freddie mac: FHA Changes Coming for Case #s ordered on or after 4/9/12...
- 03/06/12 05:22 AM
Here's the mortgagee letter for changes coming on FHA on or after 4/9/12. http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf Summary - their upfront fee and monthly mortgage insurance is increasing. However, if you have an FHA loan now and are looking at an FHA streamline, ,they upfront fee/monthly mortgage insurance will be cheaper than it is now if your loan was originated prior to 5/31/09. Call me to review your options. … (1 comments)
freddie mac: Report Finds Home Price Declines Slowing
- 03/06/12 05:18 AM
Clear Capital’s latest Home Data Index finds the rate at which home prices are declining has begun to improve. In February, home prices were just 1.9 percent below year-before levels, the slowest rate of decline since April 2011. Regionally, home prices were down in the West and Midwest, while values were flat in the South and up slightly in the Northeast. On a quarterly basis, prices showed even more stability. Nationally, home prices were down 0.6 percent quarter-over-quarter. Dr. Alex Villacorta, director of research and analytics at Clear Capital, said improvements in the job market, stronger consumer confidence, and heightened activity … (0 comments)
freddie mac: Refinance in Hudson, WI - FHA Streamline Refinance changes
- 03/05/12 11:13 PM
The Obama administration on Tuesday announced another initiative to allow more homeowners to refinance, this time by dropping fees on federally insured mortgages that have prevented some borrowers from taking advantage of ultralow rates over the past year. The latest changes will reduce fees to refinance loans backed by the Federal Housing Administration through what’s known as a “streamline” refinance. Those refinances are reserved for FHA borrowers who are refinancing into another FHA-backed mortgage, and they don’t require borrowers to verify income, employment, and credit. They also don’t require a new appraisal, which means underwater borrowers can refinance. But many borrowers … (0 comments)
freddie mac: Buy a house in Hudson, WI - Housing Inventory At Lowest Level Since 2006
- 03/05/12 03:33 AM
The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements … (0 comments)
freddie mac: Fed’s Beige Book Finds Continued Improvement For Housing
- 03/02/12 01:58 AM
Periodically, the Federal Reserve collects economic data from the 12 Fed districts around the country and releases the findings in a report known as the Beige Book. In its latest report, which includes data through February 17, the Fed says economic activity has continued to increase at a modest pace and noted improvements in residential real estate, banking, and lending services. The Beige Books says most parts of the country saw increases in housing activity, growth in home sales, and returned forecasts of further improvement for this year. And though home prices were mostly flat or down in many areas, gains … (0 comments)
freddie mac: Foreclosures Account For 24 Percent Of Quarter 4 Sales
- 03/01/12 12:17 AM
RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before. … (2 comments)
freddie mac: Foreclosures Account For 24 Percent Of Q4 Sales
- 03/01/12 12:16 AM
RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before. … (1 comments)
freddie mac: Buy a House in Hudson, WI - Demand For Home Purchase Loans Spikes
- 02/29/12 01:15 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index surged last week, gaining 8.2 percent over the week before. But despite the spike, a dip in refinance volume kept the Market Composite Index, which measures total loan application demand, relatively flat. Total mortgage applications decreased 0.3 percent from the previous week, though the four-week moving average is up 0.33 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remained near survey lows last week but refinance volume fell slightly. The week’s results were adjusted for the Presidents Day holiday. The average contract interest … (0 comments)
freddie mac: Pending Home Sales Rise To Nearly Two Year High
- 02/28/12 02:09 AM
Pending home sales measure contract signings, not closings, and are a good indicator of future sales. In January, the National Association of Realtors’ Pending Home Sales Index reached its highest level since April 2010. The index was up 2.0 percent from December and 8.0 percent over the year before. Lawrence Yun, NAR’s chief economist, said the report offers hope of a healthy spring homebuying season. According to Yun, the upward trend implies home sales will see further gains this year and declining inventory could also mean broader price stabilization and growth. In January, the index was higher than anytime since the expiration of … (1 comments)
freddie mac: FHA to raise insurance premiums in April
- 02/28/12 12:19 AM
The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund. The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April. The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed … (1 comments)
freddie mac: Buy a house in Woodbury, MN - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:38 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
freddie mac: Buy a house in Prescott, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:36 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
freddie mac: Buy a house in New Richmond, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:34 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
freddie mac: Buy a house in River Falls, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:28 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
freddie mac: Buy a house in Hudson, WI - Homes More Affordable Than Anytime In 20 Years
- 02/27/12 01:26 AM
Homes are more affordable now than anytime in the past 20 years, according to the National Association of Home Builders Housing Opportunity Index. The index measures the percentage of homes affordable to a family making the national median income of $64,200. During the fourth quarter of last year, more than 75 percent of all the new and existing homes sold nationwide were affordable, the highest percentage in the index’s 20-year history. Barry Rutenberg, chairman of the National Association of Home Builders, said that report indicates that homeownership is within the reach of more households than it has been for more than two … (0 comments)
freddie mac: New Home Sales Mainly Flat In January
- 02/24/12 01:23 AM
The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales report for January shows sales of new single-family homes were 0.9 below December’s upwardly revised annual rate of 324,000. The revision to December’s rate, previously reported to be 307,000, put that month’s sales pace at a year-long high. And, despite slipping from last month, January’s sales pace exceeded economists’ expectations and were 3.5 percent above last year. The median sales price of new houses sold in January was $217,000, up from $210,300 in December. At the end of the month, there was a 5.6-month supply of new … (0 comments)
freddie mac: Refinance Hudson, WI - Mortgage Rates Tick Up A Bit, But Still Very Good
- 02/23/12 01:05 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage applications decreased 4.5 percent last week from the week before. Despite the decline, the Market Composite Index, which measures mortgage applications volume, is relatively flat over the past four weeks due to previous spikes in purchase and refinance activity. Last week, both the Refinance and Purchase Index were down, primarily due to a slight uptick in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved to 4.09 percent from 4.08 percent the previous week. The average rate for 30-year jumbo loans increased to 4.32 percent. … (0 comments)
freddie mac: Refinance River Falls, WI - Mortgage Rates Tick Up A Bit, But Still Very Good
- 02/23/12 01:03 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage applications decreased 4.5 percent last week from the week before. Despite the decline, the Market Composite Index, which measures mortgage applications volume, is relatively flat over the past four weeks due to previous spikes in purchase and refinance activity. Last week, both the Refinance and Purchase Index were down, primarily due to a slight uptick in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved to 4.09 percent from 4.08 percent the previous week. The average rate for 30-year jumbo loans increased to 4.32 percent. … (0 comments)
freddie mac: Refinance Hudson WI - FHA to announce premium changes soon
- 02/22/12 05:45 AM
The Federal Housing Administration will announce additional premium changes to its mortgage business and streamlined refinance programs in the coming days. FHA Acting Commissioner Carol Galante said in a speech at the Mortgage Bankers Association servicing conference in Orlando, Fla., Wednesday that the changes are on their way. As part of the payroll tax extension agreed to last fall, the FHA will raise premiums on its forward mortgages by 10 basis points and by 25 bps for jumbo loans. Galante said Wednesday the FHA would make additional increases soon to further protect its mutual mortgage insurance fund. She said lenders have … (0 comments)
freddie mac: Buy house in Hudson, WI - Continued Gains For Existing Home Sales In January
- 02/22/12 02:38 AM
The National Association of Realtors reports that existing-home sales rose again in January, the third improvement in the past four months. Sales of previously owned homes, including single-family, townhomes, condominiums, and co-ops, increased 4.3 percent to an seasonally adjusted annual rate of 4.57 million. Lawrence Yun, NAR’s chief economist, said the trend upward is in line with the underlying fundamentals including pent-up household formation, record-low mortgage rate, low prices, sustained job creation, and rising rent. The national median existing-home price was $154,700. … (0 comments)
Here's the mortgagee letter for changes coming on FHA on or after 4/9/12.
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