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By Susanne Dwyer

Summer real estate activity has boosted quarterly regional growth in the Midwest and South, while a drop in quarterly performance out West fuels speculation of a cooling market, according to the new Clear Capital® September 2016 Home Data Index (HDI) Market report.

Nationally, quarterly growth continues to stay steady, increasing slightly 0.1 percent since last month, as it rises to a 0.8 percent price increase over the last quarter. This is the first time since last November that national quarterly growth has broken the 0.7 percent mark, indicating that the peak real estate summer season is in full swing for the nation as a whole.

Below the national level, most regions have also experienced a small boost in quarterly performance over the last month, with the Midwest seeing the largest increase in price growth, rising 0.3 percentage points from 0.5 percent to 0.8 percent QoQ growth. The South and Northeast quarterly growth figures have also increased, rising to 0.9 percent and 0.3 percent quarterly growth respectively. While the West is still outpacing the rest of the nation at a relatively impressive 1.2 percent QoQ growth rate, this figure has already fallen 0.2 percent since just last month. This sudden dip in quarterly gains could be a sign that the region’s strong Spring performance is cooling down as Summer comes to a close, a phenomenon likely due to a lack of affordable inventory and incredibly high prices in several major metro markets.

Southern metro markets continue to dominate our list of Highest Performing Major Metro Markets this month, whereas metros from the Northeast are noticeably missing from the list. The Northeast region has consistently been the slowest growing in the nation in recent quarters, and the data suggests at least two key factors that are affecting the region’s performance. Home to several key luxury markets like New York and Boston, a lack of affordable inventory has long been a concern for the region, serving to drive significant investor doubt into the marketplace. Coupled with this dip in investor confidence, regional data shows a long-term slowing growth trend across all price tiers since late 2013. Low tier quarterly growth continues to outperform both the top and middle tiers, but price change in this lowest 25 percent of transactions is moving upward at only 0.5 percent quarterly, a disappointing metric for any other region in the nation. The region’s mid tier – the middle 50 percent of home sales – is reporting only a 0.3 percent price increase over the last quarter, while the Northeastern top tier – the highest 25 percent of transactions – is virtually stagnant, registering only a 0.1 percent quarterly price increase.

“While quarterly growth across most of the nation continues to rise as the entirety of summer real estate sales data is captured, our most recent data is indicating that the stellar growth in the Western region is actually slowing down,” states Alex Villacorta, Ph.D., Vice President of Research and Analytics at Clear Capital. “The West in particular has been …read more

From:: Real Estate News

After market anticipation, the launch date is finally set for the release of Fannie Mae’s Desktop Underwriter Version 10.0. Best part is this update is expected to open up the credit box to potential borrowers previously deemed unworthy. With Home Affordable Refinance Program extended into 2017, it also means that the threat of scammers pretending to offer government-sponsored modifications isn’t going away. Beware. …read more

From:: Real Estate Wire

By Susanne Dwyer

Tomorrow, we’re looking forward to the gathering of 250 of the top real estate leaders and influencers at the RISMedia CEO Exchange. Taking place this year at New York City’s prestigious Harvard Club, this group of industry professionals will come together September 13 and 14 to discuss “Seizing the Day, Winning the Future.” Topics will focus on the current state of the market and how we can excel moving forward.

Opening remarks will begin at 1:30 p.m. with a warm welcome from RISMedia’s president and CEO, John Featherston, followed by our Opening Address by keynote speaker Alex Periello, President and CEO of the Realogy Franchise Group. Here’s a breakdown of our kick-off sessions:

1:30 p.m.
Welcome & Opening Remarks
John Featherston, President & CEO, RISMedia

Opening Address

The State of the Real Estate Union
Keynote Speaker:
Alex Perriello, President & CEO, Realogy Franchise Group

2:30 p.m.
The State of Real Estate: From Macro to Micro
In this session, we drill down from the national state of the housing market to what brokers are experiencing in key regions of the country. Find out the challenges and opportunities in their specific markets, what they’ve done differently in the past year to keep pace with change, and where they see their markets heading in the next six months.

Moderator:
John Featherston, President & CEO, RISMedia

Panelists:
Candace Adams, President & CEO, Berkshire Hathaway HomeServices New England Properties

OB Jacobi, President, Windermere Real Estate

Jeff Detwiler, President & COO, The Long & Foster Companies

Richard “Rick” Haase, President, Latter & Blum Inc.

Maryann Vitale Alles, President & CEO, Berkshire Hathaway HomeServices Select Properties

Visit our website for the most up-to-date information on the agenda and speakers.

RISMedia’s CEO Exchange is sponsored by the following companies:

Master Level: Berkshire Hathaway HomeServices, Better Homes and Gardens Real Estate, Century 21, ERA Real Estate, Homes.com, National Association of REALTORS®, realtor.com®, Quicken Loans. Host Level: American Home Shield, Halstead Property, Leading Real Estate Companies of the World®, MRE, RPR®, Wells Fargo, Real Estate Webmasters, Zillow. Event Level: Delta Media Group, HSA Home Warranty, Moxiworks, NRG, ReferralExchange, The Entrust Group, zipLogix.

For more information, click here.

…read more

From:: Finance and Economy

By Susanne Dwyer

Tomorrow, we’re looking forward to the gathering of 250 of the top real estate leaders and influencers at the RISMedia CEO Exchange. Taking place this year at New York City’s prestigious Harvard Club, this group of industry professionals will come together September 13 and 14 to discuss “Seizing the Day, Winning the Future.” Topics will focus on the current state of the market and how we can excel moving forward.

Opening remarks will begin at 1:30 p.m. with a warm welcome from RISMedia’s president and CEO, John Featherston, followed by our Opening Address by keynote speaker Alex Periello, President and CEO of the Realogy Franchise Group. Here’s a breakdown of our kick-off sessions:

1:30 p.m.
Welcome & Opening Remarks
John Featherston, President & CEO, RISMedia

Opening Address

The State of the Real Estate Union
Keynote Speaker:
Alex Perriello, President & CEO, Realogy Franchise Group

2:30 p.m.
The State of Real Estate: From Macro to Micro
In this session, we drill down from the national state of the housing market to what brokers are experiencing in key regions of the country. Find out the challenges and opportunities in their specific markets, what they’ve done differently in the past year to keep pace with change, and where they see their markets heading in the next six months.

Moderator:
John Featherston, President & CEO, RISMedia

Panelists:
Candace Adams, President & CEO, Berkshire Hathaway HomeServices New England Properties

OB Jacobi, President, Windermere Real Estate

Jeff Detwiler, President & COO, The Long & Foster Companies

Richard “Rick” Haase, President, Latter & Blum Inc.

Maryann Vitale Alles, President & CEO, Berkshire Hathaway HomeServices Select Properties

Visit our website for the most up-to-date information on the agenda and speakers.

RISMedia’s CEO Exchange is sponsored by the following companies:

Master Level: Berkshire Hathaway HomeServices, Better Homes and Gardens Real Estate, Century 21, ERA Real Estate, Homes.com, National Association of REALTORS®, realtor.com®, Quicken Loans. Host Level: American Home Shield, Halstead Property, Leading Real Estate Companies of the World®, MRE, RPR®, Wells Fargo, Real Estate Webmasters, Zillow. Event Level: Delta Media Group, HSA Home Warranty, Moxiworks, NRG, ReferralExchange, The Entrust Group, zipLogix.

For more information, click here.

…read more

From:: Real Estate News

By Susanne Dwyer

Female single mortgage borrowers default less on their loans than male single borrowers, despite having weaker credit, a recently released report by the Urban Institute reveals. The results of the report’s analysis show the percentage of female single borrowers who are 90 or more days delinquent is lower than that of male single borrowers—evidence that lesser credit profiles do not predicate lesser loan performance.

“Single women with mortgages are doing a better job of paying their mortgages than their credit characteristics predict,” the report’s authors state. “Because the higher price they pay for their mortgages is based on their credit characteristics when they take out the loan, this means single women borrowers are paying too much for their mortgages.”

Their conclusion is drawn from a number of findings, derived from data obtained through CoreLogic and the Home Mortgage Disclosure Act (HMDA):

Single borrowers, female and male, have lower credit scores than borrowers/co-borrowers. Between 2011 and 2014, the average FICO for a male single borrower was 739; for a female single borrower, 741. This compares to 744 for female/male borrowers and 748 for male/female borrowers. (It is important to note the analysis included data for female/female and male/male borrowers, though these were not explored in depth due to their relatively small representation.)

Single borrowers have lower incomes overall, but those of females register below those of males. From 2011 to 2014, the average income of a female single borrower was $70,200, compared to the average income of a male single borrower, $97,700. (The average incomes in that same period of a female borrower/male co-borrower and male borrower/female co-borrower were $121,300 and $129,800, respectively.)

Female single borrowers are subject to higher interest rates: 4.01 percent on loans originated in 2011 to 2014, more than the 3.99 percent for a male single borrower, the 3.97 percent for female/male borrowers, and the 3.94 percent for male/female borrowers.

Loan amounts skew lower for female single borrowers—an average $171,200 for loans originated between 2011 and 2014. The average loan amount for a male single borrower in that same period was $204,900; the average loan amount for female/male borrowers was $218,200; the average loan amount for male/female borrowers was $234,200.

Female single borrowers fall behind when weighing loan amount against income. From 2011 to 2014, a female single borrower had a 2.9 percent loan size-to-income ratio, compared to 2.6 percent for a male single borrower, 2.2 percent for male/female borrowers and 2.1 percent for female/male borrowers.

In short, female single borrowers have less substantial mortgages taking up more of their budget. According to the results of the report, 15.6 percent of female single borrowers have higher-priced mortgages—15 percent of male single borrowers, 12.6 percent of female/male borrowers, and 7.6 percent of male/female borrowers, by contrast.

The report emphasizes female single borrowers are also denied mortgages more than their counterparts, and are more likely to be minorities living in low-income areas where more than half of residents are minorities.

All of these findings bring to stark relief the need for alternative credit risk assessment …read more

From:: Real Estate News

By Susanne Dwyer

Real estate professional Shena Taylor may have one foot in Chicago (and license) and the other in Florida, but she wants to broadcast to the world that many of the people who think they aren’t qualified to buy a home or investment property, really can.

In fact, she’s poised to launch a radio show to discuss this topic—and more.

“Since being selected to host a real estate talk show on Digital TV, I need to spend my time on my clients, rather than looking for them,” says Taylor. “That’s where Homes.com comes in.”

Taylor, of S. Taylor Real Estate, says she and two broker associates will use the platform to discuss the challenges faced by consumers and Realtors® today. A huge proponent of Homes.com’s Rental Connect and Local Connect, Taylor notes that one of the segments will focus on how Homes.com has worked for her.

Having learned about Homes.com from a friend when she branched out into the Florida market, Taylor can’t say enough about the business Homes.com has generated for her in her local markets.

“I get a lot of work from Homes.com. So much in fact that I don’t have to do any farming at all. And almost every time I sell or rent to one of those clients, I get another referral,” says Taylor, who explains that she typically gets four to five leads a day. “All I have to do is call them and follow-up.”

While she was a bit apprehensive to jump on board in the beginning, Taylor hasn’t looked back since making the decision to partner with Homes.com.

“Something about the program made me try it, and I’ve been getting lead after lead after lead,” says Taylor, all of which are viable leads with credit and income workable to rent or purchase. “No one wants to pay for leads that can’t close.”

In addition, Taylor notes that Homes.com’s referral game is nothing short of strong. “When I refer clients through Homes.com, they truly value the level of attentiveness they receive.”

As the Florida and Chicago markets continue to heat up, Taylor is poised for success well into the future.

“I recently closed a referral I was working with through Homes.com, and I’m currently working with five new clients (at press time),” says Taylor. “My leads afford me the time required to work for each client as opposed to working to find clients. In addition, I’ve referred three real estate professionals so far who are not only making money, but are very pleased with Homes.com.”

For more information, visit connect.homes.com.

…read more

From:: Finance and Economy

By Susanne Dwyer

Real estate professional Shena Taylor may have one foot in Chicago (and license) and the other in Florida, but she wants to broadcast to the world that many of the people who think they aren’t qualified to buy a home or investment property, really can.

In fact, she’s poised to launch a radio show to discuss this topic—and more.

“Since being selected to host a real estate talk show on Digital TV, I need to spend my time on my clients, rather than looking for them,” says Taylor. “That’s where Homes.com comes in.”

Taylor, of S. Taylor Real Estate, says she and two broker associates will use the platform to discuss the challenges faced by consumers and Realtors® today. A huge proponent of Homes.com’s Rental Connect and Local Connect, Taylor notes that one of the segments will focus on how Homes.com has worked for her.

Having learned about Homes.com from a friend when she branched out into the Florida market, Taylor can’t say enough about the business Homes.com has generated for her in her local markets.

“I get a lot of work from Homes.com. So much in fact that I don’t have to do any farming at all. And almost every time I sell or rent to one of those clients, I get another referral,” says Taylor, who explains that she typically gets four to five leads a day. “All I have to do is call them and follow-up.”

While she was a bit apprehensive to jump on board in the beginning, Taylor hasn’t looked back since making the decision to partner with Homes.com.

“Something about the program made me try it, and I’ve been getting lead after lead after lead,” says Taylor, all of which are viable leads with credit and income workable to rent or purchase. “No one wants to pay for leads that can’t close.”

In addition, Taylor notes that Homes.com’s referral game is nothing short of strong. “When I refer clients through Homes.com, they truly value the level of attentiveness they receive.”

As the Florida and Chicago markets continue to heat up, Taylor is poised for success well into the future.

“I recently closed a referral I was working with through Homes.com, and I’m currently working with five new clients (at press time),” says Taylor. “My leads afford me the time required to work for each client as opposed to working to find clients. In addition, I’ve referred three real estate professionals so far who are not only making money, but are very pleased with Homes.com.”

For more information, visit connect.homes.com.

…read more

From:: Real Estate News

By Susanne Dwyer

A HELOC rebound is underway, according to a recently released Experian white paper. The rise in home equity lines of credit, commonly referred to as HELOCs, affects consumers and lenders positively, with consumers making payments on time and being responsible with their financial debts. Even with this positive outlook, consumers and lenders still should proceed somewhat cautiously, as $236 billion in HELOC debt originated between 2005 and 2008 is now nearing repayment.

Given that a significant number of these HELOCs are reaching the end of their borrowing period and approaching repayment, Experian is looking at how consumers are managing these payments and what those spikes and trends mean.

“During the housing boom, home equity lending was heating up, but lenders pulled back significantly as home prices began to fall,” says Michele Raneri, vice president of analytics and new business development. “What we’re seeing now is that home values have recovered, but the end of draw is still a factor that needs to be considered when it comes to consumer and lending behavior.”

The study focuses on the HELOC trends that can affect the lending ecosystem moving forward. Findings include:

• $29 billion in HELOC debt originated between 2005 and 2008 has been paid down over the past 12 months, as many of these lines of credit are in or are approaching their repayment period.
• As of Q4 2015, originations were up 111 percent, to $43.03 billion from $20.44 billion in the same quarter in 2010.
• Delinquencies associated with HELOCs have decreased to near pre-recession levels; in Q4 2015, 0.49 percent of consumers with an open HELOC were 90 to180 days past due.
• Consumers with a HELOC in repayment were more likely to both close and open other HELOCs in the next 12 months. They also were more likely to open or close a mortgage in the next 12 months.

The study further evaluated what could happen to these loans and other loan products. It found that consumers coming to the end of draw on their HELOC are more likely to become delinquent—not just on the HELOC, but also on other types of debt such as mortgage, auto loan, auto lease and bankcard trades—as the increase in repayment burden could mean higher monthly payments.

“Many consumers have dealt with repayment well, while others may experience payment shock,” continues Raneri. “The best path forward in this situation is for consumers to fully understand this potential payment stress, use resources available to them and to work closely with their lender to navigate these changes. If consumers have good credit and equity in their homes, they most likely can refinance their HELOC.”

Additional insights and information are available in the white paper.

…read more

From:: Finance and Economy

By Susanne Dwyer

A HELOC rebound is underway, according to a recently released Experian white paper. The rise in home equity lines of credit, commonly referred to as HELOCs, affects consumers and lenders positively, with consumers making payments on time and being responsible with their financial debts. Even with this positive outlook, consumers and lenders still should proceed somewhat cautiously, as $236 billion in HELOC debt originated between 2005 and 2008 is now nearing repayment.

Given that a significant number of these HELOCs are reaching the end of their borrowing period and approaching repayment, Experian is looking at how consumers are managing these payments and what those spikes and trends mean.

“During the housing boom, home equity lending was heating up, but lenders pulled back significantly as home prices began to fall,” says Michele Raneri, vice president of analytics and new business development. “What we’re seeing now is that home values have recovered, but the end of draw is still a factor that needs to be considered when it comes to consumer and lending behavior.”

The study focuses on the HELOC trends that can affect the lending ecosystem moving forward. Findings include:

• $29 billion in HELOC debt originated between 2005 and 2008 has been paid down over the past 12 months, as many of these lines of credit are in or are approaching their repayment period.
• As of Q4 2015, originations were up 111 percent, to $43.03 billion from $20.44 billion in the same quarter in 2010.
• Delinquencies associated with HELOCs have decreased to near pre-recession levels; in Q4 2015, 0.49 percent of consumers with an open HELOC were 90 to180 days past due.
• Consumers with a HELOC in repayment were more likely to both close and open other HELOCs in the next 12 months. They also were more likely to open or close a mortgage in the next 12 months.

The study further evaluated what could happen to these loans and other loan products. It found that consumers coming to the end of draw on their HELOC are more likely to become delinquent—not just on the HELOC, but also on other types of debt such as mortgage, auto loan, auto lease and bankcard trades—as the increase in repayment burden could mean higher monthly payments.

“Many consumers have dealt with repayment well, while others may experience payment shock,” continues Raneri. “The best path forward in this situation is for consumers to fully understand this potential payment stress, use resources available to them and to work closely with their lender to navigate these changes. If consumers have good credit and equity in their homes, they most likely can refinance their HELOC.”

Additional insights and information are available in the white paper.

…read more

From:: Real Estate News