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Housing News: Financing

Labor Day

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Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house?
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ARMs look very different in 2017 than in 2005, and their popularity is edging back up. Overall, home buyers have preferred FRMs over ARMs in the past decade.
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Reverse mortgages — pitched as a way to ‘age in place’ — are pushing more elderly homeowners into foreclosure
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On Aug. 30, 2017, the Bureau issued a detailed summary of changes and clarifications of the 2017 TILA-RESPA rule . The new summary outlines and explains the changes and clarifications set forth in the 2017 TILA-RESPA Rule.
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Mortgage-buyer Freddie Mac reports that the average rate on a 30-year, fixed-rate mortgage fell to 3.82% this week from last week’s 3.86%.
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What’s Up With Housing?

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The bill working its way through Congress has “significant improvements,” including a commitment to protect current owners from substantial rate increases.
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For the sixth consecutive month, May home prices venture into record territory.
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The CFPB recently loosened rules, and agents now have easier access to the closing disclosure providing certain private information is removed. However now, as before, the lenders decide how to handle it.
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According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
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For the second time in six weeks, a company connected to the same lawyer stood poised to profit from a Pinellas County foreclosure auction that confused even experienced real estate investors.
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It’s cheaper to rent than own a home in 11 states, but Florida’s average monthly rent, $1,543, is still higher than the cost of an average monthly mortgage: $1,376.


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What’s Up With Housing?

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Zillow maintains that more than half the homes it lists sell within five percent of the home value “Zestimates” it gives for them. The Tampa Bay Times looked at 20 houses for sale on both sides of bay to see if that held up.
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People tend to be too optimistic about rental rates, vacancies, management fees, maintenance costs and home value increases.
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With so many generations to serve in Florida’s increasingly attractive housing market, how can developers be sure their product supply will appeal to their target audience?
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The federal consumer bureau says it’s okay for lenders to share buyers’ Closing Disclosure with agents, and it’s announcing soon the how-to-do-it details.
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Report: The number of homeowners (about 1.8M) who still owe more on a mortgage than their home’s current value has hit its lowest point since 2006.


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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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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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Tampa Bay Home PricesTampa Bay home prices shoot up 11%, kicking off another strong year.
Prices for single-family homes in the Tampa Bay area jumped 11.4% in January from a year ago, far higher than the statewide average and the highest of any major Florida metro area.
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CFPBDallas Lawmaker Accuses Democrats of Pushing ‘Tyranny’ in Fight Over CFPB.
Rep. Jeb Hensarling would like to see major changes at the CFPB.
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Micro-MansionsWhat do you do when you’ve maxed out mega?
You go micro—as in micro mansion. The idea is to create a home that’s small on space and low on maintenance but big on luxury.
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Drones and Construction SafetyA New Use for Drones: On-Site Safety.
A Florida construction firm is utilizing the technology to resolve issues before workers set foot in the field.
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Florida Association of RealtorsMortgage rates edge up – but not much
Rates rose negligibly from last week’s 4.15% to 4.16% this week, and half the experts polled this week predict relative stability over the short term.

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http://www.TitleSecurityFL.com


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What’s Up With Housing?

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CFPBChanges loom for U.S. Consumer Watchdog Bureau.
The CFPB, which oversees RESPA, will likely change from semi-independent director oversight to a bipartisan board; and Congress could start setting CFPB’s budget.
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Student HousingDevelopment is Not Keeping Up with the Demand for Student Housing.
Shortage of good sites to build on and difficulty of finding construction financing hindering developers.
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High-Rise Condo SafetyNew High-Rises Could Power Tenants’ Homes for a Week in an Emergency…
Twin NYC apartment towers show how builders are guarding against extreme weather.
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Small Houses AppreciatingSmaller Homes are Experiencing The Fastest Price Appreciation.
NerdWallet attributes this growth to a high demand for starter homes and homes in cities.
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Modular Home AdvantagesCan Modular Construction Solve Labor, Lots, and Lending Issues?
Along with time savings, some modular builders would even say that there is the capability to build better quality homes because the construction process is isolated in a factory-controlled environment.
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Cyber FraudSave This Date:  Our Next Coffee Corner, 2-21-17, 9:30am to 10:30am
“What is Cyber-Fraud? Learn How to Protect Yourself and Your Client in Today’s World”

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http://www.TitleSecurityFL.com