Category: News and Trends

The good news is, households including at least one person with a high school diploma or GED can afford the typical mortgage payment in most large metro areas across the U.S., said Zillow Inc., Seattle. But soaring home values that have outpaced incomes have made down payments a barrier for many, particularly first-time home buyers.

The House approved two bills yesterday, strongly supported by the Mortgage Bankers Association, which clarify when Department of Veterans Affairs home loans qualify to be pooled into Ginnie Mae securities, as well as legislation that would increase access to housing counseling for consumers.

Auction.com, Irvine, Calif., said although most respondents to a recent survey expect only “slight” changes in foreclosures and bank-owned inflow in the second half of 2019, nearly half cited the Western U.S. as the highest risk of increase in distressed inventory.

CoreLogic, Irvine, Calif., said April mortgage delinquencies and foreclosure inventories fell to their lowest rates in more than 20 years.

The commercial mortgage-backed securities delinquency rate saw a rare increase in June, but that figure comes with a “footnote,” reported Trepp, New York.

Investor appetite for seniors housing is growing. Nearly two-thirds of investors plan to increase their buying over the next 12 months, said CBRE, Los Angeles.

Last month marked the 10-year anniversary of the end of the Great Recession. First American Financial Corp., Santa Ana, Calif., said between then and now, housing affordability has improved and borrowers have greater access to credit, which in turn is boosting demand.

Fitch Ratings, New York, said numerous operational improvements made in recent years have led to lower operational risk for both Fannie Mae and Freddie Mac.

First American Financial Corp., Santa Ana, Calif., said its May Loan Application Defect Index fell by 5.5 percent from April, the second consecutive monthly decline.

Fitch Ratings, New York, issued a report saying although alternative document residential mortgage loan products introduced in the US after the financial crisis have performed better than expectations, it maintain a cautious approach to these loans because of their limited history.