Today’s News Synopsis:
Foreclosures declined by 33.2% in January according to the latest CoreLogic Foreclosure Report. Home prices increased that same month by 1.4%, although this increase is not expected to last. The opinions of appraisers regarding the value of homes was lower than homeowner expectations by 0.13%.
In The News:
DS News – “Foreclosure Inventory Drops By One-Third Year-Over-Year” (3-10-15)
“The nation’s foreclosure inventory and number of completed foreclosures continued their steady downward spiral in January, according to CoreLogic’s January 2015 National Foreclosure Report released on Tuesday.”
Mortgage Professional America – “WalletHub: FHA premiums costs borrowers as much as $12,000 in 2014” (3-10-15)
“Private mortgage insurance was hard to come by in the years following the housing market collapse, as the companies that offer it incurred significant losses, with several even going bankrupt. Federal Housing Administration’s (FHA) loans became the primary option for low-down-payment consumers, and its volume grew by more than 355% from 2007 to 2009.”
Housing Wire – “January’s home price growth surge may be temporary” (3-10-15)
“The CoreLogic (CLGX) measure of house prices surged by a seasonally adjusted 1.4% month-over-month in January, the largest monthly gain in almost two years, however, Capital Economics thinks this surge will be short term.”
Realty Trac – “Millennials: One Generation in a Million” (3-10-15)
“The last time an age group could legitimately be named ‘Millennials’ was 1000 AD and innovation around the globe had given that younger generation longbows (Wales), bars of soap (Arabia), toothpaste (China), and something essential to life support for today’s Millennials, pizza.”
Mortgage Professional America – “Daily Market Update: Record number of consumers believe it’s easy to get a mortgage” (3-10-15)
“More consumers believe it is easy to get a mortgage now than ever before according to the Fannie Mae National Housing Survey. The February edition of the report shows that a record high of 54% of those polled say it would be easy to get a mortgage while a record low of 43% think it would be difficult.”
DS News – “MCS: Challenges of Servicing FHA Mortgages Are ‘Real, But Not Insurmountable'” (3-10-15)
“In the February 2015 Mortgage Industry Outlook Report released last month by the Collingwood Group and the Five Star Institute, 39 percent of survey respondents who service Federal Housing Administration (FHA) mortgages said that the biggest challenge in servicing those loans was fulfilling the Agency’s property preservation requirements.”
Housing Wire – “Appraiser opinions fall below homeowers for 1st time in 18 months” (3-10-15)
“Appraisers valued homes 0.13% lower than homeowners estimated in February, according to the Quicken Loans national Home Price Perception Index. This is the first time appraiser opinions fell below homeowner estimates since August 2013.”
Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.
Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
With the recovering housing market, Fannie Mae and Freddie Mac had been showing progress and could profit by as much as $179.2 billion over the next ten years. Home sizes increased substantially over the last few years as the economy recovered and more Americans were wanting larger homes. The housing scorecard for February was released the previous week by HUD and the Treasury, showing and increase in home sales, decrease in foreclosures, and stability in home prices.
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