Business research group the Conference Board reports a brighter view of the job market and business conditions has led consumer confidence to its highest point since August, 2013, reaching 80.7 in January, up from a 77.5 December reading of the index. “Confidence appears to be back on track and rising […]
Consumer Confidence Improves in January over December Read More
The number of renter households is expected to increase five to six million in the next ten years above the nearly 40 million now in the housing stock, according to the National Association of Realtors (NAR). Even as Harvard University’s Joint Center for Housing Studies reports 162,000 one-time homeowners became
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray received criticism during a hearing Tue., Jan 28 from the Chairman of the House Financial Services Committee, Jeb Hensarling, (R-TX), who said his committee is already hearing negative feedback from consumers regarding the Qualified Mortgage rule which went into effect Jan. 10.
CFPB Director Cordray Grilled at House Financial Services Committee Hearing Read More
A recent study conducted by Zillow and the National Urban League revealed that African-Americans are less likely to apply for a mortgage than any other ethnic group, and are 2.4 times more likely to be denied a mortgage than whites. Just over 25 percent of African- Americans are rejected, versus
Minorities Get Short End of Housing Stick Read More
Despite sales of newly-built, single-family homes falling seven percent in December to a seasonally-adjusted annual rate of 414,000, home sales in 2013 rose 16.4 percent over the previous year, reports the National Home Builders Association (NAHB). “Consumers are getting used to more realistic mortgage rates, which still remain favorable on
New Home Sales Fall in December but Rise on the Year Read More
Just as we learn half of our Congressional representatives in Washington are millionaires, and that the rich are getting richer, MHProNews has learned more Mr. and Mrs. D. Pockets are back on the scene building mega mansions. According to the Mortgage Bankers Association (MBA), applications for home loans of $625,000
Large Homes are Growing Again Read More
Marking the highest level of sales since the housing boom year of 2006, 5.1 million previously owned homes sold in 2013, up 9.2% from 2012 and almost 20% more than 2011, according to the National Association of Realtors (NAR). As CNNMoney informs MHProNews, in the first month-over-month increase since July,
NAR: Previously Owned Home Sales Shoot Up Read More
In light of the Harvard University’s Joint Center for Housing Studies startling conclusion that 25 percent of households spend over 50 percent of their income on rent, nerdwallet.com analyzed the top 100 most populous metro areas to determine which have conditions most favorable for purchasing a home. Arranging the list
Best U. S. Cities for Purchasing a Home Read More
Gordon Crawford of DataQuick, noting the months of increasing home values in the 42 markets the company analyzes in its Property Intelligence Report (PIR), says the substantial drop in prices in December is a good sign that the housing market is leveling off, according to nationalmortgagenews.com. “It shows that home
Foreclosure and Home Price Decline Bodes Well for Stability Read More
Despite single-family housing starts falling seven percent in December, 2013 from November’s surge of 16 percent, when builders were scurrying to put foundations in the ground before the freeze set in, housing starts for the year were up 15 percent over 2012. The Census Bureau informs MHProNews multifamily starts, which
Residential Building Rises in 2013 Read More
The National Association of Home Builders (NAHB) reports housing production fell 9.8 percent in December to a seasonally-adjusted annual rate (SAAR) of 999,000 units following a gain in housing starts in November. The U.S. Department of Housing and Urban Development (HUD) and the Census Bureau say single-family housing starts fell
Overall Housing Production Drops in December Read More
The latest Freddie Mac Economic and Housing Market Outlook shows the housing market moving in a positive direction. Frank Nothaft, Freddie Mac’s vice president and chief economist, says “As we start 2014, the housing recovery continues its steady pace. House-price gains will likely moderate from last year’s pace but rise
Freddie Mac: Housing Market is Steadily Returning Read More
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reports builder confidence in the market for newly built, single-family homes fell one point to 56 in January. Rising home prices, historically low mortgage rates and significant pent-up demand will drive a continuing, gradual recovery in the year
Housing Market Index Falls One Point, but Still Above 50 Read More
The House Financial Services Committee (HFSC) will hold a hearing Tuesday morning, Jan. 14, 2014, on the effects of the Qualified Mortgage rule that became law two days before the scheduled session. HSFC Chairman Jeb Hensarling (R-TX) has long opposed the Dodd-Frank Act, saying the regulations unduly tighten credit for
Effects of Qualified Mortgage Rule Discussed Two Days in Read More
Speaking to the National Association of Realtors (NAR), Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the new mortgage regulations that take effect today, Jan. 10, 2014 will protect consumers from the type of risky loan products that contributed to The Great Recession and housing bubble. Reminding NAR members
CFPB Director Cordray Addresses the National Association of Realtors Read More
Housing finance reform is expected to be at the top of the agenda in Congress at the beginning of the new session, but unless the initiatives move forward quickly, chances increase they will stall as the mid-term elections approach in November. The bi-partisan proposal introduced in the Senate will pare
Will Housing Finance Reform Please come Forward? Or Not Read More
Increasingly, more mortgage borrowers are rising to the water’s surface instead of being underwater. According to RealtyTrac, 19 percent of all homes with mortgages were “deeply underwater,” meaning they owed at least 25 percent more on their mortgages than their homes are worth in December, a total of 9.3 million
Underwater Mortgages Gradually Decrease Read More
The National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI), which recently replace NAHB’s improving market index (IMI), indicates markets in 56 of the 350 major metro markets returned to or exceeded their last normal levels of economic activity, indicating a net gain of two over the previous
Housing Market Gradually Picks up Steam Read More
According to official statistics compiled on behalf of the U. S. Department of Housing and Urban Development (HUD), the Manufactured Housing Association for Regulatory Reform (MHARR) reports HUD-Code manufacturers produced 4,870 homes in November 2013, an increase of 11.5 percent over the 4,365 homes manufactured for the same period of
Production of HUD Code Manufactured Homes Continues to Rise Read More
A monthly housing survey indicates half of the respondents are optimistic about obtaining credit for a mortgage, an increase over the 45 percent who felt that way one year ago, despite the recent rise in mortgage rates. This survey from December marks the highest sentiment of respondents since Fannie Mae
Americans’ Optimism Grows about Housing Market Read More
