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With the decline in young home buyers, banks may need to figure out new ways to entice more buyers into the mortgage market.

The incredible decline in young homebuyers
By Dina ElBoghdady

The share of first-time home buyers has dropped to its lowest level in 27 years, highlighting the challenges facing the housing market’s stalled recovery, according to an annual survey released Monday by the National Association of Realtors.
Only 33 percent of buyers purchased their first home this year, down from 38 percent a year ago, according to the survey, which polled more than 6,500 people who bought a primary residence between July 2013 and June 2014. The last time the share was lower was in 1987, when first-time buyers made up only 30 percent of home purchases. The Realtors group cited several reasons for the decline, including a challenging job market and lending standards that tightened too much in the wake of the housing bust.

First-time buyers are a bedrock of the housing market, which is why so much attention is focused on their habits. When people purchase a first home, they enable existing homeowners to move or trade up. Having this turnover is critical to a robust housing sector and the economy, which relies heavily on the housing sector for growth. Typically, first-time buyers account for 4 out of 10 home purchases in any given year. But the share has been off the norm since 2011, the Realtors group reported.
Saving for a down payment continues to be a major challenge as young adults struggle with tough job prospects, flat wage growth, rising rents, and massive student loan debt, Lawrence Yun, the Realtor group's chief economist, said in a statement. Of the 23 percent of first-time buyers who said cobbling together enough money for a down payment was difficult, about 57 percent of them said their student loan debt was to blame. (The median down payment for first-time buyers was 6 percent.)

Tight lending standards also shut out many potential first-time buyers, an issue that has alarmed the Obama administration. The administration has been meeting with mortgage industry executives for months to figure out what it will take for lenders to ease up. Nearly half of first-time buyers said that getting a mortgage remains more difficult or somewhat more difficult than expected now that lenders are demanding higher credit scores than required in normal, pre-housing bubble times. In the mean time, the cost of some government-backed loans also has discouraged potential first-time buyers from entering the market, Yun said. The Federal Housing Administration, a popular source of low down payment loans, has raised the fees that it tacks onto monthly mortgage payments five times since 2010. The Realtors group and the Mortgage Bankers Association sent letters to the agency asking it to lower these fees.
"To put it in perspective, 56 percent of first-time buyers used a FHA loan in 2010." Yun said. "The current high mortgage insurance added to their monthly payment is likely causing some young adults to forgo taking out a loan."
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A housing boom may be on the horizon thanks to vets that have come home recently! Read to find out more...

Veterans have created a housing boom
By Kenneth R. Harney

There may be fewer military boots on the ground overseas, but here at home major campaigns in the housing market have been directed this year at veterans.
Not only has the Department of Veterans Affairs’ VA home-loan program gained significant market share compared with competing private and government mortgage options, but big banks and mortgage companies have stepped up efforts to help returning veterans obtain decent and affordable housing, including by gifting them hundreds of homes free of charge, with no mortgage attached.

The VA’s home-purchase financing program is now at record levels. New loans to buy houses have more than doubled since 2007. Since 2011, when VA-backed mortgages represented about 3 percent of total home-purchase mortgage activity, they’ve soared to roughly a 7 percent share, according to the Mortgage Bankers Association. For sales of newly built homes, the VA share is much larger: 14.5 percent in September, compared with a 16.7 percent share for the other major federal housing finance program, FHA, the Federal Housing Administration.

So VA loans are housing’s hot product, but why? Lots of reasons:

VA-guaranteed mortgages come with terms that no other financing source can match: zero down payment; flexible and generous credit underwriting that emphasizes the individual applicant rather than the algorithm-driven computer programs that dominate conventional lending. Also, VA interest rates are competitive and maximum loan amounts go well into the jumbo range.

Lenders increasingly recognize VA loans as good business. Despite having features traditionally connected with high risks of serious default and foreclosure — zero-down-payment borrowers during the housing boom often performed poorly — VA’s default rates are as good as or better than “prime” conventional market performance and far superior to FHA’s. VA’s low rates of serious default are attributable in part to its intensive, hands-on servicing of mortgages. At the earliest hints that a borrower may be facing financial strains, VA servicers get in touch to begin finding ways of solving whatever problem may exist.

Demand is booming. There are now an estimated 22 million veterans in this country, many of them with eligibility for VA loan benefits. In an era of extremely tight credit and underwriting in most segments of the marketplace, the VA program looks like an extended hand for creditworthy vets who don’t have large amounts of money to put down on a home purchase or are transitioning into regular employment in the mainstream economy.

Meanwhile, with relatively little national publicity, growing numbers of financial institutions are partnering with nonprofit groups to help veterans with housing needs. Organizations such as Operation Home front, the Military Warriors Support Foundation, Home Strong USA and Purple Heart Homes have given away hundreds of houses acquired through donations from Bank of America, JPMorgan Chase, Wells Fargo Home Mortgage, U.S Bank, SunTrust Mortgage and others. Bank of America alone has donated more than 1,500 houses to nonprofits that serve veterans, according to a spokesman. JPMorgan Chase has donated about 700, part of its commitment to give away at least 1,000. Wells Fargo has gifted $23 million worth mortgage-free homes to 150 veterans and families in 40 states.

Some of the nonprofits maintain online listings of the homes they have available. The Military Warriors Support Foundation’s Homes 4 Wounded Heroes program displays a map showing the locations and photos of properties available across the country, along with guidelines for potential beneficiaries: They must be a vet wounded in combat (Purple Heart recipients are given priority) or an unmarried Gold Star spouse from any American conflict; must be honorably discharged or retired from the military; and must not currently have a mortgage.

Operation Home front has donated more than 450 mortgage-free houses to veterans and families during the past two years and has 60 more ready to award. It takes a go-slow approach to transitioning veterans into ownership. For the first 12 to 24 months, the recipients legally are tenants of Operation Home front. To receive the deed to the house, vets must pay property taxes, insurance and homeowner association fees; participate in a customized transition plan that includes financial counseling and set-asides of savings for long-term maintenance of the property; and allow periodic inspections.

Builders with mortgage affiliates also have jumped into the burgeoning housing-for-heroes movement. Pulte Group, a key player in the field, has committed to build at least 20 mortgage-free new homes for wounded vets this
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Here are some amazing real estate facts to entertain your brain today!

http://www.inman.com/2014/10/20/11-amazing-real-estate-facts-to-entertain-your-brain-2/.
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FOR THE FIRST TIME SINCE 2008 UMPLOYMENT HAS FALLEN BELOW 6%! Great news for economy!

Unemployment Rate Falls Below 6 Percent For First Time Since ’08
Author: Tory Barringer

After giving a soft performance in August, the labor market came back strong in September, knocking the national unemployment rate down below the 6.0 percent mark for the first time in more than six years.

According to the latest monthly figures from the Bureau of Labor Statistics, the nation added 248,000 jobs in September, bringing employment growth back above 200,000 after an unexpected drop in August.

Economists surveyed by the Wall Street Journal predicted the economy would add 215,000 jobs last month.

Meanwhile, payroll figures for July and August were revised upward to 243,000 and 180,000, respectively, tacking on an additional 69,000 jobs to their original estimates. Over the last year, monthly job growth has averaged 213,000.

With the latest estimate, the government puts the U.S. unemployment rate at 5.9 percent, its lowest since July 2008. This represents a decline of 0.2 percentage points from the 6.1 percent rate that was reported for August. The number of unemployed persons nationwide fell by 329,000 down to 9.3 million from August to September. Industries that experienced notable job growth in September were business services, retail trade, and health care.

Year-to-date as of the end of September 2014, the unemployment rate has fallen by a total of 1.3 percentage points and the number of unemployed persons has decreased by 1.9 million, according to the Bureau of Labor Statistics.
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You know the saying, "when there's a will there's a way," well for some prospect home owners their may be alternative ways to get a loan for house even if you don't qualify for a standard mortgage. Check this article out to learn more...

Even if you don’t qualify for a standard mortgage, there may be ways to get a loan
By Kenneth R. Harney

If you’re thinking about buying a house, you probably know the sobering realities in the mortgage market. Thanks to strict federal rule changes in the wake of the housing bust, it can be tough to qualify for a loan.

That’s especially true if you don’t quite fit the mold — that is, if you don’t conform to all the underwriting mandates on credit, income, debt-to-income ratio and other criteria. You may be able to handle the payments, but issues in your application push you outside the box.

But here’s some good news: A small but growing number of lenders has begun offering mortgages with more-flexible terms designed for borrowers like you.
Say you have solid credit scores and money in the bank but because of student loans or medical bills, your debt-to-income ratio exceeds the maximum that federal rules generally prescribe. Or maybe you are self-employed and find it difficult to assemble the documentation most lenders require on income, even though one glance at your bank statements would show that you earn enough to qualify. Perhaps you did a short sale on your underwater home a couple of years ago, too recently to meet the four-year minimum wait time prescribed by giant investor Fannie Mae before you are allowed to obtain a new mortgage.

You are not alone. Some industry estimates on the number of near-miss applicants or potential applicants nationwide range well into the millions. To serve them, a new segment of the mortgage market has begun taking shape: “non-Qualified Mortgage” or non-QM lending. Interest rates on such loans are higher than the standard market by three-quarters of a percentage point to 1.5 percentage points or even more, depending on the lender and the application specifics.

“QM” refers to the federal Qualified Mortgage rules that are designed to foster safe lending. They ban certain loan features such as negative amortization and interest-only payments; set a 43 percent ceiling for debt-to-income ratios; and impose a 3 percent limit on total loan fees, among other requirements.

Lenders jumping into the non-QM space emphasize that they have no interest in funding subprime applicants who lack the ability to repay their mortgages. Bill Dallas, president and chief executive of Skyline Home Loans of Agoura Hills, Calif., says, “We want good credit risks, but we don’t think the ‘Ozzie-and-Harriet,’ one-size-fits-all underwriting” is the only way to go. Skyline is readying loan offerings that allow debt ratios of 50 percent and depart from other QM standards for applicants with strong compensating factors such as substantial down payment and reserves.

Impac Mortgage, a New York Stock Exchange-traded company based in Irvine, Calif., has begun making loans nationwide — $30 million in the past couple of months — on what it calls “Alternative QM” mortgages to several categories of creditworthy borrowers with special needs:

● Near-miss buyers, who don’t quite qualify under standard rules. Say they have solid credit scores and good jobs but have a debt-to-income ratio of 49 percent. They’re likely to have difficulty under Fannie Mae’s or Freddie Mac’s underwriting systems, but Impac may fund them after taking a hard look at their bank reserves and assets.

● Self-employed professionals and business owners. They generally can’t show IRS W-2 forms and may have irregular income flows, complex tax situations and periodically high debt levels. Impac allows them to document their income using 12 months of recent bank statements and to have debt-to-income ratios as high as 50 percent.

● Investors with multiple properties. Investors who own 10 or more rental homes or commercial properties and seek to refinance and pull money out are frequently turned down by conventional lenders. Impac evaluates borrowers’ incomes based on the properties’ cash flows, and it has no limit on total properties an applicant can own.
New Penn Financial, based in Plymouth Meeting, Pa., is another early entrant to the non-QM arena. It recently began offering its Home Buyer Power loans through retail branches and brokers in 47 states. Brian Simon, New Penn’s chief operating officer, told me the company’s initial target is borrowers with “prime” credit who seek high-balance mortgages but have debt loads that put them out of reach at most banks.
Bottom line: If you assume you can’t qualify for a mortgage because you depart from federal guidelines in some way, go shopping. The non-QM mortgage market wants to hear from you.
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Mortgages are getting cheaper and easier to achieve for some home byers this added to the lowest unemployment numbers in 8 years may lead to better home buying prospects.

Mortgages getting cheaper, easier to get for some homebuyers
BY CNN WIRE

For wealthy homebuyers, mortgages are getting cheaper and easier to come by.

Not only are big-pocketed borrowers paying lower average rates on the high dollar value loans known as jumbo mortgages, but lenders are now requiring even smaller down payments — and, in some cases, they are waiving the mortgage insurance, too.

For months, lenders of jumbo mortgages have been charging interest rates that are lower than what average borrowers pay.

The Mortgage Bankers Association reports that the average rate on jumbo loans — mortgages of $417,000 or more (or $625,500-plus in high priced markets) — was 4.24% last week, compared with 4.36% for conventional 30-year, fixed-rate mortgages.

And now some lenders have reduced the required down payments on these loans to as little as 10%, down from 20%, according to Tom Wind, executive vice president of home lending for EverBank.

In some cases, these lenders may not even require jumbo loan borrowers to purchase private mortgage insurance — a prerequisite for almost anyone who takes out a low down payment loan.

Banks have even lowered the credit standards they use to underwrite these jumbo loans, according to John Walsh, owner of lender Total Mortgage Services.

During the past several years, most jumbo borrowers needed at least a 700 credit score to get a loan. But now lenders are giving loans to borrowers with credit scores of as low as 650. “That was unheard of 12 months ago,” said Walsh.

So why are banks cutting these borrowers such a big break?
According to Malcolm Hollensteiner, head of retail lending for TD Bank, banks want jumbo loan customers not so much for the profits the loans generate, but to win new clients for other bank services such as brokerage services or retirement planning.

Keeping jumbo loans on their books is a very “sticky” way to do that, he said.
For lenders, giving a loan to someone with a lower credit score, or with less money down, is also a gamble worth taking. Big loan borrowers have better track records when it comes to repaying their loans and they default at a much lower rate, said Wind.

Plus, many of the highest priced housing markets, like San Francisco, Los Angeles, New York and Washington D.C., are going strong. And when home prices are stable or rising in an area, it lowers the risk that a borrower will default.

Even if borrowers stop paying, rising home values mean most or all of the loan balances can be recouped in foreclosure.
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It's Halloween and though most of the popular costumes are gone do not fret! Here are some popular ideas to help you with tonight's costume parties and festivities.

"Your last-ditch Halloween costume guide. When being a "Frozen" princess is no longer an option."
By Karla Peterson

Ding-dong, the witch is gone.

“We are completely out of Maleficent,” said Andrea Vasquez, manager of the Spirit Halloween store in University Heights, waving toward the costume area where Disney’s “Sleeping Beauty” witch used to reign supreme. “A lot of women wanted to be her. And we had some men who wanted to be Maleficent, too.”

Elsa and Anna from “Frozen.” Jon Snow of HBO’s “Game of Thrones.” All things Avenger. These are among the hottest costumes of this Halloween season, and San Diego is no exception to the national dress-up trends.

When you answer the call of the trick-or-treaters, expect to see a porch full of little “Frozen” princesses, pint-size superheroes and parents dressed like Batman or “Walking Dead” zombies. And if you have not locked down your look yet, plan to be faced with more choices than a last-minute Halloween shopper has any right to expect. As long as you don’t expect to dress like HBO’s hunkiest warrior or Sleeping Beauty’s worst nightmare.

Tops in the shops: With Halloween falling on a Friday and parties spilling into the weekend, the National Retail Federation expects Americans to spend $7.4 billion on costumes, candy, décor and other scary stuff, up from $7 billion in 2013.

What does $7.4 billion buy on the open costume market? In addition to the must-have/can’t-buy Maleficent and the ubiquitous “Frozen” girls — which are sold-out everywhere — Halloween 2014 is all about TV shows and throwback comic-book memories.

The trend-watchers at Party City tapped Batman (who turned 75 this year) and the Marvel crew (Spider-Man, Captain America and his fellow Avengers) as some of the hottest costume styles of 2014. They are also expecting big things from Transformers, Power Rangers and — thanks to the surprising success of this year’s movie reboot — Teenage Mutant Ninja Turtles, who have returned from the pop-culture dead and have the in-demand costumes to prove it.

Spirit Halloween has an exclusive deal to sell "Game of Thrones" merchandise, and as of Tuesday, the hordes had laid waste to the University Heights store’s Jon Snow collection, leaving just one extra-large costume and a few luxuriously curly wigs. Strangely enough, there were still plenty of Daenerys Targaryen gowns, but no Daenerys wigs. I’m guessing no one saw that Daenerys Snow crossover trend coming.

So if you were hoping to pay tribute to your favorite envelope-pushing cable-TV drama, try pivoting to a “Sons of Anarchy” ensemble, which can be accomplished with the Spirit store’s official “Anarchy” biker gear or Party City’s non-branded pleather collection. Sadly, the University Heights Spirit store was all out of Gemma corsets, but there were still other beastly TV options available.

“Zombies are really big,” Vasquez said, strolling past the section devoted to “Walking Dead” costumes and bloody accessories. “You can never go wrong with zombies.”
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Beware to those of you living in Michigan, if you are behind on your property taxes your home may be subject to FORECLOSURE!

Michigan County Launches Aggressive Foreclosure Campaign
Author: Brian Honea

Wayne County, Michigan, is launching an aggressive campaign to begin foreclosure proceedings on 75,000 residential properties whose owners are three months or more behind on paying property taxes.

By comparison, Wayne County began the foreclosure process on 56,000 homes last year, 42,000 in 2012, and 26,000 in 2011. The majority of the 75,000 homes targeted for foreclosure are located in Detroit, which is the county seat of Wayne County.
The county's goal is not necessarily to complete the foreclosure process on these properties, however. Wayne County Treasurer David Szymanski said that of the 56,000 homes the county began the foreclosure process on last year, the process was completed on only 20,000 of them, meaning that the county helped 36,000 of them stay in their homes.

Szymanski said there are three reasons for the county's latest aggressive foreclosure campaign: to help homeowners find a successful solution that allows them to stay in their homes, to eliminate blight, and to enroll eligible homeowners who are behind on their mortgage or taxes in the state's "Step Forward" program. "The earlier in the process we contact a distressed taxpayer, the more likely we are to find a successful resolution," Szymanski said. "The earlier we contact them, the more options they have available."

Detroit's population has been steadily declining in the last 60 years or so, from a peak of about 1.8 million in 1950 down to about 700,000 in the 2010 census, resulting in "a lot of housing for people who don't exist any longer," Szymanski said. "That leads to a staggering number of foreclosures."

In some parts of Detroit, property values have plummeted by as much as 90 percent, according to Szymanski, and in many of those cases, the amount of money owed in delinquent taxes is more than the house is worth. Due to the large number of empty or abandoned homes, blight has become a significant problem in Wayne County for many years, and Detroit Mayor Mike Duggan is making a push to eliminate blight, Szymanski said, which is important because "blight breeds blight in communities." "If we don't foreclose on all the properties that are eligible for foreclosure, we leave blight behind," Szymanski said.

The third reason for the aggressive foreclosure campaign in and around Detroit is the Step Forward program, which was created in response to the 2008 housing crisis to help distressed borrowers pay their taxes. The federal government provided $500 million for the program and so far it has helped about 4,000 distressed homeowners in Wayne County pay a combined total of about $40 million in taxes, according to Szymanski. Borrowers must meet certain requirements to be eligible for Step Forward, such as: they must own and live in the home, they must be pursuant to a deed, and they must have experienced a financial hardship that was not of their own doing.
Though the program has helped 4,000 homeowners, that is "a drop in the bucket compared to what we want to accomplish," Szymanski said. There are many more who have applied for relief through Step Forward and are waiting for the county to determine their eligibility.

Szymanski said they are touting Step Forward more heavily recently because there is about $200 million left in the program, and county officials fear the federal government might discontinue the program and reclaim the remaining funds.
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Would you rather rent or own your home? According to this report, it may be more affordable to own a home then renting one.

Report: Buying a Home 38% Cheaper than Renting
Author: Scott Morgan

Buying a home is still cheaper than renting in most markets across the country, and even cheaper than a year ago, according to the latest Rent vs. Buy report from Trulia.
According to Trulia, when the purchase includes 20 percent down and a fixed 30-year mortgage, buying is 38 percent cheaper than renting. This is true in general across the United States and is true in all of the 100 largest metros except Honolulu.

A fixed 15-year mortgage with 20 percent down is even more affordable—43 percent, according to Trulia's calculations. All-cash purchases are 36 percent cheaper than renting. Deals featuring 10 percent down and including private mortgage insurance are 35 percent cheaper; and buying a property with a Federal Housing Administration (FHA) loan at 3.5 percent down is 25 percent cheaper. (These numbers are all national averages, all assume a 25 percent tax bracket, and all assume the homeowner stays put for at least seven years.)

One year ago, Trulia's Rent vs. Buy report found that homeownership was 35 percent cheaper than renting. Jed Kolko, Trulia's chief economist, said the reason for the upswing is twofold. For one thing, in the past year, the 30-year fixed-rate mortgage rate has fallen from 4.8 to 4.3 percent.

On top of that, rents have risen faster than home prices in almost every measurable market. For example, Trulia's September Price Monitor showed that asking prices for condos is up more than 7 percent, while home values are increasing on average by 6 percent from last year. Not all markets are so exaggeratedly in favor of buyers, however. In California and the New York/New Jersey region in particular, buying is a closer call relative to renting. While buying for the ideal buyer is still cheaper in these areas, the margins are often down below 10 percent.

On the other side of the coin, buying in much of the Midwest is decidedly cheaper than renting. Buying Detroit or Gary, Indiana, in fact, is above 60 percent more affordable than renting, according to Trulia.

Will the trend hold?

"It's not hard to come up with realistic scenarios where buying costs more than renting," Kolko said. "For a millennial with little savings and no 'Bank of Mom and Dad,' an FHA loan might be the only option."

Remember the criteria of the 25 percent tax bracket and staying in-home for at least seven years? Well, Kolko said, if you take a 20-something who's not in that 25 percent bracket and only stays put for, say, five years, "buying ends up costing more than renting in 27 of the 100 largest metros."

And not just in the pricey coastal markets (which wouldn't even be close). Buying becomes more expensive in markets like Phoenix, Las Vegas, and Colorado Springs as well. "An FHA loan might be within reach for many first-timers," Kolko said, "but there are still plenty of people for whom renting would cost less than buying, even if low down payment loans give them the option to buy."
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It is that time of year, when things go bump in the night and children prepare to collect candy dressed in festive spooky costumes. Just like the traditions of Halloween are not going away, neither do Zombie Foreclosures. Here is most recent data on the return of Zombie Foreclosures.

Zombie Foreclosures Result in Millions of Delinquent Tax Revenue Dollars
Author: Brian Honea

So-called "zombie" foreclosures have been known to lower property values of surrounding homes. But they also present another problem: property tax revenue lost, RealtyTrac recently reported.

According to RealtyTrac's most recent data on zombie foreclosures, about 21 percent of the 141,406 total foreclosures reported in Q2 were of the zombie variety. With the owner having deserted the distressed property, not only is there no one to maintain the property's outward appearance, but there is no one paying taxes on the property.
RealtyTrac estimates near $400 million in delinquent property tax revenue as a result of zombie foreclosures in Q2. The top metropolitan statistical area (MSA) as far as delinquent property tax revenue in Q2, according to RealtyTrac, was New York-Northern New Jersey-Long Island, with $208.5 million. This MSA also reported the highest total number of zombie foreclosures of any MSA in the nation in Q2 with 13,574, according to RealtyTrac.

The MSA with the second highest delinquent tax revenue total was Chicago-Naperville-Joliet with $45.1 million. This area placed third in total zombie foreclosures with 9,975 behind New York and Miami-Fort Lauderdale-Pompano Beach (12,958). Miami placed third in delinquent property tax revenue due to zombie foreclosures, with $36.3 million

Much has been made in the last few months about the problems caused by zombie foreclosures, which are properties that have been deserted by their owners but the title is still in the owner's name because the foreclosure process has not been completed. The fact that these homes fall into disrepair with no one to maintain them, as well as the fact that they attract vandals and other crime, has been well documented. Zombie foreclosures declined in 38 states according to RealtyTrac's Q2 report, but they were still up in several states. With more than 48,000 zombie foreclosures in Q2, Florida accounted for nearly a third of the nation's total.
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Is it still possible to follow the American Dream and own your own house? For 9 out of 10 Americans it is.

Homeownership Still Holds Promise for Nine in 10 Americans
Author: Tory Barringer

Even as the aftermath of the housing crisis continues to show in the market, a new survey shows the vast majority of Americans still regard homeownership as a "highly desirable goal."

In findings released Tuesday, COUNTRY Financial revealed 89 percent of Americans in its most recent Security Index survey feel that buying a home is a key part of achieving the American Dream despite their recent memories of the crash.

Even more promising, 64 percent of respondents expressed belief that owning a home is an attainable goal for a typical middle-income family, a significant improvement over last year, when just 41 percent said the same.

"We're very encouraged that so many Americans feel optimistic about home ownership and view it as a realistic and achievable goal," said Joe Buhrmann, manager of financial security support at COUNTRY Financial. "An improving economy and labor market might be helping to lift Americans' spirits and place buying a home closer within reach."

While the survey showed homeownership is an important goal for most correspondents regardless of age or income, it did reveal a generational split on opinions regarding whether or not that goal is achievable. Respondents among the ages of 30–39 and ages 50–64 were most likely to be negative in that regard, with 26 percent and 20 percent (respectively) saying owning a home is not an attainable goal for a middle-income family.

There was also an age division when it came to respondents' desire to own a home. Among non-homeowners, a quarter of those under age 30 and a fifth of those ages 50–64 said they have no interest in owning a home.

While some analysts have observed a culture shift away from homeownership among millennia's, all age ranges have their own reasons to be reluctant, Buhrmann says.
"While nearly everyone pictures a home as the American Dream, reality often looks different," he said. "Younger Americans are more likely to reject the idea of homeownership. Yet, the financial challenges of buying a home can affect those of any age."
In fact, for those who don't own a home at the moment, the survey found financial limitations were some of the biggest hurdles: 14 percent cited a low credit score as their primary obstacle, while lack of down payment (13 percent) and local home prices (12 percent) were also commonly cited.

In its own housing survey released Monday, Wells Fargo found similar concerns about home buying, with 30 percent of respondents saying only people with high incomes can get a mortgage right now and 64 percent saying only those with a very good credit score can qualify.

"It is important for prospective homebuyers to feel empowered to ask lenders and real estate agents questions about available options, such as down payment assistance or FHA [Federal Housing Administration] or VA [Veterans Affairs] loans for veterans," said Franklin Codel, head of Wells Fargo Home Mortgage Production. "Informing prospective homebuyers about their options is the first step toward helping them realize their goals."
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20 Cool New Inventions for the Modern Day Real Estate Investor
by Seth Williams

Make no mistake about it – we live in an amazing new era that offers us easy access to some crazy new technology.

Some of the inventions in the world today are truly ground breaking and have the power to legitimately changes our lives. Other inventions and gadgets are moderately amusing, but give nothing more than novelty value. Nevertheless – ALL of the things I’m about to show you have been good enough to impress a lot of people and as such, I want to show you this small compilation of new technology that might just peak your interest.
Believe it or not, most of these are real products that you can buy right now. The list may surprise you – check it out!

http://www.biggerpockets.com/renewsblog/2014/08/08/20-cool-office-inventions-modern-day-real-estate-investor/
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We offer completely customized products and services fitting client needs.
Introduction
AVM was one of the first to develop an advanced proprietary web-based valuation application. Our in-house development team, taking advantage of emerging technologies, has continuously enhanced and upgraded our application.

AVM has maintained a thoroughly screened and vigilantly trained Realtor base. AVM has spent almost two decades recruiting and training the most ethical, knowledgeable and capa...ble Realtors from across the nation. Our REPPS (Real Estate Professional Partners) must complete an online webinar to ensure they will meet our very high quality standards. Our outstanding Realtor base combined with our exceptional assignment, follow-up, and quality assurance processes results in the best valuation products available in the industry.

What truly sets AVM apart from other companies is our ability to provide our clients with unique business solutions. We provide our clients the option of completely customizing our products and services to fit their needs. This includes modifying any of our forms to meet a new regulatory requirement or investor’s specification, assigning orders to your preferred Realtor list, or even creating an entirely new product that will fit your collateral valuation and budget needs.

To learn more please visit our website at www.assetval.com.
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