Low home inventory continues to drive up prices in the real estate market this spring. The median home listing price in March reached $280,000, a 2% increase since February and an 8% year-over-year increase, according to the latest figures from realtor.com. “Never in history have more eyes been on fewer homes,” stated realtor.com’s director of… Read more »
More millennials are buying homes. But that’s not all. According to a new survey, the majority of millennials also believe that homeownership is part of the American Dream. A report from Trulia said that 73% of millennials – the generation of young people who are now between the ages of 18-34 – said they believe… Read more »
Ellie Mae recently announced that it has acquired Velocify, a cloud-based intelligent sales automation system, so that it can more quickly deliver a true digital mortgage solution to lenders of all sizes. Digital mortgages are reportedly a high priority for consumers who want faster mortgage application processing. A recent survey by Ellie Mae, for example,… Read more »
The Consumer Financial Protection Bureau (CFPB) announced in late October that it has launched a new tool for tracking mortgage delinquencies nationwide. The new Mortgage Performance Trends toolis free and available to the public. It features interactive charts and graphs with data on delinquency rates at the county and metro-area levels for all 50 states plus… Read more »
More lenders say they have eased mortgage credit standards, instead of tightening them, according to Fannie Mae’s third quarter 2017 Mortgage Lender Sentiment Survey®. In fact, the net share of lenders who reported easing credit standards over the prior three months reached a new high since the survey’s inception in March 2014, after climbing each… Read more »
Freddie Mac has announced that it will no longer purchase very low down payment mortgages requiring only a 1% down payment from the borrower. The change is effective for mortgages with settlement dates on and after November 1, 2017. Surprisingly the news comes soon after reports that Freddie Mac expected to double its volume of… Read more »
Beginning this month, the three major credit bureaus—Equifax, Experian, and TransUnion will start removing tax liens and judgments from credit reports, making it easier for them to qualify for mortgages and other loans. The action is part of the National Consumer Assistance Plan (NCAP) initiative. The NCAP was created in March 2015 when it became… Read more »
Are you looking to buy a home or condo in one of these D.C. neighborhoods? Be prepared to pay at least the asking price! In March, homes in Capitol Hill Northeast, Chevy Chase D.C., Columbia Heights/Mount Pleasant, Foggy Bottom/West End and Logan Circle/Dupont sold for up to 101.7% of the asking price. So what does… Read more »
Add to the many Millennial woes: difficulty finding a home. There are a host of explanations for why young people today aren’t opting for the golden retriever and the white picket fence – student loan debt, the preference for the city over the suburbs, getting married later, stricter lending standards. Millennial Woes in Real Estate… Read more »