Category Archives: Real Estate

Bizarre Mortgage Requests Delay Borrowers

June 25, 2013 jd

Underwriters are being extra vigilant in verifying every detail of a mortgage application, and some of their requests for information, borrowers say, are downright odd.

For example, one borrower says an underwriter demanded a letter from his doctor that an illness he had would never come back. Another borrower says that an underwriter told her she needed to get verification from her employer on her employment status when she listed “homemaker” as her occupation.

A borrower said an underwriter asked him for a letter of explanation on a $6 deposit he made (the borrower earned $10,000 a month at the time).

“I don’t know whether to laugh or cry,” says Karen Deis, who operates MortgageCurrentcy.com, and who collected dozens of anecdotes on her Facebook page about bizarre underwriting requests. “People are scared. All you hear about are buybacks, audits, and people losing their jobs” because they didn’t verify this or confirm that.

Banks are requiring more documentation when approving a mortgage, and some of the extra requests have caught borrowers off-guard. For example, Deis says one borrower said that an underwriter demanded a letter from her explaining why she changed her name after she got married. A single father who had custody of his child said he was asked for a letter saying he did not have to pay child support. Another borrower who had been out of school for years said he was asked to produce his high school transcript.

Despite some of the extra documentation requests, recent surveys are showing that banks lately are easing up slightly on their underwriting standards.

However, “even though there has been some loosening, what they’re asking of people is not changing,” says Jonathan Corr, Ellie Mae president. “It’s still pretty comprehensive, and we’re going to continue to hear stories like this.”

Source: “Underwriting requests are getting weirder,” The Chicago Tribune (June 21, 2013)

: Daily Real Estate News.
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Rising Rates Scaring Borrowers to Act

Real Estate

Large Number of Foreclose Homes Are Vacant

June 21, 2013 jd

Is anyone home? Apparently not in a large share of foreclosed homes. Twenty percent of foreclosures nationwide are abandoned by their owners and left vacant, according to RealtyTrac.

It’s important to move vacant foreclosures quickly so that they don’t negatively impact surrounding real estate values, says Daren Blomquist, vice president of RealtyTrac. Bank of America, GMAC, Chase, Wells Fargo and Citi hold the highest number of vacant foreclosures.

Twenty-nine percent of the vacant foreclosed homes are priced below $50,000; 25 percent are between $50,000 to $100,000; and 12 percent are in the $1 million-plus range, according to RealtyTrac.

The states with some of the highest percentages of vacant foreclosures are:

Indiana: 32%
Oregon: 28%
Nevada: 28%
Washington: 27%
Georgia: 27%

Still, “even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” Blomquist says.

Source: “RealtyTrac: 20% of Foreclosures Remain Vacant After Owner Departs,” HousingWire (June 20, 2013)

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Real Estate

Home Ownership Makes Happier, Healthier Families, Survey Shows

June 20, 2013 jd

Not sure how happy a family would be in this house. Photo credit:http://ellyndembowskirealtor.blogspot.com/

Owning a home can make families healthier, happier, and more financially secure, according to new research by Canada Mortgage and Housing Corp. on the benefits of home ownership. Researchers worked with Habitat for Humanity families to evaluate how their lives changed after moving into their homes.

Eighty-nine percent of the Canadian families surveyed said their lives improved since they moved into their homes. Eighty-six percent said they’re happier since owning a home.

The survey also found home ownership led to an improvement in children’s school performance. The families reported that the children had increased confidence, improved behavior, higher grades, and enjoyed school more after becoming home owners.

What’s more, more than 75 percent of families surveyed say their health had improved since becoming home owners. They reported fewer illnesses caused by colds, flu, allergies, and stress, according to the study.

Canada’s home ownership rate — at about 70 percent — is one of the highest in the world.

The study’s release coincided with the National Association of REALTORS(R) recent release of a new publication, “Social Benefits of Homeownership and Stable Housing.”

“There is evidence from numerous studies that attest to the benefits [of home ownership] accruing to many segments of society,” according to Canadian researchers. “Home ownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates and lessens welfare dependency.”

Source: “Owning a Home Makes Families Happier, Healthier,” Realty Times (June 18, 2013)

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Real Estate

Home Bidding Wars Are Back!

June 19, 2013 jd

The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.

The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.

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Real Estate

Where the Real Estate Market Is Really Hot

June 17, 2013 jd

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Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report.

The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year.

“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” says Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”

California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains:

1. Sacramento, Calif.: up 42.45%

Median list price: $284,900

2. Oakland, Calif.: up 38.27%

Median list price: $495,000

3. Detroit, Mich.: up 31.73%

Median list price: $125,000

4. San Jose, Calif.: up 30.58%

Median list price: $679,000

5. Los Angeles-Long Beach, Calif.: up 27.80%

Median list price: $428,000

6. Fresno, Calif.: up 27.48%

Median list price: $219,900

7. Phoenix-Mesa, Ariz.: up 27.03%

Median list price: $235,000

8. Stockton-Lodi, Calif.: up 25.63%

Median list price: $199,750

9. Reno, Nev.: up 24.23%

Median list price: $235,900

10. Santa Barbara-Santa Maria-Lompoc, Calif.: up 24%

Median list price: $775,000

Source: realtor.com®

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Inventories, Asking Prices Get a Boost
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Real Estate

Foreclosure Activity Back on the Rise

June 15, 2013 jd

Foreclosure filings—which include default notices, scheduled auctions, and bank repossessions—increased 2 percent in May, rising from a 75-month low in April, according to the latest foreclosure report from RealtyTrac. Still, foreclosure filings are down 28 percent from a year ago.

The May increase was largely attributed to an 11 percent increase in bank repossessions. Foreclosure starts also ticked up 4 percent in May over last month, with 26 states posting increases, according to the report.

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” says Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

The top foreclosure rates in the country were in Florida, Nevada, and Ohio. Florida saw a 20 percent increase in foreclosure activity in May, accelerating it to the highest foreclosure rate in the country for the month. One in every 302 Florida households received a foreclosure filing in May—nearly triple the national average.

After 27 months of decreases, Nevada foreclosure activity rose in May, with one in every 305 households receiving a foreclosure filing. The increase was driven by an 81 percent year-over-year increase in foreclosure starts, which reached a 20-month high in May, RealtyTrac reports.

Ohio posted the third-highest foreclosure rate in the country, where one in every 584 households received a foreclosure filing during May. Still, that’s a 27 percent decrease from a 31-month high the state reached in April.

Source: RealtyTrac

Real Estate

More Home Owners Regain Long-Lost Equity

June 13, 2013 jd

Photo credit: http://xaxor.com/funny-pics/funny-crazy-real-estate-signs.html

Rising home prices are helping to propel more home owners back into positive equity. About 850,000 residential properties returned to positive equity during the first quarter of 2013, according to new data released by CoreLogic. That brings the total to 1.7 million borrowers who have regained positive equity in the past year.

In total, 39 million residential properties now have positive equity.

“The negative equity burden continues to recede across the country thanks largely to rising home prices,” says Anand Nallathambi, president and CEO of CoreLogic.

By the end of the first quarter, 19.8 percent of all residential properties with a mortgage — or 19.7 million — still had negative equity. At the end of the fourth quarter of 2012, 10.5 million or 21.7 percent of residential properties were underwater.

The states with the highest percentage of negative equity properties are:

Nevada: 45.4% of the properties there are still underwater
Florida: 38.1% underwater
Michigan: 32% underwater

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Source: “CoreLogic: Nearly 1 million houses float back into positive equity,”

U.S. regains wealth from recession, but not equally

Real Estate

If You Are A Home Buyer, You’ve Missed The Boat on Low Interest Rates

June 11, 2013 jd

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Mortgage rates and home prices are on the rise, and some home buyers who were waiting around for the housing market to reach bottom are realizing now they may have missed the boat.

Mortgage rates are inching up, with the 30-year fixed-rate mortgage averaging 3.91 percent last week — up from 3.3 percent in early May, according to mortgage giant Freddie Mac.

“It’s unlikely that rates will ever be that low again,” says Doug Duncan, Fannie Mae’s chief economist.

The Fed has been keeping interest rates at record lows by buying up to $85 billion a month in Treasury bonds and mortgage-backed securities, which has helped bolster the housing market.

“Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities and Treasury bonds late in 2013, but that time frame appears to have moved to September, possibly sooner,” says Keith Gumbinger, vice president of HSH.com, a mortgage information company.

As the economy continues to gain traction, interest rates are expected to continue to increase, Gumbinger says, since low rates often are associated with a distressed economy.

But even if mortgage rates move up a percentage point or two, housing experts note that mortgage rates will still be low by historical standards.

“The 30-year [mortgage rate] hit a 37-year low in 2003 at 5.23 percent,” Gumbinger says. “That was the previous low-watermark prior to this financial crisis, and it’s likely we will move closer to that mark as we grind forward.”

Source: “Why You Missed the Boat On Record-Low Mortgage Rates,” CNNMoney (June 6, 2013)

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Real Estate

April Pending Sales Highest in Three Years

June 4, 2013 jd

Photo Credit: http://www.pleated-jeans.com

Pending home sales improved slightly in April and continue to be well above a year ago, according to the National Association of Realtors ^®. Gains in the Northeast and Midwest were offset largely by declines in the West and South. The Pending Home Sales Index,^* a forward-looking indicator based on contract signings, rose 0.3 percent to 106.0 in April from 105.7 in March, and is 10.3 percent above April 2012 when it was 96.1; the data reflect contracts but not closings.

Home contract activity is at the highest level since the index hit 110.9 in April 2010, immediately before the deadline for the home buyer tax credit. Pending sales have been above year-ago levels for the past 24 months.

Lawrence Yun, NAR chief economist, said a familiar pattern has developed. “The housing market continues to squeak out gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013,” he said. Total existing-home sales are expected to rise just over 7 percent to about 5 million this year.

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Real Estate

It’s Not Over: Report Warns Shadow Inventory Threat Remains

June 3, 2013 jd

Home for sale cheap, might need a little paint. Photo credit: http://funnychill.com/ — Home for sale cheap, might need a little paint.
Photo credit: http://funnychill.com/

Foreclosures have been falling in recent months, but two government watchdogs warn that the foreclosure crisis isn’t over yet. About 1.7 million borrowers have missed more than one payment on their government-backed mortgages, according to a newly released report by the inspectors general of the Federal Housing Finance Agency and Department of Housing and Urban Development.

The shadow inventory is made up of loans that have been delinquent for at least 90 days. If these delinquent loans become foreclosures, they could pose significant financial challenges to mortgage giants Fannie Mae, Freddie Mac, or other federal housing agencies, the report notes.

“Not only are current REO inventory levels elevated … they may rise over the next several years depending on the number of shadow inventory properties that are ultimately foreclosed on,” the report stated.

According to the report, the shadow inventory is more than seven times the inventory of REOs that Fannie Mae, Freddie Mac, and HUD currently own.

“Even a fraction of the shadow inventory falling into foreclosure could considerably swell … inventories of REO properties,” the report notes.

Source: “‘Shadow’ homes could burden U.S. housing agencies: report,” Reuters (May 31, 2013)

Distressed homes lure cash investors

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