Some Highlights:
* 58% of vacation homes purchased were single family homes.
* 51% of vacation homes that were purchased were found online.
* The median price of a vacation home is up 28% from 2014. http://www.simplifyingthemarket.com/en/2016/04/15/vacation-home-sales-reach-2nd-highest-mark-since-2006-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
According to the FHFA, analysts and advocates have raised concerns that investors may walk away from the most challenging loans in NPL pools, leaving vacant houses in neighborhoods and contributing to blight and decay. http://www.housingwire.com/articles/36806-fhfa-announces-new-rules-for-non-performing-loan-buyers ❤️ #share #mortgage
As the California market continues to sizzle, investors struggle with the competition. On the up side, about 76% of Realtors working with investors believe property values will increase in the next year, and 71% said it would continue to increase even in five years. http://www.housingwire.com/articles/36805-investors-struggle-in-californias-competitive-housing-market ❤️ #share #mortgage
ValueInsured teams up with Amalgamated Bank to offer #homebuyers a safety net against market changes. This is the first major #lender to offer the down payment insurance, launched back in October, to its #mortgage customers http://www.housingwire.com/articles/36804-amalgamated-bank-first-to-offer-homebuyers-down-payment-insurance ❤️ #share #mortgage
It’s only been a short time since the Federal Housing Finance Agency shook up the housing industry by announcing that it plans to begin offering principal reductions to certain borrowers, but reactions from both sides are beginning to trickle in. Some in the housing industry love it, some believe that the FHFA’s plan doesn’t go far enough, while others are concerned that the program sets a “dangerous precedent.” http://www.housingwire.com/articles/36803-fhfa-principal-reduction-plan-garners-mixed-reaction-from-housing-industry ❤️ #share #mortgage
Asian billionaire Wang Jianlin is building Chicago’s priciest penthouse currently offered for $17.1 million, according to Bloomberg. http://www.housingwire.com/articles/36800-asias-richest-man-building-a-17m-apartment-in-chicago ❤️ #share #mortgage
“Providing transparency to an existing process that is inefficient and inconsistent after an well-organized and rapid initial approval experience will upset the borrower and likely result in negative comments and complaints,“ said Stan Pachura, former CIO of National MI. http://www.housingwire.com/blogs/1-rewired/post/36797-heres-why-mortgage-tech-innovation-must-extend-beyond-point-of-sale ❤️ #share #mortgage
The company’s steady advancement gaining market share has placed it as the nation’s number one #lender. The company gives several reasons for success, but mostly credits its renovation financing. http://www.housingwire.com/articles/36802-prospect-becomes-1-in-fha-203k-lending ❤️ #share #mortgage
A day that many in the housing industry thought would never come is finally and actually here, as the FHFA is making official – widespread principal reduction is coming. In what it is calling a “final crisis-era modification program,” the FHFA announced Thursday that it will be launching a principal reduction program for some borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. Click the headline to learn more. http://www.housingwire.com/articles/36799-fhfa-makes-it-official-principal-reduction-is-coming ❤️ #share #mortgage
Tales of people renting out boxes abound from the chronicles of San Fran’s recent struggles with housing. It’s so bad, the housing situation actually has its own WIKIPEDIA page. So here’s the shocker: Home prices in the San Francisco Bay Area actually FELL by 1.8%. Want to know why? http://www.housingwire.com/articles/36798-san-fran-home-prices-fell-wait-what ❤️ #share #mortgage
Both banks, which recently failed the living wills test set by the FDIC, say their first-quarter profits fall as thy face “slumping oil prices, low interest rates and choppy financial markets,” writes Michael Corkery. http://www.housingwire.com/articles/36796-low-interest-rates-plague-bank-of-america-wells-fargo-earnings ❤️ #share #mortgage
Mutual of Omaha #mortgage will begin recruiting for a wide-variety of positions within the next 45 to 60 days, according to a statement, and is expected to begin operations in the third quarter of 2016. http://www.housingwire.com/articles/36795-primelending-and-mutual-of-omaha-now-hiring-staff-for-new-mortgage-venture ❤️ #share #mortgage
#mortgage interest rates continued their downward trend in the last week, falling again to the lowest level of the year and the lowest level in nearly three years, Freddie Mac’s latest Primary #mortgage Market Survey showed. http://www.housingwire.com/articles/36794-mortgage-interest-rates-fall-to-lowest-level-in-nearly-three-years ❤️ #share #mortgage
The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey. The survey revealed many characteristics of both vacation home purchasers and investors. Today, we want to concentrate on the vacation real estate market.
The survey found that vacation-home sales last year declined to an estimated 920,000, down 18.5% from their most recent peak level of 1.13 million in 2014. However, this is still the second highest number of vacation sales since 2006.
Lawrence Yun, NAR’s chief economist explained:
“The expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales and caused the price of vacation homes to rise. Furthermore, the turbulence that hit the financial markets the second half of the year likely seized some would-be buyers’ available cash.”
As Yun mentioned, the sales price of vacation homes rose in 2015:
Tomorrow, we will be providing an infographic that will highlight the other findings about vacation home sales from the survey, and in two weeks, we will report on the investor side of NAR’s survey. http://www.simplifyingthemarket.com/en/2016/04/14/vacation-home-sales-sales-down-prices-up/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Although March may have seen an increase in foreclosure activity, for the quarter the numbers were still down. In fact, quarterly foreclosure activity is now at its lowest level since 2006, but still 25% higher than pre-crisis numbers. http://www.housingwire.com/articles/36788-foreclosures-now-lowest-since-housing-crisis ❤️ #share #mortgage
The market remains tight as #lenders fear taking too many risks. Although it got slightly easier to take out a loan at the end of 2015, the #mortgage market still has a ways to go. http://www.housingwire.com/articles/36793-obtaining-a-mortgage-is-getting-easier ❤️ #share #mortgage
The Federal Reserve released its latest Beige Book Wednesday, with Fed’s comprehensive look at the nation’s economy showing that economic activity expanded in March, while the housing results were mixed. http://www.housingwire.com/articles/36792-fed-beige-book-economic-activity-expanded-in-march-housing-results-mixed ❤️ #share #mortgage
CC Pace has created a program to help #lenders with TRID regulations and compliancy. Their study shows that two out of three #lenders say technology and operational changes are their largest issues with TRID. http://www.housingwire.com/articles/36790-cc-pace-launches-trid-relief-program ❤️ #share #mortgage
For much of last year, Congress engaged in a fight over the potential use of funds raised from Fannie Mae and Freddie Mac’s guarantee fees to cover federal spending. New legislation introduced this week in the House of Representatives would ensure that a fight over the use of g-fees to fund federal spending will never happen, by permanently banning the use of g-fees as budgetary offsets. http://www.housingwire.com/articles/36789-new-legislation-would-permanently-bar-using-fannie-freddie-g-fees-for-federal-spending ❤️ #share #mortgage
Since a private meeting held on March 21, PulteGroup has been divided in two sides, with the CEO and board on one side, and the founder and director on the other. While the board had decided not to re-nominate the director in May, Grosfeld announced his departure would be sooner than they all thought. http://www.housingwire.com/articles/36786-update-board-director-grosfeld-resigns-from-pultegroup ❤️ #share #mortgage
