Big Win for Future Homebuyers!

front entranceOnce again the voices of the REALTORS® were heard loud and clear on Capitol Hill, and we scored a big win for future homeowners! Thanks to the more than 139,000 REALTORS®, or 15% of our members, across the nation, the Housing Opportunity through Modernization Act of 2016, or H.R. 3700, passed the U.S. Senate by unanimous consent, and was signed into law by President Obama on July 29, 2016.  This legislation:

  • Solves a number of concerns regarding FHA’s condo rules:
    • Reduces the FHA condo owner occupancy ratio to 35%, unless FHA takes alternative action within 90 days.
    • Directs FHA to streamline the condo re-certification process.
    • Provides more flexibility for mixed use buildings.
    • Mirrors the Federal Housing Finance Agency’s (FHFA) rules regarding private transfer fees for FHA condo lending.
  • Provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service (RHS) loans.
  • Makes reforms to federally assisted housing programs to streamline the programs.

On behalf of the NAR Leadership Team, we would like to thank you and your colleagues for this amazing grassroots effort and for all your support for this national Call for Action.  Our state and local association partners did a great job in leading the efforts to get the U.S. Senate to act on this critical legislation.   This victory was made possible by the collective efforts of the NATIONAL ASSOCIATION OF REALTORS®, and our state and local association partners. When REALTORS® speak in a single unified voice, Congress listens.

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Mes Nacional de la Vivienda!

La Casa Propia mas cerca que nunca!

La Casa Propia mas cerca que nunca!

La asequibilidad en la vivienda está incrementando    en todo el país debido a las bajas tasas de interés y precios de la vivienda, iniciándose en el mes de Junio   el mes Nacional de la Vivienda, esto es de acuerdo al reciente informe realizado por la Asociación Nacional de Constructores de Casas (NAHB).

En adición a los bajos precios y   tasas de interés, pago los programas ofrecidos por Fannie Mae y Freddie Mac  están también contribuyendo   a los prestatarios   que tienen bajos recursos y cuentan con muy poca cuota inicial para la compra de sus casas.

Estos programas ofrecen cuotas iniciales tan bajas como el 3 por ciento para primeros compradores.

El ser dueño de una vivienda no es solo clave para incrementar riqueza, ya que es considerada una fuente primaria de patrimonio neto pero también  un paso efectivo para acumular activos financieros personales a largo plazo.

No sólo brinda estabilidad  financiera sino también la construcción de comunidades más sólidas y logros personales y familiares.  El tiempo de comprar tu propiedad es HOY!

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Approved! Credit Availability increased in April!

Approved! Credit Availability increased in April!

An increase in credit access was reported in April according to the Mortgage Bankers Association’s Credit Availability Index (MCAI).

The Index increased 0.5 percent month-over-month to 122.0 in April. The increase was driven by new offerings of FHA’s 203K homewr-df-refinance-7 improvement program, new VA offerings, and new jumbo products.

The MCAI and its four components are designed to show relative credit risk/availability based on information about borrower eligibility and underwriting criteria gathered for over 95 lenders and investors and combined with data from Ellie Mae’s All Regs Market Clarity product.

ARE WE ON THE RIGHT TRACK?

ARE WE ON THE RIGHT TRACK?

foreclosure-montageEight national banks,  Bank of America, JPMorgan Chase, Citibank, HSBC, OneWest Bank, PNC, U.S. Bank, and Wells Fargo  saw the performance of their first-lien mortgages improved in the fourth quarter of 2014, while the delinquency rate on those mortgages and the foreclosure activity continued to decline, according to a quarterly report on mortgage performance by the Office of the Comptroller of the Currency (OCC) released Friday.

The mortgages covered in the report comprised about 45 percent of all outstanding residential mortgages in the United States – about 23.1 million mortgages with principal balances totaling about $3.9 trillion as of December 31, 2014.

Foreclosure inventory dropped by 39.7 percent year-over-year in Q4 down to 315,022, and Home retention actions, which included modifications, trial period plans, and shorter-term payment plans, totaled 195,577 in Q4, a decline of 19.5 percent year over year.

What do you think…

Negative Equity continues being a Serious Concern Despite Year Over Year Decline!

Negative Equity continues being a Serious Concern Despite Year Over Year Decline!

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While the percentage of homes in the United States with negative equity has declined substantially since the fourth quarter of 2013, they experienced a slight increase quarter-over-quarter in Q4 2014, according to CoreLogic‘s Q4 2014 Equity Report released last Tuesday.

CoreLogic reported that 10.8 percent of all residential homes were underwater in Q4, this is about 5.4 million properties approximately, which was down from 13.3 percent  in the same quarter a year earlier. The Q4 total was up slightly from the 10.3 percent that was reported for Q3 2014 – an increase of 3.3 percent.

Despite the year-over-year decline in the percentage of underwater residential properties, negative equity remains a serious issue, according to Anand Nallathambi, president and CEO of CoreLogic. For the full year of 2014, 1.2 million borrowers regained equity – but nearly five and a half million properties remained in negative equity as of the end of the year after approximately 172,000 homes slipped into negative equity from the third quarter to the fourth quarter in 2014.

Approximately 10 million of the nearly 50 million residential properties with a mortgage in the United States, which is about 20 percent of these properties have less than 20 percent equity, a condition known as under-equitied.

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56 Percent of 3.3 Million HELOCs Scheduled to Reset With Higher Payments

realestatehousemoneymi600-resize-600x338A total of 3,262,036 HELOCs with an estimated total balance of $158 billion that originated during the housing price bubble between 2005 and 2008 are still open and scheduled to reset between 2015 and 2018.

Realty Trac the nation’s leading source for comprehensive housing data, today released its first-ever U.S. HELOC Resetting Report, which found that 56 percent of the 3.3 million Home Equity Lines of Credit potentially resetting with higher, fully amortizing monthly payments from 2015 to 2018 are on properties that are seriously underwater.

With 645,872 HELOCs, California led the way among the states in terms of sheer volume of resetting HELOCs. A total of 423,706 (66 percent) of those resetting HELOCs in California are on homes that still seriously underwater

 

PORQUE LOS PRESTATARIOS PAGAN SEGURO PRIVADO DE HIPOTECA?

PORQUE LOS PRESTATARIOS PAGAN SEGURO PRIVADO DE HIPOTECA?

Debido al riesgo en el incumplimiento y pérdida del préstamo. Los Bancos requieren el seguro de hipoteca privado conocido como PMI en PMI copyhipotecas cuyos compradores traen menos del 20% del precio de compra. Si los prestamistas pagaran seguro de hipoteca y pasaran el costo a los prestatarios reflejando un tipo de interés más alto, pudiendo esperar que los intereses incrementen drásticamente. Si el prestatario paga PMI estaría evitando este riesgo potencial.

Generalmente, cuanto más grande es la cantidad del préstamo, más riesgo adquiere el prestamista. El seguro de hipoteca privado es protección para el prestamista contra un prestatario que incumple en su préstamo hipotecario. Si el prestatario no pudiera pagar el préstamo, el prestamista tiene una manera de conseguir su dinero de regreso a través de la aseguranza privada al préstamo o PMI. Infórmate para que tus decisiones sean las mas acertadas al momento de invertir en la compra de tu casa.

Two new regulations affecting Homeowners will increase energy efficiency standards.

Energy Efficiency

Every year, much of the energy the U.S. consumes is wasted through transmission, heat loss and inefficient technology costing American families and businesses money, and leading to increased carbon pollution.   Energy efficiency is one of the easiest and most cost-effective ways to combat climate change, clean the air we breathe, improve the competitiveness of our businesses and reduce energy costs for consumers.

The Department of Energy is working with universities, businesses and the National Labs to develop new, energy-efficient technologies while boosting the efficiency of current technologies on the market.

Increasing energy efficiency has been a long-awaited mission for The U.S. Department of Energy (DOE). This year the DOE launched two new regulations involving air conditioning equipment and water heaters that will increase energy efficiency finally accomplishing these goals.

1.  The first change involves raising efficiency standards for Air Conditioning equipment.

Two-thirds of all homes in the United States have air conditioners. Air conditioners use about 5% of all the electricity produced in the United States, at an annual cost of more than $11 billion to homeowners. As a result, roughly 100 million tons of carbon dioxide are released into the air each year, an average of about two tons for each home with an air conditioner.

Beginning January 1, 2015, new Seasonal Energy Efficiency Ratio (SEER) standards will increase from 13 to 14. The higher the SEER rating, the more energy efficient a unit is. For those not familiar with the term, SEER is calculated by dividing how much a unit cools by how much energy it uses during a typical cooling season.

There are many other alternatives that provide cooling with less energy use. You might also consider fans, evaporative coolers, or heat pumps as your primary means of cooling. In addition, a combination of proper insulation, energy-efficient windows and doors, day lighting, shading, and ventilation will usually keep homes cool with a low amount of energy use in all but the hottest climates. Although ventilation is not an effective cooling strategy in hot, humid climates, the other approaches can significantly reduce the need to use air conditioning.

2.  The second big change involves water heater replacements. This is an amendment to the  National Appliance Energy Conservation Act known as the 2015 DOE      Final Rule.

When the amendment takes effect on April 16, 2015, the DOE will require higher energy factor ratings on virtually all residential gas, electric, oil and tankless gas water heaters.

Hot water has become essential to our daily lives — from washing hands to cleaning dishes to showering — and quickly adds up to higher energy bills. It comes as no surprise that water heaters account for nearly 17 percent of a home’s energy use, consuming more energy than all other household appliances combined.

We are all guilty of using a little too much hot water in our daily lives — whether it is spending an extra two minutes in the shower, leaving the water running while washing dishes or washing clothes on hot water instead of cold. Taken together, these habits of wasting water add up. So it is no surprise that the average household spends $400-$600 a year on water heating — accounting for 14-18 percent of homeowners’ utility bills.

Homeowners need to be familiar with these new regulations to benefit from them, and avoid difficult and costly decisions in the future regarding energy efficiency standards.

 

Home Sales to show moderate growth in January!

Home Sales to show moderate growth in January!

Based on company transactional data and Google search activity, Auction.com predicted Monday that existing-home sales in January will come in at a seasonally adjusted annual rate of 5.06 million, just slightly above the National Association of Realtors’ (NAR) December estimate of 5.04 million.

An early forecast of existing-home sales projects a minor but surely increment transaction activity this month following December’s modest gain.

 

Holiday relief under moratorium on Evictions

Holiday relief under moratorium on Evictions

Fannie Mae and Freddie Mac announced today a moratorium on evictions for single-family foreclosed homes for the holiday season.

The GSEs will not be enforcing evictions from December 17, 2014, until January 2, 2015, for single-family homes that have been foreclosed on, meaning that families living in those homes will be able to continue to live there during that two-week period.

Freddie Mac’s suspension of evictions will apply not just to foreclosed occupied single-family homes, but to 2-4 unit properties that have Freddie Mac owned or guaranteed mortgages, according to the today’s announcement.

This announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move.

However, there are more things than can be done to improve the life of families that have faced foreclosure.  Let’s help these families to keep Alive the Dream of Homeownership.  Yes! It is possible.