New single-family homes recorded a sharp uptick in January, running at a seasonally adjusted annual rate of 543,000, following reports of homebuilder sentiment that show strength in the market for new homes.
Mortgages processed through the U.S. Department of Agriculture came to a halt when the government shut down last week. The closing thwarted the processing of new USDA loans, creating another potential drag on the housing market.
Here's a troubling anecdote for you, via the Wall Street Journal:
When Erick Moore first read about the USDA's Rural Development Guaranteed Loan program, he says he imagined it would be "restricted to some little farmhouse." Instead, the 33-year-old computer programmer moved last month into a four-bedroom, three-bath home in Fuquay-Varina, N.C., 17 miles outside Raleigh. The house sits on nearly one acre and features a brick facade, 10-foot ceilings and hardwood floors.
The Federal Home Loan Banks' Mortgage Partnership Finance Program announced a new partnership with the USDA Rural Development program on Tuesday.
Under this new arrangement, approved Home Loan Banks participating in the MPF Program can now purchase RHS Section 502 government-guaranteed loans from qualified members, including commercial banks, thrifts, credit unions, and insurance companies.
The darlings of 2014, the single-family housing investment and rental businesses, didn’t dominate like last year, but they still had a strong showing. After snagging four of the top five spots on the 2014 HW Fast50, two SFRs placed in the top five in 2015 and three made the top 50..
Bank loyalty is not a factor for borrowers in shopping for a mortgage loan. Borrowers tend to select a mortgage originator based on product, price and their expectation for a convenient transaction process. Read More