Ukraine Conflict Good for Interest Rates

Shared by Michael Rutta, Kobogen-Dusseldorf on Photo Tour Global Directory
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Interest rates are inversly tied to bond prices.  As the conflict in Ukraine waxes and wanes, so do the mortgage interest rates.  Bonds are seen to be more secure than stocks, so when war is a possibility, bond prices rise and interest rates decline.
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Real Estate is one career that does not require a  4 year college education.  http://www.artofmanliness.com/2014/04/17/is-college-for-everyone-10-alternatives-to-the-traditional-4-year-college/
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Shared by Steven Krohn, Prague Czech Republic

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Nat'l Real Estate Post:
Higher FHA mortgage interest is being used to fund tax cuts.  This is happening at the expense of low and middle income buyers.
http://thenationalrealestatepost.com/the-dirty-truth-behind-fha-mi-hikes
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10 Best Cities for Raising the Family
1.  Grand Rapids, MI
2.  Boise, ID
3.  Provo, UT
4.  Youngstown, OH
5.  Raleigh, NC
6.  Poughkeepsie, NY
7.  Omaha, NE
8.  Ogden, UT
9.  Cincinnati, OH
10.  Worcester, MA
http://www.forbes.com/pictures/eddf45gihi/best-cities-for-raising-a-family/
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Shared by Xalima Miriel, Stone Upon Stone

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Slow growth dominated the first quarter, but Fannie Mae’s Economic & Strategic Research Group believes the economy is expected to gain momentum in the second quarter amid an increase in government spending and diminishing drag from a slowdown in inventory stockpiling. Trey Garrison in HousingWire http://www.housingwire.com/articles/29735-full-speed-ahead-as-fannie-mae-stands-by-optimistic-forecast
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As of late, there's been huge buzz about the Consumer Financial Protection Bureau and the Federal Housing Finance Agency putting together a massive National Mortgage Database.
This is the new business paradigm.
It is also available to and is being used by the CFPB.  David Moffat and Rebecca Walzak in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29743-heres-why-the-cfpb-and-fhfa-need-your-personal-info
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Shared by Neil Howard,

Burhou from Tourgis
The island of Burhou seen from From Tourgis on Alderney. Burhou has an important puffin colony with LIVE webcams to watch http://burhou.livingislands.co.uk/

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Gallup said rising house prices are just one reason why Americans are putting their bucks back into houses. In 2002, during the real estate boom that came ahead of the mortgage crisis and before gold was offered as an option, half of Americans polled gave real estate the best-investment nod. Sales trends for new homes are at historically low levels, while prices have run up more than 13% over the past year. Trey Garrison in HousingWire http://www.housingwire.com/articles/29741-gallup-most-investors-see-real-estate-as-best-long-term-bet

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Nat'l Real Estate Post:
....on the agenda is this whole matter of the government not being able to agree on what Fannie and Freddie has made, or cost, the American people. On the one side their saying it’s come at a cost of $19 billion. On the other side it’s come at a profit of $181 billion. Only our American Government can come up with this stuff while keeping a straight face. It’s math man. 

http://thenationalrealestatepost.com/typical-crazy-government-math/

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Shared by Gurna Varna, Sun. Paul's Lutheran Church in Riga, Latvian.

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Wage inflation could soon surge in the United States because short-term unemployment is almost back at normal levels, and that could present the Federal Reserve with a fresh dilemma, according to the Financial Times.

That’s because if wage hikes do gain momentum, it could undercut the Fed’s key hope of keeping interest rates low at least until 2015. John Morgan in Money News
http://www.moneynews.com/Personal-Finance/Financial-Times-Wage-Inflation-Economy/

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A New Regulator: Washington loves a bureaucracy, and the proposed Federal Mortgage Insurance Corp. would provide one. Wait, wouldn't it replace the current regulator, the Federal Housing Finance Agency? No, the FHFA would continue as an autonomous unit inside the FMIC. My verdict? Bureaucracy bloat.
Industry analyst David Lykken, managing partner of Mortgage Banking Solutions in Austin, Texas, agrees with me. "It's another layer of bureaucracy. People will have to build [the cost of new bureaucracy] into their [home] price." Mark Fogarty in National Mortgage News
http://www.nationalmortgagenews.com/blogs/hearing/johnson-crapo-imperfect-resolution-to-an-interminable-situation
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Shared by M. Freidrich, Belgien

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Rising home prices have outpaced wage growth, putting ownership out of reach for some Americans. Mortgage rates, while still near historic lows, have been rising and harsh winter weather in January and February probably prevented would-be new owners from venturing out to look for real estate.
The median price of an existing home climbed 7.9% from March 2013 to $198,500, today's report showed.
The average rate on a 30-year, fixed mortgage fell to a six-week low of 4.34% in the week ended April 17. A year ago, the rate averaged 3.41%, according to Freddie Mac.
Bloomberg News http://www.nationalmortgagenews.com/news/origination/sales-of-existing-homes-fall-for-third-straight-month

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ByClifford Rossi

APR 21, 2014

Risky Business

GSE Reform Bill Falls Short of Assuring Small Lenders Survive

http://www.nationalmortgagenews.com/blogs/risky/gse-reform-bill-falls-short-of-assuring-small-lenders-survive

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Shared by Dieter Birr, Karlsruhe

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Despite the anemic housing market start so far in 2014, housing metrics should improve later this year, according to Fitch Ratings’ Chalk Line report. Trey Garrison in HousingWire
http://www.housingwire.com/articles/29749-fitch-7-factors-that-will-shape-the-housing-market-in-2014

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Shared by Werner Polwein, Neuer Zollhof, Düsseldorf, von Frank Owen Gehry

 
 

Jeffrey Dahmer’s Childhood Home is for Sale and It’s a Heck of a Deal.

Ellie Mae (ELLI) drove the industry to the brink Monday and Tuesday after its loan origination system Encompass 360 shut down for users, halting all closing processes. -- Brena Swanson in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/29541
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Nat'l Real Estate Post:
So if you’re a lender or a real estate agent or a customer and you’re being told there’s some problem closing or processing or accessing your transaction – it’s true. It’s not the fault of your lending or real estate professional. Encompass services a huge amount of mortgage business out there. But rest assured, Ellie (Mae) is a quality high level company and we know they’re all over it. http://thenationalrealestatepost.com/encompass-ellie-mae-hack-cause-delays/
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Shared by Neil Shepard.  Shepard's Cottage in Wherwell, Hampshire. 

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Top 10 Markets for First Time Home Buyers
By Trey Garrison in HousingWire

MSA	Median Listing Price	YOY % Change	MOM % Change	Total Listings	YOY % Change	MOM % Change	Median Age of Inventory	YOY % Change	MOM % Change	Un-employm ent rate
Pittsburgh, PA	$135,000	0.00%	1.58%	11,026	-3.21%	-0.38%	128	1.59%	2.40%	5.70%
Tampa-St. Petersburg-Clearwater, FL	$169,900	13.34%	0.53%	21,062	33.96%	2.90%	88	-1.12%	-5.38%	5.90%
Philadelphia, PA-NJ(NJ)	$174,900	0.00%	1.39%	10,656	2.19%	2.98%	141	-1.40%	-3.42%	6.40%
Fort Worth-Arlington, TX	$175,000	3.61%	0.06%	8,433	7.44%	15.54%	67	0.00%	-19.28%	5.40%
Orlando, FL	$191,900	12.95%	1.00%	13,425	49.17%	4.33%	81	12.50%	-5.81%	5.50%
Jacksonville, FL	$198,000	1.59%	1.59%	9,787	25.47%	2.99%	95	5.56%	-5.94%	5.60%
Philadelphia, PA-NJ(PA)	$219,000	1.86%	2.82%	21,909	-4.72%	1.78%	121	5.22%	-0.82%	6.40%
Dallas, TX	$224,900	12.45%	2.23%	15,887	10.28%	18.72%	57	1.79%	-25.97%	5.40%
Raleigh-Durham-Chapel Hill, NC	$227,500	5.81%	1.11%	9,435	-0.99%	6.68%	98	4.26%	-7.55%	4.90%
Phoenix-Mesa, AZ	$244,900	13.96%	2.04%	23,654	45.34%	9.02%

-http://www.housingwire.com/articles/29524-the-top-10-markets-for-first-time-homebuyers
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Nat'l Real Estate Post:
The CFPB is so out of control not even Congress can get their attention. They didn’t even show up to their discrimination hearing.
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A recent survey by the PulteGroup revealed that the Millennial generation has a more optimistic outlook regarding the American economy than other generations. According to the survey, 54% of Millennials believe the economy is in better shape today than it was last year compared to only 41% of the total population. -- The KCM Crew http://www.keepingcurrentmatters.com/2014/03/31/millennials-optimistic-ready-to-buy/
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Millennium Tower World Business Center, Busan Korea. 

Shared by Places to See Before You Die
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Nat'l Real Estate Post:
Jeffrey Dahmer’s childhood home is for sale and it’s a heck of a deal in Akron, Ohio for $295K.  Some marketing ideas are, "Home to die for", "At least it's not Sharon Tate's place", "This house is a killer killer's deal", "Great dining area great for hosting parties", "Won't cost you an arm and a leg", "Lots of storage space in the basement", "Walk in freezer", "If you like the holidays, Halloween takes on a whole new meaning in your new house".
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Michael Bennett Photography's Chicago Skyline, Shared by Uros Kralj

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 Ellie Mae has hired Stroz Friedberg, a cyber-security and digital forensics investigation firm, to piece together evidence and trace the attack, evaluate Ellie Mae's response to the incident, as well as validate that the vendor did not suffer a data or security breach. -- Austin Kilgore in Origination News http://www.nationalmortgagenews.com/news/technology/ellie-mae-suspects-attackers-had-industry-knowledge
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Nat'l Real Estate Post:
Housing bubble in the making or not?  Zillow says yes.  What do you say?
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Dubai.  Taken by Guy Kawasaki

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Paul Ryan's Budget
The budget ultimately recommends putting an end to corporate subsidies and taxpayer bailouts in housing finance and envisions to eventual elimination of Fannie and Freddie.
However, in order to get to that end result, the budget advises following the Protecting American Taxpayers and Homeowners Act, which phases out the government-sponsored enterprises in five years. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/29566
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Black Knight Financial Services mortgage data for February data showed that monthly mortgage originations dropped to the lowest number in at least 14 years. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29569-black-knight-originations-fall-to-lowest-level-in-14-years
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The Bridge at Liege, Shared by M. Friedrich

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According the latest Fannie Mae National Housing Survey, the share of respondents who say it is a good time to sell a home escalated to 38% in March, up from 26% for the same period a year ago. -- Brena Swanson in HousingWire
http://www.housingwire.com/articles/29574-american-optimism-trends-higher-as-home-buying-season-starts
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Nat'l Real Estate Post:
Well as we stated in the post title there is pressure to lower the GSE fees. On the one hand you might say to just leave things alone considering that all seems to be going well right? On the other hand there are some very interesting stats that we go over in the show that will blow you away. One concern of the GSE’s is if they lower fees that they won’t be as profitable, but we illustrate that if they do lower their fees they could actually be even more profitable. Now if we could just get the Treasure to allow them to keep some of their profits we’d be heading in the right direction, but one thing at a time right? http://thenationalrealestatepost.com/pressure-mounts-for-lower-gse-fees/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29
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Shared by Jacob Surland
Old Town Museum in Aarhus is a museum made of old houses, moved brick by brick from the original location to the Museum. Most of the houses you can go into, to see how people lived in the that specific period of time. Photo by: Jacob Surland, www.caughtinpixels.com

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 Listen, the mortgage industry is off by 55% from this time last year with respect to volume. So what do lenders do when the going gets tough? A few things. 1 – They cut costs, 2 – They increase business or, 3 – They fail. Well what’s surprising is that a third of the lenders out there say that they will now entertain doing Non-QM loans whereas they wouldn’t even consider it this time last year.
http://thenationalrealestatepost.com/new-non-qm-loans-available-soon/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29
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Nat'l Real Estate Post:
Yet another banker has died and not only him but his whole family. Look we’re going to just say it. Something is going on here that’s not on the up and up. We think these people are getting bumped off. This has to be some sort of revenge. Is it one person or a group that’s planned some great banker revenge scheme? Or is it truly just some sort of coincidence that all these people are in the financial and or mortgage industry? We just can’t buy that a guy would shoot himself multiple times with a nail gun multiple times or would jump off a moving train to end it all. Just seems very very strange.
http://thenationalrealestatepost.com/yet-another-banker-mysteriously-dies/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29

Raspberry Crazy Ants

US GDP increased by 1.9% in 2013.
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Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $150 on each loan they originated in the fourth quarter of 2013, down from $743 per loan in the third quarter, the MBA reports in its latest Mortgage Bankers Performance Report. -- Jacob Gaffney in HousingWire  http://www.housingwire.com/blogs/1-rewired/post/29448-the-cost-of-closing-mortgages-is-officially-astronomical
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Shared by Joanne Georgia, Epcot Center, Disney World Orlando FL

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Residential sales are up 7% in February 2014 over Feb 2013.
Distressed sales and short sales account for 17% of all sales in February.  Trey Garrison in HousingWire  http://www.housingwire.com/articles/29449-why-did-residential-sales-decline-for-fourth-month-straight
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Nat'l Real Estate Post:
Raspberry Crazy Ants are headed for Houston, TX and there are no poisons to stop them.  They eat electrical wiring.
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Shared by Silvia ZK, Temple of Isis on the Isle of Philae, Egypt

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The percentage of early stage delinquencies, 30 days+ overdue is 2.6%, down 8.7% from a year ago and the lowest level at year-end since reporting began in January 2008.
Seriously delinquent mortgages—60 days+ overdue decreased to 3.5% compared with 3.6% at the end of the previous quarter and 4.4% a year earlier. -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29469-did-the-foreclosure-rate-really-get-cut-in-half
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Members of a Philadelphia mob family seized control of a Texas-based mortgage company and used its money to buy luxury cars and a yacht, according to the firm’s former CEO. -- Ben Lane in HousingWire http://www.housingwire.com/articles/29474-firstplus-ceo-the-mob-took-over-our-mortgage-company
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Shared by Xalima Miriel, Castle Trevejo, Spain

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RealtyTrac has released an analysis of housing market health in 410 U.S. counties in two-year increments over the past eight years, finding that 96 percent of county housing markets are better off than they were four years ago when foreclosures peaked in 2010, but only eight percent of county housing markets are better off than they were eight years ago in 2006 before the housing price bubble burst. -- NationalMortgageProfessional.com
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...While all of this could mean less competition for first time homebuyers, don’t expect to see a huge wave of buying activity from owner/occupants as investors scale back.
What’s keeping first time buyers on the sideline isn’t competition from investors, it’s other factors: lack of jobs for the 25-35 year old cohort that typically makes up most of the buyers; a mountain of student loan debt that makes it difficult for these folks to afford a loan – or qualify for a QM/ATR loan; tight credit overall, which makes it hard to get loans in general; and the lack of inventory.
On that last note, new home inventory is near a 40-year low (and much of the available inventory is made up of larger, more expensive “move-up” homes); distressed inventory is lower than expected; and a high percentage of existing home owners are either underwater or don’t have enough equity to sell their current homes. -- Rick Sharga in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29512-heres-what-investor-trends-mean-for-the-housing-market
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Shared by M. Friedrich, Bahnhof( Lüttich Belgien )

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Nat'l Real Estate Post:
Well now, we’ve got FHA coming out and telling lenders not to worry and go ahead and start doing lower credit scores that fit FHA guidelines. Naturally all lenders see is buybacks in their future if they do this, even if their loans are technically within guidelines, so until recently they’ve held firm on their stricter FICO guideline overlays. But, here we are. Loan volume is down so lenders are starting to adjust to compensate. Well with FHA saying they want more of the lower FICO borrowers out there, we’ll see what happens. http://thenationalrealestatepost.com/fha-wants-lower-fico-borrowers/
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Also coming up in Congress, the House Financial Services Committee will hold a special hearing on April 2 at 10 a.m. ET to look into allegations of discrimination and employee mistreatment at the Consumer Financial Protection Bureau. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/29479-johnson-crapo-mark-up-cfpb-investigation-coming-in-april
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Shared by Xalima Miriel, Museum Guggenheim, Bilbao

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The BofA analysts said, that by "affirming the QE taper and seemingly doubling down on tightening by adding the “six months” comment, the Fed seems to be saying that it is OK with the 15% decline in pending home sales and may well even be comfortable with further declines." -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29493-bofa-fed-seems-ok-with-declining-home-sales
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Nat'l Real Estate Post:
 The heat is on when it comes to appraisers, AMC’s and appraiser competency. The Fed’s are going to start looking into what kind of financial ties AMC’s have to lenders and how competent their appraisers are.
Title companies are looking to dump their reps and go direct to the consumer in an effort to save money. And the good ol’ FHA is making some changes with respect to interest due on a loan being paid off by direction from, or should we say, in agreement with the CFPB. You’d think that would be a good thing, but naturally there’s a caveat to everything including this.
http://thenationalrealestatepost.com/changes-for-appraisals-title-and-fha/
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Shared by Zuzanna Butkiewicz, Versailles France

God-Zillow, 550 FICO score:)

Existing-home sales, tabulated when a purchase contract closes, have recovered from a 13-year low of 4.11 million in 2008, three years after a record 7.08 million houses were sold in 2005. Still, higher prices and borrowing costs have put properties out of reach for some Americans, helping explain a slowdown in sales since July. -- Bloomberg News in Origination News 
http://www.nationalmortgagenews.com/news/origination/sales-previously-owned-homes-fall-lowest-since-2012-1041386-1.html?site=default_on&utm_campaign=origination%20news-mar%2020%202014&utm_medium=email&utm_source=newsletter
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Seven Reasons Private-Label MBS Are Not Coming Back Any Time Soon:
1. Weak Investor Appetite
2. New Laws and Rules
3. Gun-Shy Lenders
4. Apprehensive Securities Issuers
5. Constrained Consumers
6. Agency MBS Has the Edge
7. Housing System Overhaul Is Needed, But Hard to Do
Alex Kangelaris is the CEO and managing partner at Wall Street Emprises LLC. He has more than 25 years of mortgage industry and capital markets experience. In Origination News.
http://www.nationalmortgagenews.com/blogs/hearing/seven-reasons-private-label-mbs-are-not-coming-back-any-time-soon-1041389-1.html?site=default_on&utm_campaign=origination%20news-mar%2020%202014&utm_medium=email&utm_source=newsletter
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Taken by Pham Nhu Phuong, Great Wall of China

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Nat'l Real Estate Post:
Now on with the show. There’s data showing that existing home sales are down as are housing starts. But here’s the deal, the freakishly cold winter is the cause for a lot of this. Here’s what else we know. Millions of current renters want to buy this year. So you might say, “yeah but there’s no inventory”. Not so fast Jack, despite the wicked winter, inventory is actually on the rise.
http://thenationalrealestatepost.com/housing-market-poised-for-hot-summer-of-sales/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29
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Shared by 10,000 Artist and Art Lovers, Door at St Edward's Parish Church in the Cotswolds, flanked by beautiful 18th century yew trees.

Shared by Uros Kralj
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And if all else fails, at least your house can smell nice. That’s thanks to custom scents designed to entice buyers to buy a home. An article in The Wall Street Journal says that luxury developers are partnering with fragrance makers to turn buyer’s olfactory senses into sold properties. -- Ben Lane in HousingWire  http://www.housingwire.com/blogs/1-rewired/post/29395-things-you-should-read-right-now
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Nat'l Real Estate Post:
Zillow is taking over the free listing industry.  In fact, they now have an app for mortgage prequalification.  However, if the CFPB is going after mortgage companies which quote rates and fees, does Zillow quote rates and fees in order to prequalify the inquirers?  Will the CFPB go after Zillow?  http://thenationalrealestatepost.com/god-zillow-taking-over-the-world/
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Shared by Darja Vizjak:  The old Celje's castle on the hill waiting for visitors. So many storys to tell. The history of my town Celje is very rich.

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Carrington Mortgage Services lowered its minimum FICO score to 550 and expanded its guidelines on a number of FHA, VA and USDA loan programs in order to better focus on underserved borrowers, typically those in the sub-640 FICO score range. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/29404-carrington-ups-ante-on-wells-fargo-by-lowering-fico-standard
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Bank of America Merrill Lynch (BAC) analysts just emailed a research note reminding clients they feel the Fed needs to continue to back the mortgage market if the so-called housing recovery is to remain intact.
The latest mortgage applications came in weak. The analysts don't see those numbers improving should the Fed begin to raise rates. Indeed, the opposite is more likely to happen. -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29402-bank-of-america-finds-the-housing-recovery-hard-to-believe
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Amazing things in the world originally shared: Ancient Chinese architecture....!!!!

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Nat'l Real Estate Post:
Carrington is actually dropping conventional and jumbo from their wholesale division, and if your borrower has a score over 680 – they don’t want them.
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Overall, 47 states and Washington, D.C., reported an increase in the number of title insurance premiums written last year from 2012, according to data from the American Land Title Association.
--Evan Nemeroff in Origination News http://www.nationalmortgagenews.com/news/origination/title-insurance-premiums-rise-by-115-in-2013
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Amazing things in the world originally shared: Bridge... Denmark.. Sweden

Shared by Uros Kralj
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The median sales price of a new house decreased 1.2% from February 2013, to reach $261,800, according to today’s Commerce Department report. It was the biggest year-to-year decline since June 2012. The median can be affected by the mix of sales by region as prices are generally higher in the Northeast and West where demand declined.
Purchases dropped in three of the four regions, led by a 32.4% slump in the Northeast. The West decreased 15.9% and the South fell 1.5%. Demand in the Midwest jumped 36.7% to the highest level since May 2013, after dropping almost 20% the prior month.
Warmer temperatures may revive construction and help bring more buyers out in coming months.
The recent weakness is 'a temporary pause,' and the homebuilding industry is still in the early stages of recovery, Ara Hovnanian, chief executive officer of Hovnanian Enterprises Inc., New Jersey's largest homebuilder, said in a statement on March 5. -- Bloomberg News in Origination News
http://www.nationalmortgagenews.com/news/origination/sales-of-new-homes-fell-in-february-to-five-month-low-1041420-1.
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U.S. Rep. Shelley Capito, R-W.V., told the American Bankers Association conference Tuesday that she doesn't believe GSE reform will pass before November. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29426-capito-gse-reform-unlikely-before-november-elections

Foreclosures are Slowing Again

Yet another plan to eliminate Fannie Mae and Freddie Mac by people who don't understand finances.
http://www.housingwire.com/articles/29265-senators-1-plan-to-completely-reform-housing-finance
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Over two-thirds of consumers say it is a good time to buy a home, according to a Fannie Mae survey, but 52% believe it is difficult to qualify for mortgage. -- Brian Collins in HousingWire
http://www.nationalmortgagenews.com/news/origination/suddenly-a-lot-more-consumers-say-its-tough-to-get-a-mortgage-1041297-1.html?site=default_on&utm_campaign=origination%20news-mar%2011%202014&utm_medium=email&utm_source=newsletter
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Shared by Uros Kralj
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The March Mortgage Credit Tracker from Barclays notes that current mortgages are becoming delinquent at a ever-slowing rate. It's a great trend that shows more homeowners are staying current on their mortgage. -- Jacob Gaffney in HousingWire
http://www.housingwire.com/articles/29273-barclays-foreclosures-rise-across-all-sectors
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Nat'l Real Estate Post:
The CFPB keeps track of how their employees perform, oh, and, what race they are. Why? If a bank did this they’d be fined to the point of no return. The CFPB truly is a regime with no oversight.
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St. Michael in Bamburg, shared by Norbert Metz  Connect with him on Google+

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In a strong bipartisan vote on Thursday, the Senate passed a bill to ease big flood insurance premium increases faced by hundreds of thousands of homeowners and allow below-market rates to be passed on to people buying homes with taxpayer-subsidized policies. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29307-flood-insurance-rate-hike-delay-passes-senate-handily
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Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. Rising mortgage rates and home prices have narrowed the gap over the past year, though rates have recently dropped and price gains are slowing. Now, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper one year ago.
Sonja Bullard in Angel Oak Weekly http://www.trulia.com/trends/2014/02/rent-vs-buy-winter-2014/
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Massive country house in Northington, Hampshire, UK

Shared by Neil Howard in Photo Tour Global Directory 
Connect with him on Google+
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Retail sales inched up 0.3% in February after declining 0.6% in January, revised from the initial report as down 0.4%. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29293-retail-sales-squeak-out-03-gain-in-february
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Florida led the nation in zombie foreclosures measured by actual number, with 54,908; Illinois had 15,512; New York had 10,880; New Jersey had 8,595; and Ohio had 7,780.
Among the nation’s 20 most populated metro areas, the highest foreclosure rates were in Tampa, Miami, Baltimore, Riverside-San Bernardino in Southern California, and Chicago. Only four of the 20 largest metro areas posted annual increases in foreclosure activity: New York which was up 77%, Philadelphia up 20%, Washington, D.C. which climbed 19%, and Baltimore which ticked up 14%.
Nine of the top 10 foreclosure rates in February among metropolitan statistical areas with a population of 200,000 or more were in Florida, led by Palm Bay-Melbourne-Titusville with one in every 296 housing units with a foreclosure filing during the month — nearly four times the national average.
Foreclosure activity in Atlantic City, N.J., increased 254% on a year-over-year basis — the third consecutive month with a triple-digit percentage annual increase — and the city posted the nation’s seventh highest metro foreclosure rate: one in every 398 housing units with a foreclosure filing during the month. -- Trey Garrison in HousingWire
http://www.housingwire.com/articles/29288-top-20-metros-with-the-largest-foreclosure-rates
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Castle by the Lake

Share by Tina En
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Flood insurance rate-hike delay passes Senate handily

Bill goes to White House for signature after 72-22 vote

Trey Garrison in HousingWire

http://www.housingwire.com/articles/29307-flood-insurance-rate-hike-delay-passes-senate-handily

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Nat'l Real Estate Post:

According to Zillow there are about 4.2 million renters that want to buy in 2014.

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Apartments in Gurgaon, India.  Shared by Jaspir Randhawa

Home Builders are Optimistic

Nearly two-thirds of builder contacts expect construction activity to increase over the next three months. With that said, builders’ outlooks appear to be slightly less optimistic relative to their year-earlier responses. -- Trey Garrison in HousingWire
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CoreLogic’s Home Price Index shows that home prices nationwide, including distressed sales, increased 12% in January 2014 compared to January 2013.
This marks 23 months of consecutive year-over-year increases in home prices nationally. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/29175-why-is-corelogic-breaking-with-the-herd-on-home-prices
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Zealand, not New Zealand, by Jacob Surland


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Mortgage applications reversed a three-week decline to climb 9.4% from one week earlier, according to the Mortgage Bankers Association’s survey for the week ending February 28, 2014.
Last week mortgage apps hit a two-decade low. (It's the weather, silly.) --Trey Garrison
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The House on Tuesday evening passed a bill that would delay flood insurance rate hikes and derail reform efforts passed just two years ago with the Biggert-Waters act.
“That’s an enormous government subsidy encouraging people to live in harm’s way and make the rest of the country pick up the tab,’’ Ellis said. -- Trey Garrison in HousingWire
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Thailand, by Deiter Birr

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The secretary of the U.S. Department of Housing and Urban Development unveiled the department’s fiscal 2015 budget, and the $46.6 billion budget provides a look at how HUD thinks it can accelerate economic growth, expand opportunity for all Americans, and ensure fiscal responsibility.
The budget proposal for fiscal 2015 is a 2.6% increase over 2013 levels and a 10% increase over the department’s sequestration funding level, which was 1-2% less than normal spending in calendar 2013 because of the spending cuts that took effect March 1, 2013. -- Trey Garrison in HousingWire
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Nat'l Real Estate Post:

The GSE’s have more than paid back what was borrowed with their bail out yet none of the payback is counted toward their balance. It’s all dividend payments. Not only that but they completely changed the terms of the loan mid stream and started taking all of the GSE’s profits from them not letting them build up any equity in the agencies.
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Someplace in Ukraine, by Andrey Vlasoff

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While many parts of the U.S. economy are growing, the housing sector is increasingly a drag on consumption and job creation. The fault lies not with the market, however, but with ill-considered regulations and bank capital rules.
As 2014 unfolds, look for lending volumes in 1-4 family mortgages to continue to fall as a lack of demand from consumers and draconian regulations force many lenders out of the market. While leaders such as Wells Fargo have indicated that they will write loans with credit scores in the low 600s range, there are not enough borrowers in the below prime category to make up for the dearth of consumers seeking a mortgage overall. When home prices measures generally start to fall later this year, maybe our beloved public servants in Washington will start to get the message. -- Christopher Whalen in Origination News  http://www.nationalmortgagenews.com/blogs/hearing/us-housing-sector-is-in-big-trouble-1041287-1.html?site=default_on&utm_campaign=origination%20news-mar%2010%202014&utm_medium=email&utm_source=newsletter
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Casino Baden-Baden, by Deiter Birr

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recent_searches

lender processing services ads/fannie mae/commercial mortgage/fixed mortgage rates/carrington

Will focus on correspondent lending.

(Bob) Lewis said he would fulfill as many mortgages as possible that are in the pipeline.Fifth Third terminates all relationships with wholesale loan brokers.    -- Jacob Gaffney in HousingWire

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 Richard Cordray, director of the CFPB, said at the President’s Advisory Council for Financial capability for Young Americans Meeting: 
1. Financial education should begin at a young age

Education needs to be a priority as students approach gradation from high school and should continue to evolve into adulthood

2. Students should practice financial management through experimental learning

Whether it is through stimulating a banking experience or playing a computer game that hones financial skills, it will help students learn more effectively.

3. Teachers who are interest in teaching personal financial management need to be supported and engaged with

Teachers need access to training and incentives to take part, such as continuing education credits or need-based travel stipends.

4. Financial education concepts need to be integrated into standardized tests

In doing so, it would increase the incentive for educators to teach these topics.

5. Parents need to get involved

“Parents help set expectations, and research has shown that if parents engage their children by establishing a savings account for them, these children are seven times more likely to attend college than those without a savings account,” Cordray explained.  

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Despite the cold, housing market is looking better.

Average monthly house payments jump 21% in fourth quarter
The estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 — and that includes mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit — increased an average of 21% from a year ago in the 325 U.S. counties included in an analysis by RealtyTrac. -- Trey Garrison in HousingWire
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In short, loans are performing better, so banks are setting aside less cash to cover those damages. However, the current state of the mortgage market is becoming a big problem. Just today, mortgage applications hit a two-decade low.
“Narrow margins, modest loan growth, and a decline in mortgage refinancing activity have made it difficult for banks to increase revenue and profitability,” he continued. “Nonetheless, these results show a continuation of the recovery in the banking industry." ( FDIC Chairman Martin Gruenberg)   http://www.housingwire.com/articles/29110-bank-earnings-are-booming-but-theres-a-big-problem -- Brena Swanson in HousingWire
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Castle Trifles, shared by Dieter Birr

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Why is the Atlanta Fed so bullish?

Housing activity up in southeast, other indicators soft

“...the current quarter is difficult to read as an indication of the most likely story for the full year 2014 and first part of 2015. The recent mixed data could be just a temporary thing—as the weather explanation suggests—or something more fundamental going on. While I am tracking the numbers carefully, at the moment I think it's too early to draw a conclusion,” Lockhart said. “Even though the first quarter this year may turn out to be soft, I am ‘looking through’ the recent information to a full year of sustained higher growth. In that sense, my outlook remains optimistic for the full year.” -- Trey Garrison in HousingWire http://www.housingwire.com/articles/29071-why-is-the-atlanta-fed-bullish-on-2014

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Black Knight: Foreclosures hit six-year low

Delinquency rate down 10% since January

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 6.27%
Month-over-month change in delinquency rate: -2.96%
Year-over-year change in delinquency rate: -10.70%
Total U.S. foreclosure pre-sale inventory rate: 2.35%
Month-over-month change in foreclosure pre-sale inventory rate: -5.32%
Year-over-year change in foreclosure pre-sale inventory rate: -31.17 %
Number of properties that are 30 or more days past due, but not in foreclosure: 3,140,000
Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,289,000
Number of properties in foreclosure pre-sale inventory: 1,175,000
Number of properties that are 30 or more days delinquent or in foreclosure: 4,315,000
Trey Garrison in HousingWire
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Somewhere in Finland

Shared by Pasi Hartoma
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Fannie Mae and Freddie Mac are offering limited-time incentives in a pair of programs for both real estate agents and homebuyers as the two government-sponsored enterprises are trying to sell some of their REO properties.
Freddie will offer a $1,000 bonus to selling agents and a separate $500 bonus to listing agents when they use the HomeSteps program to sell a Freddie owned property.
The HomeSteps program is being launched in 23 states for deals where the offer is made between Feb. 18 and April 15, with a closing date deadline of May 31.
States where the 2014 HomeSteps Winter Sales Promotion is now active include Alabama, Connecticut, Colorado, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, and Wisconsin. -- Trey Garrison in HousingWire.
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Wells Fargo, the nation's largest mortgage lender, plans to eliminate 700 more jobs as fewer borrowers are looking to refinance their mortgage loans. -- Evan Nemeroff in Origination News
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San Francisco, by Gary Lo

 

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Purchases of new homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the industry even in the midst of unusually harsh weather. -- Bloomberg News in Origination News
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The CFPB reform bill would replace the single Consumer Financial Protection Bureau director with a five-member commission appointed by the president and confirmed by the Senate, bring its budget under Congressional control, and provide more oversight for the bureau, currently under the aegis of the Federal Reserve.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, took the field first in the debate before the vote, accusing the CFPB of being unaccountable and out of control. Hensarling talked at length about the expenses the CFPB has been racking up.
“The CFPB has unbridled power to impose rules like the QM rule. According to Federal Reserve reports, one-third of blacks and Hispanics would not be able to get a mortgage,” Hensarling said. “This is designed to make the Bureau more accountable and transparent… We know that this is an agency that was designed to be unique, if not perhaps rogue; it is an agency like no other. Arguably it is the single most powerful and least accountable Federal agency in the history of our nation and thus demands rigorous oversight. The American people deserve better.” -- Trey Garrison in HousingWire
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Natural History Museum by Serkan Turk

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On Wednesday U.S. Rep. Dave Camp, R-Mich., unveiled his Tax Reform Act of 2014, which critics say could drastically increase taxes on homeowners and homebuyers, and which would levy a new lending tax on financial institutions. (Basically, the bill removes all tax credits and incentives for anything doing with houses, moves and increases taxes on financial institutions which make home loans.) -- Trey Garrison in HousingWire
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1 in 5 homeowners still underwater at year’s end

Zillow says 19.4% still have negative equity

More than 9.8 million homeowners are still underwater nationwide.

Home values ended 2013 up 6.6%, the single-largest contributor to the falling negative equity rate. But the pace of home value appreciation is slowing, with home values expected to rise just 3.4% over the next 12 months, according to the most recent Zillow Home Value Forecast. -- Trey Garrison in HousingWire

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Castle on Riverbank in Bruges Belgium - Soft focus HDR of an old castle in Bruges Belgium.  John Brody Photography.  Follow him on g+.


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Nat'l Real Estate Post:
NAR can’t really do anything about this one. Long & Foster Real Estate is on the short end of the stick with regards to a huge RESPA lawsuit. They’re allegedly in cahoots with another company sharing settlement fees and they are facing a lawsuit over it all. A lawsuit to the tune of over $11 million PLUS guys. I think a lot of us figured the real estate agents out there were pretty well protected by their mega watch dog the National Association or Realtors with respect to this kind of stuff, but it would appear that this isn’t the case.
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Construction spending ticked up 0.1% in January, with an increase in private construction projects making up for a drop in public construction spending.
The personal savings rate remains flat at 4.3%. -- Trey Garrison in HousingWire