U.S. Treasury Secretary Jack Lew warned Congress in a letter Friday that his department will begin implementing ‘extraordinary...
The U.S. Department of Housing and Urban Development will close its offices nationwide on Friday, May 24th. The news comes as a...
Even more American homebuyers are paying cash to acquire homes, according to a new survey from Campbell/Inside Mortgage Finance.
The group's HousingPulse Tracking Survey said between October and January, the number of homeowners purchasing residences with cash grew from 30.8% to 34.1%.
This trend is occurring at a time when mortgage rates are holding low. The survey noted that all-cash buyers are getting discounts of approximately 10%.
Homebuyers who turned to cash purchases are doing so because of the slow underwriting process late appraisals and long-wait times when dealing with certain loans, the report said.
"It is taking about 60 days to close a non-troubled FHA loan. About 30 days longer than usually a year ago," an agent in Florida told the survey team.
To release its report, the Campbell/Inside Mortgage Finance HousingPulse Tracking survey interviewed 2,500 real estate agents across the country.
Don’t miss out: get HW delivered via email