GOOD NEWS DEPARTMENT
07-29-2011 June housing starts up 14.6% to 629,000
New construction of U.S. houses jumped in June to their highest level in five months, the Commerce Department estimated Tuesday. Starts rose 14.6% in June to a seasonally adjusted 629,000 annualized units, stronger than the 580,000 pace expected by economists surveyed by MarketWatch > Read More Marketwatch
07-11-2011 The Best Housing Markets for the Next Five Years
Here are 15 cities, identified by Fiserv Case Shiller Indexes, where the housing market is growing, and could provide you with some nice returns. Nationally, houses are appreciating on an average of 3.7%, all of these cities have markets appreciating at over 8% > Read More
07-01-2011 New Equifax Report Shows Better Payment Behavior
In its latest national, monthly report on consumer credit trends, Equifax reports that U.S. consumer credit continues to show signs of improvement as the recovery progresses, even with strong unemployment and housing headwinds. > Read More
Mortgage rates have been dropping steadily for the last eight weeks, and in mid-June applications for mortgage refinancing have jumped 13%, the biggest gain in three months. Rates fell from 4.54% to 4.51%, enough to cause many homeowners to come back to the table. Even so, forecasters predict the National Association of Homebuilders confidence index to remain unchanged for the rest of the month. Read More
FHA extends suspension of 'anti-flipping' rule for another year but not all lenders are participating.
The President has extended the Mortgage Insurance Tax Deduction through 12/31/11!
Here are the terms:
1. The home purchase or refinance loan must close between 1/1/2007 and 12/31/2011;
2. Household income must be at or below $100,000 for a full deduction of premium;
3. The premium deduction is reduced 10% for each $1,000 of income over $100,000;
4. The premium deduction is prorated in the first year based on the month the loan closes;
5. Applies to primary residence and one other residence purchased for personal use.
6. Monthly, annual, and single Mortgage Insurance premiums are eligible.
7. Financed premium deductions should be taken over a seven year period.
- Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
- Freddie Mac announced August 28 that its Conventional Mortgage Home Price Index (CMHPI) for purchases registered a modest 0.4 percent annualized decline in U.S. home values during the second quarter of 2008, following a downward revised 10.8 percent annualized drop in the first quarter.
- The 2008 Housing Bill provides up to a $7,500 tax credit for first time home buyers effective April 9, 2008
- Legislation was introduced in the House of Representatives on 07/31/08 to reinstate the Down Payment Assistance program.
- The Housing Bill signed into Law 07/30/08 permanently increased conforming, FHA and VA loan limits to $625,000 effective 01/01/09.
- Fannie Mae announced, as of June 1st, they are buying 95% and 97% loans in High Risk Areas although most MI companies will not insure above 95%
- Fannie Mae also announced in mid-May a 120% LTV program to be rolled out by August 1st…we’ll see what it looks like and who offers it
- Great time for 1st time buyers or move up buyers who want to buy more house than they have now at lower prices
- Due to CAMB’s leadership AB 2880 has effectively been killed…that could have put everybody out of business
- Even though rates are up…they are still really low historically
- US consumer savings is actually up...If you count 401K’s and IRA’s, which most statistics don’t use ,
- Actual income figures are up over the past several years, although adjusted for inflation that could be a different story
- Word has it that opposition to the Cuomo appraisal deal with the GSE’s is growing…expect it to at least be changed if not totally canned
LEGISLATIVE UPDATE
Although AB2880 is all but dead, HUD bill 1880 and other bills are still alive and kicking and they can be deadly to our industry. We are also fighting HUD with issues regarding RESPA. We will need all your support in the next couple of months as some of these bills come up for a vote. CAMB has done an awesome job against major league money…we cannot keep winning simply based on our smarts and good looks anymore…we need funds to continue to pay our contacts in Sacramento and Washington that are fighting for us. We need your help.
July 19, 2011
