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Tuesday, June 21, 2016

Fannie Mae sets new date for use of trended credit data

Last week, Fannie Mae unexpectedly announced a delay to the latest update to its Desktop Underwriter program. The delay was also noteworthy because at the time, Fannie Mae didn’t provide a date for when the use of trended credit data was going to begin. We now know the implementation date. http://www.housingwire.com/articles/37328-fannie-mae-sets-new-date-for-use-of-trended-credit-data ❤️ #share #mortgage

BoA, Citigroup brace for annual stress tests

Both of these bank failed the stress tests a combined total of five times. The annual test could even be holding the banks back from giving back to their shareholders. While banks such as Wells Fargo seem to be going fine, others, such as Bank of America and Citigroup, just can’t seem to catch on. http://www.housingwire.com/articles/37327-boa-citigroup-brace-for-annual-stress-tests ❤️ #share #mortgage

Fitch: What the housing market needs to fully recover

Fitch Ratings webcast showed where the housing market is currently, and where it needs to go. The largest untapped market is the first-time #homebuyers, however there may be a few road blocks to reaching them. http://www.housingwire.com/articles/37326-fitch-what-the-housing-market-needs-to-fully-recover ❤️ #share #mortgage

Pennsylvania title company owner facing 20 years in prison for stealing loan funds

The owner of a Pennsylvania title company is facing 20 years in prison after being charged for his role in a scheme that defrauded borrowers and title insurance companies out of nearly $3 million. http://www.housingwire.com/articles/37325-pennsylvania-title-company-owner-facing-20-years-in-prison-for-stealing-loan-funds ❤️ #share #mortgage

Genworth: The rise of the first-time #homebuyer

Looking through the eyes of those in the heart of the industry, the majority of #mortgage professionals expect the first-time #homebuyer market share to only get better. New facts coming from a study conducted by Genworth #mortgage Insurance at the 2016 #mortgage Bankers Association Secondary Conference in New York City reveal what the industry expects for the future of housing. http://www.housingwire.com/articles/37324-genworth-the-rise-of-the-first-time-homebuyer ❤️ #share #mortgage

74% of Households in the US Now Have Significant Equity!

CoreLogic’s latest Equity Report revealed that 92% of all #mortgaged properties are now in a positive equity situation, while 74% now actually have significant equity (defined as more than 20%)! The report also revealed that 268,000 households regained equity in the first quarter of 2016 and are no longer under water.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“In just the last four years, equity for homeowners with a #mortgage has nearly doubled to $6.9 trillion. The rapid increase in home equity reflects the improvement in home prices, dwindling distressed borrowers and increased principal repayment.

These are all positive factors that will provide support to both household balance sheets and the overall economy.”

Anand Nallathambi, President & CEO of CoreLogic, believes this is a great sign for the market in 2016 as well, as he had this to say:

“More than 1 million homeowners have escaped the negative equity trap over the past year. We expect this positive trend to continue over the balance of 2016 and into next year as home prices continue to rise.

Nationally, the CoreLogic Home Price Index was up 5.5% year over year through the first quarter. If home values rise another 5% uniformly across the U.S., the number of underwater borrowers will fall by another one million during the next year.”

Below is a map illustrating the percentage of households in each state with significant equity:

Many homeowners with more than 20% equity in their home would be able to use that equity as a down payment on either a larger home or even a retirement home.

Bottom Line

If you are one of the many Americans who are unsure of how much equity you have in your home, don’t let that be the reason you fail to move on to your dream home this year! http://www.simplifyingthemarket.com/en/2016/06/21/74-of-households-in-the-us-now-have-significant-equity/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Monday, June 20, 2016

Scott Disick Lists His Home Near the Kardashians

The real estate skills of reality star Scott Disick, ex to Kourtney Kardashian and father of their three children, are starting to rival Kardashian momager Kris Jenner. He’s bought two homes in the past 18 months and sold one, in Beverly Hills, for nearly $1 million more than he paid.

Now his lordship is looking to make even more on the second home, which is near the Kardashian clan in Hidden Hills, CA. After paying $5.96 million for it six months ago, Disick is asking $8.8 million.

Billed as “The Hamptons in Hidden Hills,” the mansion spans 8,110 square feet with 7 bedrooms, 7 baths and views across the hills. A double-island chef’s kitchen flows into a great room with a marble fireplace and a sliding glass wall that opens onto the spacious backyard.

Wide-plank wood floors grace the home, as do various game rooms, a wine cellar beneath the stairs, and noteworthy views from almost every room.

The expansive master suite rivals a luxury hotel, with a fireplace, balcony, giant closets, a sitting room, and a bathroom that’s bigger than the bedrooms in some homes.

The listing agent is Tomer Fridman of Ewing & Associates/Sotheby’s International Realty.

Related:

from Zillow Porchlight http://www.zillow.com/blog/disick-lists-home-near-kardashians-200224/