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- April 2013 - Pulse Newsletter
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Realtor.com March data indicates that the amount of homes on the market showed a modest increase since February 2013SAN JOSE, Calif., April 10, 2013 /PRNewswire/ -- Realtor.com, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released its March data on the U.S. housing market that shows growing optimism and confidence among potential sellers. Realtor.com's March 2013 data indicates that while national housing inventory decreased 15.22 percent since last year, the number of listings increased 2.36 percent since February 2013. This month-over-month increase indicates a renewed willingness in sellers to put their homes on the market as list prices increased .05 percent both year-over-year and month-over-month to a national average list price of $190,000. The data also showed that the median age of inventory dropped to 78 days — a decrease of 20.41 percent since February.
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Homebuyers Clueless about MortgagesBy Les Christie @CNNMoney May 9, 2013: 12:24 AM ET - NEW YORK (CNNMoney)
The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives.When it comes to mortgages, homebuyers answered basic questions about terms, how to choose a lender and financing wrong nearly one-third of the time, according to an April survey of more than 1,000 current and prospective homeowners by real estate website Zillow. Among the survey's findings, 31% of buyers don't think it's possible to get a mortgage for less than 5% down; 34% don't know what the term "annual percentage rate" (APR) means and one in four believe you must close with the lender that pre-approves your mortgage. Related: Tips for buying a home "All too often buyers focus on negotiating a lower home price and ignore the importance of finding the right loan," said Erin Lantz, director of mortgages for Zillow. "Buyers should always shop multiple lenders and compare rates and fees and read lender reviews in order to find the best loan for their situation." One example: 34% of respondents believe lenders are required by law to charge the same fees to all clients for credit reports, appraisals and the like. That's wrong. Fees vary from bank to bank and can often be negotiated. Related: 5 best markets to buy a home But it's hard to compare those deals if you don't understand what mortgage terms, like "annual percentage rate," mean. The APR factors into fees, upfront points, origination and underwriting fees and other costs that borrowers use to compare the actual cost of loans.
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3 Big Banks nearly halt foreclosure sales after U.S. tweaks ordersBy E. Scott ReckardCopyright © 2013, Los Angeles Times
May 19, 2013, 12:04 p.m. Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes. The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines. The banks wouldn't say exactly which issues had been under scrutiny. Bank of America Corp., by contrast, continued foreclosure sales at a normal pace, apparently confident its procedures met the revised restrictions. “We manage our mortgage servicing operations in compliance with all laws, regulations and standards for sound business practices,” BofA said Friday in a statement. The halted foreclosures are the latest complication stemming from a settlement between 13 large mortgage servicers and their federal overseers. Banks and regulators also have struggled to distribute billions of dollars in aid to borrowers equitably as required under the settlement. |
Homebuyers Clueless about MortgagesBy Les Christie @CNNMoney May 9, 2013: 12:24 AM ET - NEW YORK (CNNMoney)
The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives.When it comes to mortgages, homebuyers answered basic questions about terms, how to choose a lender and financing wrong nearly one-third of the time, according to an April survey of more than 1,000 current and prospective homeowners by real estate website Zillow. Among the survey's findings, 31% of buyers don't think it's possible to get a mortgage for less than 5% down; 34% don't know what the term "annual percentage rate" (APR) means and one in four believe you must close with the lender that pre-approves your mortgage. Related: Tips for buying a home "All too often buyers focus on negotiating a lower home price and ignore the importance of finding the right loan," said Erin Lantz, director of mortgages for Zillow. "Buyers should always shop multiple lenders and compare rates and fees and read lender reviews in order to find the best loan for their situation." One example: 34% of respondents believe lenders are required by law to charge the same fees to all clients for credit reports, appraisals and the like. That's wrong. Fees vary from bank to bank and can often be negotiated. Related: 5 best markets to buy a home But it's hard to compare those deals if you don't understand what mortgage terms, like "annual percentage rate," mean. The APR factors into fees, upfront points, origination and underwriting fees and other costs that borrowers use to compare the actual cost of loans.
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