91 million Americans aren’t looking for jobs
“The unemployment rate isn’t always the best measure of the job market, because it only includes people who have actively searched for work within the last four weeks. Many Americans just aren’t looking for jobs.”
Hurdles shrink for jumbo loan shoppers
“You’ll pay more for a big home nowadays, but a big mortgage should be less of a reach.”
Public interest group sues Justice Dept. over JPMorgan settlement
“WASHINGTON — A public interest group on Monday sued the Justice Department over last year’s record $13-billion settlement with JPMorgan Chase & Co., arguing the deal to resolve investigations into faulty mortgage investments was unconstitutional because courts did not review it.”
Mortgage servicer shenanigans keep consumer watchdog busy
“Many of the complaints filed with the federal Consumer Financial Protection Bureau involved servicing, loan modification and foreclosure activities by home-loan servicers.”
Idea floated of Milwaukee selling foreclosed homes in bulk
“With nearly 1,300 properties in its inventory because of tax foreclosures, the City of Milwaukee is entertaining ideas to whittle the list down, perhaps through private-equity investment.”
Seniors overspend on mortgage, credit cards
“Remember that your spending and spending behavior are among the few things you can really control.”
How confident are Americans in getting a mortgage?
“More Americans surveyed now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 national survey of consumer attitudes in housing.”
Zillow: How to sell a home, despite winter wonderland
“Inch upon inch of snow is piling up, and the desire to stay home curled up by the fire is becoming harder to turn away from: welcome to winter.”
Housing Scorecard: America still healing from Great Recession
“Despite positive trends in the housing market, officials caution that the economy is still healing from the Great Recession, the Obama Administration said in the November housing scorecard.”
D.R. Horton to return mineral rights to Florida homeowners
“The attorney general of Florida, Pam Bondi, announced that homebuilder D.R. Horton (DHI) is sending letters to around 18,000 Florida homeowners to give them the option to receive their mineral rights.”
U.S. Home Sellers Return for Spring as Buyers Get Relief
“Suzanne Baker and her siblings bought a foreclosed home in Atlanta two years ago, added a fourth bathroom, then waited for values to rebound before considering a sale. Now, she says, they’re ready to cash in.”
REAL ESTATE: Lewis Group of Companies poised for the next wave of building
“Step into Lewis Operating Corp.’s headquarters, and the history of a family business that Ralph and Goldy began in 1955 is clearly defined.”
In Chaos of Brooklyn Housing Market, Giving Buyers an Advantage
“In Jonah Landman’s Brooklyn, or at least on his blog, house hunting is ferocious and fast.”
New Pennsylvania law will affect many real estate transactions
“Under a new Pennsylvania law that will affect many real estate transactions, property owners who get behind on their taxes on one property will have a lien slapped against all their other properties in that county.”
Real estate rebound prompts home construction
“LAS VEGAS (FOX5) -Home sellers hoping to recoup value lost during the recession are dealing with a glut of new properties on the market.”
8 Solutions to San Francisco’s Housing Problems
“On one of the first rainy days that drought-stricken California has had in months, San Francisco Mayor Ed Lee stood out of the rain in an unfinished retail space on the city’s gentrifying Market Street. Exposed pipes ran past naked plaster and cold concrete floors, but the drab backdrop had shining significance: above the retail space were nearly two dozen brand new, below-market rate apartments, the kind of housing the land-constrained, soaringly expensive city desperately needs—and that the mayor has vowed to provide.”
Broke, young, and unable to afford a home: The crisis for young American home buyers and household formation.
“Making homes unaffordable to younger Americans is more problematic than simply altering the living habits of upcoming generations. Housing formation in the United States is entering uncharted territory based on demographic shifts and also the new reality that younger Americans will be less affluent than their parents. This is why we have millions of younger Americans living at home with parents. Some may not view this as an issue but in the past, construction was a big part of GDP and you will have a hard time justifying new housing construction if people are simply living at home or are only able to afford a rental. The student debt crisis goes hand and hand with the unaffordable nature of housing for young Americans. It also doesn’t help that Wall Street is crowding out regular buyers in the market. With a growing population and investors eating up the low supply of housing, many young Americans are essentially in the position to move back home or to rent. Buying is a remote possibility for many Americans and this has put a clamp on new housing formation.”
The big money club and interest only loans: Housing bubble favorite of interest only loans back in the market for wealthy households.
“There is little doubt that growing wealth and income inequality is a reality in the United States. Even in California we can see this microcosm unfold dramatically. You have people being pushed inland from coastal areas and those near employment hubs have seen housing values reach near peak levels. What we are also seeing is that access to debt is the key measure of success in this economy. For example, the bubble favorite of interest only loans is back but with a different flavor. Banks like Wells Fargo, Bank of America, and Union Bank are back at it underwriting interest only loans to wealthier clients. The big difference is that you need to have money to play in this current market. Banks are holding onto these loans in their own portfolios. Not a bad way to earn money in a low rate environment. So this hits at the heart of the issue where Fed policy has largely aided those least needing it in a modern day feudal banking network. For example, you can buy a $1,000,000 home today with a 3 year interest only mortgage and carry a principal and interest payment of $1,562 per month. Impossible? Welcome to the modern banking system where low rates are accessible to those who least need it.”
Consumers Positive About Access to Mortgage Credit; Views Toward Economy Improving
“WASHINGTON, DC – More Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 National Housing Survey results. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of 52 percent, while those who think it would be difficult dropped 3 points to 45 percent. This indicates that consumers perceive that mortgage credit is more accessible. Even though this month’s survey shows a more moderate expectation for home price gains within the next 12 months, the view that mortgage credit is more available may allow for continued but measured improvement in the housing recovery.”
FHFA Announces HARP Milestone
“In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of three million refinances under the Home Affordable Refinance Program (HARP).”
Freddie Mac Announces Third Risk-Sharing Deal
“Freddie Mac announced the pricing of its first Structured Agency Credit Risk (STACR) transaction of the year: a $1 billion offering of debt notes whose buyers will share in the risk.”
Housing Outlook – A Bear Market?
“Since 2011, home prices have gained in the double digits, making a price plateau inevitable. But are we really entering a bear housing market? Not if we look at long-term fundamentals.”
How an energy-efficient mortgage can save you money
“The crippling cold, coupled with a growing desire for energy efficiency, has both prospective and existing homeowners considering the merits of a “green” mortgage. These energy-efficient mortgages are a way to finance home improvements, but they can result in higher monthly mortgage payments.”
Why some homes have a secret ‘For Sale’ sign
“One of the worst things a home seller can do when listing a home is price it too high.”