Top News Of The Week

- Mortgage Deduction Takes Hit in GOP Tax Plan
- GSE Reform Could Come Before Senate by End of Year
- Mortgage Relief For California Wildfire Victims
- Harvey, Irma Cause Spike in Delinquencies
- Housing Cost May Be Depressing Bay Area Job Market
- Childless Couples Driving Market for Condos, Townhomes
- SoCal Home Prices Continue to Soar
- Remodeling Market Maintains Strength in Third Quarter, Despite Challenges
- NAHB Chief Worries About Impact of GOP Tax Bill
- Home Price Increases Pick Up The Pace
- Apps Are Nice, But Mortgage Shoppers Want the Personal Touch, Too
- What New-Home Features Do Baby Boomers Really Want?
- Washington, DC Offers First Responders Help Buying Homes
- Trump Signs Disaster Relief Package, Includes Money For NFIP
- The Coming Boom in HELOCs
- Study Finds Clients Are Not Influenced By Attractive Agents


Mortgage Deduction Takes Hit in GOP Tax Plan
The mortgage interest deduction would be cut in half under the Republican tax reform plan.

Interest on new mortgages would be deductible only up to the first half-million dollars borrowed.

Senate Minority Leader Chuck Schumer spoke.

Also under the GOP plan, local property taxes could still be deducted, but only up to $10,000, and no more deduction for state and local income taxes.

GSE Reform Could Come Before Senate by End of Year
A report from Inside Mortgage Finance says the Trump administration is likely to release principles on housing finance reform — and legislation could be introduced in the Senate — by the end of the year.

David Stevens, president and CEO of the Mortgage Bankers Association, recently predicted that the Treasury Department will release those principles on what to do about Fannie and Freddie within weeks.

But Stevens also believes those principles will be a bit general, so as not to tie Congress’s hands in shaping reform legislation.

Mortgage Relief For California Wildfire Victims
Thousands of California homeowners are eligible for mortgage relief, if they were victims of the historic wildfires.

HUD has granted a 90-day moratorium on foreclosures of FHA-insured mortgages.

Fannie Mae and Freddie Mac are getting word out to affected homeowners, who may be eligible to defer their mortgage payments for up to a year.

Harvey, Irma Cause Spike in Delinquencies
We’re starting to see the mortgage impact of Hurricanes Harvey and Irma. Black Knight reports that nationally, the number of non-current mortgages — that is, those that are at least 30 days past due — rose 9% in September.

In hurricane disaster areas of Florida, non-current mortgages rose by 48%, and in the hardest-hit areas of Texas, they’re up 67%.

Housing Cost May Be Depressing Bay Area Job Market
It’s no secret that living in Northern California’s Bay Area is not cheap.

But there is growing evidence that the high cost of housing is negatively affecting the region’s job market. In August and September the Bay Area lost over 7,000 jobs.

Michael Bernick, former director of the California Employment Development Department calls it “a warning light.” He told KPIX-5 News the Bay Area usually leads the state in job gains per capita….

While the Bay Area lost jobs, California as a whole gained some 52-thousand jobs in September.

Childless Couples Driving Market for Condos, Townhomes
Fewer American women are having children, according to the latest CDC figures — and that has implications for the housing market.

The Mortgage Reports notes that childless home buyers are a growing segment of the market, and they generally prefer smaller homes than previous generations did.

THE NATIONAL ASSOCIATION OF REALTORS® says condos and townhouses are becoming more popular options among buyers without kids.

SoCal Home Prices Continue to Soar
Southern California home prices have tied an all-time high.

In September, according to figures from CoreLogic, the median home price for the six-county region was $505,000.

That’s up nearly 10 percent from a year ago, and it matches the high reached in 2007 before the bubble burst.

Remodeling Market Maintains Strength in Third Quarter, Despite Challenges
America’s home remodelers continue to report that business is good.

For the 18th consecutive quarter, the National Association of Home Builders’ “Remodeling Market Index” was above 50 in the third quarter, indicating more remodelers reported an increase in business than reported a decline.

Still, the NAHB says, remodelers face an array of ongoing challenges, not least of which is a critical labor shortage.

Rising material costs are also a big concern of remodelers.

NAHB Chief Worries About Impact of GOP Tax Bill
The head of the National Association of Home Builders says the GOP tax reform plan could lead to a housing recession.

CEO Jerry Howard tells CNBC the lower cap on mortgage interest deductability invites disaster.

But the head of the Association of Builders and Contractors likes the GOP bill. Michael Bellaman tells Fox Business he favors the tax cuts for small businesses.

THE NATIONAL ASSOCIATION OF REALTORS® says cutting the mortgage interest deduction in half will hurt middle class homeowners.

Home Price Increases Pick Up The Pace
The pace of home-price increases picked up again in August, after a brief lull in July, according to the latest House Price Index from the Federal Housing Finance Agency.

From July to August, home prices rose 0.7%, the report says, and increased 6-point-6 percent year over year.

Apps Are Nice, But Mortgage Shoppers Want the Personal Touch, Too
Technology is changing the way homebuyers gather information about mortgages — but a new study reveals that in the end, what they really want is personal interactions with real estate professionals.

Fannie Mae’s Economic and Strategic Research Group surveyed 12-hundred people who had recently obtained a mortgage, to find out about their experience with mortgage lenders and real estate agents, as compared to websites, apps, and social media.

The survey finds that while buyers do want a wide variety of online resources, they also said lenders and real estate agents were more influential in their mortgage-shopping experience than those online sources.

Even Millennials who said they used online and person-to-person resources about equally conceded that personal interactions, not online resources, were the most influential in their decision-making.

What New-Home Features Do Baby Boomers Really Want?
Ask a simple question — “What do baby boomers want in their next home?” — and you’ll get some insight into the mindset of some 76-million Americans.

Recently homebuilder PulteGroup surveyed Boomers to find out, what do they want?

Well, for one thing, multi-car garages. That was the new-home feature they most asked for.

Next, open decks or patios. Eat-in kitchens. And a private yard.

The PulteGroup survey found that more than a third of Baby Boomers say they plan to buy a home within the next three years.

Washington, DC Offers First Responders Help Buying Homes
Washington, DC is offering housing help to get their first responders to live in the city.

DC Police Chief Peter Newsham announced a slate of enticements, including help in buying a house in the nation’s capital.

DC is also offering other financial incentives, including rental assistance.

Trump Signs Disaster Relief Package, Includes Money For NFIP
The cash-strapped National Flood Insurance Program, or NFIP, is in line for a critical infusion of money, now that President Trump has signed a 36-billion-dollar disaster relief package.

The legislation includes 16-billion dollars for the NFIP, which has been socked by a tidal wave of claims from Hurricanes Harvey, Irma and Maria.

The Coming Boom in HELOCs
American homeowners are becoming more comfortable with the idea of tapping into their home’s equity.

According to a new study from TransUnion, some 10 million homeowners are expected to take out home equity lines of credit, or HELOCs, over the next four years.

That would be twice as many HELOCs as were taken out between 2012 and 2016.

Study Finds Clients Are Not Influenced By Attractive Agents
Good looks aren’t everything. And that’s actually good news for some real estate professionals.

Recent research published by the American Real Estate Society finds that agent attractiveness does not entice customers.

Comments are closed.



ADVERTISEMENT
ADVERTISEMENT
©2017 All Rights ReservedPRIVACY POLICY