Fannie and Freddie are Set to Mess with Your Appraisal!

Nat'l Real Estate Post:
Ya Gotta Watch This Video!
Fannie and Freddie have a new appraisal “review” system that could possibly turn the industry upside down with delay’s, higher costs and dead deals. http://thenationalrealestatepost.com/appraisal-time-bomb-coming-in-january-2015/?
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The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders index was 4% for loans closed in late November. This is down 11 basis points from 4.11% in October.  

Meanwhile, the average interest rate on all mortgage loans was 4.01%, dropping 10 basis points from 4.11% in October. -- Brena Swanson in HousingWire

http://www.housingwire.com/articles/32462-fhfa-mortgage-interest-rates-fall-in-november

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Shared by Kyoung Woo Park, Paris

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RealtyTrac has released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that buying is still more affordable than renting in the majority of U.S. housing markets, while the opposite is true in markets with the biggest increase in the millennial share of the population over the last six years. -- NationalMortgageProfessional.com
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A group of House Republicans sent a letter to the head of the Federal Trade Commission (FTC) expressing their concerns over residential solar power leasing programs and the potentially problematic impact these programs might create for homeowners.

“Given the rapid expansion of the rooftop solar industry, we wish to call your attention to the emergence of third-party leases for rooftop solar systems,” the lawmakers wrote in their letter to Edith Ramirez, chairwoman of the FTC. “Some of these companies that market leased solar systems to consumers as a way to leverage promoting solar leasing products are actually acting as sellers of financial products, leveraging the federal investment tax credit (ITC) and applicable state renewable subsidies to obtain tax equity investment for the purposes of turning a profit. Under increasing pressure from Wall Street to sign up more leasing customers before the ITC expires, these companies are reported to be using potentially deceptive sales tactics—practices that, if true, merit investigation.” -- Phill Hall http://nationalmortgageprofessional.com/news/52157/gop-voices-concern-residential-solar-panel-leasing-deals?

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Shared by Valentina Cirsola, taken by Edith Kukla

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According to analysts from Wells Fargo (WFC), 2015 is going to be a year of change for housing, but the changes won’t be as seismic as you might think. Here are Wells Fargo’s seven predictions for housing in the new year.
1. There will be movement toward housing finance reform.
2. But significant changes to Fannie Mae and Freddie Mac are still years away.
3. No significant progress will be made toward a single-agency security, but there’s good news too.
4. GSE risk sharing will expand in 2015.
5. Issues involving nonbank servicers aren’t going away.
6. Single-family rental bonds will grow and change.
7. Interest rates will rise.
--Ben Lane in HousingWire  http://www.housingwire.com/articles/32453-wells-fargos-7-housing-predictions-for-2015
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Homeowners who had short sales in 2014 can now breathe a giant sigh of relief, as the Mortgage Debt Forgiveness Act was signed into law by President Barack Obama. -- Ben Lane in HousingWire http://www.housingwire.com/articles/32456-short-sale-tax-break-signed-into-law
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Shared by Martin Shervington, taken by What on London, British Museum

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CoreLogic: 5 drivers of housing in 2015

Millennials, oil, home prices make the list

--Brena Swanson in HousingWire http://www.housingwire.com/articles/32458-corelogic-5-drivers-of-housing-in-2015
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CoreLogic has released its annual Natural Hazard Risk Summary and Analysis detailing the most significant natural disasters of 2014 and providing several projections for 2015. The report provides a look at the year's hurricanes, floods, hailstorms, tornados, wildfires, sinkholes, earthquakes, tropical cyclones and typhoon events in the U.S. as well as an international snapshot of the hazard events that imposed significant damage across the globe.
http://nationalmortgageprofessional.com/news/52193/corelogic-toll-natural-disasters-dips-2014
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Shared by Pham Nhu Phuong, Brisighella in Winter, Italy

Mortgage Rates to Drop More?

Most real estate economists are forecasting mortgage rates will rise in 2015, but the recent steep drop in oil prices could change all that. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/32330-baml-oil-declines-could-fuel-lower-mortgage-interest-rates-in-2015
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Many advocacy groups in Washington are calling for the FHA to lower its annual mortgage insurance premiums. However, until the FHA fulfills its statutory requirement, that should be a nonstarter,” House Financial Services Committee Chairman Jeb Hensarling, U.S Representative of Texas cautioned in November.  We’ve learned to many times that many representatives in Hollywood East have hidden agendas that’s only concern is Wall Street and this blogger feels if FHA was price competitive it would grow itself into is 2 percent ratio faster than strangling individual home buyers. -- Wes McKibbon http://203knetwork.org/real-estate-marketing-2/omnibus-spending-bill-for-2015/
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Shared and taken by Xalima Miriel, Architecture

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According to last year’s American Community Survey, one in three of those owner-occupied housing units doesn’t have any mortgage left to pay. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32324-how-many-homeowners-have-paid-off-their-mortgage

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While there are many in the Senate of both parties who are disappointed with only a one-year extension of the expired provisions, H.R. 5771 is likely to pass as the last best alternative to no tax extenders bill at all.  The President has signaled that he will likely sign a one-year bill. --

By Evan Liddiard, Ken Wingerhttp://www.realtor.org/articles/house-passes-one-year-extension-of-mortgage-debt-forgiveness-tax-relief

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Shared and taken by Werner Polwein, Frankfurt am Main

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But there is something to keep an eye on as we head into 2015. While inflation on the consumer side via the Consumer Price Index remained tame in October, wholesale inflation came in hotter than expected. One month certainly doesn't constitute a trend—and expectations are for inflation to remain cool. But remember that inflation is bad for Bonds, as it impacts the value of fixed investments like Bonds. This means inflation can also cause home loan rates to worsen, as home loan rates are tied to Mortgage Bonds.  -- Kevin A. Jones http://www.mmgweekly.com/m/index.html?SID=3e6ad89fe36086fb79126e36c659f5df

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Fox noted that a negative 2014 trend that should persist into next year involves the absence of the full weight of the Millennial demographic from entering the housing world. The percentage of first-time homebuyers has dropped to 33 percent his year, a 27-year low, and a series of economic obstacles including tighter lending restrictions and increased housing prices have kept many Millennials from pursuing homeownership. Although efforts by the government-sponsored enterprises to ease the burdens on homeownership, including the recently introduced 3 percent downpayment guidelines, are designed to help, Fox expressed concern that outside factors will continue to limit activity. -- Phill Hall
http://nationalmortgageprofessional.com/news/52134/veros-absence-millennials-hurt-2015-housing-market?
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Shared and taken by Norbert Metz, "Come on in".

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PERSONAL INCOME AND OUTLAYS: NOVEMBER 2014

Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI)

increased $42.4 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis.

Personal consumption expenditures (PCE) increased $67.9 billion, or 0.6 percent. In October, personal income increased $49.8 billion, or 0.3 percent, DPIPCE increased $31.3 billion, or 0.3 percent, based on revised estimates.

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Real gross domestic product -- the value of the production of goods and services in the United

States, adjusted for price changes -- increased at an annual rate of 5.0 percent in the third quarter of
2014, according to the "third" estimate released by the Bureau of Economic Analysis. In the second
quarter, real GDP increased 4.6 percent.-------------------------------------------------
Shared and taken by Norbert Metz, Mirror

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NEW RESIDENTIAL SALES IN NOVEMBER 2014

Sales of new single-family houses in November 2014 were at a seasonally adjusted annual rate of 438,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.6 percent (±12.3%)* below the revised October rate of 445,000 and is 1.6 percent (±17.8%)* below the November 2013 estimate of 445,000.

Interest Rates According to Yellen

’’There is tension between the hawks and doves that’s growing,’’ said Thomas Costerg, an economist at Standard Chartered Bank in New York. “Yellen was trying to get the middle road between the two.”

“But the big picture remains the same,” he added. “They want to tighten next year, but there is no rush to hike rates.”

http://www.moneynews.com/StreetTalk/janet-yellen-federal-reserve-rate-hike-patience/2014/12/18/id/613724/?
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Following a four-point uptick last month, builder confidence in the market for newly built single-family homes fell one point in December to a level of 57 on theNational Association of Home Builders/Wells FargoHousing Market Index.
http://www.housingwire.com/articles/32334-homebuilder-confidence-falls-in-december
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Shared and taken by Norbert Metz, Cologne

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The total balance of seriously delinquent first mortgages—90 days past due or in foreclosure—was $198.8 billion in November, a decrease of more than 29.8% year-over-year and the lowest level in more than five years, the latestEquifax report said.

And the strong improvement didn’t end there, with delinquent first mortgages, those 30 days or more past due, representing 4.54% of outstanding balances in November, a decrease from 5.87% from the same time a year ago. http://www.housingwire.com/articles/32338-equifax-seriously-delinquent-first-mortgages-hit-new-low

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Shared and taken by Xalima Miriel,  Saint-Jean-de-Luz, France

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Second, that will likely send global interest rates rocketing higher. The U.S. will not escape rising interest rates. In fact, our rates are now poised to move sharply higher in 2015.
http://www.moneyandmarkets.com/europe-tubes-2015-68865#.VJGFpdLbOdk
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Congress on Tuesday night passed a $41 billion tax break extenders bill that deals with two key mortgage-related tax exemptions.

The U.S. Senate passed the Tax Increase Prevention Act Tuesday night 76-16 (with 8 abstentions). The law extends about 50 tax breaks, including one that allows an exemption for debt forgiven in a short sale, and another that allows borrowers to claim mortgage insurance premiums toward the mortgage interest credit.

The extension affecting short sales was intended for borrowers who were underwater on their mortgages, and was a key part of the Mortgage Forgiveness Debt Relief Act.

There was some question as to whether the law would pass in time for tax season. Senate Finance Committee Chair Ron Wyden chastised his fellow lawmakers, saying they turned in their “tax homework 11 months late.”

The bill only extends the tax breaks until the end of 2014. Wyden said taxpayers will be “thrown back into the dark with respect to the taxes they owe” by Jan. 1.

The bill also contained a small gift for residents of some states that may help pad incomes. In the eight states that have no income tax, residents will be allowed to claim a sales tax deduction on their federal return.

The House of Representatives passed the bill on Dec. 4. President Barack Obama still has to sign the bill into law. The no votes were split evenly among Democrats and Republicans. 

Questions? Contact Neal McNamara at (425) 984-6017 or nealm@scotsmanguide.com.

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Shared and taken by M. Friedrich, Frankreich

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Gov. Cuomo says:

“I cannot support high volume hydraulic fracturing in the great state of New York,” said Howard Zucker, the acting commissioner of health.

That conclusion was delivered publicly during a year-end cabinet meeting called by Gov. Andrew M. Cuomo in Albany. It came amid increased calls by environmentalists to ban fracking, which uses water and chemicals to release natural gas trapped in deeply buried shale deposits.

The development of horizontal fracking has enabled homeowners to lease their mineral, or subsurface, rights to oil and gas companies for mountains of cash. With all of that money to be made, gas wells have become a more common occurrence in Texas, Pennsylvania, West Virginia and North Dakota.

--Ben Lane in HousingWire http://www.housingwire.com/articles/32376-state-of-new-york-bans-fracking

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In a December 6, 2014 essay about global trends in urban and suburban growth, The Economist notes New York University geographer Shlomo Angel’s studies of metropolitan population density.

Almost every city Angel has studied is becoming less dense. Contrary to the popular perception of increasing densities, Angel’s research has determined cities become less dense as they add more population. -- Wendell Cox in Human Events http://humanevents.com/2014/12/18/suburbs-not-urban-areas-drive-cities-growth/?

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Shared by Licorice

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The global tumult may cause the Federal Reserve to delay raising interest rates, says David Rosenberg, chief economist at Gluskin Sheff + Associates. Most economists expect the Fed to begin its hikes around the middle of next year. 

"The Fed would like to start raising rates. Under normal circumstances, they probably would — sooner, rather than later — based on the fact that we're at zero and the labor market is firming," Rosenberg says, according to Bloomberg Businessweek. -- Dan Weil in MoneyNews http://www.moneynews.com/StreetTalk/Shilling-financial-crisis-oil/2014/12/17/id/613591/?
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Investing in Homes Can Fund Your Retirement

Housing Expert Kathy Fettke to Newsmax TV: Investing in Homes Can Fund Your Retirement

http://www.moneynews.com/Personal-Finance/Fettke-investing-homes-retirement/2014/12/15/id/613154/
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A provision in Senate Bill 2438 that would have allowed the Federal Housing Administration to charge a 4 bp administrative fee has been formally dropped from the Transportation, Housing and Urban Development and Related Agencies Appropriations Act.

The provision contained in the Senate bill would have assessed the fee on lenders, costing $40 for every $100,000 borrowed. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32299-new-fha-administrative-fee-defeated-in-congress

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Shared by Nhu Phuong Pham

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On average, homebuyers making the nation’s median income and purchasing the typical U.S. home spend 15.3% of their income on their monthly house payment, down from the historical norm of 22.1% during the pre-bubble period from 1985 to 1999.

In contrast, renters spent 29.9% of their monthly income on rent in the third quarter of 2014, up from 24.9% historically. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32273-zillow-renting-is-twice-as-expensive-as-buying

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As of December 12, 2014 the interest rates are:

3 month mortgage trends

Find the best mortgage rates in your area.

Mortgage rates	30-year fixed	15-year fixed	5/1 ARM	30-year jumbo
12/10/2014	4.03	3.28	3.26	4.12
12/3/2014	4.07	3.29	3.20	4.12
11/26/2014	4.08	3.29	3.19	4.14
11/19/2014	4.10	3.30	3.10	4.13
11/12/2014	4.13	3.32	3.10	4.15
11/5/2014	4.14	3.34	3.18	4.14
10/29/2014	4.10	3.27	3.17	4.11
10/22/2014	4.05	3.21	3.14	4.10
10/15/2014	4.01	3.23	3.09	4.09
10/8/2014	4.18	3.37	3.27	4.21

Add this table to your page‹›get code

Read more: http://www.bankrate.com/finance/mortgages/current-interest-rates.aspx#ixzz3M5VQId6e 
Follow us: @Bankrate on Twitter | Bankrate on Facebook

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Shared and taken by M. Friedrich, Belgien - Lüttich

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January U.S. crude oil futures traded at $56.45 a barrel Monday afternoon, down $1.36 from Friday.

Read Latest Breaking News from Newsmax.com http://www.Newsmax.com/Finance/Memani-market
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Shared and taken by Norbert Metz, Lighthouse of Texel (Netherlands) 

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Confidence among U.S. homebuilders hovered in December close to a nine-year high, indicating the residential real estate recovery continues to make progress.
http://www.bloomberg.com/news/2014-12-15/homebuilder-confidence-in-u-s-hovers-around-nine-year-high.html
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Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,028,000. This is 1.6 percent (±8.1%)* below the revised October estimate of 1,045,000 and is 7.0 percent (±10.2%)* below the November 2013 rate of 1,105,000.

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Shared and taken by Sandra Brown, either La Jolla or San Diego

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3% Down for Fannie and Freddie Backed Mortgages

Nat'l Real Estate Post:
Fannie Mae will start backing 3% down mortgages by the middle of this month.  Freddie will start in March.
http://thenationalrealestatepost.com/fannie-mae-to-back-3-down-loans-this-month/?
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While the tight inventory of homes suggests to some that home-price appreciation may be picking up again, it won’t be long lived, and price gains will likely settle in at about 4%. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32281-capital-economics-any-home-price-rebound-will-be-temporary
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Shared by

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The Market Composite Index, a measure of mortgage loan application volume, increased 7.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 52% compared with the previous week. The Refinance Index increased 13% from the previous week. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/32290-mortgage-applications-reverse-course-jumping-73
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Renters figure to stay renters, at least for the next three years, according to a new report by Freddie Mac. Still, most American renters want to own a home. -- Colin Wilhelm in Origination News
http://www.nationalmortgagenews.com/news/origination/renters-view-ownership-favorably-but-dont-plan-to-buy-soon-1043312-1.html?
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Shared and taken by Norbert Metz, Portal of the Cologne cathedral

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WASHINGTON — After a six-year delay, Fannie Mae and Freddie Mac will finally begin setting aside a portion of their revenues to fund the development of rental housing for low-income families. -- Brian Collins in National Mortgage News
http://www.nationalmortgagenews.com/news/secondary/fhfa-orders-gses-to-start-supporting-affordable-housing-trust-funds-1043332-1.html?
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Nat'l Real Estate Post:
A little Christmas cheer from.....Fannie and Freddie are suspending foreclosures during the holiday season.
The Fannie Mae National Housing Survey is out and it shows consumers may have lost a little confidence in housing last month.
Barry Habib says mortgage rates will stay low and might drop some yet again.
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Shared and taken by M. Friedrich, Holland

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More than 14,000 Floridians will receive checks totaling more than $16 million this week as a result of the national Ocwen mortgage settlement, Florida Attorney General Pam Bondi’s office announced. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/32304-florida-borrowers-get-more-than-16-million-back
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Under Fannie Mae’s guidelines, homebuyers could purchase a home under its standard offering or the My Community Mortgage product with a three percent downpayment, provided that at least one co-borrower is a first-time homebuyer. Eligible homeowners seeking to refinance their Fannie Mae-owned mortgage, but do not qualify under the Home Affordable Refinance Program (HARP), will be able to refinance up to the 97 percent LTV level under a limited cash-out option. -- Phill Hall in National Mortgage Professional
http://nationalmortgageprofessional.com/news70787/three-percent-solution-will-gses-revitalize-housing?

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Shared and taken by Guy Kawasaki, Gold Coast of Australia