Rates Mixed, Still Near Recent Lows; OCC Report on Mortgage Performance; CFPB on HMDA and 1003

Mortgage Rates were mixed today, with some lenders in slightly weaker territory while others offered modest improvements versus yesterday. The dichotomy has to do with the timing of yesterday's market movements. Bond market began the day in weak territory yesterday but improved noticeably by the end of the day. Some lenders sent out updated (better) rate sheets while others stood pat. Lenders whose rates increased today tended to come from the group that offered improvements yesterday afternoon. Long story short, there was a brief window of the week's best rates for some lenders yesterday with everyone getting mostly back on the same page today. Fortunately, that page is still a good one. While rates aren't quite as low as they were earlier this week, they're still much lower than they were

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/30/2421

The $1000 Show - Show 399

Real Estate Today Radio - SHOW 399

On this week's Real Estate Today, it's our special show "The $1000 Show."

This Week's Show Includes:
- Top News Of The Week
- The 'No-Spend' Month
- Save More By Partnering Up
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

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

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Wages Lag Home Prices; Affordability Suffers; Inventory Stifling Home Sales; Where Are The Refis?!

The lack of housing affordability is rising among the 414 U.S. counties tracked by ATTOM Data Solutions. ATTOM, the new parent company of RealtyTrac, said on Thursday that 24 percent of those counties were less affordable than their historic averages in the third quarter of 2016, up from 22 percent in the second quarter and 19 percent a year earlier. It was the highest share for this metric since the third quarter of 2009 when 47 percent of markets had fallen below their historic affordability averages. ATTOM reports that 101 of the 414 counties had an affordability index below 100 in the third quarter of 2016, meaning that buying a median-priced home in that county was less affordable than the historic average for that county going back to the first quarter of 2005. ATTOM's affordability index

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/29/2419

Downtown intersection transforming into residential hub

A Bloomington developer is proposing to build a small apartment project at the southeast corner of Market and East streets, adding to the rapid pace of residential growth in the area.

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http://www.ibj.com/blogs/3-property-lines/post/60578-downtown-intersection-transforming-into-residential-hub

Rates Break Winning Streak; Cash Sales Lowest Since 2007; Worry More About Repeat Buyers?

Mortgage Rates finally took a break from their recent winning streak today. While there are a few lenders whose rates are just a hair lower than yesterday's, most are slightly higher. Moreover, bond market weakness in the afternoon prompted several other lenders to issue mid-day reprices to even higher rates. Of course, all of the aforementioned movement is exceptionally small in the bigger picture, but it does fit the bill of being the first push back against 6 solid days of improvement. That's the sort of thing that could be taken as a sign to lock if you've been waiting for an opportunity. On an outright basis, rates remain close to all-time lows with the average lender quoting 3.375% on top tier, conventional 30yr fixed scenarios. There are still a few lenders at 3.5% but they're a small

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Protected: Vanity Wars: Who Wore It Best?

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Rates Near 2-Month Lows; Trended Credit in New DU; Price Gains Unsustainable -Case-Shiller

Mortgage Rates maintained their recent winning streak today, falling for the 5th straight day. The average lender is now offering the best rates in nearly 2 months. You'd have to go back early August or late July (depending on the lender) to see a better combination of rate and upfront cost. This brings up a caveat that has been important in the past few months. The outright range of rate movement has been exceptionally small! We talk about "rates" moving every day, but that's just convenient shorthand for "the combination of NOTE RATE and UPFRONT LENDER COSTS." Those upfront costs are sometimes referred to as "points," but that isn't a universal definition. Regardless of the label, this refers to whatever costs the lender is charging (or paying) at closing. These usually include things like

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/27/2415

Square Donuts to close downtown, open shop in Greenwood

It's a zero-sum game for the Terre Haute-based chain, which operates four donut shops in the Indianapolis area.

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Home Sales Beat Estimates; Price Gains Slowing; Rates Move Lower; Big Bounce?

After a spectacular run for new home sales in July, it was anticipated that August activity would be considerably more modest. While sales did retrench from the post-crash highs reached the previous month (which improved even further when revised), the August numbers still came in above analysts' estimates The Census Bureau and the Department of Housing and Urban Development estimates that August sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 609,000 , a 7.6 percent drop from July when the rate was 659,000 units, a number originally reported at 654,000. The August sales rate was 20.6 percent higher than that of a year earlier, 505,000. Analysts polled by Econoday had expected sales to be within a range of 575,000 to 630,000. The consensus was 598

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/26/2413

The ‘New’ Brass Is Back in Home Design

Photo by Westborough Design Center, Inc. – Discover traditional kitchen design ideas

 

By Melissa Dittmann Tracey, REALTOR(R) Magazine

It’s all about that brass. But don’t expect to see that 1980s super shine. Today’s trendy brass is more of an antique brass, which is being used in light fixtures, mirrors, frames, and even furniture trims.

Mandie Maguire, an interior designer and broker associate with Berkshire Hathaway Home Services in Park Ridge, Ill., says antique brass fixtures are especially trendy with white kitchen cabinets along with a light quartzite countertop.

The antique brass also pops against gray walls.

“Brass is definitely back, but it’s a new brass – muted, less harsh, and not polished,” says Barbara Nazzaro, owner of A Simply Staged Home in the Boston area.

 

Photo by Cornerstone Architects – Search contemporary kitchen pictures

Photo by Holst Brothers General Contractors – Look for beach style bathroom pictures

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Maxing Out Your Biggest Investment - Show 398

Real Estate Today Radio - SHOW 398

On this week's Real Estate Today, it's our special show "Maxing Out Your Biggest Investment."

This Week's Show Includes:
- Top News Of The Week
- How Your Equity Helps
- Getting that Appraisal Up there
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

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

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New redevelopment plans emerging for stalled Irvington Coal Factory project

A new developer is proposing affordable housing for the site after the current owners couldn't make their plans work for a mix of restaurants, retail and artisanal food production.

from
http://www.ibj.com/blogs/3-property-lines/post/60473-new-redevelopment-plans-emerging-for-irvington-coal-factory

Home Values Maintain Steady Growth, While Rents Slow Dramatically

The median home value in the U.S. is now $188,100, up 5 percent since last August, according to Zillow's August Real Estate Market Reports

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http://zillow.mediaroom.com/2016-09-22-Home-Values-Maintain-Steady-Growth-While-Rents-Slow-Dramatically

Rates Barely Budge Following Fed; How The Statement Changed; Origination Forecast Increases; CFPB on Credit Unions

Mortgage Rates made modest gains in some cases today, though many lenders are in roughly the same territory as yesterday. Things could be worse, however, considering we had 2 major announcements from central banks today (Japan overnight and the Fed this afternoon). These are always flashpoints for market volatility, but they don't always deliver on their threats. Today was something in between calm and volatile. Most of the volatility was seen in financial markets with very little making it through to mortgage lenders' rate sheets. Fortunately, the market volatility was in our favor today, as underlying bond markets improved following the Fed announcement. Bond market improvement connotes lower mortgage rates. Several lenders saw enough improvement in bond markets to adjust pricing in the afternoon

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St. Elmo operator bringing upscale burger restaurant to Circle Centre

Craig Huse expects to open Burger Study in April near St. Elmo spinoff Harry & Izzy's. He describes it as a "full-service burger bar and restaurant delivering an adult dining experience."

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Fannie Sees Fed Waiting, Housing Cooling; Rates Near Highs Ahead of Fed; Construction Numbers Lag

Fannie Mae says that early bets on third quarter economic growth are around 3.0 percent which has the Federal Reserve talking again about raising the fed funds target rate, but odds are it won't happen at the Federal Open Market Committee (FOMC) meeting this week. Even with an acceleration in the second half of the year Fannie Mae's economists are holding to their July forecast of 1.8 percent growth this year. The current (third quarter) GDP should come in around 2.9 percent annualized, an acceleration that will reflect a rebound in inventory investment from its very low level during the first half of the year. Consumer spending is expected to remain the biggest driver of growth and non-residential investment should increase after three consecutive quarters of decline. However, the company

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Downtown dessert bar closes as entertainment venue gears up for debut

The owner of Frona Mae Cafe on Washington Street hopes to reopen at another location, while Punch Bowl Social prepares to begin serving customers Saturday on South Meridian Street.

from
http://www.ibj.com/blogs/3-property-lines/post/60440-downtown-dessert-bar-closes-as-entertainment-venue-gears-up-for-debut

Builder Confidence Matches Post-Crisis High; Rates Getting Nervous Ahead of Fed; Fannie/Freddie Changes

Mortgage Rates were unchanged for a third straight day, although several lenders did raise rates at the end of the day. That can happen when underlying bond markets (which dictate mortgage rates) move by a certain amount. There's no set formula for the amount of movement that will result in any given lender changing rates in the middle of the day, but it's not uncommon to see the less aggressive lenders simply wait for tomorrow before adjusting rates to match market conditions. All of the above is a fancy way of saying that rates would be slightly higher tomorrow if bond markets don't change between now and then. Lenders continue quoting conventional 30yr fixed rates of 3.5% on top tier scenarios, with the runners-up being 3.625% and 3.375% in that order. Keep in mind that Wednesday afternoon

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/19/2403

Home Design Trends to Watch: The Herringbone Pattern

Photo courtesy of Laura AnnDiaz of Laura Diaz’s Photography and Mandie Maguire, Berkshire Hathaway Home Services

By Melissa Dittmann Tracey, REALTOR® Magazine

Herringbone is emerging as the pattern of choice in 2016. Herringbone is the arrangement of rectangles that is so named for its resemblance to the bones of fish.

This pattern is popping up on everything from hardwood floors, kitchen backsplashes and shower walls. It may be subtle or bold.

Mandie Maguire with Berkshire Hathaway Home Services says she’s noticed the herringbone pattern subtly appear on more kitchen marble backsplashes above a kitchen range. Also, in flooring, the herringbone pattern is being used with tile floors to give it a more rustic — even hardwood floor resemblance.

Photo by Braswell Design+Build – Look for traditional bathroom pictures

Photo by Divine Custom Homes – Look for transitional hallway design inspiration

Photo by Neumann Lewis Buchanan Architects – Discover traditional entryway design inspiration

Photo by Croma Design Inc – Look for contemporary kitchen pictures

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Rates Eerily Calm Ahead of Fed Week; PMI Resurgence Could Force FHA to Cut Premiums

Mortgage Rates were unchanged again today, on average. Some lenders were modestly better than yesterday. Others were modestly worse. But all were fairly close. This is an eerie level of stability given the fact that rates looked like they were finally breaking out of a 2-month-long holding pattern earlier this week. That said, it could be the case that rates are simply waiting for next week's policy announcement from the Fed before locking in their final answer. While stability is good, the outright levels are still higher than they were. In fact, with the exception of Monday, this week's rates are the highest in more than 2 months. Silver lining: "high" is still pretty darn low, historically, with 3.5% remaining the most prevalent conventional 30yr fixed quote on top tier scenarios. Potential

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/9/16/2399

The Fall Market - Show 397

Real Estate Today Radio - SHOW 397

On this week's Real Estate Today, it's our special show "The Fall Market."

This Week's Show Includes:
- Top News Of The Week
- Fall Maintenance
- Adam's Favorite Time of Year
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

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

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Lenders Anticipate Higher Profits, Less Drag from Compliance Costs; Rates Remain Near Recent Highs

Mortgage lenders are feeling more positive about profits this quarter than they did in the second quarter with 28 percent of those surveyed by Fannie Mae expecting an increase over the next three months. Seventeen percent expect lower profits and 55 percent do not anticipate a change. It was the third straight quarter that lenders reported a net positive profit margin outlook, and was a significant increase from the third quarter of 2015. The largest year-over-year increases in net profit margin outlook were seen among smaller institutions and credit unions. Fannie's third quarter Mortgage Lender Sentiment Survey asked the optimistic respondents what they expected would drive their higher profits and the top two reasons given were operational efficiency and technology and consumer demand. The

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Tesla to open first Indy service center

The upscale electric car company plans to begin renovating a 26,000-square-foot building next month on the north side and should open the shop by the end of the year.

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Texas Rules Zillow's List of the Best Cities to Be a Kid

Corpus Christi, Fort Worth, San Antonio and Dallas, Texas all appear on Zillow's list of the best cities for kids - places with plenty of theme parks, big yards and other playmates.

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Tuxedo Cabinets, Hidden Appliances and Wood Paneling Among Top Kitchen Trends for 2016

Speckled granite, short cabinets and dark wood headed out of style, according to Zillow Digs Home Trend Forecast

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Lower FICO Buyers Head For The Hills; Rates Recover but Face More Volatility; Lender Re-enters Wholesale

The return of Americans to urban living, while well documented, may be a "head-fake" as far as the mortgage industry is concerned. Sam Khater, CoreLogic's Deputy Chief Economist says that inbound migration is happening, but not precisely in the way many think. This return to the cities has been driven by educated and affluent households, he says, which is leading to a concentration of wealth in cities and inner suburbs and that is driving home prices higher. CoreLogic looked at the 20 largest MSA's, dividing the suburban areas in each into three equally weighted rings based on the percent of residential properties. This allowed an analysis where rings could be "fluid and expansive" in sprawling areas like Houston but small and compact in smaller, denser markets. During the last two decades

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Wells' Penalty Implications; Rates Still Pushing Into Post-Brexit Highs; 5 States, 40 Percent of Completed Foreclosures

Mortgage Rates were only slightly higher today, and in some cases were right in line with yesterday's. In fact, if you caught a lenders' rate sheet earlier this morning, chances are it was in better shape than yesterday. That stood to reason, considering bond markets (which drive mortgage rates) were also in slightly better shape to start. But bonds tanked in the afternoon (meaning prices fell, and yields rose), thus implying higher rates. When bond markets move enough during the day, lenders often ' reprice ' and send out updated rate sheets. That was indeed the case today, but the changes didn't leave us in significantly worse shape than yesterday. That's the positive way to look at it. The negative way is to observe that rates moved just a little bit more into the highest levels in more

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High-profile chef targeting Fountain Square for Japanese eatery

Neal Brown of Pizzology and The Libertine is nearing a lease deal to occupy the former Skip's Market building and hopes to open Ukiyo in the spring.

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College Students Can Expect Highest Off-Campus Housing Costs in Palo Alto and Princeton, Lowest in St. Louis

In collaboration with U.S. News & World Report, Zillow identified highest and lowest off-campus housing costs for top colleges named on U.S News' Best Colleges of 2017

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Sneak Peek: The ‘It’ Paint Color for 2017

Sherwin-Williams Poised Taupe (SW 6039)

By Melissa Dittmann Tracey, REALTOR® Magazine

Time to paint the house taupe. Sherwin-Williams revealed its 2017 Color of the Year: Poised Taupe (SW 6039).

The company expects the brownish-gray hue to become the year’s go-to color for home interiors.

Taupe marks a departure from the company’s mostly cool-toned neutrals it has tended to favor recently. A 2016 industry survey suggests a transition from grey to taupe. Nearly 40 percent of survey respondents said they would like to use warmer neutrals – such as warm grays, taupes, or beiges – in their home’s colors. What’s more, about two in five respondents said taupe was the neutral they would most choose.

For a perfect pairing, Sherwin-Williams designers recommend combining Poised Taupe with pastels, brights, and jewel tones (such as a faded indigo hue for a French countryside look or combine it with a teal or sunny yellow for a more bold impact).

“Poised Taupe celebrates everything people love about cool gray as a neutral, and also brings in the warmth of brown, taking a color to an entirely new level,” says Sue Wadden, director of color marketing for Sherwin-Williams. “Not cool or warm, nor gray or brown, Poised Taupe is a weathered, woodsy neutral bringing a sense of coziness and harmony that people are seeking.”

Take a look.

Photo courtesy: Sherwin-Williams

Photo courtesy: Sherwin-Williams

Photo courtesy: Sherwin-Williams

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Mortgage Rates Spike to 2-Month Highs; Millennials Will be Renting a Lot Longer

Mortgage Rates continued sharply higher today, as financial markets quickly adjust their outlook for global monetary policy (the rate-setting and asset purchases among central banks like the Fed). The move began with yesterday's announcement and press conference from the European Central Bank (ECB). If you remember the analogy of the Federal Reserve "taking away the punchbowl"--an allusion to accommodative monetary policy--the ECB essentially passed on the opportunity to reassure markets about the availability of its own punchbowl. Long story short, central banks have been juicing financial markets with low interest rates and free money in the form of asset purchases (e.g. "QE" in the US). Financial markets are having a tantrum because they see yesterday as the first clue that the ECB might

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Millennials - Show 396

Real Estate Today Radio - SHOW 396

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

This Week's Show Includes:
- Top News Of The Week
- The Three Gens
- Do You Really Need a Smart Home?
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

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

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San Francisco Is One of the Most Popular Housing Markets Among Non-Residents

While San Francisco is a common home search among those who don't live there, many locals are searching elsewhere.

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Rates Rise Thanks to Europe; Mortgage Credit Availability Tightens

Mortgage Rates bounced highe r today, bringing them back in line with the pervasive range of the past several weeks. As of yesterday, rates were technically at 2-week lows. The ultra-narrow range continues to be an important caveat for any discussion of rate movement. Simply put, there is such a small gap between 2-week highs and 2-week lows that it could be easily traversed on an average day of movement. Most lenders continue to offer conventional 30yr fixed quotes around 3.375% on top tier scenarios. Today's chief concern for bond markets (which underlie mortgage rate movement) was European Central Bank (ECB) chief Mario Draghi, who stopped short of promising an extension of the central bank's bond buying program set to end in March 2017. The program is similar to the Fed's past efforts with

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Alabama firm seeks to build student housing complex on downtown IU site

Capstone Collegiate Communities LLC wants to demolish a building at the north end of the Central Canal to make room for a four-building student-housing complex with 285 units and 800 beds.

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Rates Lowest in Several Weeks; Imbalances in Construction; Housing Sentiment Ebbs

Mortgage Rates moved lower today at a slightly better pace than the recent norm. That's not saying much in the bigger picture, because "the norm" has been almost zero movement in either direction for several weeks. Such a narrow range makes it possible to move from the high end to the low end with relatively little effort, and that's exactly the case today. In fact, you'd have to go back nearly a month to see rates any lower, even though the highest rates of the past month might be exactly the same, depending on the lender. How can the lowest rates be the same as the highest rates? It's a semantics issue, really. When we talk about "rates," we're referring to the cost associated with financing a home purchase or refinance. Almost all lenders offer rates in 0.125% increments, but markets rarely

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Q2 Originations hit Three Year High; Maybe Home Prices Aren't Decelerating; Rates Fall

First lien mortgage originations reached their highest level in the second quarter of 2016 of any single quarter since the same period in 2013. Black Knight Financial Services, in its latest Mortgage Monitor , said the strong numbers were due to both a growth in home purchases and a new wave of interest rate-driven refinancing, Originations in the second quarter totaled $518 billion with purchase mortgage originations accounting for $297 billion of the total, a 57 percent share. This was a gain of 52 percent or $102 billion from Quarter 1 and was the highest level in both volume and dollar amount since 2007. Refinancing volume for the quarter was $221 billion. While an increase of 8 percent from the previous quarter the volume was down slightly from a year earlier. Black Knight Executive Vice

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Let’s Talk Quartz: There’s Good Reason To

Photo by Cory Holland and designed by Sandra Gjesdahl and Scott Gjesdahl

By Melissa Dittmann Tracey, REALTOR® Magazine

Granite no longer reigns. The most popular countertop material remodelers say they’re using is quartz, then followed by granite.

In 2015, 89 percent of National Kitchen and Bath Association members said they used quartz in their kitchen remodeling projects. Meanwhile, granites popularity has been declining over the last four years.

Quartz’ durability is winning over more fans; it’s known as being more resistant to heat and scratches. Plus, the resemblance to marble and its abundant color variations is also making it a more appealing option, says Mandie Maguire, an interior designer and broker associate with Berkshire Hathaway Home Services in Park Ridge, Ill.

Barbara Nazzaro, owner of A Simply Staged Home in the Boston area, also notes a trend toward more home owners opting for simple “waves” in the quartz countertop design finishes, moving away from the small fleck designs that have dominated.

transitional kitchen countertops

traditional kitchen countertops

modern kitchen countertops

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Rates Remain Near Recent Highs After Jobs Report; Credit Underwriting Guideline Changes

Mortgage Rates were steady to slightly higher today, depending on the lender--a relative victory considering the potential volatility associated with today's jobs report. Though bigger bullets may have been dodged, the lack of improvement means rates remain near their highest levels in several weeks--potentially on the verge of the next "directional trend." What's a directional trend? Just a fancy way of labeling the phenomenon where rates are moving either higher or lower fairly consistently. In stark contrast, the past 2 months have been almost completely directionless--a "sideways trend" if you will. When it comes to financial markets, these sorts of sideways trends--especially those that bring rates into an increasingly narrow range --tend to resolve with the beginning of the next big push

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Your Smart Home - Show 395

Real Estate Today Radio - SHOW 395

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

This Week's Show Includes:
- Top News Of The Week
- Where Is Smart Home Tech Heading?
- Do You Really Need a Smart Home?
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

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

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Rates Face High Stakes in Jobs Report; Construction Spending Flat; Housing Could Anchor Troubled Economy

Mortgage Rates were slightly higher today, bringing them near their worst levels in several weeks. The caveats are twofold. First of all, the worst levels of the past several weeks are some of the lowest rates in history. Apart from July/Aug 2016 and scattered occasions in late 2012, rates are the lowest they've ever been. Second , recent rate movement has been contained in a tight range, meaning that today's rates aren't that much higher than the lowest rates over the past few weeks. Most lenders continue quoting conventional 30yr fixed rates of 3.375-3.5% on top tier scenarios. If there is one day with the power to cause more meaningful movement, it's tomorrow. In fact, we could easily see the first major break above the recent range if tomorrow's Employment Situation report (aka "jobs report

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Downtown roundup: New eatery taking R bistro spot; Rebar, Salt and Jack’s open

Rooster's Kitchen, featuring bacon-laden comfort food, hopes to open in October in the perch where a longtime Mass Ave favorite once operated.

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Homeowner Confidence High, But Buyers Feel Discouraged by the Housing Market

The majority of renters are eager to become homeowners, but with rising home prices and low supply, few believe they can.

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