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Nat'l Real Estate Post:
Looks like increasing regulation has added substantially to the already bleeding mortgage industry. Volume is down across the board as refinances have all but dried up. We’ve got interesting data from the MBA showing that prior to all of the new regulation that’s in place, lenders typically had a 60/40 split when it comes to sales/support staff. But now with all of the new regulations, there is such an increase in the support staff required to make sure they are compliant, those ratios have literally flipped to 40/60 sales/support staff. So less people selling and more people to pay. Again couple that with a dramatic decrease in volume and you’ve got the perfect storm to raise rates/costs to the consumer.
http://thenationalrealestatepost.com/regulation-pressure-could-bump-rates/?
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Shared by M. Friedrich, Dusseldorf
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Existing-home sales increased for the first time this year in April, while inventory meaningfully increased and home price growth moderated, according to the National Association of Realtors. -- National Mortgage Professional Magazine http://nationalmortgageprofessional.com/news49213/Existing-Home-Sales-Pick-Up-Steam-April?
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“April’s Housing Scorecard shows that the housing market is stabilizing, as home prices have risen nearly seven percent from last year, and foreclosure completions are at their lowest level since mid-2007,” said HUD Assistant Secretary for Policy Development and Research Katherine O’Regan. “However, the harsh winter, fewer distressed properties on the market, and continued tight credit standards have combined to slow the pace of home sales this month, indicating we need to remain vigilant to keep the recovery robust.” National Mortgage Professional Magazine http://nationalmortgageprofessional.com/news48991/Obamas-April-Housing-Scorecard-Finds-Stability-Returning-Marketplace?
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Shared by Darja Vizjak, House in Slovenia
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Sales of New Homes Increased 6.4% in April to 433,000 Pace
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New home sales picked back up in April after March’sdrastic drop, posting a seasonal adjusted annual rate of 433,000 and coming in higher than analyst expectations, according to the Census Bureau and the Department of Housing and Urban Development.
This is 6.4% above the revised March rate of 407,000, but is still 4.2% down from last year’s estimate of 452,000. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30098-new-home-sales-reverse-course-pick-up-in-april
-----------------------------------Shared by Dieter Birr, Koh Chang
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Bureau of Economic Analysis:
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
(The economy decreased by -0.1% in the first quarter of 2014)
Advance Estimate Second Estimate
(Percent change from preceding quarter)
Real GDP…………………………………. 0.1 -1.0
Current-dollar GDP……………………….. 1.4 0.3
Real GDI………………………………….. … -2.3
Gross domestic purchases price index……. 1.4 1.3
Real gross domestic income (GDI)
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Pending home sales for the month of April plummeted 9.2% compared to April 2013, the National Association of Realtors reported Thursday. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/30140-pending-home-sales-plunge-92-in-april
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Shared by M. Friedrich, Dussledorf
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May home sales climb as short sales, foreclosures decline
Residential properties sold at an estimated annual pace of 5,213,793 in April, a decrease of less than 1% from March but an increase of 4% from April 2014, according to RealtyTrac. The median sales price rose to $172,000 in April, an increase of 4% from the previous month and an increase of 11% from April 2014. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/30136-april-home-sales-climb-as-short-sales-foreclosures-decline
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“We will have to try hard to reach 2013 levels but will likely end up below,” Kiefer said. “Last year was not great, and it is still weak in most states. We are coming off of a depressed housing market, so in order to get back to a sustainable, stable range of activity, this stalling is bad.”
Looking ahead, (Len) Kiefer explained that Freddie had to revise the May outlook down. While things have improved, they have not improved at a pace that equals last year’s pace. -- Brena Swanson in HousingWire.com http://www.housingwire.com/articles/30128-freddie-mac-equifax-economists-said-this-about-the-economy
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Nat'l Real Estate Post:
The CFPB slapped a real estate office with a…. get this… $500,000 fine for RESPA violations.
We’ll have to see how this develops for this company but it should send a strong signal to every other real estate company in the country that they are NOT immune from the infectious CFPB. They’re looking at you guys so make sure your ducks are in a row.
http://thenationalrealestatepost.com/cfpb-crushes-real-estate-company/?
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Nat'l Real Estate Post:
The CFPB slapped a real estate office with a…. get this… $500,000 fine for RESPA violations.
We’ll have to see how this develops for this company but it should send a strong signal to every other real estate company in the country that they are NOT immune from the infectious CFPB. They’re looking at you guys so make sure your ducks are in a row.
http://thenationalrealestatepost.com/cfpb-crushes-real-estate-company/?
Shared by Donna Frasca
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5 things you must know about housing for the rest of 2014
1) Luxury Sales Fly as Home Sales for the Rest Crash and Burn
2) Real Estate Investment Highly Uncertain
3) Investor Price Increases Push Housing Out of Reach
4) Millennials Want to Buy but Can’t
5) Mortgage Originations Fizzle
--Trey Garrison in HousingWire http://www.housingwire.com/articles/30130-things-you-must-know-about-housing-for-the-rest-of-2014?page=2
-----------------------------------Shared by Peter Waruhui, Shimba Lodge in Kenya
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Need Buyers? Agents and mortgage loan officers need to find creative ways for their clients to get funding. Need sellers? Ask your buyers to choose a neighborhood or area where they want to buy and contact all the appropriate homes in the area to ask if the owners would like to sell. Keep it real, folks.
