Selling AZ With Rebecca

Wednesday, March 6, 2013

Are Banks Easing Up on Mortgage Standards?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 05, 2013

A very tight mortgage lending environment “promises improvements this year as the drivers of tough credit standards reverse,” according to Moody’s Analytics ResiLandscape Report. Still, lending will remain tight by historical standards, the report notes.

Tight underwriting conditions have been one of the main obstacles for the housing market recovery. But the credit agency says that those conditions began to ease somewhat this year and likely will continue to.

"Rising house prices give lenders more breathing room to extend credit," the analysts at Moody’s noted.

Over the past year and a half, large lenders have loosened up or held standards stable on prime loans for mortgage originations, according to the Survey of Senior Lending Officers.

Aiding lenders’ confidence is that mortgage delinquencies have fallen to pre-recession rates.

"Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying," according to the Moody’s report.

Mortgage supply will remain constrained, but “improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage," Moody's said. "Greater credit availability will in turn help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path."

Source: “Slight opening of credit spigot aids housing outlook,” HousingWire (March 4, 2013)

http://realtormag.realtor.org/daily-news/2013/03/05/are-banks-easing-up-mortgage-standards

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Tuesday, March 5, 2013

How Will a New Facebook Tool Impact Real Estate?

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 05, 2013

Real estate professionals using social media for marketing stand to benefit from Facebook Graph Search, which will allow them to find buyers and sellers through shared friends and interests and make it easier for consumers to find them.

This means users can perform such searches as “Friends of my friends who live in San Diego, Calif., are female real estate agents, and like spirituality.”

“You literally can drill down into granular data, which has only previously been available through advertising,” says Mari Smith, a Facebook marketing expert.

Right now, Graph Search does not search key phrases that appear in users’ timelines, and it respects their privacy settings. To improve the odds of being found by consumers, experts encourage agents to switch their privacy settings to public and beef up their “Work and Education” profile field with a link to their firm’s Facebook page and the inclusion of multiple titles used to search for real estate professionals, such as “real estate agent” and “broker.”

Given that Graph Search likely will scan other profile sections in the future, practitioners should insert industry phrases in the “About You,” “Favorite Quotations,” and “Basic Info” sections as well. Moreover, they should “like” pages that complement their interests.

Source: “How Facebook Graph Search Will Change Real Estate,” Inman News (March 4, 2013)

http://realtormag.realtor.org/daily-news/2013/03/05/how-will-new-facebook-tool-impact-real-estate

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Monday, March 4, 2013

How Big of a Threat Are Sinkholes?

DAILY REAL ESTATE NEWS | MONDAY, MARCH 04, 2013

Sinkholes are a lot more common than many home owners realize—particularly in Florida, according to CoreLogic, a real estate analytics firm.

A Florida man is presumed dead after a large sinkhole engulfed his entire bedroom last week, capturing headlines across the country. The incident has prompted many home owners wonder if a sinkhole is a threat to their homes too.

In a CoreLogic analysis, Florida appears to be most at risk for sinkholes, with 15,000 verified sinkholes. Pasco County—along the West Coast of Florida—has about 6,000 of those sinkholes, according to CoreLogic.

"It's important to note that not all sinkholes are prone to a sudden collapse like this, and they all obviously represent various levels of risk to people in the area," CoreLogic writes. "It's also interesting to know, however, that general homeowners insurance often does not cover sinkhole losses."

Source: “CoreLogic: Sinkholes More Common, Costly than Home Owners Realize,” HousingWire (March 1, 2013)

http://realtormag.realtor.org/daily-news/2013/03/04/how-big-threat-are-sinkholes

Friday, March 1, 2013

January Pending Home Sales Up in All Regions

DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 28, 2013

Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of REALTORS®. There were healthy monthly gains in all regions but the West, which, despite being constrained by limited inventory, still improved slightly.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012, when it was 96.7. The data reflect contracts but not closings.

The January index is the highest reading since April 2010, when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.

Lawrence Yun, NAR chief economist, said inventory is the key to this year’s housing market. “Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply-demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years,” he said.

“Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages,” Yun said.

The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest, the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West, the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.

Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

Also released today are annual data revisions. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.

http://realtormag.realtor.org/daily-news/2013/02/28/january-pending-home-sales-up-in-all-regions

Mortgage Rates Move Lower

DAILY REAL ESTATE NEWS | FRIDAY, MARCH 01, 2013

After mostly holding steady the last few weeks, mortgage rates inched down this week, giving housing a boost leading up to the spring home buying season, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reported the following national averages with rates for the week ending Feb. 28:

30-year fixed-rate mortgages: averaged 3.51 percent, with an average 0.8 point, dropping from last week’s 3.56 percent average. A year ago, 30-year rates averaged 3.90 percent.
15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.8 point, dropping from last week’s 2.77 percent average. Last year at this time, 15-year rates averaged 3.17 percent.
5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, dropping from last week’s 2.64 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.
1-year ARMs: averaged 2.64 percent, with an average 0.4 point, dropping from last week’s 2.65 percent average. A year ago, 1-year ARMs averaged 2.72 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2013/03/01/mortgage-rates-move-lower