Author: admin

A freeze on a final rule of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called TRID, could become an unfortunate side effect of Trump’s executive order on Monday. The last status update the bureau gave the industry was that it would weigh submitted comments and then issue a final rule. But will the industry ever get its much-needed answers to TRID with the new regulatory actions Trump announced? …read more

From:: Real Estate Wire

By jgaffney@housingwire.com The Data & Analytics division of Black Knight Financial Services released its latest Home Price Index report, based on November 2016 residential real estate transactions.

The company finds that after rising 5.7% from the start of 2016, U.S. home prices are now within just 0.3% of a “new national peak.” …read more

From:: Real Estate Wire

By Susanne Dwyer

Pending home sales made an end-of-year push in December, picking up 1.6 percent from November in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI).

The rise in the overall PHSI—which also came in 0.3 percent higher than December 2015—was led by contract activity in the South and West, increasing 2.4 percent and 5.0 percent, in order. Contract activity in the Midwest, however, decreased 0.8 percent in December, while activity in the Northeast decreased, as well, 1.6 percent.

“Pending sales rebounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract,” says Lawrence Yun, NAR chief economist.

The rebound, still, does not equal recovery, says realtor.com® Senior Economist Joseph Kirchner.

“Don’t get too excited about the upward tick in the Pending Home Sales Index—it is merely oscillation around a seven month-downward trend. The year-over-year increase does not make up for November’s year-over-year decline of 0.4 percent,” Kirchner says. “The most important factor contributing to the declining trend in pending sales is lack of supply, which has made it difficult for buyers to find a home that meets their needs. The persistent trend of price appreciation exceeding income appreciation means homes on the market become less affordable every month. The decline in pending sales began in May—several months prior to mortgage rate hikes—so rising mortgage rates are not yet a dominant factor in the decline in pending sales.”

Supply is currently contained to the upper tier, with more affordable, lower tier housing limited, barring entry to first-time and other would-be homeowners. Yun expects housing starts to grow 7.9 percent this year; the National Association of Home Builders (NAHB) expects them to grow 10 percent. Home builders on the whole are encouraged by the new administration, which brings with it the promise of reduced regulation.

“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing costs,” Yun says. “Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Pending Home Sales Make End-of-Year Push appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

Pending home sales made an end-of-year push in December, picking up 1.6 percent from November in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI).

The rise in the overall PHSI—which also came in 0.3 percent higher than December 2015—was led by contract activity in the South and West, increasing 2.4 percent and 5.0 percent, in order. Contract activity in the Midwest, however, decreased 0.8 percent in December, while activity in the Northeast decreased, as well, 1.6 percent.

“Pending sales rebounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract,” says Lawrence Yun, NAR chief economist.

The rebound, still, does not equal recovery, says realtor.com® Senior Economist Joseph Kirchner.

“Don’t get too excited about the upward tick in the Pending Home Sales Index—it is merely oscillation around a seven month-downward trend. The year-over-year increase does not make up for November’s year-over-year decline of 0.4 percent,” Kirchner says. “The most important factor contributing to the declining trend in pending sales is lack of supply, which has made it difficult for buyers to find a home that meets their needs. The persistent trend of price appreciation exceeding income appreciation means homes on the market become less affordable every month. The decline in pending sales began in May—several months prior to mortgage rate hikes—so rising mortgage rates are not yet a dominant factor in the decline in pending sales.”

Supply is currently contained to the upper tier, with more affordable, lower tier housing limited, barring entry to first-time and other would-be homeowners. Yun expects housing starts to grow 7.9 percent this year; the National Association of Home Builders (NAHB) expects them to grow 10 percent. Home builders on the whole are encouraged by the new administration, which brings with it the promise of reduced regulation.

“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing costs,” Yun says. “Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Pending Home Sales Make End-of-Year Push appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Addresses the Fate of ‘Disaster’ Regulation

The new administration is wasting no time addressing Dodd-Frank, with President Trump on Monday saying he will “do a big number” to the regulation he believes has been a “disaster” for small businesses.

“We’re going to do a big number on Dodd-Frank,” President Trump said in a meeting while signing an executive order requiring federal agencies to eliminate two regulations for every one introduced. “The American Dream is back.”

President Trump lambasted Dodd-Frank (formally the Dodd-Frank Wall Street Reform and Consumer Protection Act) while campaigning, but has offered little in terms of a plan to overhaul the regulation. Dodd-Frank was instituted by the Obama Administration in 2010 in response to the housing crisis and recession.

In a press briefing at the White House Monday afternoon, the president’s Press Secretary Sean Spicer elaborated on the dismantling of Dodd-Frank.

“I think today what you saw is the first step down the path of regulatory relief to our nation’s small and large businesses as well,” Spicer told reporters. “And I think [President Trump] understands, especially as a businessman himself and someone who’s been involved in financing, the impact that Dodd-Frank has had on lending, in particular, and the impact that it has on small and large businesses. So I think we’re going to continue to work with Congress on reform.”

The Trump Administration took action in the housing arena last week, as well, suspending the mortgage insurance premium reduction announced by the Federal Housing Administration (FHA) earlier this month.

“More analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts,” according to a mortgagee letter from the U.S. Department of Housing and Urban Development (HUD).

Stay tuned to RISMedia.com for more developments.

For the latest real estate news and trends, bookmark RISMedia.com.

The post President Trump Plans to ‘Do a Big Number’ on Dodd-Frank appeared first on RISMedia.

…read more

From:: Finance and Economy