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Surviving Spouses and Wounded Warriors Eligible for Special Forbearance At an event yesterday at the Pentagon, Fannie Mae and the U.S. Army announced new initiatives to help service members who are struggling with their mortgage payments avoid foreclosure. The effort includes a mortgage payment forbearance of up to six months where the death or injury of a service member on active duty causes a hardship for impacted military families with a mortgage obligation. Dennis Norman A report released by CoreLogic showed the St. Louis metro area to have a foreclosure rate in July of 1.48 percent up slightly from June’s rate of 1.43 percent and an increase of 27.6 percent from the year prior when the rate was 1.16 percent. Dennis Norman This morning S&P/Case-Shiller Index report for July was released showing that the annual growth rates of home prices in 16 of the 20 Metro areas covered by the report slowed in July compared to June. The Case-Shiller Home Prices Indices for the 20 metros showed a slight increase of 0.6 percent in home prices in July over June and an increase of 3.2 percent in home prices from the year before, down from June’s 4.2 percent increase from the year before. Dennis Norman Last month I wrote an article about private transfer fees drawing fire from the Federal Housing Finance Agency which cast private transfer fees in a negative light. Freehold Capital Partners, a company that, according to it’s website, partners with real estate developers to utilize private transfer fees (PTF’s) has come out in defense of the use PTF’s and show that they do benefit homebuyers as well as the community. Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance and a $1,500 bonus to buyers’ real estate agent or broker for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their Dennis Norman A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of August 2010 shows that mortgage delinquencies continue to decline however are still at very high levels versus historical norms. At the same time however, foreclosure starts continue to accelerate. Dennis Norman Last month I reported that July’s new home sales rate of 276,000 homes was the lowest rate on record. Subsequently the Commerce Department revised July and changed the sales rate to 288,000 homes raising July to the second-lowest home sales rate on record. Today, the numbers for August came out and they are no better….the new home sales rate for August is being reported by the Commerce Department as 288,000 homes, the same as July. Dennis Norman After July’s existing home sales fell over 27 percent and hit ROCK BOTTOM, August didn’t fare much better….. Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in August were at at a seasonally adjusted-annual rate of 4.13 million units which is an increase of 7.6 percent from July’s dismal rate but is a a decline of 19.9 percent from a year ago and the second-lowest sales rate in over 14 years (July was the lowest). A Special Program for Members of the Armed Forces: VA LOANS No Down Payment 100% Loan Financing No Mortgage Insurance Required 30-Year Fixed Rate or 3-Year Arms No Pre-Payment Penalty Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for August 2010 showing a decrease in single-family home building permits and an increase in new home starts compared to the month before. Dennis Norman Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. Dennis Norman A report by CoreLogic shows that in June 2010 almost one in five (19.3 percent) of the home sales in St. Louis are distressed home sales, such as foreclosure or a short sale. The report cautions that recent data showing improvements in negative equity, serious mortgage delinquency and a decrease in market share of short-sales, has been distorted as a result of the short-term boost in the “non-distressed” housing market by the homebuyer tax credit program, which recently ended. Dennis Norman According to data from the U.S. Census Bureau, Americans, for the most part, are very satisfied with the neighborhoods they live in. According to the Census Bureau “American Housing Survey”, more than tw0-thirds of people across the country rate the quality of their neighborhood as eight or higher on a 10-point scale. Just over 15 percent report crime as a problem in their neighborhoods. Hmm…perhaps if people weren’t so happy with their neighborhoods they would be more inclined to move and give the housing market a much needed boost? Dennis Norman Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie Mae from December 2009 to January 2010 as well as one conducted back in 2003. Dennis Norman While much of the talk (including mine) about the real estate market is somewhat negative, there are some positive things to talk about; home prices have fallen back to levels they were at 7 years ago or more and home mortgage interest rates have hit the lowest levels in decades making a home more affordable than ever. This is a great opportunity for someone to buy a home, particularly if a first-time buyer that doesn’t have to deal with selling a home in the current market. In addition, provided Congress doesn’t take them away, there are Continue Reading → FHA Changes Mortgage Insurance Rates-less up front cost but higher payments; St Louis Mortgage WatchNew regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs, however lower that actual up-front cost paid by borrowers. Dennis Norman The U.S. Department of Housing and Urban Development (HUD) has issued their report on St. Louis Housing Market condition as of second quarter of this year. The report from HUD labels the St. Louis area as a “hub for shipping and transportation” and a “center for manufacturing and biomedical sciences.” Among the “positives” for St. Louis, HUD identifies that St. Louis is the home to several institutes of higher learning, including St. Louis University and Washington University which, between the two, have an estimated annual economic impact on the region of nearly $3 billion. Frank Gregoire My world was much different in the late 1980’s. Although I was in the real estate business and the real estate appraisal profession for a decade, political activity did not interest me. Here at Gregoire & Gregoire, we had already been using a networked mini-computer for appraisal reporting since 1983, but I did not have an email account or address. I did not surf the web. Our clients were savings and loan associations, FHA lenders, loan discount companies (purchasers of privately originated first and second mortgages), real estate brokers, and several lawyers. All our research was Continue Reading → A Massachusetts attorney, Michael R. Anderson, 41, of Framingham, was charged last week in federal court with wire fraud, bank fraud, and money laundering in connection with a multi-year, multi-property mortgage fraud scheme in Dorchester and Roxbury. United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and William P. Offord, Special Agent in Charge of Internal Revenue Service, Criminal Investigation – Boston Field Division, announced today that the defendant was charged in an Information with 16 counts of wire fraud, nine counts of bank fraud, and two counts Continue Reading → A Raleigh, N.C., real estate speculator pleaded guilty to conspiring to rig bids for public real estate foreclosure auctions held in multiple counties in eastern North Carolina, the Department of Justice announced today. Christopher J. Deans pleaded guilty yesterday in U.S. District Court in Greenville, N.C., for participating in a conspiracy to rig bids during the real estate foreclosure auction process in eastern North Carolina from at least as early as April 2003 until at least April 2005. The primary purpose of the conspiracy was to suppress and eliminate competitive bidding on foreclosed properties and obtain selected real estate Continue Reading → Survey reveals tenants are not rushing to buy a home…also shows the “McMansion” craze is over… Dennis Norman Trulia.com released the results of its recent “American Dream” survey on attitudes toward home ownership which, not surprisingly to me, shows interest in the “American Dream” of home-ownership has cooled a little. According to the survey, 27 percent of renters indicated that they do not plan to buy a home — ever. Of those renters who do plan to purchase someday, 68 percent said it would be more than two years before they do. “..if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale..” According to a report released by ZipRealty, the number of price-reduced homes on the market increased 3.26 percent in August compared to July. ZipRealty’s monthly review of MLS-listed properties in 26 major markets found that 47 percent of “for sale” homes had at least one price reduction and the average seller actually slashed their list price twice to attract buyers. Daniel Manzano Many of us Real Estate industry professionals know that a Short Sale transaction can take months for it to be approved and closed. Nevertheless, we have had Short Sale approvals in less than 10 days. But, the reality is that Short Sales usually take three to four times as much as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to the time the Lender approves, it could take anywhere from 30 days to 6 months, depending on how fast the Borrower provides critical information Continue Reading → The following are the four common first-time home-buyers mistakes: Spending the maximum on housing: First-time buyers can be overly optimistic and excited about buying a home, so they tend to borrow the absolute maximum they qualify for (on paper), not necessarily worrying about a budget or other expenses. Lenders qualify buyers based on their incomes and debt-to-income ratios. However, borrowers have other monthly expenses they need to consider: maintenance and upkeep on their new home, utilities, transportation, savings, and other necessities that are not counted in the debt-to-income ratios. Dennis Norman When I first entered the real estate business in 1979, at the age of 18 which seems so long ago) foreclosures were a mystery to most people and certainly no one looking for a home to live in looked to buy a foreclosure. Homes that were being foreclosed upon were advertised in legal newspapers that no one other than some speculators, attorneys and bankers subscribed to basically. Here in St. Louis I was one of a couple of handfuls of real estate investors that would do the research then go out and try to buy foreclosures Continue Reading → Dennis Norman Reverse mortgages have become increasingly popular over the past few years with seniors that find themselves with a large amount of equity in their home, but short on cash, or struggling to pay for the upkeep of the home, property taxes, insurance or other living expenses. A reverse mortgage allows people in that situation to pull the equity from their home in a lump sum, monthly payments or just as they need it. Dennis Norman A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of July 2010 shows that mortgage delinquencies continue to decline however are still at very high levels versus historical norms. At the same time however, foreclosure starts have increased to the fourth highest level on record. Dennis Norman After hitting all-time low in June, pending home sales increase 5.2 percent in July The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009. Dennis Norman UPDATE 9/03/2010 -Good News! I’m waiting for confirmation from the Secretary of State’s office, but I have been told that the Secretary of State has decided to drop the appeal and allow this issue to move forward to the voters in November! A huge victory for Missouri property owners! – end of update. Yesterday I wrote about a Cole County Judge ruling against the Missouri Secretary of State and in favor a group working to prevent double taxation, by means of a transfer tax or fee on real estate, in Missouri clearing the way to take Continue Reading → As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. |
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