Reports are surfacing again of more home owners falling behind on
their mortgage payments, a reversal from the dropping numbers seen over
the last several quarters. Delinquency rates are also on the rise for
credit card and auto loan borrowers, according to the Experian-Oliver
Wyman Market Intelligence Reports.
More mortgages were 30 to 59 days past due in the fourth quarter of
Rental costs have continued to rise, outpacing stagnant salaries and
widening the affordability gap, according to a new study by DePaul
"After the housing crisis, households shifted to renting for a number
of reasons," says Geoff Smith, co-author of a study on the
affordability gap and executive director of DePaul University’s
Institute for Housing Studies. "The weak ...
Understanding FHA-Insured LoansOne of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn't created to help low-income buyers get into homeownership. Just as during our recent Great Recession, during the Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created to protect...
Home owners spend an average of about 1.4 percent of their home’s
value (or around $2,800) on annual property taxes. But in some areas,
that number is much higher.
Home owners in New York, New Jersey, and Colorado, pay more than five
times the national average, according to a new study of the average
real estate taxes paid on single-family housing in 2012, conducted by
Zillow. The study...
As home prices rise, the number of investors in the housing market
appears to be starting to cool. The number of investment properties
purchased last year dropped 2.1 percent compared to 2011, according to a
recent National Association of REALTORS® report.
Investors are making up a smaller number of home buyers, shrinking
from 27 percent in 2011 to 24 percent in 2012. However, inves...
Mortgage rates and home prices are on the rise, and some home buyers
who were waiting around for the housing market to reach bottom are
realizing now they may have missed the boat.
Mortgage rates are inching up and "It's unlikely that rates will ever be that low again," says Doug Duncan, Fannie Mae's chief economist.
The Fed had been keeping interest rates at record lows by ...
Many home buyers complain that one of the biggest hurdles they face is qualifying for financing. So what are some ways that home shoppers can ensure they qualify for a better mortgage deal — particularly one that takes advantage of the near record-breaking low mortgage rates? A recent article at Money Magazine highlighted some of the following tips when shopping for a mortgage: 1. High credit scor...
Quite a few buyers want to know what the difference between a pre-qualification versus a pre-approval is. Confusing the two can often lead to disappointment for borrowers who believed they were actually pre-approved for a mortgage. To avoid a sticky situation later down the road; we’d like to explain the difference between the two!
Is only based on information stated by th...
Access to mortgage credit is at its highest level in at least three
years, and credit standards are expected to loosen even more this year,
according to a newly-released index by the Mortgage Bankers Association.
MBA’s index, which tracks mortgage credit availability, shows that in
March the gauge rose to 114 – the highest reading in the gauge’s
“I don’t think there’s...
Home owners trump renters when it comes to finding someone to date, according to a new survey of 1,000 single people. More than a third of women and 18 percent of men would rather date a home owner than a renter, according to the survey, which was conducted on behalf of Trulia.
On the other hand, only 2 percent of women said they’d prefer to date a renter, while 3 percent of men said they’d prefe...
As U.S. home prices rise, consumers are once again prioritizing their
mortgage payments over paying down credit card debt, according to a new
report from TransUnion. It’s the first time since 2008 that borrowers
have shifted their focus back to mortgage debt ahead of credit card
Mortgage delinquencies are falling, too. The delinquency rate dropped
to 1.71 percent in December, down...
temperatures rise across the United States with the onset of spring, the
nation's economic data show green shoots of growth following a harsh
winter. Retailers posted strong March numbers, while the Federal Reserve
found signs of broadening economic expansion.
Retail sales have largest gain in 18 months
Following an especially harsh winter for much of the country, retail
Margin loans for short-term financing can help potential home buyers get cash fast to close a deal or win a bidding war — and an increasing number of people are turning to them for a quick fix. "A person with easy access to cash may have a leg up over someone who has to have long-term financing," explains Tucker Watkins, a private wealth adviser with wealth-management company Ameriprise Finan...
The number of home owners who find “strategic default” socially acceptable is growing in most states. Last year, 27 percent of foreclosed home owners say they strategically defaulted on their mortgage. Strategic default is when a home owner is financially able to make their mortgage payments but decides to stop, usually because the property is underwater. For those who decided to walk away f...
Young, first-time buyers are struggling to purchase a home. With low
inventories of homes for sale, young first-timers are finding themselves
competing against other bidders who are willing to pay cash. Meanwhile,
many young buyers are having trouble qualifying for a loan, often due
to high student loan debt.
Overall, young buyers have been left out of the housing recovery more