The White House released a raft of evidence touting California’s housing recovery due to policies adopted since Obama took office in 2009, including: • As of May, 369,000 homeowners had refinanced their mortgages at lower rates through a program aimed at preventing foreclosures. • As of June, 294,000 homeowners had modified or were modifying the…
Prices expected to balance out month to month Those fearing the housing bubble apocalypse can finally breathe — it looks like home prices may begin to move laterally on a month-over-month basis moving forward. While the median cost per square foot rose 14.9% year-over-year in July, inventory fell by almost 16% in the same period.…
President Obama has unveiled his second-term housing agenda, which includes initiatives to support current homeowners, families hoping to buy their first home and the one-third of American households that rent. The plan has six basic pillars: Help more homeowners refinance to today’s low interest rates; Clarify and streamline regulations to help more creditworthy homebuyers get…
Sales of existing homes rose 6.5 percent in July and were up 17.2 percent from a year ago, though the National Association of Realtors warns rising mortgage rates could slow the pace of sales. Still, existing home sales have come in above year-ago levels for 25 straight months now. “The initial rise in interest rates…
Borrowers qualify despite past foreclosures Potential homeowners who fell on hard times during the recession are being offered a lifeline back into the housing market, via the Federal Housing Administration. According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy…
CoreLogic’s monthly Market Pulse Molly Boesel looks at the influence interest rates, which have risen by a little over 100 basis points from May to August, may have on mortgage refinancing. Her article “Rising Rates Cooling Refinance Activity” notes that the recent increase was the largest rise in the 30-year rate since mid-2004. What, she…
Underwater borrowers, distressed sales still linger in regions The housing market shifted to recovery mode this past year, with home prices on the rise and foreclosures falling closer to pre-crisis levels, RealtyTrac claims in a new report. More than 75 of the largest metropolitan areas across the nation posted a housing recovery index of more…
A Logan Circle office building that has served as the headquarters for the National Alliance of Postal and Federal Employees is being primed for conversion into residential units. The Fortis Cos., a D.C.-based real estate firm formed earlier this year, recently paid $5.5 million for the building at 1628 11th St. NW and is putting…
Potential buyers crept back into the U.S. housing market last week as applications for mortgages edged up, even though rates resumed their ascent, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.2 percent…
Here are five ways that mortgage experts say the market is becoming more flexible: 1. Some lenders are easing payment and credit score requirements. Having a modest down payment or a lower than stellar credit score won’t necessarily keep you from buying a home. 2. Piggyback loans are popping up. The term describes two mortgages…
For the past few years, homeowners refinanced simply to lower their rate and their payments. With rates inching up, those prospects are no longer available but interest rate is not the only reason to refinance. I am seeing more homeowners refinance at present rates but including other debts, which offers significant monthly savings. In addition,…
Tax-free savings accounts help Americans stow away money for health care and college tuition. Why not a tax-exempt account for yet another major expense: the down payment on a mortgage? A coalition that includes real estate developers and investors has been floating the idea as part of a package of reforms intended to overhaul federally…