Time is ticking for the National Flood Insurance Program. In just six months—on Sept. 30—the NFIP is set to expire, and REALTORS® are warning that could pose a major threat to home owners and property sales.“When the NFIP expired in 2010, over 1,300 home sales were disrupted every day as a result,” says NAR President William E. Brown. “That’s over 40,000 every month. Flood insurance is required for a mortgage in the 100-year floodpla
Pending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS® reported Wednesday. All major regions saw an uptick in sales contracts last month.NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.5 percent month over month to an 112.3 reading in February. The index is now 2
A slight drop in mortgage rates last week did not lead to much mortgage activity. Total mortgage application volume—for refinances and home purchases—mostly stayed flat last week, dropping by a mere 0.8 percent compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.The MBA reported the average for a 30-year fixed-rate mortgage dropped to 4.33 percent last week from 4.46 percent the we
While the national homeownership rate decreases, ownership rates among Hispanics are defying the trend with steady rises.The Hispanic homeownership rate grew to 46 percent last year, topping previous highs of 45.6 percent in 2015 and 45.4 percent in 2014, according to the National Association of Hispanic Real Estate Professionals’ 2016 State of Hispanic Homeownership Report.More than 7.3 million Hispanic households owned their homes in 2016, 3
Mortgage lenders’ optimism reached a high in a first-quarter survey, even as lenders expressed pressing challenges to their profit margins, according to Fannie Mae’s 2017 Mortgage Lender Sentiment Survey.Lenders say they’re most upbeat about the direction of the economy and home prices. They also continue to report modest easing of credit standards across all loan types, with plans to continue to do so over the next three months.“This qua
Big cities may grab most of the headlines when it comes to housing, but gains in smaller cities shouldn’t be ignored.One key behind many small towns' growth: a nearby college. Several smaller cities nabbing a spot in Smartasset’s top 25 list for rising housing values are college towns, such as Auburn, Ala.; Fayetteville, Ark.; and Bowling Green, Ky. “In many smaller cities, universities act as economic hubs supporting the whole community an
Many households are mortgage-ready but don’t try to buy a home because they can’t come up with a down payment, according to Rob Crane, CEO of Down Payment Resource in Atlanta.And yet there are hundreds of down payment assistance programs around the country that many households could tap if they only knew about them.To be sure, many households won’t qualify for down payment assistance, because they simply earn too much money. But many of the
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Mortgage financing giant Freddie Mac has expanded access to credit for American families without credit scores. Beginning in June, borrowers without credit scores may be able to easily qualify for purchase mortgages or no-cash-out refinance transactions. Still, borrowers will have to show payment references, like records showing timely housing payments.Freddie Mac currently allows lenders to manually underwrite mortgage loans to borrowers without
Some of the nation’s once hardest-hit housing markets are now among some of the healthiest.Notably, over the past decade, Tampa, Fla., had lost thousands of homes to foreclosure. Now, it is the healthiest housing market in the country, according to TenX, a real estate auction and analytics firm.TenX rated the locations based on several factors, including population and job growth, the unemployment rate, wage growth, and inventory and constructi
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