House Passage of Flood Bill Critical Step toward Reauthorization, Reform

House Passage of Flood Bill Critical Step toward Reauthorization, Reform

(Source: NAR) WASHINGTON — With less than a month left before the National Flood Insurance Program expires, the National Association of Realtors® is applauding the House of Representatives for passing what NAR believes is smart, much-needed support for the program.

“Realtors® know first-hand what happens when the NFIP expires, and it isn’t good for consumers, businesses or our communities,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “We appreciate the leadership that members of Congress have shown passing sound reforms, which will strengthen the program, protect property owners and deliver good results for taxpayers.” (more…)

REALTORS®, Home Builders and Affordable Housing Advocates Rally Together to Denounce Federal Tax Reform Plan That Would Hurt Middle-Class Californians

REALTORS®, Home Builders and Affordable Housing Advocates Rally Together to Denounce Federal Tax Reform Plan That Would Hurt Middle-Class Californians

Groups Unveil Full Page Open Letter to President Trump and the California Congressional Delegation Urging Them to Protect Homeownership

(Source: CAR) –  SACRAMENTO — The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), together with members of California’s homebuilding and housing community, including the California Building Industry Association and the California Housing Consortium, this week sent an open letter to President Trump and the California Congressional Delegation stating that Californians would be hurt significantly by the current tax reform plan. (more…)

National Association of Realtors® Outlines Concerns in Advance of Tax Reform Vote

National Association of Realtors® Outlines Concerns in Advance of Tax Reform Vote

(Source: NAR) WASHINGTON, DC — As a vote on tax reform in the House of Representatives draws near, National Association of Realtors® President Elizabeth Mendenhall will outline how the House and Senate tax proposals are an attack on homeownership and middle-class Americans. Mendenhall will take questions from the media alongside senior NAR Government Affairs staff. (more…)

Homeowners: Great Time to Sell, But Not to Buy and Here’s Why

Homeowners: Great Time to Sell, But Not to Buy and Here’s Why

(Source: Value Insured) DALLAS –  It’s a seller’s market thanks to low inventory, but according to ValueInsured’s latest quarterly Modern Homebuyer Survey, many would-be sellers are hesitating to sell because of the high price they’d have to pay for their next home.

The survey, released today, found that 79 percent of homeowners believe now is a good time to sell a home. Two-thirds of homeowners are interested in actually selling their home “in the near future,” up 8 percentage points from last quarter. (more…)

New Home Purchase Mortgage Applications Rebound in October, Up 16.1 Percent Year Over Year

New Home Purchase Mortgage Applications Rebound in October, Up 16.1 Percent Year Over Year

(Source: MBA) – WASHINGTON, D.C. – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2017 shows mortgage applications for new home purchases increased 16.1 percent compared to October 2016. Compared to September 2017, applications increased by 23 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. (more…)

CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade

CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade

  • Overall Mortgage Delinquency Rate Fell 0.6 Percentage Points Year Over Year
  • Foreclosure Rate Declined 0.3 Percentage Points Year Over Year
  • Serious Delinquency Rate Declined 0.5 Percentage Points Year Over Year

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. (more…)

Statement from NAHB Chairman Granger MacDonald on Tax Reform

Statement from NAHB Chairman Granger MacDonald on Tax Reform

(Source: NAHB) Washington, DC – Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today issued the following statement on tax reform legislation in the House and Senate:

“While NAHB still opposes the current House tax reform bill, the Senate version represents a positive development.
However, though the Senate bill provides meaningful tax relief for small businesses and keeps the complete Low-Income Housing Tax Credit program in place, we still believe that maintaining an effective homeownership tax benefit is vitally important. NAHB will continue to work with lawmakers to achieve this goal as the legislative process moves forward.”

SOURCE: NAHB

CONTACTS
Stephanie Pagan
202-266-8254
spagan@nahb.com

Tax bill provisions would harm affordable housing and economic revitalization efforts

Tax bill provisions would harm affordable housing and economic revitalization efforts

(Source: National Housing Conference) Washington, DC – Elements of the “Tax Cuts and Jobs Act” released yesterday by the House Ways and Means Committee would greatly harm affordable housing, economic revitalization and community development efforts nationwide.

The National Housing Conference’s diverse membership of housing stakeholders opposes the elimination of proven tools like private activity mortgage revenue bonds and the New Markets Tax Credit, and supports improvement and expansion of the long-successful Low Income Housing Tax Credit.

The tax bill should retain the Low Income Housing Tax Credit, make improvements to it from the Tiberi-Neal Affordable Housing Credit Improvement Act (H.R. 1661), make adjustments to avoid unintended consequences from the decreased corporate rate, retain the New Markets Tax Credit and retain the exemption for multifamily and single-family mortgage revenue private activity bonds.

Only with renewed and expanded investments in people and communities can we ensure that all in America have access to an affordable home in a thriving community.

NHC is still studying other aspects of the far-reaching tax bill and may comment further if other aspects unite our diverse membership.

Source: National Housing Conference

Current Mortgage Rates for Monday November 13, 2017

Current Mortgage Rates for Monday November 13, 2017

Current mortgage rates for this Monday morning at the nation’s top lenders are mostly unchanged from Friday’s report. The national average for the 30 year fixed mortgage is 3.90% and the average rate for the 15-year mortgage is 3.24%.

5-year adjustable-rate mortgage (ARM) average is 3.22% and the current 1 year ARM is at a 2.68% average. The average 30-year fixed FHA loan rate is 3.60% and jumbo loan rate for the 30-year is 4.15%. (more…)

Home Prices Boom 10 Years After Housing Crisis

Home Prices Boom 10 Years After Housing Crisis

(Source: Realtor.com) – Home prices have returned to the boom levels of a decade ago — which foreshadowed the bursting of the real estate “bubble” and the onset of The Great Recession — but today’s housing market is starkly different, according to data released today from realtor.com®, a leading online real estate destination. Backed by tighter lending standards and more solid economic fundamentals, current price appreciation is being driven by strong supply-and-demand dynamics with no signs of boom era flipping or over-construction. (more…)

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action (NJCA), Ocwen Financial Corporation (NYSE: OCN), and the NJ State Conference of the NAACP are teaming up on Thursday, November 16, 2017 at the Appian Way in to explore mortgage solutions with Ocwen borrowers from across the state who are having difficulty paying their mortgages.

Homeowners are invited to join NJCA counselors and representatives from Ocwen and the NJ NAACP for a complimentary dinner and an informative presentation about how New Jersey Citizen Action’s free HUD-certified Loan Counseling Program can help homeowners find mortgage solutions during difficult economic times. Registration for the event is required. (more…)

New Tax Reforms to End Many Real Estate Tax Write-off for Homeowners

New Tax Reforms to End Many Real Estate Tax Write-off for Homeowners

The American dream of owning a home has been a mainstay in the economy for well over 60 years. The U.S. Government has helped millions of Americans realize this dream with some great income tax benefits since 1986 but this may be coming to end soon.

The Trump administration revealed its new Tax Reform Bill which will most likely result in fewer people qualifying for mortgages and lower homeownership levels across the nation. The bad news for many Americans is that under the new plan, there would be a cap on the mortgage-interest deduction which allows homeowners to subtract interest payments from their taxable income. (more…)