Despite Low Rates, Mortgage Apps Fall

Despite continued record low mortgage rates, mortgage applications for refinancings and home purchases dropped 7.1 percent for the week ending June 22, the Mortgage Bankers Association reports. Separated out, refinancing applications dropped by 8.3 percent alone for the week while home purchase applications--which are a gauge for future home purchases--fell 1.4 percent for the week, MBA reports. Michael Fratantoni, MBA’s vice president of research and economics, said the drop in mortgage applications this week mostly stemmed from a drop in refinance applications for government-backed loans. Last week, applications for government mortgage refinancing more than doubled, surging 121.3 percent and reaching an all-time high. "The large swings in activity [this week] were due to the implementation of [the Federal Housing Authority’s] new premiums on streamline refinances, and borrowers timing their application to lower their premiums," Fratantoni said in a statement. Source: “Mortgage Applications Fell Last Week: MBA,” Reuters (June 27, 2012)  

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Foreclosure Review Deadline Extended, Nearly 200K Requests So Far

The deadline to request a free, independent foreclosure review has been extended for another two months, and so far, nearly 200,000 people have requested a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board announced Thursday. The new deadline to request an independent foreclosure review is getting pushed back from July 31 to September 30, 2012.

The review is for those who believe they have suffered financial harm as result of servicing errors during a foreclosure process between 2009 and 2010. The property must be the borrower’s primary residence and serviced by a participating servicer to be eligible. The OCC first issued consent orders for the reviews on April 13, 2011 against 12 mortgage servicers, and so far, about 193,630 people have requested a free review. In addition, independent consultants have reviewed servicers’ portfolios and selected 144,817 files to review. Currently there are 156,826 files under review, and 11,939 files have been completed, according to the OCC. If financial harm did occur as a result of a faulty foreclosure process, relief may be available in the form of lump-sum payments, rescission of a foreclosure, a modification, or corrections on credit reports, deficiency amounts, and records. Efforts from the OCC to reach out to borrowers have included 4.4 million letters sent to those who may be eligible for a review, and the agency also required servicers to pay for advertising announcing the review.

 The IndependentForeclosureReview.com website has been visited 600,386 times, and 7,948 borrowers have submitted requests for review online as of May 31. The toll-free number, 1-888-952-9105, has received 241,048 calls, and 25,752 people have requested forms. The independent foreclosure review is separate from the $25 billion servicing settlement reached between federal and state officials and five of the largest servicers. As part of OCC’s agreements, four banks – Bank of America, Citibank, JPMorgan Chase, and Wells Fargo – received penalties totaling $394 million.

 Examples of servicer actions that could lead to relief include Servicemembers Civil Relief Act violations; modifications that were not approved but should have been, lack of proper notification during the foreclosure process, and errors that did not result in foreclosure, but still led to financial injury.

By: Esther Cho

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Home Value Analysis Finds Unbalanced Recovery

A Zillow Inc. analysis of home values in different zip codes for the three months ended in April—taking into account home sales and appraisals, among other factors—shows an unbalanced housing recovery and emphasizes the influence of location on residential values. As home sales grow and available supply narrows, home values have held up or are beginning to rise in neighborhoods with good public school systems, low crime rates, and nearby transportation corridors. However, other neighborhoods—especially in the exurbs—are not yet in recovery mode. The report shows that home values during the three-month period rose in nearly 94 percent of Phoenix zip codes, 90 percent of Denver zip codes, and 33 percent of Seattle zip codes, while they fell in 40 percent of Washington, D.C., zip codes. Although buyers were willing to commute longer distances to achieve homeownership during the boom years, they are unwilling to do so now. Redfin CEO Glenn Kelman says, "The marginal neighborhoods won't do well until the so-called desirable neighborhoods are completely fished out." He adds that these communities could see rising foreclosures due to a large "shadow inventory." Source: "Housing Prices Rise, But Not for Everyone," Wall Street Journal (June 20, 2012).

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Cities’ Secret Weapon to Boosting Home Values

Home values in an area can get a big boost by reducing the amount of violent crime, according to a new study by the Center for American Progress. Communities that reduce violent crimes by 10 percent could potentially see billions of dollars in home price appreciation for the community or about a 0.8 percent increase in home prices, the study says. Researchers found that reducing murders in a particular ZIP code followed a “predictable and significant increase in housing values in the same ZIP code in the next year.” For example, reducing crime by one homicide in a ZIP code in a year can lead to a home price jump of 1.5 percent for the next year, according to the study. Researchers also found that reducing homicides by 25 percent could lead to an estimated 2.1 percent increase in housing prices over the next year.

 "The basic idea is that crime has a big negative effect on property values, and if you do a cost-benefit analysis, it will be a good investment and the impact on home values is statistically significant and very large," Kevin Hasset, director of Economic Policy studies for the American Enterprise Institute, said during a conference call. What’s more, the study finds that a 10 percent decrease in homicides and increase in home values could also drastically expand a community’s revenues from property taxes. For the study, the researchers analyzed crime data from police reports and home prices in Boston, Chicago, Dallas, Houston, Jacksonville, Milwaukee, Philadelphia, and Seattle. Source: “Violent Crime Reduction Equals Billions in Home Value Gains,” HousingWire (June 19, 2012)

5 Biggest Mistakes Home Buyers Make

Some home buyers fall for common pitfalls when purchasing a home. How can you help make sure your clients don’t fall for one? Credit.com recently featured some of the biggest mistakes home buyers often make. Their list included: 1. Trying to fix credit scores before buying a home. Home buyers may do more harm than good if they don’t consult a financial expert first. “Even paying down credit card balances, which is a good thing as far as your credit scores and debt ratios are concerned, could be a problem if it leaves you short the cash you need to qualify to get the loan,” says Gerri Detweiler, Credit.com’s personal finance expert. 2. Not considering the future enough in their purchase. Buyers should consider what they want out of a house not just for today but also five or 10 years down the road. Do they plan to expand their family? If so, they may need a bigger home and want a different location. Also, how long do they plan on staying at the home? That can help determine the type of mortgage that makes the most sense for them too. 3. Failing to research financing enough. First comes the home and then the financing? Not in today’s market. Home shoppers should get prequalified for a mortgage before they start shopping for a home so they know what they can afford. “The time to make decisions about your mortgage needs is not during this 10-day window [after you sign a contract]; at most, this is time to shop for rates and fees and such,” says Keith Gumbinger, vice president of HSH.com. “Evaluating your credit, deciding on a product you prefer, how much down payment you feel comfortable making, whether you want to pay fees or points [and, if so, how much] and even shopping for a lender [getting preapproved] should happen well in advance of even wandering through the market looking at houses.” 4. Making the assumption that the Good Faith Estimate is always what you pay at closing. The form lenders provide that estimates closing costs is not set in stone. Closing costs may actually be more, so buyers need to be prepared. Closing costs generally are about 3 percent to 5 percent of the loan amount. “Shop around and compare the Good Faith Estimate provided by the lender with that of two or three other lenders,” suggests Ryan Himmel, a CPA and founder of BIDaWIZ, a tax advice resource. “If there is a significant disparity in estimates, then request an explanation from the lender to determine if you would like to move forward.” 5. Failing to budget for home expenses. Budgeting to purchase the home isn’t all new home owners should be squeezing in their budget. They’d be wise to not forget to budget for maintaining the home too. New home owners should budget for an increase in utility bills as well as for future maintenance and repair costs, such as repairing a furnace or roof. Read more mistakes that home buyers often make. Source: “10 Mistakes New Homebuyers Make,” Credit.com (2012)

Home Building Picks Up in May

Groundbreaking for single-family homes edged up 3.2 percent in May, reaching its highest level since December, the Commerce Department reported Tuesday. Single-family construction is now up 26 percent from year ago levels, as the new-home market continues to inch toward recovery. However, the volatile multifamily market bit into the pick-up in single-family construction. Overall housing construction in May dropped 4.8 percent compared to April, pulled down by a 21.3 percent decrease in May in multifamily construction. Still, there’s reason behind home builders’ increasing optimism about the sector: New housing permits--a future gauge of construction--soared nearly 8 percent in May, reaching the highest monthly level since September 2008. Builders’ Feeling More Confident About Recovery Builders’ confidence is gradually building about the market for newly built, single-family homes. Builder confidence rose one point in June and continuing the trend of several months of steady increases, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The index is now at its highest level since May 2007. Builders in the Midwest and West seem to be the most optimistic that the new-home market is improving. The increase in builders’ sentiment is “reflective of the continued, gradual improvement we are seeing in many individual housing markets as more buyers decide to take advantage of today's low prices and interest rates," says Barry Rutenberg, NAHB chairman. However, builders continue to cite overly tight lending conditions and low appraisals as major obstacles in completing sales. Source: “Housing Starts in U.S. Fall 4.8% in May on Apartments,” Bloomberg (June 19, 2012) and National Association of Home Builders