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Market Analysis

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

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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

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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 »

First-time Buyers Dig Deep

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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 »

Experts See Light at the End of the Homeownership Tunnel

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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

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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 »

Grand Canyon Separates Appraisers and Homeowners

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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 »

The Dry Rot in America’s Housing Stock: A Sad Legacy of the Foreclosure Era

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  What would an influx of 3.8 million entry-level homes do for housing affordability? Limited inventory and strong demand continue to push home prices higher in America’s hottest housing markets, leading to declining affordability.  Forecasters are raising their predictions as tight inventories of homes, particularly lower priced properties, keep first-time buyers on the sidelines. Those 3.8 million homes, nearly twice ... Read More »

Are 30 Million Homeowners Underestimating their Equity?

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The difficulties homeowners face today obtaining accurate valuations of their homes, and in turn, the equity they have in it, may be freezing many out of refinancing or selling because they error on the side of caution and make estimates that are too conservative. A new analysis of Fannie Mae’s National Housing Survey by two economists at the University of ... Read More »

Corelogic: Hot Market Won’t Cool for Another Year

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Home prices nationwide rose by 6.5 percent in June, the 40th straight month of year-over-year increases, and will keep on rising by 4.5 percent through June 2016, CoreLogic said today. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.7 percent in June 2015 compared with May 2015. The national average price on the CoreLogic index is now ... Read More »

Closing Costs are a Wash

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Mortgage closing costs declined just seven percent over the past year and now average $1,847 on a $200,000 loan, according to Bankrate.com. Nationwide, the average origination fee declined 22 percent to $1,041 and the average tota of third-party fees, including title and appraisal, rose 22 percent to $807. Hawaii’s average closing costs of $2,163 are the highest in the nation, ... Read More »

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