By KIMBERLEY HAAS The attorney general of Pennsylvania announced on Wednesday that he is suing Florida-based MV Realty PBC, LLC and its founder, alleging the company scammed consumers. Attorney General Josh Shapiro said in a statement that Pennsylvania homeowners are falling victim to hidden terms in the Homeowner Benefit Program. “MV Realty is a scam that exploits Pennsylvanians in vulnerable financial situations, and my office isn’t buying it. My office will protect homeowners’ most important asset – the value of their real estate,” Shapiro said. Shapiro, a Democrat, won the race for governor of Pennsylvania in November. He will be sworn in on Jan. 17 in Harrisburg. MV Realty was founded by Amanda Zachman and has been doing business in…
By KIMBERLEY HAAS The housing market traditionally cools during the holiday season as people focus on family and friends but industry leaders say it is a good time for potential sellers and buyers to weigh their options. After mortgage rates recently surged above 7%, real estate activity and consumer sentiment took a nosedive. Home delistings hit a record high in November as sellers and buyers pulled out of the market, according to journalists Lily Katz and Ben Walzer at Redfin. Markets where home prices skyrocketed during the pandemic are now cooling the fastest. In Sacramento, Calif., an average of 3.6% of active listings were delisted per week during the 12 weeks ending on November 27, up 1.6 percentage points from one year earlier.…
By CHUCK GREEN According to experts, not only is the housing market expected to continue cooling this year, the forecast remains chilly entering 2023. Real house prices jumped 10.5% in September and logged a 60.6% YOY increase, according to First American’s Real House Price Index. But prices fell in 15 out of the top 50 markets they analyze. Mortgage originations saw their largest annual decline in 21 years this fall, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. So, what in the name of the cranky barometer’s up? For one thing, surprise, surprise,…
Mortgage interest rates softened last week after shooting above 7%, falling back to 6.95%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage averaged 6.95%, down from 7.08% the week prior. A year ago at this time, the 30-year FRM averaged 3.09%. “Mortgage rates continue to hover around 7%, as the dynamics of a once-hot housing market have faded considerably,” said Sam Khater, Freddie Mac’s Chief Economist. “Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.” The Federal Reserve approved another 75 BPS interest…
By CHUCK GREEN During the pandemic homebuyers fled to southern states for warmer weather but now would-be purchasers are bailing out of deals at a faster clip than anywhere in the country. According to analysts at Redfin, 60,000 deals were called off nationally in September. That’s 17% of the homes that went under contract that month. In Florida, Jacksonville had 745 home-purchase agreements fall through, equal to 30.3% of homes that went under contract. That was the highest percentage among the metros Redfin analyzed. They were followed by San Antonio, TX (25.3%), Atlanta, GA (25%), Orlando, FL (24.6%), and Tampa, FL (24.5%). In August, about 800 home purchase agreements were tabled in Jacksonville. That’s 26.1% of homes that went under contract…
By TMN Editor The Consumer Financial Protection Bureau wants the public to weigh in on ways to improve the mortgage process for homeowners who would benefit from refinancing. They are especially looking for borrowers with smaller loan balances. CFPB Director Rohit Chopra said in a statement that the mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate. “We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future,” Chopra said. According to a press release, the agency is also looking for input on automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. For more information,…
By KIMBERLEY HAAS With the big football game coming up this weekend, leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and have revealed which stars will appear in their ad. Rocket Mortgage will give two grand prize winners $500,000 each for a home purchase during the game. $50,000 will be awarded every time the score changes. Rocket Homes, their sister company, has published an article highlighting what type of home a potential winner could select in various parts of the country. According to the article, the median sale price of a house in America is $335,212. The average house has…
Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules. And in mortgage and housing news… Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category. Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August. MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who rent the land they live on. Breathing Room: Ginnie Mae is…
