Homeowners

Have we reached a tipping point in the rising costs of homes?

Case-Shiller report shows lowest level of home price growth since Nov. 2016
After rising constantly since 2012, are home prices now finally starting to modulate a bit? New data from S&P Dow Jones Indices and CoreLogic suggests that may just be the case. According to a review of the data by CoreLogic Deputy Chief Economist Ralph McLaughlin, thanks to a slower December, home price growth is now at its lowest level since November 2016.
Read More

Wells Fargo expands affordable housing program to Houston

Big bank partners with nonprofits to offer down payment assistance to Houstonians
Wells Fargo announced Monday it is partnering with NeighborWorks America and nonprofit organizations to bring down payment assistance to prospective homebuyers in Houston. The bank is committing $6.1 million in housing assistance in the form of $15,000 grants to qualified home buyers in the city.
Read More

Chase guarantees it will close a mortgage in 21 days or it’ll give you $1,000

Rolls out new loan closing guarantee program for customers
Chase Home Lending now claims it can close on a borrower’s mortgage in as little as three weeks and it’s putting its money where its mouth is to back up that claim. Chase announced recently that it is rolling out a program called “Closing Guarantee” for its existing customers. Through the program, the bank promises to close a mortgage in 21 days, and if the bank doesn’t close on the loan in the timeframe, it will pay the borrower $1,000.
Read More

Here’s why the housing market should expect a cash-out refi boom

High levels of equity and falling rates have experts predicting a surge in cash-outs
Equity levels are climbing while mortgage rates are falling, and this has some predicting an inevitable boom in cash-out refinances. Capital Economics says the number of cash-outs will reach a 10-year high in the next couple of years. But before warning bells sound for those who remember the role cash-outs played in the collapse of the housing market, keep in mind that mortgage lending and consumer attitudes have changed since the mid-2000s.
Read More

Yet another sign from the housing market of a looming recession

Single-family housing authorizations show persistent declines
A number of market analysts have pointed to signs of weakness in the U.S. housing market as an indicator of a possible economic recession ahead. A slowdown in the housing market – evident by dampening home price growth, a decrease in home sales, and a downturn in housing starts – can be a key signal of the wavering health of the overall economy. Now, the housing market has revealed yet another sign of a potential economic instability: a persistent decline in single-family housing authorizations.
Read More

Experts: Home equity is key to solving the country's looming retirement crisis

But many older homeowners are still reluctant to touch it
As Baby Boomers continue to retire en masse without sufficient savings to support their later years, it's become glaringly apparent that the country is on the brink of a retirement crisis. But many older Americans do have one major source of wealth at their disposal: their house. And for some, utilizing their home equity through a reverse mortgage could be the answer to their late-in-life money problems, leading some experts to call the HECM program important public policy.
Read More

It costs more to own a home than to rent one in every U.S. state

Here's a breakdown of the price difference by state
While previous articles have declared that the number of markets where it's cheaper to buy than to rent is decreasing, this one says it's plain non-existent. Using data from the U.S. Census Bureau's most recent American Community Survey, a CNBC article says homeowners spend more money per month than renters in every single state across the U.S.
Read More

Here's a compelling reason to take a reverse mortgage ahead of retirement

The loan can help eliminate a massive burden for senior homeowners
A reverse mortgage isn't a good fit for everyone, but for older homeowners with sizable equity and no intention of moving, the loan can make sense. And here's one compelling reason why: When a homeowner over the age of 62 refinances their traditional mortgage into a reverse mortgage, they can make their mortgage payments optional. For those who are on the brink of retirement and staring down the barrel of a limited, fixed income, this could make all the difference.
Read More

MarketWatch: 3 reasons why the housing market is weaker than it seems

The economy is relatively healthy, yet the housing market is showing signs of stress
The economy is growing and our workforce is mostly employed, so why does the nation's housing market appear to be backsliding? Applications are falling, purchase volume is declining, and existing home sales are dwindling. Something isn't adding up, wrote Caliber Home Loans CEO Sanjiv Das in a recent article for MarketWatch. Here are three reasons why Das said the housing market is underperforming.
Read More

[Pulse] Gary Vaynerchuk says homeownership is BS, but I don't care

It may have gone viral, but pay no attention to the high-profile entrepreneur's remarks
Industry interweb locales were on fire this past week when Gary Vaynerchuk – a sought-after motivational speaker, best-selling author and respected tech entrepreneur – slammed homeownership in a podcast interview that went viral. "I do not think the American dream should be buying a home anymore… It's a bad use of upfront capital, and it ties you up and it’s just not smart," he said. Are you enraged yet? If so, you're not alone.
Read More