http://www.housingwire.com/articles/29790-where-are-homebuilders-breaking-ground
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The truth is that there isn’t one “housing market” as all real estate is a local. Therefore, while large institutional investors might not want to play in this space in massive ways going forward, smaller investor groups and individual investors in many markets will continue to view the single-family rental market as a positive investment.
One panelist even stated that with so much uncertainty out there regarding retirement accounts, the practice of buying homes to rent out might be a sound retirement strategy.
That advice is geared specifically to mom-and-pops and not the investment community — proof the buyer base is shifting in the asset class. -- Lynn Effinger in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29797-here-come-the-mom-and-pop-reo-to-rental-investors
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Shared by Darja Vizjak, Ptuj Castle, Slovenia
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Economic Indicators shared:
| NEW RESIDENTIAL SALES IN MARCH 2014 |
| Sales of new single-family houses in March 2014 were at a seasonally adjusted annual rate of 384,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 14.5 percent (±12.9%) below the revised February rate of 449,000 and is 13.3 percent (±9.9%) below the March 2013 estimate of 443,000. |
| The median sales price of new houses sold in March 2014 was $290,000; the average sales price was $334,200. The seasonally adjusted estimate of new houses for sale at the end of March was 193,000. This represents a supply of 6.0 months at the current sales rate. |
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Under the Consumer Financial Protection Bureau's regulation, all such fees are included in a points and fees test that says they cannot exceed 3% of the loan amount and still qualify for QM status.
But observers said the CFPB appears likely to ease its interpretation of affiliated fees, allowing transactions that are passed through an affiliate to a third-party provider to be excluded from the test.
Brian Collins in National Mortgage News http://www.nationalmortgagenews.com/news/origination/cfpb-likely-to-ease-rules-on-fees-for-qm-loans
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Shared by Margret Thompkin, White House Ruins in Canyon de Chelly -- Arizona
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The Consumer Financial Protection Bureau has found that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage.
In conjunction with the findings of their consumer survey, the CFPB also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process.
1) Not enough time to review
2) Overwhelming stack of paperwork
3) Complexity of documents and errors
Trey Garrison in HousingWire http://www.housingwire.com/articles/29767-cfpb-3-biggest-pains-in-mortgage-closings
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Sales of Newly-Built Homes Drop Nearly 15 Percent Last Month
"We keep hearing from our members that tight credit conditions are preventing many first-time buyers and younger families from being able to buy a home," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. "Congress must outline a clear policy on housing finance so that qualified buyers can get home loans. Otherwise, this continued uncertainty could threaten the housing recovery and overall economy."
http://nationalmortgageprofessional.com/news48596/sales-newly-built-homes-drop-nearly-15-percent-last-month
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Shared by Dieter Birr, Monastery Beuron
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The young business of large-scale single-family rental companies is profiting from the housing bust in more ways than one.
Not only are these national landlords sourcing their properties from trustee and sheriff sales, short sales and even nonperforming single-family loans. Often they are also renting to former owners who lost their homes during the housing bust and the ensuing Great Recession. -- Brian Collins in National Mortgage News http://www.nationalmortgagenews.com/news/servicing/single-family-rental-firms-reap-benefit-from-ownership-shy-public
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The latest Freddie Mac Primary Mortgage Market Survey found that the average 30-year, fixed-rate mortgage averaged 4.33% for the week ending April 24, increasing from 4.27% a week ago, but up from 3.40% a year earlier. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/29783-freddie-mac-mortgage-rates-reverse-course-rise
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Shared by Norbert Metz, Castle `Katz` nearby the river Rhine
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I’ve been saying for months that I thought home sales in 2014 would be flat compared to 2013. It appears that I may have been too optimistic. I just don’t see the kind of demand that some of the forecasters have been calling for. Here are some of the basic issues:
1. There’s very little inventory at the low end of the market.
2. First time homebuyers are staying out of the market.
3. Mortgages are still very difficult to get.
4. Finally, affordability is an issue.
Rick Sharga in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29782-rick-sharga-is-this-the-end-of-the-housing-recovery
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"When you hear Ginnie Mae CEO Ted Tozer speaking at public events, he says more and more he's seeing nonbank counterparties for FHA," Whalen said, speaking at the SourceMedia Mortgage Servicing conference in Dallas. "I hope that nonbanks will step up to the plate and take over originations. Commercial banks no longer want anything to do with closing that note." -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29779-whalen-nonbanks-are-taking-over-mortgage-originations
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Shared by Marianne Sansum
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Major metros with decreasing sales volume from a year ago included:
- San Jose (down 18%)
- San Francisco (down 15%)
- Los Angeles (down 14%)
- Rochester, N.Y., (down 14%)
- Sacramento (down 13%)
- San Diego (down 12%)
- Orlando (down 12%)
- Las Vegas (down 12%)
- Providence, R.I. (down 12%)
- Phoenix (down 11%)
- Riverside-San Bernardino, Calif. (down 11%)
- Hartford, Conn., (down 10%)
- Boston (down 8%)
1) San Francisco
Median home prices are up 94% from the bottom in March 2009; March 2014 home prices increased 26% from a year ago, down from a peak annual home price appreciation of 39% in June 2013.
2) Detroit
Median home prices are up 92% from the bottom in May 2009; March 2014 home prices increased 29% from a year ago, down from a peak annual home price appreciation of 38% in October 2013.
3) Cape Coral-Fort Myers, Fla.
Median home prices are up 86% from the bottom in November 2010; March 2014 home prices increased 14% from a year ago, down from a peak annual home price appreciation of 30% in January 2013.
4) Phoenix
Median home prices are up 59% from the bottom in March 2011; March 2014 home prices increased 13% from a year ago, down from a peak annual home price appreciation of 30% in April 2013.
5) Atlanta
Median home prices are up 41% from the bottom in February 2012; March 2014 home prices increased 20% from a year ago, down from a peak annual home price appreciation of 27% in December 2013.
-------------------------------------------------Shared by Bernd Mieger, old farm
