Foreclosures | Mortgages | Financing
In the days since the election, observers on both sides of the political divide found themselves shaking their collective heads at the frequency at which the name Goldman Sachs is a prominent feature on the resume of one of President-elect Donald Trump’s cabinet nominees. So, what exactly does Goldman Sachs expect out of the Trump administration? All that and more in your Monday Morning Cup of Coffee. …read more
From:: Real Estate Wire
Rocket Mortgage blasted into our world during 2016’s Super Bowl 50 between the Broncos and the Panthers. At its peak, the game attracted more than 115 million viewers, and right in the middle of it all, Quicken Loans debuted their spot for Rocket Mortgage, setting both real estate consumers and professionals buzzing.
The first completely online and on-demand mortgage process, Rocket Mortgage was created to take a complicated and confusing mortgage process and make it fast, simple and transparent, thereby encouraging many hesitant buyers to enter the market. Reinventing the traditional mortgage process, where the burden of proof was on the client to prove their creditworthiness, Rocket Mortgage automatically imports and verifies a homebuyer’s information and delivers customizable mortgage options, allowing many to get a fully approved, rate-locked mortgage literally within minutes. Rooted in Quicken Loans’ 50-state origination platform, Rocket Mortgage is available in all 3,143 counties across all 50 states.
The question is, given such high aspirations and widespread publicity, where does Rocket Mortgage stand one year later? Has it sent the mortgage process into the stratosphere as intended, or has it come back down to earth?
‘The iPhone moment of the mortgage industry’
The short answer? Rocket Mortgage has gone far beyond its original projections.
“Through the first three quarters of 2016, Rocket Mortgage has funded more than $5 billion in loan volume, making it a top 30 mortgage lender by Rocket Mortgage volume alone,” reports Quicken Loans Vice President of Business Development Derek Latka. “We had a lot of high hopes for how it would perform and it has exceeded our expectations.”
More importantly, Rocket Mortgage has followed through on one of its cornerstone goals: to get would-be buyers off the fence and into the market. According to Quicken Loans research, as many as 60 percent of potential buyers are currently choosing to sit on the sidelines and not participate in today’s housing market. The No. 1 reason they give for not purchasing a home? A cumbersome and intimidating process. Coming off the Super Bowl ad, however, awareness for Quicken Loans and Rocket Mortgage skyrocketed, paving the way for a healthy purchase season early in the second quarter.
“There’s a strong purchase market presence on Rocket Mortgage,” reports Latka. “Currently, two-thirds of all clients coming to Rocket Mortgage are coming to purchase a home, and 72 percent of those are first-time homebuyers.”
“We’re very happy to see tens of thousands of Americans becoming new homeowners because of Rocket Mortgage,” agrees Rocket Mortgage Product Lead Regis Hadiaris. “People are using it in all 50 states, 24/7, and 60 percent or more are using it on a mobile device. Every 34 seconds in America, someone is creating a Rocket Mortgage account. Every nine minutes in America, someone is completing a Rocket Mortgage application.”
Despite a big degree of optimism going into it, Latka was still surprised by the amount of overall willingness to engage with the tool. “It was really exciting to see that if you build it, they will come. All the research pointed to that, but …read more
From:: Real Estate News
Nashville, Tenn. is making a play for the hottest housing market this year, heating up with a forecast of 4.3 percent home value appreciation, 1.1 percent income growth and a 4.0 percent unemployment rate, according to Zillow’s 2017 10 Hottest Housing Markets list. The list, determined using data from Zillow’s Home Value Forecast, income growth and unemployment rates, assigned a ‘hotness score’ to the 100 largest metropolitan areas in the U.S, with Nashville ranking No. 1.
Music City U.S.A.—a departure from the West Coast hubs dominating the list—represents a shift in housing activity to mid-size cities inland, says Zillow Chief Economist Dr. Svenja Gudell.
“Zillow’s 2017 list highlights that jobs and opportunities are increasingly growing in smaller markets away from the coasts,” says Dr. Gudell. “Mid-size cities like Salt Lake City, Portland and Nashville are desirable places to live, with good employment opportunities and steady economic growth. The growth and demand for housing will drive up home prices in 2017, and these hot markets are experiencing change as more people discover them.”
The full top 10 list:
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.0 percent
Expected Home Value Appreciation: 5.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.4 percent
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.7 percent
Expected Home Value Appreciation: 5.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.5 percent
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.8 percent
Expected Home Value Appreciation: 5.2 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.8 percent
Expected Home Value Appreciation: 4.4 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.7 percent
Expected Home Value Appreciation: 4.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
Expected Home Value Appreciation: 3.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
Expected Home Value Appreciation: 4.8 percent
Income Growth: 1.0 percent
Unemployment Rate: 5.2 percent
For more information, please visit www.zillow.com.
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The post The Top 10 Housing Markets Heating Up in 2017 appeared first on RISMedia.
From:: Finance and Economy
Nashville, Tenn. is making a play for the hottest housing market this year, heating up with a forecast of 4.3 percent home value appreciation, 1.1 percent income growth and a 4.0 percent unemployment rate, according to Zillow’s 2017 10 Hottest Housing Markets list. The list, determined using data from Zillow’s Home Value Forecast, income growth and unemployment rates, assigned a ‘hotness score’ to the 100 largest metropolitan areas in the U.S, with Nashville ranking No. 1.
Music City U.S.A.—a departure from the West Coast hubs dominating the list—represents a shift in housing activity to mid-size cities inland, says Zillow Chief Economist Dr. Svenja Gudell.
“Zillow’s 2017 list highlights that jobs and opportunities are increasingly growing in smaller markets away from the coasts,” says Dr. Gudell. “Mid-size cities like Salt Lake City, Portland and Nashville are desirable places to live, with good employment opportunities and steady economic growth. The growth and demand for housing will drive up home prices in 2017, and these hot markets are experiencing change as more people discover them.”
The full top 10 list:
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.0 percent
Expected Home Value Appreciation: 5.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.4 percent
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.7 percent
Expected Home Value Appreciation: 5.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.5 percent
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.8 percent
Expected Home Value Appreciation: 5.2 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.8 percent
Expected Home Value Appreciation: 4.4 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.7 percent
Expected Home Value Appreciation: 4.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
Expected Home Value Appreciation: 3.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
Expected Home Value Appreciation: 4.8 percent
Income Growth: 1.0 percent
Unemployment Rate: 5.2 percent
For more information, please visit www.zillow.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post The Top 10 Housing Markets Heating Up in 2017 appeared first on RISMedia.
From:: Real Estate News
If you own or manage a real estate brokerage, you already know that one of your most important jobs is understanding where your business comes from—the buyers and sellers who use real estate professionals to assist them in a property purchase or sale. Insights into buyers’ and sellers’ current and evolving preferences can be extremely powerful in shaping your firm’s future success.
Fortunately, the National Association of REALTORS® (NAR) has a long-standing commitment to helping members access these valuable business insights. Among the many resources it provides, the NAR Profile of Home Buyers and Sellers is particularly noteworthy, especially the newest 35th anniversary edition.
Since 1981, NAR has published this benchmark report, which, thanks to a consistent and extremely reliable methodology that allows for statistically valid year-to-year comparisons, has become one of the most trusted resources on the topic. The Profile is available as a digital download at a significant discount to NAR members and can be purchased at NAR’s REALTOR® Store.
Interesting Findings
NAR’s Profile of Home Buyers and Sellers is the longest-running series of national housing data evaluating the demographics, preferences, motivations, plans and experiences of recent homebuyers and sellers. Results represent owner-occupants (not investor or vacation homes). Select findings include:
Ways to Use This Report
With over 130 pages of detailed charts and analysis, NAR’s Profile of Home Buyers and Sellers is an exceedingly valuable tool for brokers and their agents:
Other Data Resources from NAR Research
Beyond the annual Profile of Buyers and Sellers, NAR provides many other data-driven resources for members, including research reports on homeownership/home features, financing and international activity in residential real estate. Additional reports are offered on commercial real estate and other topics.
NAR also publishes key housing statistics on a regular basis, including national and regional existing-home sales, a pending home sales index, a housing affordability index, and quarterly reports …read more
From:: Real Estate News
The new year is upon us and with it comes new factors which can and will affect real estate throughout the year. Here, New York Power Broker Louise Phillips Forbes of Halstead Property makes her predictions for what real estate will look like on a national scale in 2017, and how you can make the most of it. Keep an eye on the following:
There is strong affordability in 15 of the 19 largest Midwestern markets, so this trend is expected to continue even as interest rates increase. Strong local economies and population growth will fuel the appeal of these hot markets, so keep your eye on: Columbus, Ohio; …read more
From:: Real Estate News
Buying a home is more affordable than renting one in 66 percent of housing markets in the U.S., with Cook County, Ill., Maricopa County, Ariz. and Miami-Dade County, Fla. among those with the highest buy affordability, according to ATTOM Data Solutions’ 2017 Rental Affordability Report. Renting a home, to compare, is more affordable than buying one in 34 percent of markets, with Dallas County, Texas, Kings County, N.Y. and Santa Clara County, Calif. among those with the highest rent affordability.
Predominantly impacting affordability are stagnant wages, which have lagged at a growth rate of 2.2 percent since one year ago, compared to home prices, up 5.7 percent, and rents, up 4.2 percent.
Rising mortgage rates, according to ATTOM Senior Vice President Daren Blomquist, could deal another blow to affordability. Average rates, which retreated since charging forward following the election, are currently above 4 percent.
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” says Blomquist. “In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year. Additionally, renting may end up being the lesser of two housing affordability evils in a growing number of high-priced markets.”
Home price growth outpaced wage growth in 79 percent of the counties analyzed in the report, while rent growth outpaced wage growth in 62 percent. Both percentages include Harris County, Texas, and Los Angeles County and San Diego County, Calif. Wage growth, however, outpaced home price growth in 21 percent of the counties analyzed, and outpaced rent growth in 38 percent.
A monthly house payment on a median-priced home will require 36.6 percent of average wages, according to the report; a monthly fair market rent will require 38.6 percent.
The most affordable rental markets in 2017, based on the percentage of average wages needed to pay fair market rent, are:
The least affordable rental markets in 2017:
Source: ATTOM Data Solutions
For the latest real estate news and trends, bookmark RISMedia.com.
The post Buying Is Better Than Renting in Most Markets…but for How Long? appeared first on RISMedia.
From:: Finance and Economy
Buying a home is more affordable than renting one in 66 percent of housing markets in the U.S., with Cook County, Ill., Maricopa County, Ariz. and Miami-Dade County, Fla. among those with the highest buy affordability, according to ATTOM Data Solutions’ 2017 Rental Affordability Report. Renting a home, to compare, is more affordable than buying one in 34 percent of markets, with Dallas County, Texas, Kings County, N.Y. and Santa Clara County, Calif. among those with the highest rent affordability.
Predominantly impacting affordability are stagnant wages, which have lagged at a growth rate of 2.2 percent since one year ago, compared to home prices, up 5.7 percent, and rents, up 4.2 percent.
Rising mortgage rates, according to ATTOM Senior Vice President Daren Blomquist, could deal another blow to affordability. Average rates, which retreated since charging forward following the election, are currently above 4 percent.
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” says Blomquist. “In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year. Additionally, renting may end up being the lesser of two housing affordability evils in a growing number of high-priced markets.”
Home price growth outpaced wage growth in 79 percent of the counties analyzed in the report, while rent growth outpaced wage growth in 62 percent. Both percentages include Harris County, Texas, and Los Angeles County and San Diego County, Calif. Wage growth, however, outpaced home price growth in 21 percent of the counties analyzed, and outpaced rent growth in 38 percent.
A monthly house payment on a median-priced home will require 36.6 percent of average wages, according to the report; a monthly fair market rent will require 38.6 percent.
The most affordable rental markets in 2017, based on the percentage of average wages needed to pay fair market rent, are:
The least affordable rental markets in 2017:
Source: ATTOM Data Solutions
For the latest real estate news and trends, bookmark RISMedia.com.
The post Buying Is Better Than Renting in Most Markets…but for How Long? appeared first on RISMedia.
From:: Real Estate News
Mortgage applications fell 12 percent over the most recent two-week period, according to data gathered in the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The MBA’s Refinance Index declined 22 percent, as well, while the Purchase Index declined 41 percent.
The refinance share of mortgage activity, however, increased to 52.2 percent of total applications from 51.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent of total applications.
The FHA share of total applications also increased to 11.6 percent from 10.7 percent the previous week, while VA share of total applications decreased to 12.3 percent from 12.4 percent the previous week. The USDA share of total applications increased to 1.1 percent from 1.0 percent the previous week.
According to data from the survey, average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.39 percent from 4.45 percent, with points increasing to 0.43 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.37 percent from 4.41 percent, with points increasing to 0.44 from 0.21 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.22 percent, with points decreasing to 0.34 from 0.44 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 15-year fixed-rate mortgages, in addition, decreased to 3.64 percent from 3.70 percent, with points increasing to 0.38 from 0.34 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs decreased to 3.28 percent from 3.41 percent, with points increasing to 0.42 from 0.29 (including the origination fee) for 80 percent LTV loans.
Source: Mortgage Bankers Association (MBA)
The post MBA: Mortgage Apps Fall 12 Percent appeared first on RISMedia.
From:: Finance and Economy
Mortgage applications fell 12 percent over the most recent two-week period, according to data gathered in the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The MBA’s Refinance Index declined 22 percent, as well, while the Purchase Index declined 41 percent.
The refinance share of mortgage activity, however, increased to 52.2 percent of total applications from 51.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent of total applications.
The FHA share of total applications also increased to 11.6 percent from 10.7 percent the previous week, while VA share of total applications decreased to 12.3 percent from 12.4 percent the previous week. The USDA share of total applications increased to 1.1 percent from 1.0 percent the previous week.
According to data from the survey, average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.39 percent from 4.45 percent, with points increasing to 0.43 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.37 percent from 4.41 percent, with points increasing to 0.44 from 0.21 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.22 percent, with points decreasing to 0.34 from 0.44 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 15-year fixed-rate mortgages, in addition, decreased to 3.64 percent from 3.70 percent, with points increasing to 0.38 from 0.34 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs decreased to 3.28 percent from 3.41 percent, with points increasing to 0.42 from 0.29 (including the origination fee) for 80 percent LTV loans.
Source: Mortgage Bankers Association (MBA)
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From:: Real Estate News