Tuesday , 1 September 2015
Home » Author Archives: Steve Cook

Author Archives: Steve Cook

One in Five Consumers is a Member of the FICO 800 Club


More consumers are scoring 800 or above on their FICO credit scores—19.9 percent today vs. 19.6 percent just six months earlier. Nearly one in five has joined the elite FICO 800 club! At the same time, fewer are scoring below 550. In fact, there’s been a clear pattern of decline in this segment since the low point of the economy ... Read More »

Detroit Home Values Come Back from the Brink


Sold prices rose 28 percent in Detroit over the past year, topping the list of Pro Teck Valuation Services’ Home Value Forecast. Others included in the list were Palm Bay, FL; Port St. Lucie, FL; Merced, CA; and, San Francisco, CA. “While Detroit has seen healthy gains this year, the Home Value Forecast rating system shows that Detroit is still ... Read More »

Foreclosure Starts Fall but Repos Rise


Foreclosure activity rose in July, up 7 percent from the previous month and up 14 percent from a year ago. July was the fifth consecutive month with a year-over-year increase in overall foreclosure activity following 53 consecutive months of decreases. “The increase in overall foreclosure activity over the last five months has been driven primarily by rapidly rising bank repossessions, ... Read More »

Wake-Up Call: Depreciation Soars in Top Markets

wake up call

Though rising median home prices paint a favorable picture of current housing markets, the population of houses losing over 2 percent of value per year has increased to 24 percent from just 6 percent a year ago in ten of the nation’s largest markets. According to June data, in three major urban markets–New York City, Washington DC and Chicago–more than ... Read More »

First-time Buyers Dig Deep


First-time buyers are spending 2.6 times their annual income on their homes, a huge increase in the cash and debt commitments they are making to enter homeownership compared to past generations A new study by Zillow found that in the 1970s, first-time homebuyers bought homes that cost about 1.7 times their annual income. Now they’re buying homes that are costing ... Read More »

Blue Chip Borrowers Get Half of New Mortgages


  Mortgage originations rose to $466 billion in the second quarter, a 27 percent leap from the previous quarter and the fourth consecutive increase after reaching a 14-year low one year ago. according to a new report from the New York Federal Reserve. Half of the loans originated in the second quarter nearly half, $232 billion, went to borrowers with ... Read More »

Experts See Light at the End of the Homeownership Tunnel


Home value appreciation will slow in coming years, enough eventually to pave the way for a smoother transition from renting to homeownership and an uptick in the U.S. homeownership rate by the end of the decade, according to Pulsenomic’s quarterly survey of more than 100 economists sponsored by Zillow. Overall, the experts said they expect home values to rise more ... Read More »

Refis Soared in Q2, FHA Originations Rose 46 Percent


Of the more than 1.9 million loan originations in the second quarter, some 1,212,443 were refinance originations, an increase of 9 percent from the first quarter and up 32 percent from a year ago.   Purchase loans were up 9 percent from a year ago in the second quarter, according to RealtyTrac. FHA loan originations represented 16.7 percent of all loan ... Read More »

Boomers Would Rather Fix Up Than Move Out


  Baby boomers (born 1945-1964) are the primary drivers of home improvement spending, accounting for about half of total home improvement spending. However, Gen-Xers (born 1965-1984) are gaining share, with their share up from 5 percent in 1995 to 30 percent in 2013. Recent buyers, who moved into the home within the past three years, spend 25 percent more on ... Read More »

Grand Canyon Separates Appraisers and Homeowners


Quicken Loans, the nation’s second largest retail mortgage lender, today reported appraiser opinions of home values were 2.33 percent lower than homeowner estimates in July, according to the company’s national Home Price Perception Index (HPPI). Homeowners valued their homes higher than appraisers for the sixth consecutive month. The gap between homeowner estimates and appraiser opinions of value in July was ... Read More »

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