Industry News

First-time homebuyers fall, ‘desire to own’ jumps

Housing is recovering in sales and prices, but one segment is stubbornly weak and getting weaker. The share of first-time buyers fell to the lowest level in nearly three decades, just 32 percent of all purchases, according to the National Association of Realtors’ annual profile of buyers and sellers. Investors are not included in the survey.

At the same time, the share of buyers saying their primary reason for buying was the simple desire to own rose overall and most dramatically among first-time purchasers.

“There are several reasons why there should be more first-time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college-educated, and the fact that renting is becoming more unaffordable in many areas,” said Lawrence Yun, the Realtors’ chief economist. “Unfortunately, there are just as many high hurdles slowing first-time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing-homes in their price range, and it’s still too difficult for some to get a mortgage.”

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(Via CNBC)

How will we know when the mortgage market has fully recovered?

Several concrete signs lately point to a broad-based housing recovery across the nation: Home sales are increasing, prices are rising, credit access is gradually easing and private capital is slowly coming back. But not everything is back to normal: credit availability is still very tight, delinquencies are still elevated and taxpayers still back the overwhelming majority of the mortgage market. With such contradictions and no single indicator of market health, how will we know when the market has recovered enough?…

Learn More Here (via Urban Institute)

Homebuyers are hitting record credit scores

New mortgages for purchasing homes are churning out at a fast clip, with the borrowers getting those loans having some of the highest credit scores ever. Because credit is favoring a smaller segment of borrowers, the result is that loan performance is arguably the best in history.

Purchase mortgage originations in the second quarter of this year were up 15 percent from a year ago, according to Black Knight Financial Services. June, the height of the spring sales season, saw the largest purchase loan volume since 2007, due to a high volume of sales.

As cash-heavy investors move out, mortgage-dependent borrowers are moving in. Cash sales made up about 30 percent of total home sales in July, the latest reading, down from 34 percent in July 2014. It is at the lowest level in nine years…

Learn More Here (via CNBC)

Buy or rent-to-own? Review finds little difference in Forsyth – Winston-Salem Journal

Winston-Salem Journal

Buy or rent-to-own? Review finds little difference in ForsythWinston-Salem JournalThe average monthly cost for a rent-to-own home was $1,059 in May, down $7 from a year ago, according to RealtyTrac, a national real-estate research firm. Buy or rent to own? Durham County was recommended as a “buy” housing market. The average …

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Source:: Buy or rent-to-own? Review finds little difference in Forsyth – Winston-Salem Journal

OPED: Dodd-Frank Act law has done more harm than good for consumers – Mineral Wells Index

Mineral Wells Index

OPED: Dodd-Frank Act law has done more harm than good for consumersMineral Wells IndexThese potential borrowers aren’t being denied mortgage loans because they can’t afford them; rather, the community banks that would normally offer them a loan simply aren’t in the business of lending anymore. Dodd-Frank has made these banks reassess …and more

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Source:: OPED: Dodd-Frank Act law has done more harm than good for consumers – Mineral Wells Index

Lease-purchases face hurdles | Home and Garden | Journal Gazette – Fort Wayne Journal Gazette

Fort Wayne Journal GazetteLease-purchases face hurdles | Home and Garden | Journal GazetteFort Wayne Journal GazetteKaren Coffey recalls one day when she took a client through a new rent-to-own home on Hanna Street, built by Decatur-based Ideal Suburban Homes. He couldn’t get over it, she says. “He kept saying, ‘This is so nice! Mine will be nice as this?’ I said … …read more

Source:: Lease-purchases face hurdles | Home and Garden | Journal Gazette – Fort Wayne Journal Gazette

Wells Fargo Breached Deal Over ‘Pick-A-Payment’ Loans, Must Provide Borrow … – eCreditDaily.com

eCreditDaily.com

Wells Fargo Breached Deal Over ‘Pick-A-Payment’ Loans, Must Provide Borrow …eCreditDaily.comSome homeowners who were wrongly denied mortgage modifications or other assistance from Wells Fargo should get relief soon after a federal judge ruled this week that the bank was in breach of a 2010 settlement involving adjustable-payment mortgages, …Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide …The ConsumeristUS judge finds Wells Fargo breached 2010 mortgage settlementeuronewsall 101 news articles

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Source:: Wells Fargo Breached Deal Over ‘Pick-A-Payment’ Loans, Must Provide Borrow … – eCreditDaily.com

The Pros & Cons of Rent-to-Own Home Deals – Credit.com News (blog)

Credit.com News (blog)

The Pros & Cons of Rent-to-Own Home DealsCredit.com News (blog)That age-old question when choosing a place to live of rent versus buy actually raises a series of questions. What can you afford? What makes sense for your situation? Can’t I just live with my parents forever? No matter which aspect plagues you most, …

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Source:: The Pros & Cons of Rent-to-Own Home Deals – Credit.com News (blog)

Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide … – The Consumerist

The Consumerist

Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide …The ConsumeristSome homeowners who were wrongly denied mortgage assistance from Wells Fargo will soon receive the help they needed years ago after a federal judge ruled this week that the bank’s denial of modifications were in breach of a 2010 settlement involving …US judge finds Wells Fargo breached 2010 mortgage settlementeuronewsall 70 news articles

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Source:: Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide … – The Consumerist

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