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Tag Archives: Lenders & Servicers

Analyst: Affordability High Despite Rising Prices, Interest Rates

Even with home prices marching ever upward and mortgage rates bouncing back more than a full percentage point over last year, Capital Economics' Paul Diggle insists housing affordability is still as good as most other experts say it is--if not better. Even with first-time buyers earning less on average and paying more of their income for their starter homes, "metrics are still considerably more favourable than historical norms," he said, suggesting that concerns about a bubble are "premature."

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Report: Affordable Housing Programs Creating Residential Segregation

Federal affordable housing efforts may be responsible for perpetuating racial segregation, the Fair Housing Justice Center (FHJC) says in a new report. The report, titled "Choice Constrained, Segregation Maintained: Using Federal Tax Credits to Provide Affordable Housing," centers on an analysis of ten years of data on affordable housing developed under the federal Low Income Housing Tax Credit (LIHTC) program. The center obtained data from three tax credit allocation agencies in New York.

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Annual Home Value Appreciation Reaches 6% in July

The Zillow Home Value Index reached $161,600 in July, up 0.4 percent from June and an even 6.0 percent from July 2012. July marked the 14th straight month of annual home value gains. Of the 393 metros tracked in July, 289 (73.5 percent) reported month-over-month price appreciation, and 303 (77.1 percent) showed annual appreciation. In addition, all areas saw both monthly and yearly appreciation, and all "have hit their bottom and are expected to show appreciation in the next 12 months."

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Director of Sales Joins NXTLoan

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NXTLoan | First American Mortgage Trust, a lender specializing in FHA 203(k) loans, hired Rob Philion as director of sales and national sales manager. Philion brings more than 14 years of experience in leadership positions at financial institutions to the company.

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Median Home Prices Dip as Inventory Declines Level

While inventory was down in July compared to last year and the prior month, the decreases were more conservative, which means home price gains should slow, according to RE/MAX's most recent housing survey. July inventory was 1.3 percent below the level in June and 20.7 percent lower compared to a year ago. However, inventory expanded month-over-month in 18 of the metros tracked. News for home sales was also positive, with closed transactions climbing 17 percent year-over-year and inching up 1.5 percent month-over-month.

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Will Rising Interest Rates Affect Originations This Year?

Recent increases in mortgage rates have CoreLogic asking the question, "Will rising rates lead to declining originations?" When it comes to purchases, CoreLogic economists say in a recent report, "Though mortgage interest rates have recently risen, CoreLogic does not expect any significant slowing in purchase origination volumes." In contrast, "[t]he greatest impact of increasing interest rates on the mortgage originations market will be felt on refinance volumes."

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Researchers Say Weak Job Growth to Slow Down New Housing

While new housing production is expected to see a healthy rebound later this decade, Fannie Mae's Economic and Strategic Research (ESR) group believes "an anticipated slowdown in workforce expansion suggests more modest prospects for new housing demand and construction than witnessed historically." Using the Census Bureau's new projections for population growth over the coming years, Fannie Mae's team says labor force growth could range from as high as 0.9 percent (under optimistic conditions) to as low as 0.4 percent

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Low Property Supply Sends July Prices Soaring

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A July monthly property intelligence report (PIR) conducted by Dataquick, a provider of real estate information solutions, reveals a monthly and annual rise in home prices for every single participating U.S. county out of the 42 evaluated. In fact, home prices have hiked an average of over 13 percent versus this time last year. Per DataQuick's data, this rise in price has been directly linked to fewer foreclosures, limited property availability, and an overall decline in transactions.

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