To Reach Millennials, Think Outside the Box
RESPA attorneys would have a field day with mortgage companies bribing teenagers to send them traffic, but the idea of establishing a number of connected relationships and then maintaining those relationships over a long period of time has merit. That will drive traffic far better than the now archaic referral model involving begging real estate agents for an introduction to their client. -- Garth Graham in Origination News
http://www.nationalmortgagenews.com/blogs/hearing/to-reach-millennials-think-outside-the-box-1042475
------------------------------------------------A deeper dive into the source used by Fannie, the Census Bureau's 2012American Community Survey, (we are using the five-year estimates here, while Fannie used the one-year estimates) shows the sweet spot for potential homeowners: foreign-born naturalized U.S. citizens. They perform far better than non-naturalized immigrants on all the categories lenders would look at, and in a number of cases, above the national population as a whole. -- Mark Fogerty
http://www.nationalmortgagenews.com/blogs/hearing/looking-for-new-leads-try-naturalized-citizens-
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Shared and taken by M. Friedrich, France
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Fannie Mae is saying goodbye to its iconic, mansion-like headquarters, located at 3900 Wisconsin Ave., according to an article in The Wall Street Journal.
The article explains that the move is connected to the government-sponsored enterprise’s consolidation of its five D.C.-area offices into a single, leased office building. And while a new location has yet to be decided, Fannie would prefer that it be in downtown D.C.-- Brena Swanson in HousingWire http://www.housingwire.com/articles/31202-fannie-mae-to-sell-washington-headquarters
------------------------------------------------About 28% of homes with a mortgage within the bottom third of home values were underwater at the end of the second quarter, meaning they were worth less than the balance of their mortgages, according to real-estate information service. That compares with about 16% of homeowners in the middle tier and 9.2% in the top tier. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/31180-zillow-fewer-homes-underwater-in-second-quarter
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Shared and taken by Richard Blom, Lighthouse display in the sky.
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From Economic Indicators.gov:
Personal income in July 2014 increased 0.2 percent. Nominal personal consumption expenditures
(PCE) fell 0.1 percent, while real PCE fell 0.2 percent. Nominal and real
disposable personal income (DPI) rose 0.1 percent. The personal saving rate as a percentage of
DPI was 5.7 percent in July.
------------------------------------------------The Fair Isaac Corp. recently announced their newest version of the commonly used credit scoring model, FICO. The new version, dubbed FICO 9, is purportedly more accurate and beneficial for first-time homebuyers. Unfortunately, adoption of this scoring model is highly unlikely anytime soon.
Millennials are likely to be most affected by this scoring adjustment. The majority of Millennials prefer online banking and automated payments. Because medical bills do not arrive electronically, they frequently go unnoticed until they have already hurt their credit. FICO 9 does not penalize consumers when these previously unknown debts are paid.
Kristin Messerili in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/31236-adopting-fico-9-could-increase-first-time-homeownership
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Shared and taken by Walter Gawronski, A shot from today near Bickley, in the Perth Hills. I just drove around aimlessly and shot what looked like it might make a decent picture.
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Current Rates
30 Year Fixed: 3.990%
|
APR 4.179%
| |
15 Year Fixed: 3.250%
|
APR 3.413%
| |
7/1 ARM: 3.125%
|
APR 3.406%
| |
5/1 ARM: 2.750%
|
APR 3.140%
| |
FHA 30 Year Fixed: 3.750%
|
APR 5.323%
| |
Jumbo 30 Year Fixed: 3.875%
|
APR 4.052%
| |
Jumbo 15 Year Fixed: 3.375%
|
APR 3.540%
| |
Jumbo 7 year ARM: 3.250%
|
APR 3.576%
| |
Jumbo 5 year ARM: 3.000%
|
APR 3.287%
|
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Furthermore, FICO scores will ignore debts that have been paid off or settled, and a lesser weight will be assigned to medical bill collections, which account for about half of all unpaid collections on consumers’ credit reports. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/31227-how-to-get-a-mortgage-right-now-even-with-bad-credit
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Shared and taken by Hidetaka Onoyama, A clanAt Ueno, Tokyo in Japan.
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The article questioned the potential future of the housing market now that the Federal Open Market Committee is almost done with quantitative easing.
"This means higher monthly payments and lower housing prices. It means a crisis in the mortgage markets—and the economy." -- Brena Swanson in HousingWire
http://www.housingwire.com/articles/31230-dick-bove-mortgage-crisis-by-winter
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How you can afford a luxury home
…or at least a fraction of it
Fractional real-estate ownership differs somewhat from timeshares. It typically applies to high-end properties, and ownership is split among fewer people. Periods of annual usage are typically three to four weeks rather than one to two, and privileges may extend to more than one luxury property. Another draw is concierge-level services that a guest would receive at a luxury hotel. -- Brena Swanson in HousingWirehttp://www.housingwire.com/articles/31239-how-you-can-afford-a-luxury-home
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Shared and taken by John Brody, Sunset - Walt Disney Concert Hall During Local Fires - This Frank Gehry masterpiece took on strange colors during the recent fires around L.A.
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Economics and Statistics Administration:
The July 2014 international trade deficit decreased 0.6 percent from June, to $40.5 billion. Exports increased 0.9 percent, to $198.0 billion, and imports rose 0.7 percent, to $238.6 billion.
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In 475 counties (96%), recent graduates making the median income and having the average student loan debt for the state could afford to buy a median-priced home. Affordable for this analysis was considered up to a maximum 43% of income spent on house payment (including taxes and insurance) assuming a 20% down payment and a 30-year loan with a 4.13% fixed interest rate. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/31261-homes-affordable-to-96-of-recent-college-grads-making-median-income
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Shared and taken by John Brody, Gothic Home on Canal in Bruges, Belgium - I enjoyed shooting this Game of Thrones feeling 600 year old home. Quite fascinating...
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In the second quarter on average flippers bought properties for an 8% discount below their estimated market value (via automated valuation model) and re-sold them at an average 6% premium above their estimated market value, according to RealtyTrac. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/31211-the-best-and-worst-markets-for-house-flippers
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