Foreclosures | Mortgages | Financing
More than 2,000 home-purchase transactions were enabled this year as a result of a Wells Fargo & Co. program that provides down payment assistance.
Since 2012, the San Francisco-based company reports that it has helped 12,725 homebuyers with down payment assistance grants and homebuyer education.
That worked out to over $327 million invested by Wells Fargo to support local economic recovery and advance neighborhood revitalization in 48 communities.
From:: Financing
More homebuyers and sellers are confident about the trajectory of the economy heading into the new year, based on the promise of growth from the Trump Administration’s much-speculated-about policies. A recent outlook released by Fannie Mae, however, dials that confidence down, arguing rising mortgage rates, among other factors, will suppress housing activity.
According to Fannie Mae’s December 2016 Economic and Housing Outlook, higher interest rates in the long-term will result in higher mortgage rates, while household equity continues to expand. Fannie Mae projects the economy overall to advance 1.8 percent in 2017, which would be the third consecutive year of modest growth.
“The tenor of our forecast effectively remains unchanged: signs of cautious consumers this quarter, rising interest rates, the renewed increase in the U.S. dollar to a 14-year high, and heightened uncertainty in the political sphere suggest conservatism in our outlook,” says Fannie Mae Chief Economist Doug Duncan. “While we are encouraged that confidence is rising across investors, consumers, businesses, economists, and home builders, much of it appears to be in anticipation that the forthcoming Administration and the new Congress will enact fiscal policies and deregulation that will help spur growth. While we believe that some pro-growth policies could be adopted next year, it would take time for them to benefit the economy, barring any offsetting initiatives such as more restrictive trade policies.
“The recent surge in interest rates amid continued strong home price appreciation are likely to present affordability challenges to homebuyers, especially for young adults who are looking to enter the housing market for the first time,” adds Duncan. “However, stronger economic growth, if it materializes, should help support incomes, affordability, and the ongoing housing recovery.”
Source: Fannie Mae
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From:: Finance and Economy
U.S. stocks finished slightly higher Tuesday in sluggish trade following the Christmas holiday. The Dow Jones Industrial Average rose 11.23 points, or 0.1%, to end at 19,945.04, according to preliminary figures, remaining just shy of the psychologically important 20,000 milestone. The Nasdaq Composite , however, notched a record close, finishing with a gain of 0.5% at 5,487.44. The S&P 500 notched a minor rise, up 0.2% at 2,268.88.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
The financial crisis caused a major shift in the housing market as the credit box pendulum swung too far in one direction. The impact of this left many would-be homeowners with no financial options. The Treasury Department’s latest blog proposes three ways the government can make sure the housing market functions in good times and bad. …read more
From:: Real Estate Wire
Oil futures ended solidly higher Tuesday, extending a year-end rally on expectations an agreement by major oil producers to curb production will help balance a long oversupplied market in 2017. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange rose 88 cents, or 1.7%, to close at $53.90 a barrel. Based on the most active contract, the U.S. crude benchmark is up nearly 9% in December and is on track for a rise of more than 45% since the end of 2015.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Over the last few months, Morgan Stanley handed out more than $100 million in consumer relief in the state of New York, pushing the company past the 25% mark in its consumer relief obligations as part of the $3.2 billion settlement it reached earlier this year. …read more
From:: Real Estate Wire
On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.
As of October of this year, the S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.
An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.
From:: Financing
On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.
As of October of this year, the S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.
An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.
From:: Financing
The long string of banks still resolving toxic mortgage issues after the financial crisis is far from over. Wells Fargo and Residential Capital, also called ResCap, are the latest two banks settling mortgage claims dating back to the financial crisis over toxic mortgage securities. …read more
From:: Real Estate Wire
Even though the U.S. economy is reporting robust job numbers and moderate wage growth, rising home prices, combined with rising interest rates, may make the housing market unaffordable for many. The latest home price report from Case-Shiller shows national home prices posted another rise in October after the previous report’s record high. …read more
From:: Real Estate Wire