By NICOLE MURRAY
During a homebuying transaction, it is required that sellers disclose a property’s physical defects to shoppers before a deal is finalized. But are there similar rules in place for sellers and their real estate agents if deaths, murders, hauntings and/or paranormal activity have knowingly occurred on the property being sold? According to Roy Condrey, founder and CEO of DiedInHouse.com, laws for these situations vary state by state but very few make it mandatory for the seller to disclose such information.
“I wish being told this type of information was a given but I’m not exactly surprised,” Condrey told The Mortgage Note. “This sensitive information can quickly transform a high-value home for sale into a stigmatized property. I’ve…
By ERIN FLYNN JAY
Mortgage loans have some risks, as do student loans. But the two don’t add up to a toxic combination that threatens to cause a price crash in the housing market, and trillions of dollars of damages for taxpayers to clean up.
A recent WSJ opinion piece by Allysia Finley claims taxpayers are standing behind trillions of dollars in risky mortgages due to the way that student loan debt is calculated during the mortgage process.
In “The Student-Debt Bubble Fueled a Housing Bubble,” Finley blamed student loan repayment plans, saying monthly payments are capped at 10% of discretionary income.
“Many student borrowers consequently aren’t paying down their debt, but it isn’t counted against them when they attempt…
By NICOLE MURRAY
The joy and satisfaction of buying a home has been diminished because of remorse for many Americans. Experts say it doesn’t have to be this way.
Due to bidding wars, rising interest rates, and a scarcity of options, in recent years homebuyers put themselves under pressure to make quick decisions about the places they now call home. So it’s not surprising that a recent survey by Clever Real Estate showed that a high percentage of people had regrets about buying in 2022 and 2023.
First-time buyers were particularly affected. 51% said the seller of their home took advantage of them and 67% said they felt pressured to submit an offer.
More than half of all the buyers…
The Mortgage Note’s team has been tracking the housing crunch as low inventory, coupled with high interest rates, creates challenges for homebuyers and mortgage professionals.
Editor Kimberley Haas interviewed industry leaders to learn more about what they are seeing and what products are being offered for this podcast.
If you would like to participate in future episodes, please email us at [email protected].
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FormFree’s Chief Customer Officer Christy Moss sat down with The Mortgage Note to talk about the company’s Residual Income Knowledge Index,…
By CHUCK GREEN
Back in 2008, Fannie Mae and Freddie Mac were in trouble. In fact, without government intervention, they faced imminent collapse, and on Sept. 6 of that year, both were placed in conservatorship by the director of the Federal Housing Finance Agency.
With those conservatorships hitting their 15th anniversary, William Emmons, an adjunct lecturer at Washington University in St. Louis, said the takeover was historically significant because they were the first large-scale government interventions in what came to be known as the Global Financial Crisis.
“In other words, their collapse was a bellwether of things to come. Lehman Brothers failed one week later, which triggered the chain reaction of collapsing banks, AIG, and market confidence,” Emmons told The…
By ERIN FLYNN JAY
Inflation has affected the housing market as higher costs of living puts more stress on the average person’s finances.
The average American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics.
“High inflation of the past 2+ years has done lots of economic damage,” Mark Zandi, chief economist at Moody’s Analytics, wrote in a post on X, the platform formerly known as Twitter.
Rick Sharga, President & CEO of CJ Patrick Company, said among other things, inflation makes it harder for renters to save money for a down payment, and as home prices tend to go up over time, the amount of…
Rocket Companies has been recognized by PEOPLE in its 100 Companies That Care rankings for its contributions to Detroit homeowners.
For the past seven years, PEOPLE has partnered with Great Place To Work to honor companies that go above and beyond to positively impact their communities.
This year, Rocket Companies earned second place for its efforts to support residents of Detroit.
PEOPLE said its decision was based on the Detroit Home Repair Fund, part of the Gilbert Family Foundation. The fund facilitates critical home repairs for low-income Detroit homeowners – where Rocket is headquartered – through its nonprofit partners.
Nonprofit partners inspect the home and obtain the funding, as well as oversee contractors and post-inspections while monitoring compliance.
“Stable housing…
By NICOLE MURRAY
California continues to dominate the luxury homes market, but that could change as communities fight for the country’s wealthiest individuals.
In a recent Point2Homes.com study, analysts looked at which cities in the United States have the highest share of luxury homes worth at least $1 million for sale. Results were categorized by large, mid-sized, and small cities.
They found that listings above $1 million make up around 64% of the for-sale market in Los Angeles.
LA also led the ultra-luxury sector, with almost 12% of its homes priced above $5 million.
Glendale (66%), Huntington Beach (63%), and Oxnard (43%) in California were found to be the three most luxurious mid-sized markets with high percentages of the homes…
By KIMBERLEY HAAS
It is being estimated that the average teacher can afford 12% of homes for sale within commuting distance of their school and just 27% of available rentals in the same area.
These numbers come from a Redfin analysis which looked at 2022 median teacher salaries in the 50 most populous U.S. metro areas. Commuting distance was defined as 20 minutes or less during rush hour and affordability was defined as no more than 30% of the metro’s median teacher income. For house sales, a 10% down payment was assumed.
In 2019, before the pandemic boom drove up prices, the average teacher could afford 30% of homes for sale within commuting distance of their school. A lack of…
By CHUCK GREEN
Mortgage rates are hovering around 7% as the summer winds down and with potential homebuyers facing high monthly payments for the few properties for sale, people are wondering when the Federal Reserve will loosen its grip on monetary policy so the housing market can free up again.
Last month, Chairman Jerome Powell announced the key interest rate would be lifted to 5.25% to 5.5% — the upper figure representing a level not seen since 2001, according to the Associated Press. Powell said that they don’t expect to reach their goal of 2% inflation until 2025, and they do not intend to cut rates until next year.
“The Fed’s rate hikes attempt to combat inflation, increasing mortgage interest…
