By Dennis Norman, on April 9th, 2014 In spite of a somewhat sluggish start to the spring housing market, consumers are more optimistic about the housing market now than they were this time last year, according to the results of the Fannie Mae National Housing Survey results just released. Survey results show that 38% of the respondents think now is a good time to sell a home which, while low, is still almost 50% higher than a year ago when only 26% felt it was. Consumers are also feeling more optimistic about the prospects of obtaining a home loan with 52% saying they believe it would be easy to get a mortgage, an increase from 47% that felt that way a year ago.
Other highlights of the survey:
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- The percentage of consumers that feel home prices will go up in the next 12 months dropped slightly to 48%,
- Only 5% feel home prices will do down in the next 12 months.
- More than half (54%) of the survey respondents feel mortgage rates will increase in the next 12 months and only 3% think the rates will go down.
- Sixty-nine percent feel now is a good time to buy a home, this is down just a little form last month.
- The average 12-month home price change expectation decreased from last month, to 2.7 percent.
By Dennis Norman, on October 7th, 2013  As we enter the 7th day of the government shut down, concern grows among home buyers and sellers as to how this may affect the transactions here in St Louis. The short answer is that, fortunately, it appears the impact will be minimal for the most part. This morning at a meeting of the St Louis Industry Forum, which I chair, this topic was discussed and from the input of the real estate-related professions represented, it appears the impact of the government shutdown on real estate transactions here will be minimal.
Shelly Clark, President of Cardinal Surveying, said that there should not be any impact on obtaining a survey, however there will be some impact for homes located in a flood zone Continue reading “How Will The Government Shut Down Affect The St Louis Real Estate Market?“
By Dennis Norman, on August 7th, 2013 
Nearly three out of four people (74%) say now is a good time to buy a home, according to the July 2013 National Housing Survey by Fannie Mae. In addition, forty-percent of the people surveyed feel now is a good time to sell a home, this is up for 36 percent that felt that way the month before and matches the survey high since it’s inception.
SURVEY HIGHLIGHTS: Continue reading “Three out of four people say now is a good time to buy a home“
By Dennis Norman, on June 11th, 2013  Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home.
When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.
Thinking of buying? See all the newest St Louis listings by clicking here
SURVEY HIGHLIGHTS: Continue reading “Three out of Four People Say Now Is The Time To Buy A Home“
By Dennis Norman, on March 5th, 2013  According to a recent report by the Loan Modification Scam Prevention Network (LMSPN), a national anti-scam effort comprised of Fannie Mae, Freddie Mac, the Lawyers’ Committee for Civil Rights Under Law, the Homeownership Preservation Foundation (HPF), and NeighborWorks America, there have been more than 30,000 loan modification scams reported in the past three years. According to the group, the scammers are becoming “increasingly aggressive online, using targeted web advertisements to reach homeowners who are searching for mortgage relief over the Internet.” The group cautions that homeowners should be aware that no one other than your present lender can guarantee any form of mortgage relief.
Below are six (6) warning signs to look for that may indicate you are dealing with a loan modification scammer: Continue reading “How to avoid being the victim of a loan modification scam“
By Dennis Norman, on February 7th, 2013  Forty-one percent of the respondents to the Fannie Mae National Housing Survey for January 2013 said they expect home prices to rise in the next 12 months which is down slightly from 43 percent last month but up significantly from a year ago when only 30 percent felt home prices would rise. Ten percent of the respondents feel home prices will drop in the coming year and 45 percent said they feel prices will remain the same.
Continue reading “Forty-one percent of survey respondents think home prices will increase; up from thirty percent a year ago“
By Robert Fishel, on January 3rd, 2013  Fannie Mae has declared that housing is finally providing a tailwind to economic growth. The company’s December Economic and Strategic Report says that the market “has turned the corner and a sustained recovery is under way.” Looking into 2013, economists predict mortgage originations will increase by 15% while refinance volume is expected to fall 26%.
Continue reading “Optimism in the Mortgage Markets for 2013; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on December 19th, 2012 Mortgage rates have flattened out, but some borrowers are lowering their rates further by opting for a loan with a shorter term.
Freddie Mac says about 30% of borrowers this year have opted for shorter-term home loans when they refinance, with most picking a 15-year mortgage. Shorter-term loans are particularly attractive to people “who have been homeowners for a number of years…or who want the security of knowing they will own their home free and clear when they retire,”
Continue reading “Saving interest…shorten your term; St Louis Mortgage Interest Rate Update“
By Dennis Norman, on November 1st, 2012  For anyone that has been through the short sale process, or knows someone that has, they will attest to the fact that short sales are not “short” but, instead, are typically long, drawn out processes with many layers of approvals and much red tape. Good news! Beginning today, Fannie Mae and Freddie Mac took steps to shorten the short sale process as well as reduce the amount of red tape, by no longer requiring approved private mortgage insurance companies to come to them (Fannie and Freddie) for approvals on short sales or deeds in lieu of foreclosure. This is a significant change from the current policy and should definitely make the short sale process less drawn out going forward.
If you are looking to buy a short sale and would like to search all the short sales available in the St. Louis, click here.
By Dennis Norman, on September 20th, 2012
In spite of warning from the Mortgage Bankers Association (MBA), the St. Louis Association of REALTORS (SLAR) and other housing-related groups of the damage the “Mortgage Foreclosure Intervention Code” (Bill #174 introduced by Hazel Erby, District 1) could do to the already struggling St Louis housing market, including increasing the cost of home mortgages, last month the St. Louis County Council passed the bill, it was signed into law by County Executive Charlie Dooley and will go into effect on September 28, 2012. Then, just last week, Lewis Reed, President of the St. Louis Board of Alderman, introduced what is a basically the same bill in an attempt to get the same law enacted by the City of St. Louis.
Opponents of the law, including SLAR and the MBA, say this law will likely lead to higher cost mortgages in St Louis County (and, assuming they pass it, the city of St Louis) as lenders will increase fees to cover additional costs they will have in complying with this new law and proponents of the law say this is not so. I think the proponents of the bill are wrong and am confident that this will lead to higher cost mortgages in areas that have enacted the Mortgage Foreclosure Intervention Code or similar laws. So, why am I so sure? It just so happens that yesterday, the Federal Housing Finance Agency (FHFA), the agency charged with overseeing Fannie Mae and Freddie Mac, issued a notice of a proposal to increase mortgage fee pricing (guarantee fees that Fannie Mae and Freddie Mac charge) on loans in states where, due to laws and the requirements imposed upon lenders (or other investors) to “manage a default, foreclose and obtain marketable title to the property backing a single-family mortgage“, foreclosures take longer. Continue reading “Home mortgages may become more costly in St. Louis thanks to local law“
By Dennis Norman, on August 24th, 2012  I have good news for homeowners that are underwater on the mortgage and need to do a short sale, or for buyers looking to buy a short sale. The Federal Housing Financing Agency just issued new guidelines to lenders that service Fannie Mae and Freddie Mac loans that are intended to “offer a streamlined short sale approach” which will be music to the ears of anyone that has been through the process. I don’t always agree with the actions of the FHFA but I think this is a good move and will help the market. The new guidelines (see below for highlights) go into effect November 1, 2012 Continue reading “Short sales just got better“
By Dennis Norman, on July 17th, 2012 Fannie Mae has launched a new foreclosure prevention program called “Know your Options” that has been in development for about a year and has, as it’s top priority, “helping homeowners avoid foreclosure”. The program includes working with and training 18 of it’s largest loan servicers as well as launching a website for consumers, KnowYourOptions.com, which contains educational tools and resources for homeowners that may be facing foreclosure and opening 12 “Mortgage Help Centers” in the areas hardest hit by the housing crisis.
By Peter Wright, on July 5th, 2012 
Interest rates have been strong all year, last week however, we saw mortgage backed securities rally each day and with the release of unemployment figures on Friday we are now officially sitting at historic lows! If you have not taken advantage of these rates…what are you waiting for? Maybe you have been told that you don’t have enough equity in your home due to the housing market trending down over the past few years?
Well there is something here for you too! The Home Affordable Refinance Program (HARP) is a program developed by Fannie Mae and Freddie Mac that helps folks with little or no equity in their homes take advantage of today’s fantastic mortgage rates. Continue reading “Historic low mortgage interest rates, Refinancing Options & New HUD program“
By Dennis Norman, on May 31st, 2012 
This morning RealtyTrac® released its U.S. Foreclosure Sales Report™ for the first quarter of 2012, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all St. Louis metro area home sales during the first quarter — up from 17 percent of all St Louis home sales in the fourth quarter and the same as the first quarter of 2011. The report also shows that, during the quarter, over 10 percent (10.36) of St Louis metro home sales were short-sales, an increase from 5.85 percent the previous quarter and an increase from 7.46 percent from the first quarter of 2011. Continue reading “One in four St Louis Metro home sales are foreclosures; One in three in the City of St Louis“
By Robert Fishel, on May 23rd, 2012
Fannie Mae’s April 2012 National Housing Survey indicates consumer attitudes toward homeownership, the economy, personal finances, and home prices continuing to improve.
SURVEY HIGHLIGHTS
The Economy and Household Finances Continue reading “St. Louis Mortgage Rate Update; Fannie Mae’s Latest Housing Survey“
By Dennis Norman, on May 21st, 2012 By now almost everyone has probably heard a story about (or experienced themselves) the laborious, time-consuming and mind numbing process of trying to buy (or sell) a home on a short sale or, in other words, for less than is owed on the home with the lenders blessing. Unfortunately the lenders blessing, in many cases, has taken many weeks or even many months to get causing many buyers and sellers to give up along the way. Now though, thanks to a recent rule change by Fannie Mae, this process will be improved greatly and happen within 30 days in most instances. Continue reading “Fannie mae sets new 30 day deadline to respond to short sales“
By News Desk, on April 2nd, 2012
Attitudes About Homeownership as an Investment, Financial Constraints, and Mortgage Accessibility May Stand in the Way of Americans’ Purchase Decisions
Fannie Mae’s latest quarterly National Housing Survey focuses on the state of homeownership aspirations among Americans across all demographic groups. The survey finds that despite the recent housing crisis, most Americans continue to believe that owning their home is preferable to renting it. The data also indicate that while financial constraints and employment concerns may may be keeping potential homebuyers on the sidelines in the near term, future improvements in employment and personal finances, a pickup in interest rates in response to stronger economic growth, and stabilizing home prices may move Americans to act on their aspirations in coming years. Continue reading “Quarterly National Housing Survey Shows that Americans of All Backgrounds Continue to Have Strong Aspirations to Own a Home“
By Peter Wright, on March 5th, 2012 There are approximately 11-Million homeowners that are underwater, which represents about 23% of all outstanding mortgages. So, here comes another program to help the America Homeowner! Is it hype…or will it help?
Well, the new HARP program (Home Affordable Refinance Program) was released in Continue reading “Is the New Home Affordable Refinance Program Hype or Help?“
By Dennis Norman, on January 19th, 2012 Shortly after finishing my video recap of the 2011 St Louis Real Estate Market I began analyzing our market data and giving thought to the 2012 St. Louis Real Estate market. The end result? The MORE St Louis Market 2012 Forecast. For a link to my 15 minute video as well as a downloadable report, please submit your name and email address here and you will receive it immediately. Continue reading “Where is the St Louis Real Estate Market Headed in 2012?“
By Dennis Norman, on November 1st, 2011  The Fannie Mae National Housing Survey for September shows consumers in the U.S. remain someone pessimistic about home prices, however over two-thirds (68 percent) of American’s surveyed said they thought now was a good time to buy a home and 63 percent said if they were going to move now they would buy a home.
Continue reading “Poll shows American’s expect home prices to decline in next 12 months“
By Dennis Norman, on October 24th, 2011  Update August 10, 2012 – New HARP Program FAQ’s Click Here.
The Federal Housing Finance Agency (FHFA) announced it eased the requirements as well as extended the Home Affordable Refinance Program (HARP) to December 31, 2013 from the current expiration date for the program of June 30, 2012. According to FHFA, as of August 31, 2011, nearly 894,000 borrowers have been refinanced through HARP and they (FHFA) feel easing the requirements will make it possible for many additional borrowers to refinance as well.
Continue reading “Home Affordable Refinance Program (HARP) Guidelines Eased and Deadline Extended“
By Dennis Norman, on September 19th, 2011 Fannie Mae’s Economics & Mortgage Market Analysis Group says that we are not out of the woods yet and that the economy is “flirting with another economic downturn” now after more than two years since the worst recession since the World War II era. Fannie Mae Chief Economist, Doug Duncan, said “the weakening economic backdrop, a persistently high unemployment rate, and fear of a double-dip recession are casting a shadow over the housing market.” Continue reading “Double-dip recession concern by consumers is putting a damper on the housing market“
By Dennis Norman, on September 16th, 2011 National Association of REALTORS® (NAR) President, Ron Phipps, wrote a letter to Shaun Donovan, Secretary of the Department of Housing and Urban Development, Timothy Geithner, Secretary of the Treasury Department and Edward DeMarco, Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs for Fannie Mae, Freddie Mac and FHA. NAR, like many other housing related associations and organizations, submitted letters in response to the government’s request for information on how to deal with the REO problem. Continue reading “REALTORS offer suggestions to the Fed on how to deal with the REO problem“
By Dennis Norman, on September 10th, 2011
Sixty-nine percent of American’s polled in Fannie Mae’s National Housing Survey in August said that now is a good time to buy a home, this is up from 66 percent the prior month. Consumers are not in a home buying mode as a result of feeling good about the economy however as in the survey 78 percent said the economy is on the wrong track, up from 70 percent in July. Continue reading “Is now a good time to buy a home?“
By Dennis Norman, on September 8th, 2011 Federal Reserve Governor Elizabeth A. Duke, while speaking at the Federal Reserve Board Policy Forum last week, discussed the effect on the housing market that properties acquired by banks and lenders through foreclosure (REO’s) and suggested that if some of this inventory was converted to rental property by the lenders, this may have a positive effect on the housing market. Continue reading “Converting REO’s to rentals could help housing recovery according to Fed Official“
By Dennis Norman, on August 22nd, 2011 It seems every time I start thinking it’s safe to use the “R” word (recovery) about the housing market, something happens to put the damper on it. The recent downgrading of the U.S. credit rating, which ultimately caused the Wall Street roller coaster ride, certainly hasn’t help. Then today, the National Association of Home Builders (NAHB) came out with a report saying “the recent economic news points to a slower housing recovery” and Fannie Mae, in their economic forecast released today saying “housing activity expected to weaken, despite recent declines in long-term interest rates”. Continue reading “New reports paint bleak picture for housing market recovery“
By Dennis Norman, on May 11th, 2011 Spring storms in April caused 8 areas of the U.S. to be declared a National Disaster area, and another 9 more so far in May. As a result of tornadoes, severe storms and flooding on April 19th, five counties in Missouri, Butler County, Mississippi County, New Madrid County, Saint Louis County, and Taney County, were declared a National Disaster areas on May 9th, making homeowners eligible for assistance, including possible mortgage payment relief and/or protection from foreclosure. Continue reading “Mortgage Relief and Foreclosure Moratorium for Missouri Homeowners Impacted by Recent Storms“
By Dennis Norman, on April 21st, 2011 Fannie Mae released their April 2011 Economic Outlook which, as far as the housing market goes, doesn’t paint a real rosy picture. The Fannie Mae report cites weak home sales in the first part of 2011, distressed sales making up more than a third of those sales and the winding down of various programs that were supporting the housing market as the cause of continued home price decline. Continue reading “Fannie Mae says housing market outlook has not improved“
By News Desk, on April 19th, 2011 Lee Bentley Farkas, the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), was convicted today for his role in a more than $2.9 billion fraud scheme that contributed to the failures of Colonial Bank, one of the 25 largest banks in the United States in 2009, and TBW, one of the largest privately held mortgage lending companies in the United States in 2009. Continue reading “Former Chairman of Taylor, Bean & Whitaker Convicted for $2.9 Billion Fraud Scheme That Contributed to the Failure of Colonial Bank“
By Dennis Norman, on April 12th, 2011  Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sorry, nothing for investors). Continue reading “Fannie Mae Offering 3.5 percent Buyer Assistance on HomePath Properties“
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