http://chasingexcellenceblog.com/2013/08/20/getting-an-edge-over-the-competition/
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Check out this version of the The Star Spangled Banner. It's the best I've ever heard
http://youtu.be/c8C7i9kdEf8
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Low interest rates have not created a stronger housing recovery because the government's carrot-and-stick approach to U.S. banks has squelched their ability to boost mortgage lending, according to Washington Post columnist Robert Samuelson.
Housing's uptick has been muted because pent-up demand is being squelched, he maintained. As proof, he cited estimates that construction of new units remains less than 1 million on an annual basis, while Moody's Analytics concluded the underlying demand is 1.7 million units.
Guy Cecala, publisher of Inside Mortgage Finance, said, "Every time a lender is publicly sued or flogged makes it less likely they'll loosen their standards."
Last month, groundbreaking for single-family homes, the largest segment of the market, declined 2.2 percent to a 591,000-unit pace, the lowest level since last November, Reuters reported. However, starts for multi-family homes jumped 26 percent to a 305,000-unit rate, reversing the prior month's decline. -- John Morgan in Money News
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'The barriers are not erected which can say to aspiring talents and industry, "Thus far and no farther".' Ludwig von Beethovan, German composer
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All good ideas are terrible
Until people realize they are obvious.
If you're not willing to live through the terrible stage, you'll never get to the obvious part. -- Seth Godin
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(Scott) Anderson’s expects the 30-year fixed-rate mortgage will be around 4.7% at year end—about where it is now. And he is forecasting the 30-year rate will be around 5.15% by yearend 2014.
Such a gradual rise in rates is “not enough to derail the momentum” in the housing market, Anderson said. If mortgage rates go up too quickly, he noted it could dampen demand for housing. Between rising rates and prices, housing affordability has already been reduced by 20%.
Higher rates might also open the door for the banks to relax their lending standards. --Brian Collins in HousingWire
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Nat'l Real Estate Post:
Appraisors under attack. http://www.fhba.com/docs/InterimFinalRuleAppraiserIndependenceSummary.pdf
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Shared by Maurizio S and originally shared by Tenzing Sherpa.
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"Builders are seeing more motivated buyers walk through their doors than they have in quite some time," said NAHB chairman Rick Judson, a home builder from Charlotte, NC. "What's more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market." Sonja Bullard in Angel Oak Weekly
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Nat'l Real Estate Post:
Real estate is more complex after the housing bust. More than ever there is a place for real estate agents. They have knowlege of the local market. Info aggregators like Zillow don't live there. Agents know handymen and other vendors who can help solve problems. Agents also act like psychologists and negotiators during the housing search. Realtors live their job. They are there at 8 o'clock in the evening or on a Sunday morning when your waterheater goes out.
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In July, housing sales dropped from 455,000 in June to 394,000, seasonally adjusted. That is a 13.4% drop. This is due to the investors who bought multiple homes and then the rent profits didn't pan out. The investors are walking away from or dumping their investments. This is compounded by 50% of the hardship mortgage modifications which have gone back into foreclosure. The rise in interest rates haven't helped. However, with the rise in interest rates, the banks are beginning to loosen their credit requirements. The fly in the ointment it that the government has put onerous regulations on the banks in the form of Frank-Dodd, Basel I,II and III. The CFPB has put even more on the banks which has come from Richard Cordray. I think the housing industry is in for a bit of a rough patch. Do everything possible for your clients. They need your help.
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1. Max ltv/cltv will drop back to 95
2. Max ratio will be 43 (BACK END Debt to Income)
3. Interest Only will no longer be an option
4. Max loan term will be 30 years
Shared by Dave Cooper
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If you're not willing to live through the terrible stage, you'll never get to the obvious part. -- Seth Godin
-----------------------------------------
(Scott) Anderson’s expects the 30-year fixed-rate mortgage will be around 4.7% at year end—about where it is now. And he is forecasting the 30-year rate will be around 5.15% by yearend 2014.
Such a gradual rise in rates is “not enough to derail the momentum” in the housing market, Anderson said. If mortgage rates go up too quickly, he noted it could dampen demand for housing. Between rising rates and prices, housing affordability has already been reduced by 20%.
Higher rates might also open the door for the banks to relax their lending standards. --Brian Collins in HousingWire
--------------------------------------------
Nat'l Real Estate Post:
Appraisors under attack. http://www.fhba.com/docs/InterimFinalRuleAppraiserIndependenceSummary.pdf
---------------------------------------------
Shared by Maurizio S and originally shared by Tenzing Sherpa.
--------------------------------------------------------
"Builders are seeing more motivated buyers walk through their doors than they have in quite some time," said NAHB chairman Rick Judson, a home builder from Charlotte, NC. "What's more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market." Sonja Bullard in Angel Oak Weekly
---------------------------------------------------------
Nat'l Real Estate Post:
Real estate is more complex after the housing bust. More than ever there is a place for real estate agents. They have knowlege of the local market. Info aggregators like Zillow don't live there. Agents know handymen and other vendors who can help solve problems. Agents also act like psychologists and negotiators during the housing search. Realtors live their job. They are there at 8 o'clock in the evening or on a Sunday morning when your waterheater goes out.
--------------------------------------------------
In July, housing sales dropped from 455,000 in June to 394,000, seasonally adjusted. That is a 13.4% drop. This is due to the investors who bought multiple homes and then the rent profits didn't pan out. The investors are walking away from or dumping their investments. This is compounded by 50% of the hardship mortgage modifications which have gone back into foreclosure. The rise in interest rates haven't helped. However, with the rise in interest rates, the banks are beginning to loosen their credit requirements. The fly in the ointment it that the government has put onerous regulations on the banks in the form of Frank-Dodd, Basel I,II and III. The CFPB has put even more on the banks which has come from Richard Cordray. I think the housing industry is in for a bit of a rough patch. Do everything possible for your clients. They need your help.
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Hot off the press, I have the updates for the new version of Desktop Underwritingcoming the weekend of November 16, 2013.
In a nutshell, FNMA is making the switch to Qualified Mortgages a little earlier than the January 10, 2014 timeframe laid forth by the CFPB. The announcement includes the following:
2. Max ratio will be 43 (BACK END Debt to Income)
3. Interest Only will no longer be an option
4. Max loan term will be 30 years
Shared by Dave Cooper
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