Rates at 2-Week Lows After GDP; CFPB's TRID Changes; Jumbo Market Woes; Homeownership Lows

Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected reading on Q2 GDP helped drive demand for bonds. Better buying pushes bond prices higher and rates lower. The strength in bond markets gave lenders the peace of mind needed in order to offer even better terms than yesterday. The most prevalent conventional 30yr fixed rate is quickly returning to 3.375% on top tier scenarios. Next week brings important economic data, including the big jobs report on Friday. The overall tone of that data should help determine whether rates will continue building on the past 2 days of positive momentum. The conservative approach would be to lock in the gains with rates at 2-week lows

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Your New Condo - Show 390

Real Estate Today Radio - SHOW 390

On this week's Real Estate Today, it's our special show "Your New Condo."

This Week's Show Includes:
- Top News Of The Week
- Condo Parking Spots
- Condos, Co-ops and Apartments
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

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Mortgage Rates' Best Day Since Brexit; Slow Start for Cash Sales; Everbank to be Acquired; Servicing Woes

Mortgage rates fell at the quickest pace in more than a month today as lenders priced-in the market improvements seen after yesterday's Fed Announcement. Even though quite a few lenders offered improvements yesterday afternoon, the so-called "reprices" were conservative compared to improvements implied by trading levels in mortgage-backed-securities (the bonds that most directly affect mortgage rates). This lag effect between markets and rate sheets has been a fixture in the post-Brexit mortgage rate environment, and it has frequently resulted in today's rate sheets reflecting yesterday's market movement. The only catch is that today's market movement can't backtrack too far in the other direction. Simply put, lenders were prepared to offer lower rates yesterday, but needed confirmation that

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Retail, residential projects to continue East 16th Street surge

The operators of Tinker Street plan to open a Mexican restaurant along the revitalized corridor, while Hotel Tango Whiskey readies to expand operations there. Also, two more residential developments are in the works.

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Rents Rising Fastest Among Low-End Apartments

Despite growing number of renters in the market, most new apartment construction is high-end units

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Rates Fall After Fed; Fannie Upgrades HomeReady Program; Pending Sales Miss Estimates

Mortgage rates moved slightly lower today, although that's only true for lenders who issued mid-day improvements following the Fed's policy announcement. Markets were, by no means, expecting the Fed to hike rates today, but there was a decent enough chance they would telegraph their intention to hike. Such a move is certainly in the Fed's playbook, but if that's what they were shooting for today, it didn't show. Specifically, the Fed COULD have added verbiage like they did in October. That's the meeting where they clearly telegraphed a rate hike at the next meeting by specifically saying "In determining whether it will be appropriate to raise the target range at its next meeting." This time around, they didn't say anything of the sort. Bond markets improved to the best levels in weeks--a fact

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New Home Sales hit 8-Year High; Price Appreciation Slows; Foreclosure Starts Increase; Rates at 1-Month High

Mortgage rates moved slightly higher today, and are now effectively at the highest levels in month. That sounds a bit more dire than it is, though, because there hasn't been much movement in the bigger picture--especially over the past few days. In fact, there's quite a good chance that you'd receive the same quote today as you would have late last week. For most borrowers, that's in the mid 3.5% neighborhood when it comes to conventional, 30yr fixed loans. Flat financial markets (which are behind the relatively flat rates) speak to the risk of bigger movement in the coming days. Specifically, market participants want to see what the Fed has to say in its policy announcement tomorrow afternoon. A rate hike is not expected, but the Fed could still plant clues as to their intentions for the next

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Mortgage Rates Continue Sideways Slide Ahead of Fed; Mountain/West Home Prices Climb Higher

Mortgage rates were unchanged again today, making three out of the past 4 days where rates haven't budged and 6 out of the past 7 days where rates moved by 0.01% or less, on average. That's an exceptionally narrow range, and it speaks to indecision in financial markets ahead of this week's major central bank announcements. That's where the Fed and the Bank of Japan give the official word on their monetary policy, which includes setting short term rates and spelling out various stimulus efforts. The Fed isn't expected to hike rates this week, but chances increase as the year progresses. As such, it wouldn't be a surprise to see this week's announcement telegraph their intentions for the coming announcements. Although the Fed's policy rate does not directly control mortgage rates, there is typically

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Today’s Go-To Interior Color Choices: Pastels and Whites

Photo credit: Benjamin Moore

By Melissa Dittmann Tracey, REALTOR(R) Magazine

Move over gray. Pastels and whites are softening up the color palette of more homes in 2016.

On-trend colors of pastels are entering more household décor, like in accessories from decorative bowls and vases to florals and throw pillows. The major paint companies all agree: Lighter colors and whites are this year’s go-to interior colors.

Pantone voted Rose Quartz (a pinkish hue) and Serenity (a soft blue) its colors of the year for 2016.  Sherwin-Williams announced Alabaster – an off-white tone– as its 2016 Color of the Year, echoing Benjamin Moore’s choice of Simply White.

White can be a particularly great choice when prepping a home for sale. But to keep white walls from looking too sterile, layer in lots of rich texture when selling a home, sats home stager Julie Young with BY Design Home Staging in San Antonio, Texas.

“If it’s an all-white room, it can feel static and cold.” Texture – like through organic materials of branches or colored orchids or even different tones of white accessories – can help make an otherwise monotone space feel more warm and welcoming to buyers, Young says.

 

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Rates Steady at 1-Month Highs; Fannie's Take on Brexit; Home Construction Time Frames; The New Narrow

Mortgage rates didn't budge , compared to yesterday's, which leaves them in line with their highest levels since late June. A small majority lenders have moved up from quoting conventional 30yr fixed rates of 3.375% to 3.5% during the course of this week, and a several are already as high as 3.625% for top tier scenarios. That's about as stratified as it gets when it comes to each lenders' best possible rate on any given scenario. The stratification is a product of market volatility, all-time lows in benchmark rates (like US Treasuries) earlier this month, and varying lender strategies with respect to their business flow. While it's good to be aware of the discrepancy in rate offerings, it's also good to remember that the "lowest rate" isn't always "the best deal." It certainly can be, but

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Homes Selling Fast Amid Low Supply

Buyers need to act quickly, as homes are flying off the market faster than at any time since 2010

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Staying Cool - Show 389

Real Estate Today Radio - SHOW 389

On this week's Real Estate Today, it's our special show "Staying Cool."

This Week's Show Includes:
- Top News Of The Week
- The Whole House Fan
- Too Much Tech?
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

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Rates Near 1-Month Highs; Boomers Breaking Housing Mold; FTHBs Fuel 9-Year High in Sales

For most lenders, you'd have to go back to late June in order to see mortgage rates any higher than they were today, although several lenders did offer improvements as market conditions allowed in the afternoon. Additionally, there really wasn't much upward movement in rates from yesterday. Rather, this is simply the culmination of a slow, steady move higher over the past 2 weeks. For now, the worst side effect of this gradual movement is that it's finally bringing conventional 30yr fixed rates back up to 3.5% on top tier scenarios. 3.375% is still widely available, but 3.5% is now slightly 'more available.' In the bigger picture, the current week is better characterized as 'sideways,' despite the fact that today's rates happened to be the highest of the month. Keep in mind that mortgage rate

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Roundup: Patachou readies for Carmel move; Penn & Palate closing downtown

The Cafe Patachou at 126th and Gray Road will move this fall to a new locale in Carmel. In downtown Indianapolis, sushi joint Asian Harbor is opening while Penn & Palate says goodbye.

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Price Surge Different this Time; Discussing "Points" as Rates Stay Flat; Mini Refi Boom Hits Skids; "Key Levels"

CoreLogic, in a recent article on its blog, celebrated, if that's the word, the 10 th anniversary of the housing bubble. Principal Economists David Stiff said that the CoreLogic Case-Shiller Home Price Index reached its peak in July 2006. And the beginning of the end. Over the next six years the index dropped 27 percent and still remains down 4 percent from its "peak nominal value." (He notes that, in inflation-adjusted terms, the March national Case-Shiller index was down18 percent from its peak value.) Stiff says the recovery, while incomplete nationally may soon get there, likely hitting or surpassing those 2006 levels next spring or summer. Meanwhile, many local markets are back to pre-crisis prices and 40 percent of metro areas have set new price peaks. Another 30 percent are closing in

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Marsh closes east-side store with another in New Castle to follow

The local supermarket chain chose to shut the doors to its East Washington Street and German Church Road store instead of renewing its lease.

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Construction Lagging 2015 Numbers; Anticipation Builds for Next Rate Move; Distressed Sales

The Residential Construction Report from the U.S. Census Bureau and the Department of Housing and Urban Development reported that, while both permits and housing starts rose in June compared to the previous month, both were down from rates a year earlier. For permitting it was the second annual decline in as many months. In each case the year-over-year loss was in the multi-family sector. Permits were issued for construction of 1,153,000 units, up 1.5 percent from May's rate of 1,136,000 ( revised down from 1,138,000 units originally reported) but were 13.6 percent lower than in June 2015. The May report put the year-over-year change in permits at -10.1 percent. The monthly change in permits was in line with analysts' predictions. Those polled by Econoday had predicted a 1.5 percent increase

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Roughly $4.5M in projects near Greenwood's airport ready for takeoff

The two projects involve construction of an office-warehouse building and renovation of a strip center housing Oaken Barrel Brewing Co.

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Mortgage Rates Remain Under Pressure; Builder Confidence Steady or Stuck?

Mortgage rates remain under pressure over the past few weeks after hitting near-all-time lows in early July. With one exception, rates have been either sideways or higher every day since July 6th. In that time, they've moved up roughly an eighth of a point. Today would be easier to characterize as "sideways" for most lenders, although a few raised costs just slightly. The most prevalently-quoted conventional 30yr fixed rate for top tier scenarios remains 3.375%. Certainly, 3.375%, itself, is not bothersome in a historical context. Indeed, it was the most prevalent rate during the era of all-time lows in late 2012 and early 2013. The only inconvenience is the recent pattern of behavior. Over the past 3 years (or past 30 years, depending on how far back you want to go), rates have been in a long

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Restore a Pool in Just 5 Steps

Article Submitted by HowMuch.Net

Pools can take a lot of maintenance and work to keep them at their best. And sometimes that work can get beyond a home owner, causing them to shut down their pool for a period of time. If this has happened to one of your clients or maybe they’ve bought a new home with an old pool that needs some help, these five steps will make it swimming ready in no time at all.

Step 1: Fix Any Leaks

Leaks can be a serious problem for pools, and unfortunately they can also spring up in nearly any type. Leaks not only waste water, they can also do serious damage to your yard by seeping too much chlorinated water into the surrounding area. Leaks also have a way of spreading if they aren’t taken care of in a timely fashion, which means that detecting and patching leaks as soon as possible will help ensure that your pool stays in great shape.

Cost: The average cost of repairing small leaks in a pool is around $300. However, if the leaks or damages are severe, the entire pool lining may need to be patched or replaced, which can cost up to $5,000.

Helpful Hints

• If you aren’t sure if your pool is leaking or not, be sure to hire a company that specializes in leak detection to find out.
• DIY patch kits are available for small leaks at around $25. You can use them to patch the pool yourself if the problem isn’t extensive.

Step 2: Mold Remediation

Unfortunately for many pools, if they are left without chlorine and other treatment for too long, they can begin to grow things like algae and mold. While things like algae are harmless and easily removed, mold can mean a serious problem that needs to be addressed. If you’ve taken the time to clean your pool, and you’ve discovered mold growing there, you will need to have mold remediation done before filling up your pool again.

Cost: The average cost of mold remediation is around $500 for a 10×10 area.

Helpful Hints

• Most mold companies will do a free evaluation. So if you find some stains that aren’t coming out, and you aren’t sure if they are mold, you can have them checked for free.
• Blue/green algae, while unsightly, can be removed with some bleach and a scrub brush. Try this first if you find stains on the sides of your pool to help get it clean.

Step 3: Replace Old Equipment

Your pool probably has a lot of equipment to maintain that helps keep it in good working order. Things like filters and pumps will help clean your pool and remove things like sediment and particles that can bog it down. This equipment needs to be stored and maintained properly when the pool isn’t in use, however. If this isn’t the case in your pool, you may need to replace the old equipment to get your pool up and running again.

Costs: The cost of a new pool pump is around $800 for a variable speed, but you can find single speeds for as low as $120. The cost of a filter ranges from $150 for a cartridge filter to $700 for one that uses diatomaceous earth.

Helpful Hints

• Look for solar-powered pumps and filters that don’t require frequent changing to keep your monthly expenses down after the new equipment has been installed.
• Size both of these items to your pool; it’s just as important not to purchase something too big as it is to purchase something that isn’t too small.

Step 4: Install a Pool Heater

While most people enjoy their pool to cool off in, there are definitely times when the water can be a bit too chilly to want to enter. In this case, a pool heater can have a big impact on the enjoyment of the water for everyone. Heaters help maintain the temperature of the water; combined with solar covers to prevent the pool temperature from dropping overnight. You could potentially extend your swimming time by months each year.

Cost: The average cost of a pool heater ranges from $1,800 to $2,400 for a gas or electric heater that has been professionally installed. Solar heaters installed DIY can save you the most, running about $300 to $800.

Helpful Hints

• Invest in a solar cover to pair with your heater to keep your energy costs down and increase the temperature even more.
• Invest in a heater that uses the same fuel as the rest of your home – gas, propane, or electric – to make running it easier and more efficient, or use a solar heater for the lowest expense.

Step 5: Put Up a Fence

Fences are one of the most important parts of the pool. Not only do they keep your kids and pets safe from the water, but they can prevent neighborhood accidents from happening as well. If your pool doesn’t have a fence, or the fence it does have is in disrepair, it’s time to install a new one to maximize the safety and fun of your pool.

Cost: The average cost of a swimming pool fence including gate is around $1,120.

Helpful Hints

• Make sure your fence is high enough, and that it’s dig proof to prevent kids or pets from getting in.
• Install a childproof latch on the gate to keep unsupervised kids out of the area.

Get Your Pool Summer Ready!

Once you’ve taken care of these five steps, all that’s left to do is to fill your pool, shock it with chlorine, and jump on in. You can get your pool ready for summer in just a few days, no matter what its original condition is. To find out more about what things cost, be sure to visit the Cost Guides.

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Rates Steady Despite Market Weakness; Bonds Improve After Turkey Headlines; How The Fed Could Surprise You

Mortgage rates have been moving higher, in general, this week. That upward momentum tends to coincide with weakness in broader bond markets. For instance, when yields on US Treasuries are moving higher, mortgage rates usually are as well. That's no surprise considering the bonds that underlie mortgages (MBS) are well-correlated with Treasuries. But what IS a surprise is that rates held steady today even as bond markets suggested a move higher. Granted, we've seen more of this behavior lately where lenders won't adjust their rates right away to match the market, but today seemed to defy a bit more logic than other recent examples. While today's surprisingly steady rates are a welcome sight, that alone isn't enough to defeat the negative trends set in motion this week. The concern is that early

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Where We Stand - Show 388

Real Estate Today Radio - SHOW 388

On this week's Real Estate Today, it's our special show "Where We Stand."

This Week's Show Includes:
- Top News Of The Week
- Five Real Estate Myths
- Why 'Where We Stand' Matters
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

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Tension Mounts Over Rising Rates; Builder Data Suggests Slower June Sales; Impact of Servicing on Chase

Mortgage rates were slightly higher again today, and this time, it's personal! OK, so it's not really "personal," but it is now more of a concern for those following rate trends and hoping they'll stay near all-time lows. We actually get more help from US Treasuries in arriving at this conclusion than we do from mortgage rates themselves. That's not because Treasuries are directly linked to mortgage rates, but rather because Treasuries are a better indicator of trends in the overall market for debt and interest rates. At the moment, the yield on the US 10yr Treasury Note is hovering just over 1.53. This is a critical level that acted as a floor in both February and June. Then it acted as a ceiling on several occasions since then. This sort of "floor/ceiling" behavior suggests there would be

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Fresh design for $22M downtown Cambria hotel takes traditional tack

With a new developer, the hotel to be built on South Meridian Street will feature a red-brick facade to better reflect the surrounding Wholesale District.

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Mortgage Rates Bounce Indecisively Lower; Refi Activity Kept Ramping Up Last Week; Credit Score Impacts

Mortgage rates moved just slightly lower today, following a fairly abrupt spike over the first two days of the week. This the sort of movement that neither confirms or rejects the possibility that early July marked long-term lows. Instead, it's a push--an abstention from that more serious decision. It's much better than at least one alternative, to be sure. Specifically, if rates had continued higher today, they would have crossed key levels that suggested more upward momentum. Conversely, rates didn't fall enough to rule out the possibility that we'll simply cross those levels tomorrow or in the near future. All of this is a bit melodramatic considering outright levels. Those are still very close to all-time lows with 3.375% remaining the most prevalently-quoted conventional 30yr fixed rate

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Local developer buys downtown building, moves HQ there

Litz Real Estate had leased space on Massachusetts Avenue before purchasing the one-story structure on Central Avenue, which gives the company space for new hires.

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Since the Bust, Foreclosed Homes Have Boomed

Former owners of foreclosed homes have been left behind in the housing recovery while the values of their former homes zoomed up

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Low Rates Fighting For Survival; Brexit's Lasting Impact; Foreclosure Inventory 1 Percent; GSE Updates

Mortgage rates are on the move, heading noticeably higher after a more subtle increase yesterday. With that, this week now stands as the first major push back against the impressive run to near-record lows that's taken place since the UK voted to leave the European Union in late June. Whereas lenders had increasingly been quoting 3.25% on top tier 30yr fixed scenarios, most have moved back up to 3.375%. Some of the more conservatively-priced crowd is even higher. This is a battleground for mortgage rates at the moment, and it corresponds to levels in 10yr Treasury yields (even though rates are definitely NOT moving in lock step with Treasuries these days). Still, the mid 1.5% territory in 10yr yields is a bit of an inflection point for the overall rate market, and general trends in the overall

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MBA says Credit Tightened Again in June; FHA/VA Loans Paid Off Quickest; Rates Drift Higher

Mortgage credit availability appeared to decrease again in June. It was the fourth consecutive month the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) has declined. All four of the index's components pointed down, indicating that lending standards have tightened across the board. The MCAI decreased from 121.4 in May to 119.8, a dip of 1.3 percent. The index hit a recent peak of 128.4 in October 2015 and has declined almost steadily since then. The Conventional MCAI saw the greatest tightening (down 2.4 percent) over the month followed by the Conforming MCAI (down 1.8 percent), the Jumbo MCAI (down 0.9 percent), and the Government MCAI (down 0.3 percent). "Credit availability decreased over the month driven primarily by a decrease in availability of conventional

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Mortgage Payments Least Affordable for Low-Income Earners

Low-income people can expect to spend more than 30 percent of their paycheck on house payments in a third of large U.S. markets

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Stage a Cool Playroom to Show Off Your Kid-Friendly Listing

Creating a Cool Kids Playroom Infographic by The Rug Seller by The Rug Seller

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My Favorite Staging Accessory: Large Artwork

Styled Staged & Sold will be featuring staging professionals’ favorite staging accessories and props over the next few weeks. (Do you have a favorite? Submit your favorite for consideration to mtracey@realtors.org.)

Photo credit: Tori Toth, Stylish Stagers Inc.

Go-to prop: Large artwork

Stager: Tori Toth, Stylish Stagers Inc., New York City

Why I love it: “A large piece of artwork not only commands attention and directs the eye in a room, but it also sets the tone, personality, and the overall feeling of the space.”

Photo credit: Tori Toth, Stylish Stagers Inc.

Make it work tips:

1. The artwork should compliment the style of the home and who the potential buyer is — however, if there is no particular style or personality that stands out in your neighborhood then stick with abstract pieces, such as flowers and landscapes.

2. For the greatest visual impact repeat the colors already happening in the room in the artwork, even if it’s neutrals or mixed metals you’re pairing the artwork to. Also, ideally, hang the artwork so it’s nearby furniture and then helps move the eye around the room.

3. The size of the pieces depends on the size of the wall or piece of furniture it will be hung above — it needs to be in proportionate to one another. Oversized artwork should be hung on the largest wall that will be most visible when you enter the space. Popular places to hang oversized artwork is over the couch or bed, on the back wall of the dining room, or in a grand entryway to draw the eye upward.

Photo credit: Tori Toth, Stylish Stagers Inc.

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Mortgage Rates Surprisingly Steady Despite Jobs Data; New American Exiting Wholesale

Mortgage rates held surprisingly steady despite a strong employment headline. The big jobs report came out today, and it showed payroll creation at 265k versus forecasts calling for only 170k jobs. This is a substantial "beat," and the sort of thing that would typically send rates screaming higher. The fact that rates didn't scream higher is very telling. It suggests investors aren't merely willing to buy the bonds that help rates move lower, they're flat-out looking for opportunities. This is something of a game-changer in terms of how cautious we need to be when considering a big bounce back in rates. It doesn't guarantee immunity from a move higher, but it removes the most immediate threat. At this point, there are a few ways to proceed if you're considering locking. The first approach would

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Brexit and Your Home Loan - Show 387

Real Estate Today Radio - SHOW 387

On this week's Real Estate Today, it's our special show "Brexit and Your Home Loan."

This Week's Show Includes:
- Top News Of The Week
- Beyond Brexit - Handling Your Home Loan
- Keep Calm and Carry On
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

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Refinance Dominates Mortgage Applications in the Aftermath of Brexit

Refinance requests increased 132 percent following the Brexit vote as borrowers capitalize on historically low mortgage rates, according to Zillow Group Mortgages analysis

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Beer magazine taps Koelschip as one of country's best bars

The Fall Creek neighborhood establishment opened in January and has quickly built a following by offering eclectic beers alongside its own offerings from Central State Brewing.

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Attitudes Cooling on Housing; Rates Finally Rise. Time to Worry?

Mortgage rates finally ended an impressive winning streak today, rising for the first time in 9 days. Rates began that streak with a massive move lower following the UK's vote to exit the European Union and maintained momentum until they were right in line with all-time lows yesterday. Any time a winning streak extends past the 5 day mark (that's 5 business days, by the way), we begin to look for the inevitable correction that almost never takes more than 3 more days to show up. In that sense, today's moderate move higher in rates isn't much of a surprise. In fact, the resolute strength was arguably more surprising, and it raises questions as to how serious this single day of weakness may be. The answer to those questions likely lies in tomorrow's big jobs report. Just yesterday, the minutes

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Roundup: Legal Beagle replacement on tap; longtime Broad Ripple shop closes

Investors in Rebar Indy say they're cleaning house at the former Beagle space downtown and setting up a self-serve beer wall.

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Rates Close to All-Time Lows; Age vs Qualifications; Loan Performance Improves; Refi Demand Surges

Mortgage rates fell again today, extending an already-uncanny winning streak to its 8th straight day. The most recent improvements bring the average lender right in line with all-time lows. In fact, a few lenders are now offering better rates than they've ever offered, and a vast majority are back to the same note rates quoted in late 2012 (average points are still slightly higher though). Enough hair-splitting! The point is that rates are low! 3.25% continues to be widely available today and has taken further market share from 3.375% when it comes to conventional 30yr fixed quotes on flawless scenarios. With most scenarios not being perfectly flawless, there are still plenty of 3.375% quotes going out. At the moment, the biggest risks to rates are rather immediate. First of all, there's the

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30yr Fixed Back to 3.25%; Home Price Appreciation Cooling

Mortgage rates dropped noticeably today, bringing quite a few lenders down to 3.25% in terms of conventional 30yr fixed quotes on top tier scenarios. For all intents and purposes, these rates are "all-time lows," even though there were several occasions in late 2012 where some lenders offered lower rates. It just depends on what sort of time-frame you want to put on the previous instances of all-time lows. If we're talking about rates that were available for a few days here and there, then we're not quite back to those yet. If we're talking about the lowest stably-held rate for most top-tier quotes, we're back! That's all well and good, but what if you want to take advantage of these rates, but can't yet lock , or are in the shopping process for a purchase? While it's true that rates like this

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Real Estate Today’s Independence Day Special - Show 386

Real Estate Today Radio - SHOW 386

On this week's Real Estate Today, it's our special show "Real Estate Today’s Independence Day Special"

This Week's Show Includes:
- Top News Of The Week
- Will Your Condo Let You Fly The Flag
- Home Ownership In America
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

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FHA Tightens Rules on Loan Sales to Investors; Rates Near All-Time Lows; GSE Updates

Investors who purchase distressed loans through the FHA's Distressed Asset Stabilization Program (DASP) are going to have to toe a stricter line when it comes to how those loans are managed. The Department of Housing and Urban Development (HUD) has announced a series of "enhancements" to the program in response to claims by lawmakers and others that buyers have been reluctant to work with homeowners and quick to foreclose. According to a press release from HUD, the changes to the program would have purchasers of severely delinquent mortgages offer qualified borrowers principal reductions and protection from "payment shock." The new rules would also prohibit investors from abandoning low-value properties in neighborhoods hard-hit by foreclosures in order to prevent blight and increase opportunities

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