The Consumer Financial Protection
Bureau is launching an education campaign to help make home buyers and
home owners more aware of new mortgage regulations coming in January.
The materials are available at CFPB’s website.
The information includes fact sheets and tip sheets, such as on what a
Qualified Mortgage is, why it was developed, and the characteristics of
one. The Qualified Mortgage regulation goes into effect Jan. 10, 2014.
CFPB resources also explain how to gather information about an existing loan and where to get help when needed.
"Taking on a mortgage may be the largest financial obligation of a
consumer's lifetime," says CFPB Director Richard Cordray. "We want to
make sure that potential home buyers have the information they need to
make responsible decisions and that current borrowers know about their
new protections."
CFPB’s website includes fact sheets on consumer protections to borrowers under new servicing rules, and how to file a complaint with the agency if any violations are suspected by lenders. CFPB also provides a fact sheet of recommendations for home owners facing foreclosure.
CFPB’s education campaign includes tip sheets for home buyers who are looking for mortgage, such as new rights for home buyers at every stage of the mortgage process, from taking out a loan to paying it off.
Source: Consumer Financial Protection Bureau and “CFPB Launches Education Campaign Ahead of New Mortgage Rules,” Mortgage News Daily (Dec. 19, 2013)
Monday, December 23, 2013
Wednesday, December 4, 2013
Nearly Half of States Within Reach of Peak Home Prices
Twenty-three states are within 10 percent of their 2006 home price peaks, CoreLogic reports in its latest housing data report reflecting October data.
Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. CoreLogic’s Home Price Index also reflects distressed sales.
“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” says Anand Nallathambi, president and CEO of CoreLogic. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”
The following five states have seen the highest home price appreciation year-over-year:
Soaring home prices are allowing more states to catch up to their home price peaks in 2006. Sixteen states are all within 5 percent or less of their peak home prices: Arkansas, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, Montana, New York, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, Wyoming, and Alaska.
“The slowdown in appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks,” says Mark Fleming, chief economist for CoreLogic.
Meanwhile, the following five states remain the furthest from their peak values as of October, according to CoreLogic:
--REALTOR® Magazine Daily News
Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. CoreLogic’s Home Price Index also reflects distressed sales.
“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” says Anand Nallathambi, president and CEO of CoreLogic. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”
The following five states have seen the highest home price appreciation year-over-year:
- Nevada: +25.9%
- California: +22.4%
- Georgia: +14.2%
- Michigan: +14.1%
- Arizona: +14%
Soaring home prices are allowing more states to catch up to their home price peaks in 2006. Sixteen states are all within 5 percent or less of their peak home prices: Arkansas, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, Montana, New York, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, Wyoming, and Alaska.
“The slowdown in appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks,” says Mark Fleming, chief economist for CoreLogic.
Meanwhile, the following five states remain the furthest from their peak values as of October, according to CoreLogic:
- Nevada: -40.7%
- Florida: -37.4%
- Arizona: -31.5%
- Rhode Island: -29.3%
- West Virginia: -28%
--REALTOR® Magazine Daily News
Monday, December 2, 2013
Foreclosed Owners Get Second Chance Sooner
Those who lost their home due to financial hardships may get another shot at being home owners again soon. The Federal Housing Administration recently announced that they would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale who want to buy a home again. Under the FHA's Back-to-Work program, home owners must show that they have their finances back in order and they must receive counseling from a HUD-approved agency. Those who meet the requirements can apply to buy a property in as little as a year.
“The Back to Work program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency called Springboard, told HousingWire. "Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.”
Counselors provide borrowers with a customized action plan that reflects household budgets and shows borrowers how they can meet their financial obligations to prevent default again in the future.
The Back-to-Work program is also helping borrowers purchase their first homes, in some cases.
Source: “Springboard helps formerly distressed borrowers get back on track,” HousingWire (Nov. 19, 2013)
“The Back to Work program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency called Springboard, told HousingWire. "Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.”
Counselors provide borrowers with a customized action plan that reflects household budgets and shows borrowers how they can meet their financial obligations to prevent default again in the future.
The Back-to-Work program is also helping borrowers purchase their first homes, in some cases.
Source: “Springboard helps formerly distressed borrowers get back on track,” HousingWire (Nov. 19, 2013)
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