ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 08/13/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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While housing has been a bright spot for the economy lately, the General Public should not expect runaway growth anytime soon, according to panelists at today's Real Estate Connect conference in San Francisco.
"I think the market we have today is going to be a market that is going to be somewhat sustained," said Joel Singer, executive vice president of the California Association of REALTORS®. "Time is important, if for no other reason than personal balance sheets get healed. There will be growth in the next couple of years, though it's obviously not going to be dynamic."
Housing will be one of the better sectors of the economy, Singer said, but he cautioned that the economy as a whole was at risk in the next six months. Calling the downturn "financially created," he said a revamp of the financial system was in order. "I think we have to be very, very concerned about the policy issues," Singer said. In particular, he noted that some 95 percent of mortgages originated are owned or guaranteed by the federal government.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Patrick Stone, president and CEO of Williston Financial Group, said that uncertainty surrounding two controversial regulations -- the qualified mortgage (QM) and the qualified residential mortgage (QRM) -- is an impediment to the development of a private secondary mortgage market.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
QM would establish standards for borrowers' "ability to pay" the mortgages they seek, while QRM would establish certain baseline standards for safe underwriting and require lenders to retain a 5 percent minimum ongoing stake in any loans they originate that don't meet QRM requirements.
The regulations are under the aegis of the Consumer Financial Protection Bureau (CFPB), which recently postponed action on both rules after protests from REALTORS®, builders, banks, unions and consumer groups.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The bureau needs to define exactly how the regulations will work, the debt-to-income and loan-to-value ratios that will be allowed, and FICO score requirements, he added.
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