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Monthly Archives: July 2014

Mortgage assistance is latest trend in home sales

Recent reports indicate a slowing down of house sales in many markets across the country. Most significantly felt in big metropolitan areas such as Los Angeles, New York and San Francisco, these locations are witnessing innovative and unique approaches to home sales and purchases by both veterans and rookies in the housing game.

It is estimated by many industry professionals that buying and selling will decrease across the country. The Los Angeles Times reports that one out of five markets may feel the ramifications with year-over-year declines in home sales.

Common mistakes of new home buyers

The housing market can seem somewhat fickle, especially in today’s economy. And with new home buyers trying to jump into the market, it's hard to predict the future of the industry as a whole.

However, affordable home costs and low interest rates make it appealing to green home buyers who are so eager to get into their first house that sometimes they make needless mistakes that can cost them.

Existing-home sales up for the month of June

The housing market is an ever-changing industry, with the economy having a great impact on it and vice-versa.

According to the National Association of Realtors (NAR), sales of existing homes were up in June, which indicates continued, if not slow, growth of the market as a whole. In June, annual sales pace for existing homes reached five million, which is the first time for this since October of last year.

Housing numbers continue to fluctuate week-to-week

Home mortgage applications rose again in the past week, continuing the theme of roller coaster-like peaks and valleys for rates in the housing market.

According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, applications were up 2.4 percent from the previous week. Additionally, the Refinance Index revealed a 4 percent increase from the week before. Likewise, the Purchase Index increased by 0.3 percent.

Recent release of indexes are concerning for housing market

According to the most recent release from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, the number of mortgage applications are down by 3.6 percent from the week prior.

For the week ending in July 11, mortgage loan applications dropped over three percent below the seasonally adjusted basis, according to Housingwire. Additionally, the Refinance Index decreased .1 percent in the same amount of time and the Purchase Index dropped eight percent to reach the lowest levels since February of this year.

Middle-aged Americans to blame for dwindling housing market?

While many industry leaders have been pointing the finger at the millennials as the source for the lack of growth in the housing market, a new report indicates that perhaps they should be placing blame elsewhere.

Despite less-than-desirable incomes and comparably higher home costs, the younger generation still has a desire to invest in a home of their own. On the other hand, however, middle-aged Americans are less likely to spend in the current market according to the new Trulia report.

Blame it on the South?

It seems like each day is a different story when it comes to the current state of the American housing market. Some days progress is minimal, while other days there is a new trend or niche area that is causing a huge boom in buying, selling, building and renovation.

One area that has tended to flip flop between successful and struggling for the past few months is housing production. According to Realtor Mag, the percentage for housing production dropped over nine percent for the month of June. However, on a national level, the area that appears to have the least amount of new builds is in the southern part of the country.

Miscommunication between buyers and sellers felt across the country

We are heading into the busiest time of year for real estate, as the end of summer and start of fall tends to be a peak time for buying and selling across the country.

According to Redfin, a real estate company that aims to simplify the process, current buyers and sellers are just not on the same page when it comes to the present state of the housing market.

Record low mortgage rates still affect housing market

The housing market has been on a slow track to recovery following the crash of the economy in 2008. Now, there is a huge gap between the number of houses on the market available to buyers and the prices that sellers are willing to put on their property for.

In a recent article from the Associated Press, Christopher Rugaber presents the idea that many homeowners are unable to sell their houses because doing so would increase their mortgage rates, and effectively cost them more in the long run. This predicament is unlike any experience that any homeowner has had to face, historically speaking. Over the past 30 years, most times that homeowners wanted to upgrade to a new home - and a new mortgage - they would also be upgrading to a new, lower mortgage rate.

Multi-family homes potential market leaders for millennials

As they relate to the housing market, the millennial and baby boomer generations have a lot in common. In today’s economy, both demographics are down-sizing to smaller units or opting to rent rather than buy in order to save money.

The older generation and the 20-somethings enjoy the flexibility that renting affords them and the lack of homeowning responsibilities that accompany rental or condo life. The last major benefit is that a willingness to live in a smaller unit allow individuals the opportunity to live closer to an urban metropolis.