Archives

For the 6th consecutive month, the S&P/Case-Shiller Index posted strong numbers, a streak that dates back to February 2009. It comes 3 years after an epic collapse that left many wondering if housing would ever recover. It's clear now. The answer is "yes". Housing will most definitely recover.

For the second time in 10 weeks, Fannie Mae is toughening its mortgage guidelines again. Again. According to an internal Fannie Mae document, a review of the group's current "risk appetite, eligibility requirements, mortgage insurance options, and pricing" spawned changes spanning credit scoring, income requirements, loan-level pricing adjustments.

As reported by the National Association of REALTORS®, the number of Existing Home Sales fell last month, ending the report's 5-month winning streak. Some newspapers are calling it a "setback" for housing. Others are questioning the comeback. Rest easy, folks. August happened to be a terrific month for housing. Despite what the press may say.

Recapping the Federal Open Market Committee's September 23, 2009 statement and what it means for mortgage rates, homeowners, and the economy.

I've been posting near-real time mortgage rate updates on Twitter since 2007. I do it because mortgage rate information is "protected" and rate shoppers need every edge they can get. When you know that rates are falling or when rates are rising, you can time your mortgage lock to get the best rate possible. Come find me on Facebook, too.

The Federal Reserve does not set mortgage rates. Mortgage rates are based on the raw price of mortgage-backed securities plus applicable loan-level pricing adjustments. Or, with respect to jumbo mortgages, rates get set by individual banks. The Fed does, however, influence rates.

The FHA is changing the FHA Streamline Refinance rules. Effective January 1, 2010, getting approved for the popular refinance program will be decidedly more difficult. And make note -- this is not speculation. The FHA titled its official statement dated September 18, 2009 "Revised Streamline Refinance Transactions" and it reads like a warning shot. This is just the first in a series of changes coming from the FHA.

Buying a home with a boyfriend, girlfriend or business partner can be a risky endeavor in Cincinnati -- much more risky than buying a home with a spouse, anyway. This is because, with respect to Estate Planning, married homeowners typically get protection on the federal and state levels from which non-married homeowners are typically exempt. It's why non-married, joint homebuyers should make their own federal and state protection with the help of an attorney.

With Summer over and trading volume back to full strength, the market is turning a corner. It's increasingly clear that economy bottomed out sometime between February and May and Wall Street is no longer waiting for the other economic shoe to drop. Fed Chairman Ben Bernanke validated this position, saying the recession is "very likely over".

To be classified as "high-cost", an area's median home price must exceed $365,000. 324 areas qualify nationwide and, in each of those regions, the conforming loan limit has been modified to 115% of the median home price. Neither Chicago nor Cincinnati made the list, though. As a result, homeowners are relegated to the $417,000 limits.