Rafferty Capital’s Dick Bove says the Dodd-Frank Act, which went into effect in 2010, was intended to pave the way for lower income borrowers to obtain mortgages, but large banks are being shut out of that market, once again leaving those of modest means fewer options for borrowing money. He […]
Dick Bove: Dodd-Frank Shutting out Low Income Borrowers Read More
Paul Ashworth, an economist with Capital Economics, noting real incomes for Americans have been stagnant since the 1970s, says the younger generation cannot afford big ticket items like buying a home. As MHProNews knows, many millennials are living with their parents because they cannot find jobs that can support a
Offshoring Jobs Dropped Real Income, Housing Sales Read More
Noting that it is reasonable for consumers to pause during an economic bubble, Moody’s Investor Services says as mortgage rates and home prices stabilize, home buyers will return to the market to begin satisfying long pent-up demand. Traditionally, as HousingWire reports, homebuilding depends upon new household formation. But because real
Housing Recovery Strong due to Pent-Up Demand Read More
Current sales, prospective buyer traffic and anticipated six-month sales for the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period last year, according to the National Association of Home Builders (NAHB) Housing Market Index (HMI). The single-family index rose 14 points to
Senior Housing Market Gains Strength Read More
Speaking before the Miami Association of Realtors International Congress, National Association of Realtors (NAR) Chief Economist Lawrence Yun, referring to home sales, said, “Next year will be about the same as this year in terms of sales activity,” although prices will rise six percent, as a shortage of homes for
National Association of Realtors: Home Sales Flatline in 2014 Read More
According to zerohedge.com, the uptick in home prices is transitory and more due to the Federal Reserve’s support of the economy than with organic growth or stability of consumers, as the homeownership rate is stuck at an 18-year low at 65.1 percent, and rents rise to an all-time high, increasing
Rents Rise as Homeownership Falls Read More
With legislation passed last year to allow micro apartments of 220 square feet in San Francisco as a means to address the housing shortage and accompanying rising cost of living space, 120 of the approved 375 units are now in the works. At $1,300 a month, they are designed for
San Francisco Puts the Squeeze on Housing Read More
Statistics compiled by the Department of Housing and Urban Development (HUD) reveal the production of manufactured homes rose almost 25 percent in Sept. over Sept 2012—5,483 homes versus 4,393 HUD Code homes in 2012. The Manufactured Housing Association for Regulatory Reform (MHARR) further informs MHProNews total production for 2013 is
Manufactured Homes Production Up in Sept. Read More
According to a recent Pew Research survey, 36 percent of college graduates are moving back in with their parents, unable to find good jobs and saddled with school debt. While they are saving money, it makes it more difficult to establish a credit history, especially if they have missed a
Student Debt may Hamper Housing Market for Years Read More
Billionaire real estate investor Sam Zell says the trend to defer marriage to later in life has been lucrative for apartments and condos across the nation, saying that has been the most significant reason for the strength of the current multifamily real estate market. While he also noted the hospitality
Sam Zell: Multifamily Yea, Single-family Nay Read More
While the cost of manufactured goods has declined in the last 30 years, some significantly, the price of some services has skyrocketed. TV sets have fallen 98 percent, clothing 46 percent and toys have dropped 78 percent, due mostly to automation and supply chain management, as manufacturing goes through what
Housing Costs up 14 Percent since 1983 Read More
The S&P/Case Shiller Home Price Indices show an average price growth year-over-year in August of 12.8 percent for the 10-and 20-city composites, according to HousingWire. On a monthly basis, the composites rose 1.3 percent in August, with Las Vegas hitting 2.9 percent, its highest rate since August 2004. Detroit and
Large Metro Areas see Home Prices Rise, says S&P Case Shiller Read More
Addressing the Mortgage Banker’s Association’s (MBA) annual convention, Rep. Jeb Hensarling (R-Tex), stating the Dodd-Frank Act is the real barrier to mortgage finance reform, says it could raise interest rates from one to four percentage points and reduce the number of mortgages by half. HousingWire reports the chairman of the
Rep. Jeb Hensarling: Dodd-Frank Extends Woes of Mortgage Finance Industry Read More
The members of a panel at the Mortgage Bankers Association (MBA) annual convention say the 30-year fixed rate mortgage (FRM) is so ingrained in the system that removing it would have unintended consequences. William McCue of McCue Mortage says nearly all of his loans are for Federal Housing Administration (FHA)-insured
FHA’s Carol Galante: Stable Housing Finance Awaits Read More
With more than 30 years of experience as a housing scholar and expert in the field of mortgage finance and housing policy, Kent Colton, president of The Colton Housing Group & Senior Scholar at the Joint Center for Housing Studies at Harvard University, will present “Framing the Future of Housing
Housing Finance Expert will speak at Penn State Read More
According to nationalmortgagenews, the National Association of Realtors pending sales index (PSI) dropped more than expected in September, minus six percent, following a two percent drop in August, 2013. The PSI tracks sales contract signings, and is now 1.2 percent below the level of signings last Sept. NAR Chief Economist
Pending Home Sales Fall in Oct. Read More
Federal Housing Finance Agency (FHFA) Director Edward DeMarco says he plans to reduce the government service enterprise (GSEs) loan limits which will increase private sector participation in the mortgage market, according to nationalmortgagenews. He also intends to gradually increase the guarantee fees that Fannie Mae and Freddie Mac charge lenders.
DeMarco will Increase Private Sector Participation Read More
U. S. consumer sentiment dropped to its lowest level in nearly a year, likely fueled by the government shutdown and one-time up-in-the-air debt limit dispute, according to a Thomson Reuters/University of Michigan survey. Falling from 77.5 in September to 73.2 in October, as RVBusiness informs MHProNews, the figure was lower
Political Paralysis Dings Consumer Sentiment Read More
While unemployment fell to a five-year low in September, hitting 7.2 percent, down .01 percent from August, non-farm payrolls rose by only 148,000 jobs. Says Paul Ashworth of Capital Economics, “The unemployment rate keeps edging lower, but the Fed seems to be more focused on the drop-off in the pace
Employment for Young Renters and Homebuyers Remains Sluggish Read More
The national foreclosure inventory continues to fall, decreasing 32 percent since Sept 2012, according to what Lender Processing Services (LPS) tells nationalmortgagenews, with 1.3 million housing units in the foreclosure pre-sale inventory. LPS’ loan-level database covers approximately 70 percent of the market total, MHProNews has learned. While delinquencies have fallen
Foreclosure Inventory and Delinquencies Fall Read More
