Construction spending rose 0.2% in April from March to as seasonally adjusted annual rate of $953.5 billion, missing the 0.7% expectation by the most in 13 months.
Despite the expected spring bounce after poor numbers blamed on a harsh winter, spending was lead mainly by public project outlays as private and residential construction stalled out.
--Trey Garrison in HousingWire http://www.housingwire.com/articles/30165-private-and-residential-construction-stall-out-in-april
(This may hold for the country in general, but my sources tell me that we are doing quite well in the Atlanta metro area. I know someone who works for a local concrete company. They closed their doors years ago and missed the economic downturn. They reopened their doors in January and have been pouring lots of walls and slabs for homes, not so much for municipalities. We will see what happens during the summer months. Of course, building tapers off as we head toward the cold months, but until September I will keep you updated as to what is happening around Atlanta from someone who is part of the construction business.)
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There is a House Financial Subcommittee that has started some legislation to basically overhaul the CFPB....We all know that regulation is a good thing, but not by a bureau that has no one regulating them.....This is a bipartisan bill so who knows, it might get some legs.
http://thenationalrealestatepost.com/cfpb-overhaul-on-the-table/?
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Shared by Uros Kralj, Roman Spa
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Mortgage applications decreased 3.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 30, 2014.
This week’s results include an adjustment for the Memorial Day holiday. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30183-clear-capital-highest-and-lowest-performing-major-housing-markets
----------------------------------------Mortgage applications decreased 3.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 30, 2014. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/30201-mortgage-applications-drop-3-despite-lowest-mortgage-rates-in-a-year
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Shared by Xalima Miriel, Shrine of the Castle of the Knights Templar. Monsanto, Spain
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $193.3 billion and imports of $240.6 billion resulted in a goods and services deficit of $47.2 billion, up from $44.2 billion in March, revised. April exports were $0.3 billion less than March exports of $193.7 billion. April imports were $2.7 billion more than March imports of $237.8 billion.
-- U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS
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National home prices increased 0.9% on a rolling quarterly basis and 9.2% from a year ago in the month of May, the Clear Capital report says. That compares to increases of 0.9% quarterly and 9.7% year-over-year in April. In January, prices rose 1.2% during the rolling quarter and 10.8% annually.
The sluggish price appreciation has created a "decidedly underwhelming season" of spring home sales, Clear Capital says in a press release. -- Amilda Dymi in National Mortgage News http://www.nationalmortgagenews.com/news/origination/home-price-appreciation-chugs-along-in-may-says-clear-capital-1041901-1.html
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8 Steps to Buying a Home, Do These Things First
Many first time homebuyers launch into the market, find the perfect home, and then decide to look at getting a mortgage. Imagine the disappoint when they are declined and the perfect nest slips from their grasp.
That's because the buyers have the process backwards. (So attack the process this way)
1. Know Your Numbers
2. Talk to Your Mortgage Loan Officer
3. Collect Your Paper Trail
4. FICO?
5. Bad FICO? Fix It!
6. 30-year Fixed, or Something Else?
7. What are Your Rates?
8. Can You Get Loan Or Grant Help?
Ben Lane in HousingWire -- http://www.housingwire.com/articles/30181-buying-a-home-bankers-say-do-these-8-things-first
----------------------------------------Nat'l Real Estate Post:
The reasons for low inventory are many.
1. House prices have risen to the place where the next generation cannot afford them. This is due to the economic difficulties of debt and lack of well paying jobs.
2. The investors who snapped up the foreclosures are mainly renting them, not selling them.
3. Builders who went through the economic downturn had lots for building single family homes, but had to sell the lots during the economic downturn and now must repurchase those lots at higher prices.
4. Some of the builder/investors are building apartments to rent, not sell.
5. Market manipulation by politicians and their cash cows, i.e. mortgage holders such as banks.
http://thenationalrealestatepost.com/2014-housing-overview-part-2-of-3/?
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Shared by Uros Kralj, Taken By Lonut Lordache, Lombardi, Italy
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Filed in Massachusetts' Suffolk Superior Court, the complaint alleges that Fannie Mae and Freddie Mac, currently under FHFA conservatorship, refuse to comply with the August 2012 Massachusetts law, Bill H.1219, "An Act to Prevent Unnecessary and Unreasonable Foreclosures." The first-in-the-nation law was proposed by AG Coakley and passed by the Massachusetts State Legislature in response to the foreclosure crisis in an effort to prevent unnecessary foreclosures. Among other provisions, it prohibits creditors from blocking home sales to non-profits simply because the non-profit intends to resell the property back to the former homeowner. -- National Mortgage Professional Magazine http://nationalmortgageprofessional.com/news49460/Massachusetts-AG-Sues-GSEs-Foreclosure-Prevention-Violations?
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In fact, many professionals in the mortgage industry believe that home prices actually peaked last summer. -- Christopher Whalen in ReWired http://www.housingwire.com/blogs/1-rewired/post/30215-christopher-whalen-are-us-home-prices-falling
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Shared by Dieter Birr, Klosterkirche Bad Herrenalb
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According to the National Association of Mortgage Field Services, its members and other contractors are “increasingly required by major lending institutions, national property preservation companies, law firms and regulatory agencies to provide a background check as part of their professional profile.”
The NAMFS said that the new partnership should allow field servicers to use and re-use a single annual background check, which would eliminate the cost and “wasted time” of repeated background checks for multiple clients. Ben Lane in HousingWire http://www.housingwire.com/articles/30213-field-services-move-one-step-closer-to-industry-wide-background-checks
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The asking prices for homes are still increasing, but prices are beginning to stabilize. According to Trulia’s Price Monitor report for May, none of the 100 largest metros had a year-over-year price gain of more than 20%. That’s the first time that’s happened since July 2012. -- Ben Lane in HousingWire http://www.housingwire.com/articles/30219-the-home-price-explosion-has-stopped
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Shared by M. Friedrich, Door
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Mortgage rates remained relatively flat after record low rates last week, Freddie Mac’s Primary Mortgage Market Survey found.
The 30-year, fixed-rate mortgage averaged 4.14% for the week ended May 29, 2014, slightly up from last week’s 4.12%, and 3.91% a year ago. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30218-freddie-mac-rates-reverse-course-after-record-lows
----------------------------------------In the Structured Finance Research report “Securitized product snapshot” on Thursday, Markit analysts wrote, “FHFA is considering raising guarantee fees across the board, opening up the credit box to underserved borrowers, and subsidizing their guarantee fee with the increase of higher credit borrower’s fee.” -- Ben Lane in HousingWire http://www.housingwire.com/articles/30225-fhfa-considering-g-fee-increase
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