share #mortgage

Real estate professionals lost confidence in housing before election

In a survey taken just before the election, real estate professionals showed a wavering of confidence in the housing market. The possibility of a rate hike, which indeed happened, had some worried about its effects on the housing market as we head into 2017. http://www.housingwire.com/articles/38822-real-estate-professionals-lost-confidence-in-housing-before-election ❤️ #share #mortgage

DOJ sues Barclays over faulty RMBS claims

The ripples from the financial crisis are far from over. Barclays is now the newest bank to get thrown into the spotlight due to a lawsuit filed on Thursday by the U.S. Department of Justice over faulty #mortgage-backed securities during the crisis. http://www.housingwire.com/articles/38823-doj-sues-barclays-over-faulty-rmbs-claims ❤️ #share #mortgage

Tell HousingWire about your company's good news

Was your company named one of the best places to work in your city? Let us know. Did your business reach a milestone in longevity, software development or number of customers served? We want to hear about it. Here’s how to help us spread the word. http://www.housingwire.com/blogs/1-rewired/post/38814-tell-housingwire-about-your-companys-good-news ❤️ #share #mortgage

Goodbye new normal: Time to close a loan ticking back up

Well that didn’t last long. After settling back around 46 days, the time to close a loan is starting to edge higher again, getting close to the yearly high, according to the latest Origination Insight Report from Ellie Mae. http://www.housingwire.com/articles/38819-goodbye-new-normal-time-to-close-a-loan-ticking-back-up ❤️ #share #mortgage

FHFA: Home price increases slow in October

The Federal Housing Finance Agency released its House Price Index for October, indicating that while home prices increased, it was at a slower pace than September. Some regions even saw a decrease in home prices from the previous month, however, annually, all regions are increasing. http://www.housingwire.com/articles/38818-fhfa-home-price-increases-slow-in-october ❤️ #share #mortgage

GDP increased to fastest growth in two years

As it turns out, gross domestic product in the U.S. increased in the third quarter even more than previous estimates showed. And the strong GDP numbers support the Federal Reserve’s current direction. http://www.housingwire.com/articles/38817-gdp-increased-to-fastest-growth-in-two-years ❤️ #share #mortgage

Freddie Mac: #mortgage rates jump to 2-year high

#mortgage rates jumped after the market digested the news of the increase in the federal funds rate. The 30-year #mortgage, in fact, just hit its highest point in over two years. And it’s not the only rate that’s going up. http://www.housingwire.com/articles/38816-freddie-mac-mortgage-rates-jump-to-2-year-high ❤️ #share #mortgage

The Fed Raised Rates: What Does that Mean for Housing?

You may have heard that the Federal Reserve raised rates last week… But what does that mean if you are looking to buy a home in the near future?

Many in the housing industry have predicted that the Federal Open Market Committee (FOMC), the policy-making arm of the Federal Reserve, would vote to raise the federal fund’s target rate at their December meeting. For only the second time in a decade, this is exactly what happened.

There were many factors that contributed to the 0.25 point increase (from 0.50 to 0.75), but many are pointing to the latest jobs report and low unemployment rate (4.6%) as the main reason.

Tim Manni, #mortgage Expert at Nerd Wallet, had this to say,

“#homebuyers shouldn’t be particularly concerned with [last week’s] Fed move. Even with rates hovering over 4 percent, they’re still historically low. Most market observers are expecting a gradual rise in home loan rates in the near term, anticipating #mortgage rates to stay under 5 percent through 2017.”

Bottom Line

Only time will tell what the long-term impact of the rate hike will be, but in the short term, there should be no reason for alarm. http://www.simplifyingthemarket.com/en/2016/12/22/the-fed-raised-rates-what-does-that-mean-for-housing/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

ATTOM: Affordability at worst point since 2008

ATTOM Data Solutions released a new report showing that affordability is at its lowest point since 2008, and only getting worse as home prices increase and housing inventory goes down. The counties with unaffordable housing compared to their historic averages more than doubled. However, one economist completely disagrees. http://www.housingwire.com/articles/38813-attom-affordability-at-worst-point-since-2008 ❤️ #share #mortgage

Trump’s special advisor on regulatory reform doesn’t want to repeal Dodd-Frank

President-elect Donald Trump named the newest addition to his team on Wednesday, announcing billionaire investor Carl Icahn as a special advisor on issues relating to regulatory reform. Although the release is vague on any specific regulations, Icahn is on record saying he does not want to repeal Dodd-Frank. http://www.housingwire.com/articles/38815-trumps-special-advisor-on-regulatory-reform-doesnt-want-to-repeal-dodd-frank ❤️ #share #mortgage

The challenges of a Ginnie Mae-based approach to housing finance reform

One of the top GSE reform options on the table leverages the success of Ginnie Mae and was conceived by two industry stalwarts who have the respect and experience to give it a fighting chance. But in order to make the reform possible, there are key changes, especially financially, that would need to happen. http://www.housingwire.com/articles/38812-the-challenges-of-a-ginnie-mae-based-approach-to-housing-finance-reform ❤️ #share #mortgage

September cash sales increase for third month in a row

Cash sales increased once again in September, marking the third consecutive month of increases. However, the share of cash sales is still down from last year. Distressed sales, in fact, hit their lowest point since 2007. http://www.housingwire.com/articles/38811-september-cash-sales-increase-for-third-month-in-a-row ❤️ #share #mortgage

Do Palm Springs Like Zsa Zsa in the '60s

“I am a marvelous housekeeper. Every time I leave a man, I keep his house,” Zsa Zsa Gabor famously said.

The actress with the long eyelashes and the honied Hungarian accent died this week, but her spirit lives in irreverent quotes - and homes like this mid-century modern in Palm Springs.

The $969,000 listing says Gabor lived here, but it’s not clear whether the home was her own purchase (or rental), or booty from one of her seven divorces.

What is clear is that she, like other Palm Springs celebs from Walt Disney to Leonardo DiCaprio, knew how to live it up in the desert.

Like any pure mid-century modern, the 1958 home features an open floor plan and loads of windows. The views are desert spectacular: a blend of cacti, palm trees and mountains — plus the turquoise swimming pool just outside the door.

The small compound’s 1,800 square feet include a main house and a guesthouse with its own kitchenette and pool views.

The listing agents are TTK Represents from HK Lane/Christie’s International Real Estate. Hat tip to Curbed for the timely find.

Related:

• 5 Celebs Who Bought Spectacular Homes in 2016
• The 7 Most Gorgeous Celebrity Listings of 2016
• The Happiest Place on Earth? Tour Disney’s Palm Springs Home

from Zillow Porchlight http://www.zillow.com/blog/palm-springs-zsa-zsa-209497/

Housing experts: Surprising home sales increase has a downside

NAR’s existing home sales report came out Wednesday, shocking the industry with its increase. Sales hit their highest point since 2007, a clear sign that the housing recovery continues. However, experts point out the hurdles the market will face in the new year. http://www.housingwire.com/articles/38810-housing-experts-surprising-home-sales-increase-has-a-downside ❤️ #share #mortgage

Senate to Treasury Secretary Mnuchin: Where do you stand on major housing issues?

In the short time since President-elect Donald Trump tapped him for Treasury Secretary, Steven Mnuchin has expressed critical views on Dodd-Frank and reforming the GSEs. Now, ahead of confirmation by the Senate, Sen. Sherrod Brown, D-Ohio, called on Mnuchin to answer a handful of in-depth questions to get clarity on where he truly stands on key housing issues. http://www.housingwire.com/articles/38809-senate-to-treasury-secretary-mnuchin-where-do-you-stand-on-major-housing-issues ❤️ #share #mortgage

Existing home sales continue to climb at highest pace since 2007

Existing home sales increased in November for the third consecutive month, now hitting the highest point since 2007. While home sales may be up, inventory continues to decrease, a problem that will only increase in 2017 if new home construction doesn’t pick up. http://www.housingwire.com/articles/38808-existing-home-sales-continue-to-climb-at-highest-pace-since-2007 ❤️ #share #mortgage

Billionaire to build micro-apartments for the homeless

A billionaire real estate developer in California is now looking into an apartment housing project for the homeless and low-income population. The complex will consist of micro-apartments no more than 240 square feet, but the plan is still facing some opposition. http://www.housingwire.com/articles/38807-billionaire-to-build-micro-apartments-for-the-homeless ❤️ #share #mortgage

MBA: 30-year #mortgage rate now sits at highest level since May 2014

#mortgage rates are moving on up and don’t show signs of slowing anytime soon. At this point, it seems like #mortgage rates are escalating to new highs each week, with the 30-year fixed-rate #mortgage with conforming loan balance once again reaching a new record high. http://www.housingwire.com/articles/38806-mba-30-year-mortgage-rate-now-sits-at-highest-level-since-may-2014 ❤️ #share #mortgage

Student Loans = Higher Credit Scores

According to a recent analysis by CoreLogic, Millennial renters (aged 20-34) who have student loan debt also have higher credit scores than those who do not have student loans.

This may come as a surprise, as there is so much talk about student loans burdening Millennials and holding them back from many milestones that previous generations have been able to achieve (i.e. homeownership, investing for retirement).

CoreLogic used the information provided on rental applications and the applicants’ credit history from credit bureaus to determine if there was a correlation between student loan debt and credit scores.

The analysis concluded that:

“Student loan debt did not prevent millennials from access to credit even though it may delay their homebuying decisions.”

In fact, those with a higher amount of debt actually had higher credit scores.

“Renters with student loan debt have higher average credit scores than those without; and those with higher debt amounts have higher average credit scores than those with lower student loan debt amounts.”

Bottom Line

Millennials are on pace to become the most educated generation in our nation’s history, with that comes a pretty big bill for education. But there is a light at the end of the tunnel:

“Despite the fact that student loan debt has grown into the nation’s second largest consumer debt, following #mortgage, and has created a significant financial burden for millennials, it does not appear to prevent millennials from accessing credit.” http://www.simplifyingthemarket.com/en/2016/12/21/student-loans-higher-credit-scores/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Obama includes handful of bank fraud pardons in major clemency sweep

During his time in office, President Obama has made it a priority to exercise his clemency authority, granting clemency to significantly more individuals than any other president. This time around, in an unusual move, President Obama included a handful of people convicted of financial crimes in his major clemency sweep. http://www.housingwire.com/articles/38805-obama-includes-handful-of-bank-fraud-pardons-in-major-clemency-sweep ❤️ #share #mortgage

Third quarter produces highest quality loans since 2001

CoreLogic launched a new quarterly report which will measure how tight the credit box is compared to previous years or quarters. The report, whose data spans about 15 years, showed that loans are safer now than they have been since 2001. http://www.housingwire.com/articles/38802-third-quarter-produces-highest-quality-loans-since-2001 ❤️ #share #mortgage

Primary Residential #mortgage opens new branch in Washington

Primary Residential #mortgage is expanding in the Washington area with the opening of its new branch in Vancouver. To lead this new branch, the company brought on #mortgage industry veteran Deanna McClelland. http://www.housingwire.com/articles/38804-primary-residential-mortgage-opens-new-branch-in-washington ❤️ #share #mortgage

#mortgage credit default rate remains frozen in November

#mortgage defaults remained quiet in November despite a slight uptick heading into the holiday season. The news is a change from the rise witnessed in October. However, the future of default rates remains in question in light of rising interest rates. http://www.housingwire.com/articles/38803-mortgage-credit-default-rate-remains-frozen-in-november ❤️ #share #mortgage

UPDATE: Abilene police file warrants for phones of murdered agent’s sister, brother-in-law

The investigation into the murder of an Abilene real estate agent continues as police uncover new evidence. Police have now filed warrants for the phone records of the agent’s brother-in-law and sister. However, Luke Sweetser, the agent’s brother-in-law, filed his own petition with the court. http://www.housingwire.com/articles/38801-update-abilene-police-file-warrants-for-phones-of-murdered-agents-sister-brother-in-law ❤️ #share #mortgage

[Video] This ad campaign puts the CFPB's massive data collection under fire

The US Consumer Coalition launched a targeted ad campaign against the Consumer Financial Protection Bureau’s massive data collection just in time for the holiday season. The ad attacks the bureau’s controversial data collection practices and serves as a reminder to shoppers that they’re being monitored. Watch the full ad inside. http://www.housingwire.com/articles/38800-video-this-ad-campaign-puts-the-cfpbs-massive-data-collection-under-fire ❤️ #share #mortgage

Fannie Mae: Expect modest growth in 2017

Economic conditions are improving and consumers are more confident now than they have been in several years. However, one factor still pushed Fannie Mae to predict only modest growth for 2017. http://www.housingwire.com/articles/38799-fannie-mae-expect-modest-growth-in-2017 ❤️ #share #mortgage

OCC: Underwriting standards ease as bank appetite grows

For the fourth consecutive year, the OCC found that banks are consistently loosening their credit standards as they slowly ease up from the strict standards set in place after the financial crisis. The #mortgage market currently has a reputation for having tight credit standards. Is this finally starting to change? http://www.housingwire.com/articles/38798-occ-underwriting-standards-ease-as-bank-appetite-grows ❤️ #share #mortgage

Equity gap between top and bottom of housing market starts to narrow

Negative equity is decreasing, especially among starter homes, and others in the bottom third of the housing market. This positive change is slowly closing the equity gap between homes at the bottom and top of the market, however there’s still a long way to go. http://www.housingwire.com/articles/38797-equity-gap-between-top-and-bottom-of-housing-market-starts-to-narrow ❤️ #share #mortgage

Whether You Rent or Buy: Either Way You’re Paying a #mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a #mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a #mortgage - either yours or your landlord’s.

As an owner, your #mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

Christina Boyle, Senior Vice President and Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a #mortgage vs. paying rent:

“With a 30-year fixed rate #mortgage, you’ll have the certainty & stability of knowing what your #mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

Bottom Line

This holiday season, why not give yourself the gift of homeownership? Lock in your housing costs for the next 30 years and guarantee you are the one building wealth. http://www.simplifyingthemarket.com/en/2016/12/20/whether-you-rent-or-buy-either-way-youre-paying-a-mortgage/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Dollar hits 14-year high as Yellen voices confidence in economy

The dollar increased after Janet Yellen’s speech at the University of Baltimore on Monday, where she talked about the improvement to the U.S. economy and the housing market. Some investors expected a very different tone from the Fed chair. http://www.housingwire.com/articles/38794-dollar-hits-14-year-high-as-yellen-voices-confidence-in-economy ❤️ #share #mortgage

Appraisal volume halts as the holidays set in

This week’s appraisal volume report quickly put an end to the recent increases in volume witnessed the past couple weeks. The drop shouldn’t come as a surprise though, as the holidays set in and slow the ordering of appraisals. http://www.housingwire.com/articles/38796-appraisal-volume-halts-as-the-holidays-set-in ❤️ #share #mortgage

Urban Institute: The current (and future) value of the housing market

As one of the largest sectors in the U.S. economy, the total value of the housing market now sits a level not witnessed since the early 2000s. And now that it’s so large, what is the next year projected to look like? Here’s a side-by-side comparison from three of the top housing organizations. http://www.housingwire.com/articles/38795-urban-institute-the-current-and-future-value-of-the-housing-market ❤️ #share #mortgage

First American predicts rate increase to bring cool-down in 2017

Contrary to the generally upbeat tone of the rest of the market, First American predicts that existing home sales will cool off in 2017. The increase in #mortgage rates will also create a cooling down in home prices. However, there is still one factor that could change the housing market’s current course. http://www.housingwire.com/articles/38793-first-american-predicts-rate-increase-to-bring-cool-down-in-2017 ❤️ #share #mortgage

Expert Advice for Chinese Home Buyers

Chinese buyers are an undeniable growing force in American real estate, racking up over $300 billion in sales between 2010 and 2015.

Some are just looking to invest their money, but many are families drawn to the United States for a variety of reasons, including excellent schools and universities, lower cost of living (compared to Beijing and Hong Kong), and business opportunities in booming tech cities like San Francisco and Seattle.

But buying property in the U.S. as a foreign national isn’t simple. Chinese buyers, just like any foreign citizen, face many challenges in the American real estate market - language and cultural barriers aside.

For many, the quest to simply find the right resources and real estate agents to help them through the mortgage and purchasing process is the greatest hurdle.

Navigating the system

Tony Jiang maneuvered his way through the American real estate market when he moved to Seattle after graduating with an MBA. He had come to the U.S. from China specifically for school, but was able to stay afterwards through the H-1B visa program.

After renting for a year, Jiang decided that he was ready to buy a home because he wanted a house with a “nice big yard” and was tired of his “rent check not going toward an investment.”

“I downloaded apps for open house information and looked at other houses available in the market, but I thought ‘I can’t do this by myself,’” Jiang says.

He spoke to local agents and brokers, but was unable to get through the entire home purchasing process because they would underestimate the time and resources it would take to get Jiang a loan at a good rate.

“Not many brokers here understood my visa situation. They asked 'what is your credit history?’ I do have a credit history, but it’s only for three years, and [that’s] quite a short amount of time,” explains Jiang.

Eventually Jiang’s friends, who had recently purchased a home in Seattle, recommended their broker to him. The broker spoke Chinese and had experience working with other Chinese buyers.

“The broker asked me for additional supporting documents and working documents in China in order to make a strong case for a lower rate,” Jiang says.

After working with a broker who could explain the home-buying process to him and work with lenders who would accept his working documents from China, Jiang was able to purchase a home.

Challenges in getting financing

Many Chinese buyers like Jiang who want to purchase a home in the U.S. face obstacles when it comes to getting it financed. These challenges vary depending on the buyer’s English language proficiency and his or her residency status in the United States, according to Poching Shen, a real estate agent in Rockville, MD.

“Some people who are already here for college or graduate school do not have a language barrier, so [buying] is really just like for all other American people. The challenges they face are much less significant,” Shen says. “Some buyers in the U.S have a language barrier, and they definitely need a Chinese-speaking real estate agent to help them get the loan process going.

"The challenge is very difficult for foreign nationals because they do not have a credit [history] in the U.S.,” she continues. “They do not have income in the U.S. so it’s very difficult to get a loan.”

Shen recommends that buyers who are having trouble getting financed consider making a higher down payment - from 30 to 40 percent instead of the typical 20 percent.

In addition to all of the financing barriers, buyers who are trying to buy property remotely from China may have trouble accessing information about U.S. real estate due to government censorship of the Internet. There are exceptions, however -  some sites, like Zillow, are accessible in China.

Overcoming the obstacles

Shen says that when it comes to resources for Chinese buyers, she finds that the popular Chinese social media site WeChat is infinitely helpful. Shen will send her clients listings and answer questions about loan rates and school districts through the site.

Mostly, though, many Chinese buyers rely on good old-fashioned word of mouth to find out which real estate agents to use and in what neighborhoods to purchase.

“A lot of people already have acquaintances or friends here,” Shen notes. “By the time they come to me, they have a general idea of where they want to live.”

The best resource is a knowledgable agent. Chinese buyers should make sure that their agents can walk them through the home-buying process in a way that they understand.

"If the agent can speak with you in Chinese or Mandarin, it’s very appreciated,” Jiang remarks.

Jiang adds that he spoke English to his broker during the closing process, but they conversed in Chinese when speaking about his needs for a home, which made Jiang feel more comfortable.

Hot markets for Chinese buyers

Buyers from China are most interested in moving to large cities, like San Francisco, Los Angeles, Seattle, and New York.

“Seattle is one of the hot regions. It is constantly ranked in the top livable cities in the U.S., and this is going viral on the Chinese Internet,” Jiang says. “A lot of my friends and family members are looking at the Bellevue and Newcastle [areas].”

Though Shen has many clients who she helps in the Washington, D.C. area, she confirms that the statistics point to the West Coast as the preferred location for Chinese buyers.

“The West Coast is closer to China,” she explains. “It’s about five or six hours less travel time than the East Coast. The weather is nice, and Chinese people feel more comfortable there.”

Check out our Buyers Guide for more home-buying advice.

Related:

• Rates Rising Ahead of 2017: What Home Buyers and Owners Need to Know
• Building Credit 101: Tips for Recent Grads
• Shortcuts for Long-Distance House Hunting

 

 

 

 

 

 

from Zillow Porchlight http://www.zillow.com/blog/obstacles-chinese-home-buyers-209186/

Lennar beats fourth-quarter estimates as market continues to grow

Homebuilder Lennar beat fourth-quarter expectations as the housing market continues to slowly recover. And now with a new president-elect, the CEO talks about what the company sees moving forward given the new economy. http://www.housingwire.com/articles/38792-lennar-beats-fourth-quarter-estimates-as-market-continues-to-grow ❤️ #share #mortgage

NAFCU changes name to National Association of Federally-Insured Credit Unions

The National Association of Federal Credit Unions will become the National Association of Federally-Insured Credit Unions effective Jan. 1, 2017. The change, while small, symbolizes a greater movement in the association to reinforce its mission to serve all federally insured credit unions. http://www.housingwire.com/articles/38790-nafcu-changes-name-to-national-association-of-federally-insured-credit-unions ❤️ #share #mortgage

CoreLogic predicts housing market growth in 2017

CoreLogic’s chief economist talks about five things we will see in the housing market during 2017. He interprets what the rising rates and improving economy will mean for housing as we move into the new year. http://www.housingwire.com/articles/38791-corelogic-predicts-housing-market-growth-in-2017 ❤️ #share #mortgage

Housing industry awakens to new indirect threat

Tax reform could be on the way, and poses a major threat to the current #mortgage-interest deduction. As the newly proposed reform threatens to make the #mortgage-interest deduction a thing of the past for 95% of Americans, experts from the housing industry started speaking out. http://www.housingwire.com/articles/38789-housing-industry-awakens-to-new-indirect-threat ❤️ #share #mortgage

Leveraging technology to advance bank-owned and foreclosure sales

Over the past nine years, Auction.com has been effectively leveraging technology in ways that have allowed its clients to begin optimizing their disposition strategies long before properties go to foreclosure sales. Where sellers of bank-owned and foreclosure properties were previously limited in their access to potential buyers, their reach has been significantly expanded to a global audience through the internet, mobile technology, database marketing, email, social media and search engine marketing. http://www.housingwire.com/articles/38779-leveraging-technology-to-advance-bank-owned-and-foreclosure-sales ❤️ #share #mortgage

2 Tips to Ensure You Get the Most Money When Selling Your House

Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.

Realtor.com, gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This too may seem counterintuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. With that being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

Research posted by the National Association of Realtors revealed that:

“The median selling price for all FSBO homes was $185,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $163,800. However, homes that were sold with the assistance of an agent had a median selling price of $245,000 – nearly $60,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house. http://www.simplifyingthemarket.com/en/2016/12/19/2-tips-to-ensure-you-get-the-most-money-when-selling-your-house/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Monday Morning Cup of Coffee: Reasons to be optimistic in 2017

This year is almost over, and housing industry experts are all making their predictions for 2017. Although not everyone agrees on what next year will look like after President-elect Donald Trump is inaugurated and in the midst of a rapid rise in interest rates, most economists have a positive outlook for next year.  http://www.housingwire.com/blogs/1-rewired/post/38788-monday-morning-cup-of-coffee-reasons-to-be-optimistic-in-2017 ❤️ #share #mortgage

Former GulfSouth Private Bank executives charged with bank, TARP fraud

The former president and vice president of a failed bank are facing a series of charges stemming from a scheme that led to GulfSouth Private Bank receiving $7.5 million from the Troubled Asset Relief Program before the bank failed. http://www.housingwire.com/articles/38787-former-gulfsouth-private-bank-executives-charged-with-bank-tarp-fraud ❤️ #share #mortgage

Homeward Residential combines wholesale and correspondent sales team

Homeward Residential, a subsidiary of Ocwen Financial Corp., announced it’s revamping its business structure by consolidating its wholesale and correspondent sales divisions. The two will now operate under one business unit and leadership structure. http://www.housingwire.com/articles/38786-homeward-residential-combines-wholesale-and-correspondent-sales-team ❤️ #share #mortgage

Democrats want people's complaints about Steve Mnuchin, the "foreclosure king"

Senate Democrats, led by Sen. Elizabeth Warren, appear to be showing their hand a bit when it comes to how they plan to handle the confirmation hearing of Steve Mnuchin, President-elect Donald Trump’s choice to lead the Treasury. It looks like the Democrats will seek to use Mnuchin’s time at OneWest Bank as part of their case against approving him as Treasury secretary, calling Mnuchin the “foreclosure king” and asking people who may have been “impacted” by OneWest’s practices to share their stories. http://www.housingwire.com/articles/38785-democrats-want-peoples-complaints-about-steve-mnuchin-the-foreclosure-king ❤️ #share #mortgage

MetaSource promotes new chief revenue officer

MetaSource promoted John Nixon as its new chief revenue officer from his previous position as vice president of business development and marketing. The company’s CEO talks about why Nixon was the “obvious choice” for the new position. http://www.housingwire.com/articles/38784-metasource-promotes-new-chief-revenue-officer ❤️ #share #mortgage

Here are 2016’s top 10 most popular homes for sale

As 2016 comes to a close, realtor.com put together a list of the year’s most popular homes for sale, as measured by clicks. Whether well known as movie locations or celeb homes, these houses captured the attention of many Americans this year. However, the attention didn’t always translate to a sale. http://www.housingwire.com/articles/38783-here-are-2016s-top-10-most-popular-homes-for-sale ❤️ #share #mortgage

Is Washington the next hottest housing state?

Other than Seattle, which is regularly featured on hottest housing market lists, cities in Washington state rarely make the cut on top lists, until now. Washington’s housing markets recently dominated a monthly market report, making up half the list. This exciting for the state, but is it really a positive? http://www.housingwire.com/articles/38782-is-washington-the-next-hottest-housing-state ❤️ #share #mortgage

Exclusive: Nationstar CEO Jay Bray on impact of 'surprising' election; higher interest rates

Count Nationstar #mortgage CEO Jay Bray among those who were surprised by the election of Donald Trump, but Bray tells HousingWire that he is looking forward to working with the incoming Trump administration and is cautiously optimistic on the impact that the president-elect could have on the financial services business. Here’s part two of HousingWire’s exclusive interview with Bray. http://www.housingwire.com/articles/38781-exclusive-nationstar-ceo-jay-bray-on-impact-of-surprising-election-higher-interest-rates ❤️ #share #mortgage

Banks increase prime lending rate after Fed hike announcement

After a long hiatus, big banks raised their prime lending rate immediately after the Federal Reserve finally elected to increase the federal funds rate. However, there are negative side effects to the increase, especially when it comes to housing. http://www.housingwire.com/articles/38777-banks-increase-prime-lending-rate-after-fed-hike-announcement ❤️ #share #mortgage

[Chart] New from the CFPB: Here are the latest credit trends in #mortgages

The Consumer Financial Protection Bureau created its first-ever Consumer Credit Trend report, providing a current snapshot of the industry to compare to past years. What does it show? For starters, the #mortgage market surged in October, but beyond the snapshot, it’s the charts that are most informative. http://www.housingwire.com/articles/38780-chart-new-from-the-cfpb-here-are-the-latest-credit-trends-in-mortgages ❤️ #share #mortgage

Chicago home sales reach highest level for November since 2005

Home sales for the Chicago area were down in October, but that was certainly not the case in November. Rising almost 20%, the number of homes sold accelerated to the highest level since 2005, and at the fastest pace in over a decade. http://www.housingwire.com/articles/38778-chicago-home-sales-reach-highest-level-for-november-since-2005 ❤️ #share #mortgage

#lender confidence falls in the face of rising interest rates

Many #lenders reported in Fannie Mae’s survey a lower confidence level in the business conditions for the next three months. As #lenders move past concerns over regulation, they face a rising new concern — interest rates. http://www.housingwire.com/articles/38776-lender-confidence-falls-in-the-face-of-rising-interest-rates ❤️ #share #mortgage

Housing starts drop nearly 20% in November

Housing starts came down off of October’s 10-year high by dropping nearly 20%. Experts disagree on what this drop will mean for the economy overall. While some point to signs that show housing construction could pick up, others say economic growth will be much slower than previously thought. http://www.housingwire.com/articles/38775-housing-starts-drop-nearly-20-in-november ❤️ #share #mortgage

The Impact Your Interest Rate Has on Your Buying Power [INFOGRAPHIC]

Some Highlights:

* Your monthly housing cost is directly tied to the price of the home you purchase and the interest rate you secure for your #mortgage.
* Over the last 30 years, interest rates have fluctuated greatly with rates in the double digits in the 1980s, all the way down to the near 4% we are experiencing now.
* Your purchasing power is greatly impacted by the interest rate you secure. Act now before rates go up! http://www.simplifyingthemarket.com/en/2016/12/16/the-impact-your-interest-rate-has-on-your-buying-power-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

[Video] Here's why one former senator is so passionate about affordable housing

The J. Ronald Terwilliger Foundation for Housing America’s Families Housing Forum brought together some of the most influential names in housing. But this wasn’t simply a group of government officials coming together to talk about the idea of affordable housing; many of them knew first-hand what it’s like to rely on affordable housing. Here’s former Massachusetts Sen. Scott Brown’s story. http://www.housingwire.com/articles/38774-video-heres-why-one-former-senator-is-so-passionate-about-affordable-housing ❤️ #share #mortgage

Exclusive: Nationstar CEO Jay Bray on Mr. Cooper, the company's future

Given the company’s recent radio silence on its massive rebranding efforts, it may seem like Nationstar #mortgage’s transformation into Mr. Cooper is in a perpetual holding pattern. But when one visits Nationstar’s headquarters in the Dallas suburb of Coppell, it’s clear that Mr. Cooper is both the company’s future, and its present as well. In an exclusive interview, HousingWire sat down with Nationstar CEO Jay Bray to find out more about Mr. Cooper and what it means for Nationstar. http://www.housingwire.com/articles/38771-exclusive-nationstar-ceo-jay-bray-on-mr-cooper-the-companys-future ❤️ #share #mortgage

Rates Rising Ahead Of 2017: What Home Buyers and Owners Need To Know

Editor’s note: ‘Tis the season - not only to celebrate the year’s end, but to look back at highlights of the past 12 months and start thinking about what we hope the coming year will bring. This week on Porchlight, we’ll reminisce about some of 2016’s bright spots, and help you get ready to greet 2017. 

On December 14, 2016, the Fed hiked a key overnight bank-to-bank lending rate by .25 percent. Even though this is a short-term rate, it also impacts longer-term home loan rates.

Rates on 30-year fixed mortgages rose about .5 percent between the election and this Fed meeting - causing monthly payments on a $300,000 loan to rise $85 per month and payments on a $600,000 loan to rise $172 per month. The Fed cited inflationary concerns, and rising inflation causes rising mortgage rates. Accordingly, rates rose following the Fed decision and could continue higher to start 2017, albeit at a slower pace than from the election to present.

What does this mean for homeowners?

If you have a home equity line of credit (HELOC), your rate will rise by .25 percent on your next payment as a result of this Fed decision. On top of this, HELOC rates will rise three more times in 2017, according to the Fed’s guidance on December 14.

HELOCs are tied to a margin plus the prime rate, which is now at 3.75 percent. If you have a normal HELOC margin of about 2 percent, that means your HELOC rate will be 5.75 percent on your next payment, and will keep rising as the Fed hikes rates in 2017.

How much will it rise? Over the past 20 years, the prime rate has averaged 6.36 percent, and the high was 9.5 percent. It’s easy to forget prime was this high because it’s been 3.25 percent for seven of the last eight years, but if you add a 2 percent HELOC margin to a prime average of 6.36 percent, a HELOC rate would be 8.36 percent. On a $100,000 HELOC, this increases monthly interest cost by $218 per month.

If you compare this to a 30-year fixed rate second mortgage rate, the fixed rate is about 2 percent lower than the projected HELOC rate. On a $100,000 loan, this means a fixed rate second mortgage has about $167 less interest cost per month.

Switching to the fixed rate now will protect your budget later.

Also, even with first mortgage rates spiking .5 percent since November, there are still about 4 million homeowners who will benefit mathematically from a refinance of their first mortgage.

With home price increases in recent years, this means it’s also possible to eliminate your second mortgage by combining it with a new first mortgage.

What does this mean for home buyers?

Lenders use a debt-to-income (DTI) ratio to qualify you for a home purchase, which is calculated by dividing your housing and non-housing debt by your income.

On loans up to $424,100 (or $636,150 in high-priced areas), this DTI ratio can’t exceed 43 percent, and rising rates push this ratio higher. But not as much as you might think.

Rates have risen .5 percent since the election, which sounds like a lot, but it only adds about 1 percent to your qualifying DTI. Often you can make up for this 1 percent by paying down non-housing debt like credit cards instead of compromising on your home search by reducing your purchase price.

If you were previously qualified for a loan up to $424,100 (or $636,150 in high-priced areas) with a DTI well below 43 percent, you’re fine. If you were close to that threshold, it’s time to renew your pre-approval to make sure you still qualify for your target home price.

On loans greater than $424,100 (or $636,150 in high-priced areas), there are many options where you can get a loan with a DTI higher than 43 percent.

Ask your lender to review your options before 2017

Rate markets are finally starting to normalize after nearly a decade since the financial crisis. This means the economy is improving, which will continue to help the housing market improve.

But it also means it’s time to take a fresh look at your loan strategy before the market changes more - this goes for homeowners as well as buyers.

The holidays are very busy, but markets won’t wait for you. So talk to your lender about how these recent rate moves impact you, and how to get properly positioned.

Related:

• Will 2017 Be the Year of Your First Flip?
• 5 Things to Know Before You Refinance
• 3 Common Mistakes First-Time Home Buyers Make

from Zillow Porchlight http://www.zillow.com/blog/rates-rising-ahead-of-2017-209387/

Abilene police make arrest in connection with murdered real estate agent

The mysterious murder of a real estate agent in a small town in West Texas is starting to come together as police now made an arrest in connection to the case. Police previously stated they did not believe the shooting was random, and they may have been right. The man arrested was the agent’s brother-in-law. http://www.housingwire.com/articles/38772-abilene-police-make-arrest-in-connection-with-murdered-real-estate-agent ❤️ #share #mortgage

Embattled San Francisco nuns' homeless program saga not over yet

The story isn’t at its happy ending yet for two San Francisco Bay Area nuns who were being threatened with eviction from the residence they use to feed the homeless. Before the two nuns could even appreciate the condo a surprise benefactor helped pay for, neighbors of the condo are looking to block the move. http://www.housingwire.com/articles/38770-embattled-san-francisco-nuns-homeless-program-saga-not-over-yet ❤️ #share #mortgage

ATTOM: Foreclosure filings show largest monthly decrease since 2010

Foreclosures tumbled in November, marking the greatest monthly decrease since 2010, but perhaps this is no surprise after the sudden increase in October. Annually, the trend continues to move down as foreclosures become less of a problem within the housing market. http://www.housingwire.com/articles/38769-attom-foreclosure-filings-show-largest-monthly-decrease-since-2010 ❤️ #share #mortgage

HSBC credited with $223 million in consumer relief

The first report is out on the status of HSBC’s compliance with the National #mortgage Settlement. The servicer is off to a good start and fulfilled 60% of its consumer relief obligation so far. http://www.housingwire.com/articles/38768-hsbc-credited-with-223-million-in-consumer-relief ❤️ #share #mortgage

SunTrust fails one National #mortgage Settlement test in first quarter

SunTrust didn’t quite make the cut in the latest report from the monitor of the National #mortgage Settlement. According to the update, SunTrust failed to uphold one metric in the National #mortgage Settlement requirements during the first quarter of 2016 and the bank’s Corrective Action Plan is currently under review. http://www.housingwire.com/articles/38767-suntrust-fails-one-national-mortgage-settlement-test-in-first-quarter ❤️ #share #mortgage

Yet another real estate agent mysteriously shot and killed

For the second time within a week, a real estate agent was shot under mysterious circumstances. This time, the tragedy occurred in an abandoned home in Atlanta. Here’s what police know about the home, and what the agent was doing there. http://www.housingwire.com/articles/38766-yet-another-real-estate-agent-mysteriously-shot ❤️ #share #mortgage

This is why markets went nuts on Fed’s rate hike

On Wednesday, the Federal Open Market Committee announced the target federal funds rate would increase by 25 basis points. This move surprised exactly no one, a move widely predicted, so why did markets react with volatility? http://www.housingwire.com/blogs/1-rewired/post/38765-this-is-why-markets-went-nuts-on-feds-rate-hike ❤️ #share #mortgage

Home builder confidence ends the year at highest point since 2005

Builders hit their highest confidence level since 2005 after the election of President-elect Donald Trump. As the confidence increases, the hope is that builders begin to bring life to what could be a very inventory-starved housing market in 2017. http://www.housingwire.com/articles/38764-home-builder-confidence-ends-the-year-at-highest-point-since-2005 ❤️ #share #mortgage

Freddie Mac: #mortgage activity could be greatly subdued in 2017

Interest rates increased yet again, according to Freddie Mac’s survey, however the survey was completed before the Federal Open Market Committee announced this year’s first rate hike. Now, Freddie Mac explains what rising interest rates could do to the housing market in 2017. http://www.housingwire.com/articles/38763-freddie-mac-mortgage-activity-could-be-greatly-subdued-in-2017 ❤️ #share #mortgage

Why You Shouldn’t Take Your House Off the Market During the Holidays

If you are one of the many homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!

The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3-month supply.

Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:

There are more buyers that are ready, willing, and able to buy now than there have been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Bottom Line

Home prices are appreciating in this seller’s market. Making your home available over the next few weeks will give you the most exposure to buyers who will be competing against each other to buy it. http://www.simplifyingthemarket.com/en/2016/12/15/why-you-shouldnt-take-your-house-off-the-market-during-the-holidays/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Here's more industry response to the Fed raising interest rates

Since the majority of the market believed the Federal Reserve would increase interest rates this Wednesday, a lot of economists had time to formulate what this news would mean for the housing market. As the comments continued to pour in, we covered them here. Even though the market already assumed this December increase, it’s what economists believe will happen moving forward that’s most telling. http://www.housingwire.com/articles/38762-heres-more-industry-response-to-the-fed-raising-interest-rates ❤️ #share #mortgage

This is the ‘big unknown’ for housing in 2017

The highly anticipated rate hike from the Federal Open Market Committee brings a new question to housing in 2017. This question, the “big unknown” for housing in 2017, may only be answered with time. http://www.housingwire.com/articles/38761-this-is-the-big-unknown-for-housing-in-2017 ❤️ #share #mortgage

Banks move quickly to raise prime lending rates

Not too long after the Federal Open Market Committee finally elected to increase the federal funds rate, banks started to announce they are increasing their prime lending rates. Here is an update of those bank announcements. http://www.housingwire.com/articles/38760-banks-move-quickly-to-raise-prime-lending-rates ❤️ #share #mortgage

TransUnion forecasts credit delinquencies will decrease in 2017

TransUnion gave its forecast for 2017, claiming that delinquency rates will continue to drop. #mortgage debt, on the other hand, will go up as home prices rise and low down-payment programs become more popular. http://www.housingwire.com/articles/38759-transunion-forecasts-delinquency-rate-decrease-in-2017 ❤️ #share #mortgage

Fannie, Freddie replace HAMP with new foreclosure prevention program

After alluding to a new program to replace the Home Affordable Refinance Program back in August, Fannie Mae and Freddie Mac finally revealed what that program will look like on Wednesday. The government sponsored enterprises announced the Flex Modification foreclosure prevention program, which is designed to help America’s families by offering reductions to their monthly #mortgage payments. http://www.housingwire.com/articles/38758-fannie-freddie-replace-hamp-with-new-foreclosure-prevention-program ❤️ #share #mortgage

It’s official: Fed raises interest rates for first time since last December

The Federal Open Market Committee announced in its highly anticipated December meeting that it is finally raising the federal funds rate for the first time since exactly a year ago. While the news doesn’t come as a giant surprise, it does mark the second increase in ten years. Click the headline to read more. http://www.housingwire.com/articles/38757-its-official-fed-raises-interest-rates-for-first-time-since-last-december ❤️ #share #mortgage