Days to Close Shortest in Nearly a Year

Overall time to close a loan drops to 44 days in February, with Decreased days to close across all loan types

By Jeff Sorg, OnlineEd Blog

(April 21, 2017)

canstockphoto45409979 millennials1 PLEASANTON, Calif. –  In February, time to close all loans for Millennial borrowers decreased to 44 days, the shortest average time to close since March 2016, according to the latest Millennial Tracker released by Ellie Mae® , a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. The average time to close a purchase loan for Millennials decreased from 46 days in January to 42 days in February, while time to close a refinance loan also decreased to 52 days in February, down from 58 days the month prior. Similarly, the average time to close FHA loans decreased from 47 days in January to 43 days in February. Average time to close VA loans decreased dramatically from 57 days to 41 days.

As U.S. housing trends toward a buyer’s market, purchases accounted for 86 percent of all closed loans for the month of February, a slight uptick from 84 percent in January, while refinances fell two percentage points to 14 percent of all loans to Millennial borrowers. Share of conventional loans stayed steady from the month prior, representing 61 percent of loans, while FHA loans increased to 36 percent in February, up from 35 percent the month prior.

FICO scores across all loan types continued to fall in February to an average of 723, down from 724 in January and their peak of 726 from August through October 2016. For purchases, the average FICO score was 747 for a conventional loan, 690 for an FHA loan and 745 for a VA loan.

“Purchase loans are increasing, indicating that Millennials are continuing to enter the first-time homebuyer market,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “In addition, we saw time to close decrease from 49 days in January to 44 days in February, which indicates that our lenders are seeing more efficiency as they embrace mortgage automation.”

In February, the hottest housing market for Millennials was in the state of Texas. The top markets by percentage of Millennial loans closed in the state included Odessa, Midland and Beaumont-Port Arthur.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

How to get Oregon CCB Contractors License Pre-License Education

It only takes 16 clock-hours of  CCB approved education to be eligible for your Oregon contractor license

By Jeff Sorg, OnlineEd Blog

canstockphoto20495835 contractor(April 19, 2017) – The required training for an Oregon contractor license is not too complicated! License applicants must be at least 18 years old and complete a minimum of 16 hours of training on law and business practices from OnlineEd, and then pass the Oregon licensing exam proctored by a company called PSI. You must apply for your CCB license within 24 months of passing the test.

The NASCLA guide must be studied for at least 16 hours in conjunction with the online learning lessons. The license applicant will track their own time and notify OnlineEd once they spend the minimum time in the course of study. Once the applicant notifies OnlineEd, OnlineEd will notify the exam proctor that the applicant is approved to sit for the licensing exam.  Presently, the cost of the CCB Approved OnlineEd course of study is just $77.00, plus $2.50 shipping and handling. OnlineEd consistently has a first-time pass rate in the 90s and sells a majority of Oregon CCB licensing courses, so their prices as seldom beat.
The state licensing exam is based on the NASCLA Contractors Guide for Oregon, which is included in the $77 OnlineEd enrollment fee.   The state exam is an open-book exam, so you will want to take your NASCLA guide to the testing center. The exam cost at the time of this article is $60. You will be given three hours to finish the 80 question multiple choice exam that you must pass by answering at least 56 questions correctly for a minimum passing score of 70%.
Veterans might be able to get a reimbursement for the costs of any tests taken for this license. Contact the U.S. Dept. of Veterans Affairs at www.benefits.va.gov/gibill/licensing_certification.asp or 1-888-442-4551; or Oregon Dept. of Veterans Affairs at 1-800-828-8801 for more information.
For more information about the OnlineEd course, please visit their catalog.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Builder Confidence Holds Firm in April

All three components posted losses in April

By Jeff Sorg, OnlineEd Blog

canstockphoto14235666 confidence 2(April 18, 2017) NATIONAL ASSOCIATION OF HOME BUILDERS – Builder confidence in the market for newly-built single-family homes remained solid in April, falling three points to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) after an unusually high March reading.

“Even with this month’s modest drop, builder confidence is on very firm ground, and builders are reporting strong interest among potential home buyers,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.

“The fact that the HMI measure of current sales conditions has been over 70 for five consecutive months shows that there is continued demand for new construction,” said NAHB Chief Economist Robert Dietz. “However, builders are facing several challenges, such as hefty regulatory costs and ongoing increases in building material prices.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components posted losses in April but remain at healthy levels. The components gauging current sales conditions fell three points to 74 while the index charting sales expectations in the next six months dropped three points to 75. Meanwhile, the component measuring buyer traffic edged one point down to 52.

Looking at the three-month moving averages for regional HMI scores, the West and Midwest both rose one point to 77 and 68, respectively. The South held steady at 68, and the Northeast fell two points to 46.

[Source: NAHB]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

California Dept. of Business Oversight Announces $1.4 Million Settlement with Michigan Mortgage Firm

United Shore Financial Services to Pay Restitution, Penalties

money cash dollars canstockphoto0247472(April 14, 2017) – SACRAMENTO – The Department of Business Oversight (DBO) has announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in refunds and penalties to resolve allegations the mortgage lender and servicer overcharged thousands of California borrowers for interest.

“I’m pleased we have reached this agreement with United Shore,” said DBO Commissioner Jan Lynn Owen. “It compensates borrowers for the financial harm they suffered, and requires the firm to continue following improved policies and procedures designed to prevent this from happening again.”

The settlement includes $293,127 of refunds already provided by United Shore to about 3,400 borrowers. United Shore will pay restitution to additional borrowers based on the results of self-audits required by the settlement that will cover loans made from June 2015 through February 2018.

The settlement also requires United Shore to pay penalties to the DBO – $1.1 million for the interest overcharges already identified, plus another $125 for each additional violation identified by the self-audits.

United Shore in 2015 originated 13,063 mortgages in California with a combined principal of $4.4 billion, according to data in the firm’s annual reports filed with the DBO.

The settlement resolves an enforcement action that grew out of two regulatory examinations conducted by the DBO. Under California law, lenders cannot start charging interest on mortgage loans prior to the business day that immediately precedes the day the loan proceeds are disbursed. United Shore violated that statutory restriction on so-called per diem interest.

The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. DBO’s regulatory jurisdiction extends over state-chartered banks and credit unions, money transmitters, securities broker-dealers, investment advisers, non-bank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, franchisors and more.

[Source: CA DBO]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Categories: Mortgage, Real Estate Tags: ,

Nationstar Mortgage to Pay $1.75 for Home Mortgage Disclosure Act (HMDA) Violations

$1.75 Million Civil Penalty is the CFPB’s Largest  for HMDA Violations

By Jeff Sorg, OnlineEd Blog

canstockphoto19773822 compliance 1(March 16, 2017) – WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. This action is the largest HMDA civil penalty imposed by the Bureau to date, which stems from Nationstar’s market size, the substantial magnitude of its errors, and its history of previous violations. Nationstar had been on notice since 2011 of HMDA compliance problems.

In addition to paying the civil penalty, Nationstar must take the necessary steps this time to improve its compliance management and prevent future violations.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Trump Administration Considers $6 Billion Cut to HUD

“Dependency on HUD programs could become “a way of life” for recipients”

By Jeff Sorg, OnlineEd Blog

(March 10, 2017) – The Trump administration has considered more than $6 billion in cuts at the Department of Housing and Urban Development, according to preliminary budget documents obtained by The Washington Post. The WP reports that the plan would squeeze public housing support and end most federally funded community development grants, which provide services such as meal assistance and cleaning up abandoned properties in low-income neighborhoods.

HUD Secretary Ben Carson has taken a staunchly conservative stance on public assistance in the past, saying dependency on HUD programs could become “a way of life” for recipients, says the WP.

[Bounce to the full story: The Washington Post]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Categories: Mortgage, Real Estate Tags:

Stats Say The Best Time to List is in Early May

On average homes listed in early May sell nine days faster and for one percent more 

OnlineEd Blog

canstockphoto1864187moneywoman(March 2, 2017) – Zillow– Listing a home toward the end of spring significantly increases a seller’s chances of selling their home faster and for more money, according to new analysis from Zillow. Nationally, homes listed from May 1 through May 15, sell around nine days faster and for nearly 1 percent more than the average listing. In 20 of the 25 largest metro areas, the best month to list is late spring, in either April or May.

Housing market dynamics, including low inventory, make the buying season more pronounced in some parts of the country. Sellers in the highly competitive Seattle, Portland, Ore., and Denver markets saw between a 1.5 and 2.5 percent boost to final sale prices when they listed in early May. The lack of new homes for sale in these markets elongates the home-buying season as many buyers are forced to consider several homes and make multiple offers. Less than half of buyers got the first home on which they made an offer, according to the Zillow Group Report on Consumer Housing Trends.

Weather patterns also affect the exact best window to sell in different areas. Sellers in Texas, California and Florida will find themselves with more flexibility in list timeframe, as many regions without distinct climate changes show little variation in sale price based on listing month.

“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell. “Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home— and will be more willing to pay a premium to close the deal.”

Additionally, listing on different days of the week can impact the number of buyers who will view the new listing. Listings that appear on Zillow on Saturday earn an average of 20 percent more views in the first week on market than early-in-the-week listings; similarly, Friday listings on Zillow earn 14 percent more views that those published on Monday.

To apply this analysis to individual homes, homeowners can use Best Time to List, a tool that estimates how much the timing of a listing will influence the final sale price for their home and their own market. Registered Zillow users access the tool by clicking the “Sell Your Home” tab on the home details page of their home, and obtain valuable information to pair with the expertise of a local real estate agent when determining the best time to put their home on the market.

Metro Area Ideal
Timeframe to
List Home
Days Sold
Faster than
Average
Average Sales
Premium (%)
Average Sales
Premium ($)
Ideal Day of the
Week to  List
United States  May 1 – 15 9 0.8% $1,500 Saturday
New York/Northern New Jersey May 1 – 15 7.5 0.7% $2,600 Saturday
Los Angeles-Long Beach-Anaheim, CA  April 16 – 30 15 1.0% $5,600 Friday
Chicago, IL  May 1 – 15 12.5 1.3% $2,500 Friday
Dallas-Fort Worth, TX  May 1 – 15 9 1.3% $2,400 Saturday
Philadelphia, PA  May 1 – 15 9.75 1.0% $2,000 Friday
Washington, DC April 1 – April 15 15 1.2% $4,500 Thursday
Miami-Fort Lauderdale, FL  March 1 – 15 8 0.7% $1,500 Saturday
Atlanta, GA  April 1 – April 15 19 1.4% $2,200 Friday
Boston, MA  April 16 – 30 13.5 1.2% $4,500 Wednesday
San Francisco, CA  May 16 – 31 5.5 1.3% $10,200 Friday
Detroit, MI  March 16 – 31 17.5 1.5% $1,900 Sunday
Riverside, CA  April 1 – 15 15 1.1% $3,400 Friday
Phoenix, AZ  April 16 – 30 14.5 0.8% $1,700 Saturday
Seattle, WA  May 1 – 15 15 2.5% $9,300 Thursday
Minneapolis-St Paul, MN  May 16 – 31 6 1.4% $3,200 Friday
San Diego, CA  April 1 – 15 13 1.3% $6,200 Saturday
St. Louis, MO  May 1 – 15 10.5 1.3% $1,800 Saturday
Tampa, FL  March 1 – 15 10.5 0.9% $1,500 Saturday
Baltimore, MD  April 1 – 15 21.5 0.9% $2,300 Saturday
Denver, CO  May 1 – 15 8 1.7% $5,600 Friday
Pittsburgh, PA  March 16 – 31 17 0.9% $1,100 Saturday
Portland, OR  May 1 – 15 16.5 2.0% $6,300 Friday
Charlotte, NC May 1 – 15 12.25 1.1% $1,700 Saturday
Sacramento, CA April 1 – 15 17.5 2.0% $6,600 Saturday
San Jose, CA May 1 – 15 9 1.6% $14,900 Wednesday

[Source: Zillow media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

FinCEN Renews “Geographic Targeting Orders” to Identify High-End Cash Buyers in Six Metros

FinCEN is covering title insurance companies because title insurance is a common feature in the vast majority of real estate transactions.

OnlineEd Blog

(March 1, 2017) –  WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of existing Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas. FinCEN has found that about 30 percent of the transactions covered by the GTOs involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report. This corroborates FinCEN’s concerns about the use of shell companies to buy luxury real estate in “all-cash” transactions.

“These GTOs are producing valuable data that is assisting law enforcement and is serving to inform our future efforts to address money laundering in the real estate sector,” said FinCEN Acting Director Jamal El-Hindi. “The subject of money laundering and illicit financial flows involving the real estate sector is something that we have been taking on in steps to ensure that we continue to build an efficient and effective regulatory approach.”

The GTOs renewed today include the following major U.S. geographic areas:  (1) all boroughs of New York City; (2) Miami-Dade County and the two counties immediately north (Broward and Palm Beach); (3) Los Angeles County; (4) three counties comprising part of the San Francisco area (San Francisco, San Mateo, and Santa Clara counties); (5) San Diego County; and (6) the county that includes San Antonio, Texas (Bexar County). The monetary thresholds for each geographic area can be found in this table. A sample GTO, which becomes effective for 180 days beginning on February 24, 2017, is available here.

FinCEN is covering title insurance companies because title insurance is a common feature in the vast majority of real estate transactions. Title insurance companies thus play a central role that can provide FinCEN with valuable information about real estate transactions of concern. The GTOs do not imply any derogatory finding by FinCEN with respect to the covered companies. To the contrary, FinCEN appreciates the continued assistance and cooperation of the title insurance companies and the American Land Title Association in protecting the real estate markets from abuse by illicit actors.

[Source: FinCEN media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

FinCEN Penalizes California Bank for Egregious Violations of Anti-Money Laundering Laws

Merchants failed to establish and implement an adequate anti-money laundering (AML) program

OnlineEd Blog

gavel money(February 28, 2017) – WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California of Carson, CA for willful violations of several provisions of the Bank Secrecy Act (BSA). The Office of the Comptroller of the Currency (OCC), the primary federal regulator of Merchants, has identified deficiencies in the Bank’s practices that resulted in violations of previous consent orders entered into by Merchants, as well as other violations. The OCC simultaneously assessed a $1 million CMP against Merchants for these violations.

Merchants failed to (a) establish and implement an adequate anti-money laundering (AML) program, (b) conduct required due diligence on its foreign correspondent accounts, and (c) detect and report suspicious activity. Merchants’ failures allowed billions of dollars to flow through the U.S. financial system without effective monitoring to adequately detect and report suspicious activity. Many of these transactions were conducted on behalf of money services businesses (MSBs) that were owned or managed by Bank insiders who encouraged staff to process these transactions without question or face potential dismissal or retaliation. Bank insiders directly interfered with the BSA staff’s attempts to investigate suspicious activity related to these insiderowned accounts.

“The banking of money services businesses is important to the global financial system, and we believe that banks can mitigate the risks associated with such businesses, just as they do with other customers,” said FinCEN Acting Director Jamal El-Hindi. “But here we had an institution run by insiders essentially to provide banking services to MSBs that the insiders owned, combined with directions from Bank leadership to staff to ignore BSA requirements with respect to those MSB customers and others. It is certainly not an acceptable way to bank MSBs.”

Merchants specialized in providing banking services for check-cashers and money transmitters. However, it provided those services without adequately assessing the money laundering risks and without designing an effective AML program. Merchants also provided its high-risk customers with remote deposit capture services without adequate procedures for monitoring their use.

Merchants failed to provide the necessary level of authority, independence, and responsibility to its BSA officer to ensure compliance with the BSA as required, and compliance staff was not empowered with sufficient authority to implement the Bank’s AML program. Merchants’ leadership impeded BSA analysts and other employees from investigating activity on transactions associated with accounts that were affiliated with Bank executives, and the activity in these accounts went unreported for many years. Merchants’ interest in revenue compromised efforts to effectively manage and mitigate its deficiencies and risks.

In addition, Merchants banked customers located in several jurisdictions considered to be highrisk but did not identify these customers as foreign correspondent customers and therefore did not implement the required customer due diligence program. In a three-month period, Merchants processed a combined $192 million in high-risk wire transfers through some of these accounts.

The Bank’s payment of the $1 Million OCC penalty will be credited towards the satisfaction of the FinCEN penalty. FinCEN’s settlement with a financial institution does not preclude consideration of separate enforcement actions that may be warranted with respect to any financial institution or any partner, director, officer, or employee of a financial institution.

FinCEN seeks to protect the U.S. financial system from being exploited by illicit actors. Its efforts focus on compromised financial institutions and their employees, significant fraud, thirdparty money launderers, transnational organized crime and security threats, and cyber threats. FinCEN has a broad array of enforcement authorities to target both domestic and foreign actors affecting the U.S. financial system.

[Source: FinCEN media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Pending Home Sales Weaken

Pending home sales fell 2.8% in January in the National Association of Realtors® Pending Home Sales Index

OnlineEd Blog

arrow, grey, downWASHINGTON D.C. (February 27, 2017) — Insufficient supply levels led to a lull in contract activity in the Midwest and West, which dragged down pending home sales in January to their lowest level in a year, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016. Although last month’s index reading is 0.4 percent above last January, it is the lowest since then.

Lawrence Yun, NAR chief economist, says home shoppers in January faced numerous obstacles in their quest to buy a home. “The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay,” he said. “Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago 1. Most notably in the West, it’s not uncommon to see a home come off the market within a month.”

According to Yun, interest in buying a home is the highest it has been since the Great Recession. Households are feeling more confident about their financial situation, job growth is strong in most of the country, and the stock market has seen record gains in recent months. While these factors bode favorably for increased sales in coming months, buyers are dealing with challenging supply shortages that continue to run up prices in many areas.

“January’s accelerated price appreciation 2 is concerning because it’s over double the pace of income growth and mortgage rates are up considerably from six months ago,” said Yun. “Especially in the most expensive markets, prospective buyers will feel this squeeze to their budget and will likely have to come up with additional savings or compromise on home size or location.”

Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.2 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 4 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.

“Sales got off to a fantastic start in January, but last month’s retreat in contract signings indicates that activity will likely be choppy in coming months as buyers compete for the meager number of listings in their price range,” added Yun.

The PHSI in the Northeast rose 2.3 percent to 98.7 in January and is now 3.6 percent above a year ago. In the Midwest, the index fell 5.0 percent to 99.5 in January and is now 3.8 percent lower than January 2016.

Pending home sales in the South inched higher (0.4 percent) to an index of 122.5 in January and are now 2.0 percent above last January. The index in the West dropped 9.8 percent in January to 94.6, and is now 0.4 percent lower than a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.

[Source: NAR media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark