Creating New Markets on Needs–Not Just Traditions

Julie C. Nichols General

MBA NewsLink – Mark Dangelo Replacement of mortgage-backed securities with a new form of security has been on-and-off the industry front burner since 2008. Politicians and officials, from former Treasury Secretary Henry Paulson to Sen. Charles Schumer, D-N.Y., joined ideals and bills sponsored by industry associations, academics, economists and pundits willing to advocate change. Yet, with all the platforms and …

Home values rise 5% for sixth consecutive month

Julie C. Nichols General

MBA Newslink – Mike Sorohan For the sixth straight month, home value appreciation was at or exceeded 5%, according to data from Zillow. More specifically, home values rose in April to $158,300. Home values jumped 5.2% over year ago levels, Zillow ($59.22 0.7601%) reported, reaching their highest level since June 2004. A majority of the 365 metros — 55% to …

Mortgage Rates in U.S. Rise to Highest Level in Six Weeks

Julie C. Nichols General

Bloomberg – Prashant Gopal U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks. The average rate for a 30-year fixed mortgage climbed to 3.51 percent in the week ended today, up from 3.42 percent and the highest since early April, McLean, Virginia-based Freddie Mac (FMCC) said in a statement. The average 15-year …

Buying more beneficial than renting in 64% of metros

Julie C. Nichols General

HousingWire – The Ticker In 64% of metro areas nationwide, buying a home is a better financial decision than renting for residents planning to stay in their home for at least three years, Zillow claims in a new report. The study by Zillow ($57.76 0%) incorporates all possible costs associated with both buying and renting. These include upfront payments, closing …

Foreclosure Crisis Cost U.S. $192.6 Billion In Lost Wealth Last Year, Study Finds

Julie C. Nichols General

The Huffington Post – Jillian Bernman Americans lost $192.6 billion in wealth, or an average of $1,700 per household, last year due to foreclosures, according to a report released Thursday by the Alliance for a Just Society, a coalition of progressive grassroots organizations across the country. The report also found that the U.S. could lose $221 billion if officials don’t …

Home appraisals no longer derailing sales

Julie C. Nichols General

CNNMoney – Les Christie Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through. During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home’s selling price. For example, if a home cost $500,000 and required …

One-Third of Homebuyers Lack Basic Mortgage Knowledge

Julie C. Nichols General

The M Report – Tory Barringer According to Zillow, homebuyers participating in its Mortgage Marketplace Survey answered basic questions on mortgage information incorrectly nearly one-third (32.5%) of the time. For example, 34% of first-time homebuyers are not aware that they might be able to get a home loan with a down payment of less than 5 percent. According to Zillow, …

Borrowing Against The House, Once Again

Julie C. Nichols General

MortgageOrb.com – Nora Caley According to the Equifax March National Consumer Credit Trends Report, for home equity lines of credit, new credit originated in January 2013 totaled $6.2 billion, which was an increase of 20% compared to the $5.1 billion in January 2012. It was the strongest start to a calendar year since 2009. One reason why homeowners can borrow …

Survey Suggests Continued Shift Toward Urban Living

Julie C. Nichols General

MBA Newslink – Mike Sorohan A new Urban Land Institute survey, underscoring the influence of Generation Y roughly–those Americans born between 1983 and 2000–as well as the nation’s growing African-American and Latino populations. According to the results of the study, forget the cul-de-sac in the suburb; the fastest-growing demographic groups in the U.S. want to live compact, mixed-use communities with …

US mortgage delinquency rate lower than it first appears: TransUnion

Julie C. Nichols General

HousingWire – Kerri Ann Panchuk The U.S. mortgage delinquency rate is lower than it first appears when accounting for the number of mortgages delinquent for 180 days or more, credit bureau TransUnion claims in a new report. These home loans are older vintages leftover from the worst part of the credit crunch and are less likely to define what is …