The National Association of Home Builders (NAHB) reports framing lumber prices in random lengths hit $396 per 1,000 board feet Jan. 11, 2013, more than double the $193 price Jan. 23, 2008. As MHProNews has learned, this is substantially higher than the $316 price per 1,000 board feet recorded Oct. …
The House Financial Services Committee tells MHProNews that Committee Chairman Jeb Snarling, in his response to the Consumer Financial Protection Bureau (CFPB)’s Qualified Mortgage and Ability to Pay rules, says the CFPB has an impossible, dangerous mission and that attempted solutions may have unintended consequences. He asserts, “ Impossible because …
An industry insider has provided MHProNews with an exclusive of their flash report on the QM rules issued by CFPB yesterday. There was an 804 page Ability to Repay (“QM”) Rule issued on 1.10.2013 by the Consumer Financial Protection Bureau (CFPB), along with the 431 page High-Cost Mortgage (HOEPA – …
MH Industry Insider Perspective: Flash Report on QMs…Not good! Read More
The long-anticipated set of mortgage rules, including the qualified mortgage, promised by the Consumer Financial Protection Bureau (CFPB) have finally been released, according to CNNMoney. Designed to correct the lax underwriting practices that led to the housing bubble fiasco, the new rules require documented financial feasibility of repaying the loan …
According to originationnews, the Mortgage Bankers Association (MBA) says despite the interest rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balances having increased nine basis points to 3.61%, mortgage apps rose 11.7 percent for the week ending Jan. 4. This interest rate is the highest in two months. …
According to the National Association of Realtors (NAR), the first 11 months of 2012 is setting the stage for what is anticipated to be a record year for the housing market, once Dec. numbers are in. HousingWire says NAR’s Housing Affordability Index through Nov. 2012 stood at 198.2, and expects …
Institutional investors as well as nontraditional investors are poised with $6 to $9 billion to acquire REO (real estate-owned) properties that many number from 60,000 to 90,000 in the single-family rental market, according to nationalmortgagenews. Keefe, Bruyette & Woods analyst Jade Rahmani says while this may account for only 15 …
The National Association of Home Builders (NAHB) says its First American Improving Markets Index (IMI) rose from 201 in Dec. to 242 this month, an increase of over 20 percent. Now including 48 states and the District of Columbia, before being added to the list the metro area must show …
Economist Joseph Brusuelas, writing in a Bloomberg Brief on the 2012 housing review and outlook for 2013, says, “Rising purchases of homes from cash buyers and investors reduced the monthly supply of existing homes on the market to 4.8 months in November from 6.4 months in January of 2012. Careful …
According to BloombergBusinessWeek‘s survey of 15 economists and housing analysts, existing home sales will increase 7.2 percent in 2013 to 4.98 million, the most since 2007. Prices will move up 3.3 percent this year, a slight retreat from the 4.5 percent rise in 2012. The loss of inventory in 2012 …
According to official statistics from the Dept. of Housing and Urban Development (HUD), the Manufactured Housing Association for Regulatory Reform (MHARR) says production of manufactured housing fell 18 percent from Nov. 2011 to Nov. 2012, 5,332 homes down to 4,365 units. While cumulative production is still up seven percent over …
As originationnews reports, the Mortgage Bankers Association (MBA) says refinancings the last two weeks ending Dec. 28 were at their lowest point since April, as refis dropped 21.6 percent on a seasonally-adjusted basis. The average contract interest rate for a 30-year fixed rate mortgage (FRM) increased one basis point to …
HousingWire reports real estate data firm Trulia says home prices increased Dec. 2011 to Dec. 2012 5.1 percent, a distinct rebound from the 4.3 percent drop the previous year. In the largest annual increase to date, asking home prices rose 3.8 percent Dec. to Dec 2012. While Phoenix saw the …
While the number of foreclosures completed dropped by eight percent in Massachusetts from 2011 compared to Nov. 2012, to 7,158, the number completed in Nov. 2012 was down nearly 60 percent from Nov. 2011, according to what nationalmortgagenews tells MHProNews. Meanwhile, this past Nov. marked only the second month in …
For the third consecutive year, foreclosure filings have declined 2.2 percent in southeastern Wisconsin in seven counties, including Milwaukee and Kenosha, to 10,475 in 2012. Although foreclosures are declining, their drag on the economy is very strong— short sales make up 23 percent of all homes sold in the seven …
EnhancedOnlineNews reports Intuit, Inc., provider of business and financial management solutions for small and mid-sized businesses, says small business employment increased 0.12 percent in 2012, while small business revenue fell 1.2 percent from Jan. to Nov. Based on Intuit’s data retrieved from its Online Payroll and Online Quickbooks programs, small …
Nationalmortgagenews reports from Phoenix, Ariz. as the number of lender-repossessed homes on the market declined 43 percent from Nov. 2011, the median price of previously-owned homes and condos hit $167,500, the highest level since Oct. 2008 when the median price was $175,000. MHProNews has learned, according to DataQuick of San …
The Manufactured Housing Institute informs MHProNews that the passage of the legislation by Congress to avert the “fiscal cliff” included extension of tax credits for Energy Star manufactured and modular homes. The New Energy Efficient Home Credit expired at the end of 2011 and has been extended to Dec. 31, …
Archinect tells MHProNews as part of a settlement between the U.S. Environmental Protection Agency (EPA) and the Tennessee Valley Authority (TVA) for alleged violations of the Clean Air Act, the University of Kentucky College of Design in cooperation with two non-profits will build four more energy efficient modular homes with …
The Associated Press reports in a further sign the job market is improving, first-time jobless claims fell to a seasonally-adjusted 350,000 last week, the lowest level since March 2008. The four-week average of 356,750 is almost a five-year low. However, since many state unemployment offices were closed Mon. and Tue. …
