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What’s Up With Housing This Week?

 

Millennials May End Up Competing with Baby Boomers in Housing Market.
These two groups make up different segments of the home buyer market but they are searching for similar things.
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Kitchen Remodeling TrendsThinking About Remodeling Your Kitchen?
Homeowners generally wanted new flooring, countertops, cabinets, sinks, and faucets when they had their kitchens remodeled, says a new report.

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Flood InsuranceShould Congress raise the cost of flood insurance? How much?
The National Flood Insurance Program expires Sept. 30 and is $25 billion in debt. NAR has made flood insurance renewal a top priority, and lawmakers are now considering some dramatic program changes to keep it solvent and operational.

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Low Mortgage Rates30-year mortgage rate falls below 4%.
Long-term U.S. mortgage rates fell this week to their lowest levels of the year: 3.95%.
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Housing’s Clean Bill of Health…
All things considered, the state of the housing industry right now is pretty good.

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http://www.TitleSecurityFL.com

 


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What’s Up With Housing This Week?

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Dodd-FrankDodd-Frank Law Is Falling Short…
New evidence shows that on a few key measures, the Dodd-Frank law hasn’t put new market pressure on large banks, and that it’s also failed to protect consumers.
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Mortgage MathMortgage math doesn’t have to be intimidating!
Here are the numbers you need to know, broken down into simple terms:
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Ex Fed Chairman GreenspanGreenspan: Axe Dodd-Frank and Watch Economy Soar
“If you get rid of Dodd-Frank, it’s going to have a very significant positive impact on the economy,” ~Greenspan
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Lower Mortgage RatesCheaper Mortgages Could Spur Housing Market.
Will the drop to 3.97% for a 30-year fixed-rate mortgage encourage home buyers?
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Seller's MarketHomes are flying off fast this spring in the ‘strongest seller’s market ever’
Spring homebuyers are pounding the pavement at a furious pace, but the pickings are getting ever slimmer.

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What’s Up With Housing This Week?

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Please Save This Date:  April 25th, 9:30am Coffee Corner — How to Read and Understand a Title Commitment

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ALTATitle companies want federal help to fight wire fraud.
The title association says it has warned buyers about scammers who steal closing money – but it’s not enough. It’s asking the U.S. consumer bureau to help.

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Vacation HomesVacation Home Sales Take a Dive
Higher prices, lower inventory drive market down sharply.  “With fewer bargain-priced properties to choose from and a growing number of traditional buyers, finding a home for vacation purposes became more difficult and less affordable last year.”
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Can Waiting to Save for a 20% Down Payment Cost Homebuyers Money?
2 out of 5 potential buyers think they need a 20% downpayment. They don’t. But what’s a good savings goal? A new calculator helps show potential buyers it’s not out of reach.

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Mortgage lenders are optimistic about 2017.
Survey: Independent lenders believe Gen X and millennials offer growth opportunities. They expect more jumbo loans and buyers who plan to make rental money.

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Large HomesAre Large Homes Damaging the Character of St Petersburg Neighborhoods?
St. Pete staffers are considering major changes to its zoning rules to protect its bungalow-style neighborhood from being crowded out by larger homes.
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http://www.TitleSecurityFL.com


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What’s Up With Housing This Week?

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Flood InsuranceNeed Flood Insurance? It Expires in 6 Months.
On Sept. 30, the national flood insurance program officially ends, which could create a dilemma for homeowners and buyers. The National Association of REALTORS® is working with federal regulators to extend and improve the program, but challenges lie ahead.

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Labor ShortageTampa Bay contractors expect uptick in projects but scarce labor…
81% of contractors in Hillsborough and Pinellas counties anticipate an uptick in sales over the next six months, but just under 23 percent are confident they can find labor to complete projects.
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Florida Consumer ConfidenceConsumer Confidence Among Floridians Rises to 15-year High.
Florida Consumers last month were the most confident that they have been since 2002, long before the onset of the Great Recession triggered a prolonged slump.
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Mortgage Rates FallThe Average 30-year Mortgage Rate Falls to 4.10%.
Long-term U.S. mortgage rates fell for a 3rd straight week and are approaching low points for the year. Most experts predict rates will remain steady.

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Homebuyers and SustainabilityBuyer Interest in Sustainability is Rising.
More than half of Realtors find that consumers have interest in real estate sustainability issues and practices. As this interest grows, Realtors understand the necessity of promoting sustainability in their real estate practice, such as marketing energy efficiency in property listings to home buyers.

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http://www.TitleSecurityFL.com


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What’s Up With Housing This Week?

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Millennial MigrationMillennials Are Migrating Less.
Millennials are choosing to stay rooted in one place despite their lack of anchors such as spouses, families, and homes.

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Mortgage for DoctorsA Home Loan for Doctors? Yup, Physicians Get Their Own Mortgage.
With an average of $180K in medical school debt to pay off, many doctors can’t qualify for a home loan. However, only a few lenders offer this special financing.

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CFPBWhen is a credit score not a credit score?
CFPB, the U.S. consumer watchdog, fined Experian – one of the big three credit score agencies – $3M for saying that the scores it sold to consumers were the same ones used by credit agencies when they make lending decisions.
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Florida Realtors & Florida BarDeadline is near: The new FAR/BAR contract debuts April.
The most noteworthy change is a rewrite of Paragraph 8(b), the financing clause.
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Flooring TrendsFour Hot Flooring Trends
Durability and sustainability are among the top desired features, in addition to great looks.
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Consumer Confidence SoarsConsumer confidence in March soared to the highest level in more than 16 years.
Consumer confidence has taken off since the election of President Donald Trump, on the prospect of lower taxes and more infrastructure spending.

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http://www.TitleSecurityFL.com


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What’s Up With Housing This Week?

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1st Time HomebuyersA Few Tips for First Time Buyers This Spring Selling Season.
What first-time millennial buyers need to know about the spring housing market.

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Florida Association of RealtorsClosing costs? What are they really?
Here’s one common pitfall on the road to a smooth closing: During the course of a transaction, it’s fairly common for a seller to offer money toward the buyer’s closing costs — and many Realtors feel that adding a quick line about this change in the contract’s additional terms section is sufficient.
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Millennial HomebuyersSeems Millennials Are Unaware that They Can Enter the Housing Market.
Knowledge is essential in order to attract this generation.
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Are We Headed for Another Bursting Housing Bubble in 2017?
“There are three basic worry indicators and all three were very scary in 2005 and all three today suggest, if anything, that the housing market is still in the process of recovery instead of being near a new bubble.”

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What’s Behind the Housing Drought
The supply of homes for sale is now at the lowest level since the National Association of Realtors began tracking inventory 18 years ago.
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Could Rising Mortgage Rates Be Good For Housing?

Federal ReserveRick Sharga | HousingWire:  Much of the commentary surrounding the Federal Reserve’s decision Wednesday to raise the Fed Funds rate by 25 basis points has been about how this is likely to increase mortgage rates, have a negative effect on home affordability, and potentially derail the still-wobbly recovery of the US housing market.

Respectfully, I disagree, and think the Fed’s actions might actually be good for the housing market for several reasons.

First, there will be an effect on consumer psychology: having now seen the Fed raise rates in 2017, and with two more rate increases considered very likely, potential homebuyers will get off the fence and into the market, in order to buy a house before rates go any higher.

Best case, this will increase the number of homes purchased in 2017; but in any case, it will almost certainly pull home sales that might have occurred later in the year into the spring and summer, which will have a stimulative effect on the economy.

Second, lenders will very likely loosen some of the ridiculously tight lending standards that have prevented millions of credit-worthy borrowers from getting mortgages.

This will happen partly just due to higher mortgage interest rates, which will provide a bit of a cushion for lenders to take on a little more risk. And higher rates will also drastically reduce the number of refinance loans being issued, which lenders will try to offset by doing more purchase loans.

Finally, the 25 basis point hike was well within the range that most industry analysts had expected, which means it’s possible that today’s hike won’t cause mortgage rates to rise significantly from current levels, which are already the highest they’ve been in several years.

In this scenario – motivated buyers, relaxed lending standards, and marginal mortgage rate increases, coupled with what appears to be strong wage and job growth – the spring-selling season could be the strongest one we’ve seen in many years.