Want a Free Bently? Sell This House!

Whoever finds a buyer for the nearly $10 million home will not only get his or her commission on the sale, the seller is also throwing in a new a 2015 Bentley at no charge. Just consider it a little cherry on top of your normal compensation. -- Ben Lane in HousingWire http://www.housingwire.com/articles/32144-want-a-free-bentley-sell-this-house
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Sales of new homes in the United States printed at an annual rate of 458,000 for the month of October, up 0.7% from September. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32183-new-home-sales-squeak-out-weak-gain-in-october
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Shard and taken by Xalima Miriel, Castle in Trevejo, Spain

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For some gorgeous travel photos go to http://www.johnbrody.com/Travel/Favorites/i-6cL88C8
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Shared by Darja Vizjak, taken by Carl Concini, Lake Bled

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The Pending Home Sales Index marginally dropped 1.1% to 104.1 in October from an upwardly revised 105.3% in September. This is still 2.2% higher than October 2013’s 101.9. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/32182-pending-home-sales-reverse-course
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Goldman is now ready to return to the market with its first jumbo RMBS since the crisis. -- Ben Lane in HousingWire http://www.housingwire.com/articles/32191-goldman-sachs-launches-first-jumbo-mortgage-bond-since-crisis
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Shared by

Nhu Phuong Pham  Santa Claus Village in Rovaniemi, Finland

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The latest trends in bathrooms are large tiles, trough drains in the shower and showers for two, with combos of rain shower heads, hand held showerheads, body sprayers as well as the normal kind of showerheads.  (Reported by Tracy Tesmer on the radio this morning on WDUN Gainsville, GA)
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30 Year Fixed: 3.750%		APR 4.964%
15 Year Fixed: 2.990%		APR 3.178%
7/1 ARM: 2.875%		APR 3.406%
5/1 ARM: 2.625%		APR 3.240%
FHA 30 Year Fixed: 3.375%		APR 5.073%
Jumbo 30 Year Fixed: 3.750%		APR 3.827%
Jumbo 15 Year Fixed: 3.250%		APR 3.415%
Jumbo 7 year ARM: 3.125%		APR 3.326%
Jumbo 5 year ARM: 2.875%		APR 3.187%
VA: 3.500%		APR 5.769%

Sam Thompson, NorthPoint Mortgage
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Shared and taken by Norbert Metz

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5 Reasons Housing Markets Are Thankful

 

The housing market has seen plenty of challenges the last few years, but could brighter days be ahead? Based on recent housing reports, some markets are reporting a rosier picture now than for the first half of the year and growing optimism heading into next year for a lasting turnaround.

Here are five market gauges that many in the real estate industry are thankful for this holiday season:

 

1. Mortgage rates are still low.

Home buyers can take advantage of borrowing costs that remain near historical lows.

 

2. Home sales have been inching up.

In many markets, more sales are being reported. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®' latest report.

 

3. Buyers are getting more choices.

Home buyers are finally getting more selection in homes for-sale. Unsold inventory is 5.2 percent higher than a year ago, representing a 5.1 month supply at the current sales pace.

 

4. Foreclosures are falling.

In October, distressed home sales dropped into the single digits for the third month this year. Distressed sales, which include foreclosures and short sales, fell to 9 percent in October, compared to 14 percent a year ago, NAR reports.

 

5. Home prices are stabilizing.

The median existing-home price for all housing types in October was $208,300 - 5.5 percent above October 2013, according to NAR's latest report. It marks the 32nd consecutive month of year-over-year price gains.

 

Source: Melissa Dittmann Tracey, REALTOR® Magazine Daily News 

via Sam Thompson, NorthPoint Mortgage
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Shared and taken by Henry Lion Oldie, Kharkov Ukaraine

Marijuana Laws + Real Estate = Confusion

To date, 23 states and the District of Columbia have passed laws allowing for prescribed medical marijuana use. Three states have laws permit marijuana for regulated recreational use and 11 states have laws permitting limited possession and use. But this raises a new question: How should real estate and mortgage professionals proceed in this patchwork of contradictory laws? -- Phil Hall in National Mortgage Professional http://nationalmortgageprofessional.com/news68569/legalized-marijuana-creates-hazy-confusion-real-estate-finance?
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The economy slowed in October, with much of the drag coming from a weakness in housing and consumption and a slowdown in employment growth and production, according to the Chicago Fed National Activity Index. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32149-lag-in-housing-starts-employment-drag-on-october-economy
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Shared by Gia Huy Au Duong, Zadar Croatia

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Moody’s analysts say that a lien foreclosure by a homeowners association for unpaid fees may extinguish the lien of a mortgage lender are credit negative for RMBS and SFR deals.  --Trey Garrison in HousingWire http://www.housingwire.com/articles/32151-court-rulings-in-unpaid-hoa-fees-raise-risk-in-rmbs-sfr-deals
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At the national level, Black Knight’s September home price index  reports that U.S. home prices were down slightly in September - the first time any decrease had been observed since January 2014.  -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32141-home-prices-dropped-in-september-for-the-first-time-since-january
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Shared and taken by Dieter Birr, Castle Neuschwanstein

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Home flipping sales, described as homes bought and sold within a year, accounts only for 4 percent of all single-family homes sales in the country in the third quarter. It has declined from 4.6 percent in this year’s second quarter and from 5.6 percent in the third quarter of last year. -- Nancy Braun in Showcase Realty http://www.showcaserealty.net/real-estate/home-flipping-hits-lowest-since-2009-in-q3/
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The economy may be slowing down as a whole, but my construction contacts here in North GA (north of Atlanta and I-285) are working average days and it is almost Thanksgiving!
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Shared and taken by John Brody, Pont Neuf, Paris

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According to the Bureau of Economic Analysis in October, personal disposable income increased .02% and personal consumption expenditures increased by .02%, so it's a draw.  Over all for June through October, personal spending hasn't been as high as income increases.  Which is good.
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I wanted to include this.  Notice how the percentage of error is very high.  So, just how can we trust these government numbers?

Sales of new single-family houses in October 2014 were at a seasonally adjusted annual rate of 458,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (±16.5%)* above the revised September rate of 455,000 and is 1.8 percent (±17.4%)* above the October 2013 estimate of 450,000.

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Shared and taken by M. Friedrich, Holland - Maastricht

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Expensive Homes Available Everywhere, Modest Priced Ones Not So Much

SEATTLE, Nov. 21, 2014 /PRNewswire/ -- The number of homes for sale continued to increase across the U.S. in October, a good sign for buyers – but with a catch.  In many parts of the country, supply increased more among the most expensive homes than low- and mid-priced homes, according to the October Zillow® Real Estate Market Reports[i]. -- Zillow in PR Newswire http://www.prnewswire.com/news-releases/inventory-rising-among-most-expensive-homes-but-low-priced-homes-still-scarce-283467811.html
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Shared and taken by Hector Hernandez Lagunas, Fuente de parque Melchor Ocampo, Cuernavaca Morelos México

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Confidence among U.S. homebuilders rebounded in November as low interest rates and a strengthening job market helped boost sales. -- By Lorraine Woellert  in Bloomberg News http://www.bloomberg.com/news/2014-11-18/homebuilder-confidence-rebounds-as-u-s-buyers-more-enthusiastic.html
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From HUD:

Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,080,000. This is 4.8 percent (±1.3%) above the revised September rate of 1,031,000 and is 1.2 percent (±1.2%) above the October 2013 estimate of 1,067,000.

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Shared and taken by Dieter Birr, Neuschwanstein/Germany

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30 Year Fixed: 3.875%		APR 4.064%
15 Year Fixed: 2.990%		APR 3.178%
7/1 ARM: 3.000%		APR 3.406%
5/1 ARM: 2.750%		APR 3.340%
FHA 30 Year Fixed: 3.500%		APR 5.173%
Jumbo 30 Year Fixed: 3.750%		APR 3.927%
Jumbo 15 Year Fixed: 3.250%		APR 3.415%
Jumbo 7 year ARM: 3.125%		APR 3.526%
Jumbo 5 year ARM: 2.750%		APR 3.287%
VA: 3.625%		APR 5.869%

Sam Thompson for NorthPoint Mortgage
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The number of rentals with mortgages has risen and in some parts of the US, rent is now over priced.  The riskiest of these investments face declining rent markets and may be headed for future forclosures. -- By John Gittelsohn, Heather Perlberg and Jody Shenn in Bloomberg News.
http://www.bloomberg.com/news/2014-11-21/blackstone-to-colony-face-rental-bond-glut-as-yields-rise.html
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Shared and taken by  John Brody, Notre Dame at dusk in Paris

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The nation’s highest court is taking on the burning issue of underwater mortgages, agreeing Monday to hear not one but two cases brought by Bank of America (BAC).

The U.S. Supreme Court will examine the question of whether a second mortgage on an underwater property can be voided during Chapter 7 bankruptcy. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/32071-bank-of-america-mortgage-cases-go-to-the-supreme-court

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Shared and taken by Xalima Miriel, Old Barn, France

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North Georgia Building Boom

North Georgia is seeing a boom in building compared to the last many years.  Both builders (spec homes) and private individuals are building as fast as the construction crews can put them up.  So far, not many subdivisions are in process, but my sources say single family homes are going up every where.  The homes range in price from $200k- $700k.
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Nat'l Real Estate Post:
Nationwide, rents are up 6%.  Because of a shortage  of rentals, rents will probably continue to rise.
Home prices are stagnate or dropping.
http://thenationalrealestatepost.com/fannie-mae-getting-gut-punched/?
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Share and take by Dieter Birr, Castle Neuschwanstein/Germany

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Nat'l Real Estate Post:
The CFPB has chosen several banks and credit unions to participate in the roll out of a program to put the closing documents online.  They have not, however, reduced the pile of paperwork the homebuyer must wade through.  The CFPB will complete access to all of the clients' personal information.  Who knows what the gov't will do with all that info.  The sky's the limit!
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Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 7, 2014. -- National Mortgage Professional
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Shared and taken by M. Friedrich, Das alte Gebäude

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4 reasons to support low downpayment home loans.  -- Jacob Gaffney in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/32014-reasons-mortgage-insurers-support-low-down-payment-home-loans
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On December 31st, legislation defining the maximum allowable amount of a VA home loan guaranty is scheduled to expire. Rather than a borrowing cap like other programs, VA limits reflect how much a buyer can purchase before having to factor in a down payment. In most parts of the country, a borrower can purchase up to $417,000 with no money down. In more expensive markets, VA limits are higher. Veterans and members of the military who live in high-cost areas would be most affected if Congress does not extend the program’s loan limits. A decrease in loan limits could potentially force Veterans to have to opt for different financing or be forced to put down a more significant down payment, possibly making home ownership out of reach. There are roughly 230 high-cost counties, including 70 with limits above $625,500, which would be the new maximum if Congress does not extend the provision. Buying above your county loan limit requires a down payment equal to 25% of the difference between that limit and the home’s purchase price. To put it in perspective, a modest home in a high-cost area could be $700,000. Through the end of the year, a borrower could potentially purchase this house for no money down. If the limit isn’t extended, that same buyer would have to come up with almost $19,000. The annual median income of veterans in 2013 was $36,381. -- Amy Cuculo

                               
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Shared and taken by Norbert Metz, Stave church on the tomp of Holmenko Ilen, Oslo Norway

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30 Year Fixed: 3.875%		APR 4.064%
15 Year Fixed: 3.125%		APR 3.313%
7/1 ARM: 3.000%		APR 3.406%
5/1 ARM: 2.750%		APR 3.340%
FHA 30 Year Fixed: 3.500%		APR 5.173%
Jumbo 30 Year Fixed: 3.750%		APR 3.927%
Jumbo 15 Year Fixed: 3.250%		APR 3.415%
Jumbo 7 year ARM: 3.125%		APR 3.526%
Jumbo 5 year ARM: 2.750%		APR 3.287%
VA: 3.625%		APR 5.869%

 

Sam Thompson for NorthPoint Mortgage
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In October, mortgage rates plummeted to the lowest levels since June 2013, below 4 percent. The dip was welcome news to buyers after a steady rise in rates for the past year. What's more, government regulators have recently proposed new rules to allow buyers to purchase homes with down payments as low as 3 percent, more welcome news for many buyers who have been sidelined by strict underwriting in recent years. -- Sam Thompson for NorthPoint Mortgage
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Shared and taken by Werner Polwein, Wallfahrtskirche Mariae Himmelfahrt, Hohenpeissenberg

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Breakfast At Tiffanys Brownstone For Sale

Breakfast at Tiffanys Brownstone For Sale

The Upper East Side brownstone that appeared in 1961's Breakfast at Tiffany's is for sale and the four-story pad will only run you about, oh, $8 million. Some brief cinematic history: While the film's interior scenes were shot on a constructed set, the building's exterior—chic emerald doors included—was used for many primary shots throughout.
http://www.eonline.com/news/593492/holly-golightly-s-apartment-in-breakfast-at-tiffany-s-is-for-sale-for-8-million-get-the-scoop
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Personal income increased $22.7 billion, or 0.2 percent, and disposable personal income (DPI)
increased $15.7 billion, or 0.1 percent, in September, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $19.0 billion, or 0.2 percent. In August,
personal income increased $50.7 billion, or 0.3 percent, DPI increased $37.5 billion, or 0.3 percent,
and PCE increased $58.7 billion, or 0.5 percent, based on revised estimates.
Real DPI increased less than 0.1 percent in September, compared with an increase of 0.3
percent in August. Real PCE decreased 0.2 percent, in contrast to an increase of 0.5 percent.  From the U.S. Department of Commerce
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Shared and taken by Xalima Miriel,  Somewhere in Spain

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Yesterday, the market received positive economic news as the Commerce Department reported that the GDP rose 3.5% in the third quarter vs. a forecast of 3.1%.  It was also reported that fewer Americans filed for jobless benefits in the last month than at any time over the last 14 years.  The four-week average (for the week ending 10/25) of jobless claims fell to 281,000 vs. 281,250 the week prior.  Investors breezed past yesterday's positive reports, focusing instead on where that strength came from – defense spending, and where it came less from -- personal consumption, with Treasury yields and mortgage prices improving as a result. -- Kevin Jones kevin.jones@lionbank.com

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Homeowners are taping into their home equity at double the pace due to continual home price increases, pulling more borrowers out from underwater, Freddie Mac’sthird-quarter refinance report said.   

However, despite the surge in demand, the dollar volume remains very low at an estimated $8 billion. -- Brena Swanson in HousingWire  http://www.housingwire.com/articles/31911-freddie-mac-homeowner-demand-for-home-equity-loans-doubles

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Shared by Gia Huy Au Duoung, Catholic Church, Duc Ba,  in Ho Chi Minh City

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For the second month in a row construction spending took a downturn, dropping 0.4% in September after August’s 0.8% drop. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/31928-construction-spending-declines-for-second-month

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Home price appreciation was positive for all 50 states in September compared to last year. The greatest home value growth was seen in Michigan (10.3%), followed by Montana (10%), Maine (9.6%), Massachusetts (8.8%) and California (8.5%).  -- Evan Nemeroff in Origination News
http://www.nationalmortgagenews.com/news/origination/home-prices-increase-56-in-september-corelogic-1043048-1.html?
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Shared and taken by John Brody, Notre Dame, Paris

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“There has been a clear bifurcation in home price growth for lower-end versus upper-end properties in 2014,” said Sam Khater, deputy chief economist at CoreLogic. “As of December 2013, both lower-end and upper-end property prices were up 9.7 percent on a year over year basis. As of September, lower-end prices were up 9.4 percent but upper-end prices were up only 4.5 percent.” -- Brena Swanson in HousingWire
http://www.housingwire.com/articles/31940-corelogic-home-price-growth-clearly-slowing
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With Tuesday’s WWE beat down and Republicans now in in control of the Senate, the question becomes what will happen with housing and the reform of the government-sponsored enterprises.

Unfortunately, not a lot.  --  Trey Garrison in HousingWire

 http://www.housingwire.com/blogs/1-rewired/post/31958-heres-what-a-gop-senate-means-for-fannie-and-freddie

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Shared and taken by M. Friedrich, Wimereux - Frankreich

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The Millennial Myth
My 28-year-old son isn't ready to buy a home of any kind; he's still figuring out his life. My 60-year-old friends aren't planning on going anywhere anytime soon. In a few years, both of these demographics will start thinking real estate. Boomers will finally list and move on to new adventures. This will bring much needed inventory to our market so that the move-up buyers have something to buy. Millennials will figure out what they want, and when homeownership is part of that vision they'll begin buying at the lower end. The whole market will start to re-engage in new ways, with new properties and new ideas. -- Amy Tierce in Origination News
http://www.nationalmortgagenews.com/news/commentary/lets-talk-about-the-millennial-myth-1043071-1.html?
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Shared by Dimitri Jurkov, Moscow