According to Fannie Mae’s recent Mortgage Application Survey, loan apps are up for the second straight week. Ironically, although rates are rising, refinance loan applications rose 2% over last week, while purchase business dropped by 1%. While that was going on, home prices overall rose by about 6% and rates for conforming conventional loans increased to their highest level at…
According to a recent Trulia Report, “Where Have All the Homeowners Gone?”, in 90 of the largest 100 metro areas, homeownership rates fell from the levels from 2000 to the levels from 2016. Why? According to Felipe Chacon, Trulia’s Economist and the chief author of the report, neighborhoods that swung to renters from owners or vice versa were influenced by…
Don’t know about you but we were hit pretty hard by the recent Nor’easter that hit Philly and other areas of the Northeast. We were without power for more than 3 days. Not good! We had no contact with the outside world, no TV, no radio, and no landline phone. We had no way of knowing what was happening and…
With home prices rising, a limited inventory, and increased mortgage rates more home buyers are making offers on properties sight-unseen. Home inventories are shrinking and buyer demand increasing makes it more difficult for buyers to find a home. Nearly 20% of the homes recently sold were above their asking price. This trend is expected to continue with the number increasing.…
It may be hard to believe, but many consumers still believe they need at least 20% down and a 750-credit score to even think about buying a home. That’s not only among first-time buyers. Others, including repeat buyers, are intimidated by the home buying and financing process. So many new rules, so much paperwork, so much time and effort. It…
Since Richard Cordray’s departure as CFPB Director and after a brief power struggle surrounding the appointment of Michael Mulvaney as Acting Director, CFPB started making some changes. In January, they issued notification of a series of Requests for Information (RFIs) to obtain comment to help determine if they are properly fulfilling their obligation to protect consumers. The RFIs to date…
