Stricter standards: Retirees struggle to qualify for loans
Whether refinancing their current mortgage or applying for a new loan to purchase a home for their golden years, more retirees are saying they are increasingly facing roadblocks when it comes to applying for a mortgage. One 68-year-old homeowner, with a net worth in the seven-figure range and an 826 credit score, said he was […]14 years ago
Tom Kelly: Should FHA get out of reverse mortgages?
It’s been a busy few weeks for the reverse mortgage industry. Not only did its biggest player – MetLife – announce it will no longer be accepting applications, but industry officials are lobbying the federal government to take on a larger role. The Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration, an […]14 years ago
State warns consumers of foreclosure deferral company
The Washington State Department of Financial Institutions is warning consumers of an unlicensed company soliciting customers to pay for a foreclosure deferral plan. Postpone My Sale, LLC, a California-based company, has targeted state homeowners with the promise of delaying their foreclosure proceedings for up to 40 months. Consumers are warned that companies offering to provide […]14 years ago
60-day rule: Short-sale response process hits faster track
The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale […]14 years ago
Trend to smaller homes could spark other business
Aspiring homeowners are thinking small with their purchase, a trend that is expected to grow in the coming years, according to a new report – “The Shifting Nature of U.S. Housing Demand” – by the Demand Institute, a division of the U.S. Conference Board. “Many buyers will scale back their housing aspirations,” according to the […]14 years ago
Four tips to curb rising homeowners’ insurance
Homeowners’ insurance premiums have been on the rise lately with many owners seeing double-digit hikes and a rise in average annual premiums now over $1,000. Consumers may be able to curb their insurance costs by spending some time shopping and researching. A recent article at Money Magazine offers the following tips: Base your coverage on […]14 years ago
Not so rosy: Seattle ‘underwater’ owners reach 40 percent
Nearly 40 percent of Seattle area homeowners owe more than their home is worth, up slightly from late last year, according to the first-quarter Zillow Negative Activity Report.14 years ago
State’s handling of foreclosures could speed recovery
The difference in how states handle foreclosures may determine how quickly their housing markets make a full recovery, according to a new report by Capital Economics. States with nonjudicial foreclosure markets – such as Washington where foreclosures can be approved outside the court system – are seeing housing prices stabilize faster than states that require […]14 years ago
Median income for commercial agents rises to $86,000
Realtors specializing in commercial real estate reported an increase in transactions in 2011, as well as a rise in their median gross annual income, according to the 2012 National Association of Realtors Commercial Member Profile. The study’s results represent agents who conduct all or part of their activity in commercial sales, leasing, brokerage and development […]14 years ago
Can customer reviews of agents be truly transparent?
Is the Facebook and Trip.com model applicable to real estate, or will consumers always be suspicious that content has been edited to present only the positive? Internet-based ZipRealty says the company’s goal is to market its agents without spin and allows only registered users to post a review. Most reviews are generated by customers involved […]14 years ago
‘Fifty Shades’ no big deal to Seattle condo owners
Much of the domestic interaction in the wildly popular "Fifty Shades of Grey" books by E. L. James takes place in a downtown Seattle penthouse but the controversial series has done little to boost sales in the condominium building.14 years ago
FHA rule reversal could boost condo sales
The Federal Housing Administration is reportedly considering revising rules that many in the real estate industry have called overly strict and that have left many condo units ineligible for FHA’s low-downpayment mortgages. One sticking point under the FHA’s rules has been that “individual condo units cannot be sold to buyers using FHA-insured mortgages unless the […]14 years ago
Tom Kelly: Another big player exits reverse mortgages
MetLife was jumping over dollars to get to dimes. That’s how the huge life insurance company viewed reverse mortgages and, helped along by a slap on the wrist, was the ultimate reason it decided to get out of the reverse mortgage business. The Metropolitan Life Insurance Company is one of the world’s biggest providers of […]14 years ago
UW, WSU research shows GenY looking to own homes
The conventional wisdom today around the millennial generation, often defined as having been born between 1980 and 2000, seems to be that they aren’t as interested in owning a home as previous generations. Often, this dynamic, diverse group has been shown to prefer the flexibility of renting to the stable, long-term arrangement provided by home […]14 years ago
Prohibit kids? No, but senior housing communities exempt
The Fair Housing Act prohibits discrimination against households with children. This “familial status” prohibition is one of the law’s protected classes. But there’s an important exemption to this prohibition: senior housing. Housing communities intended for seniors can legally limit access to households with children. Communities are considered senior housing under the familial status exemption if […]14 years ago
Three tips when buying a bank-owned property
Buyers need to be thorough in addressing issues prior to closing because they lose their right to object to any property defects once the deal is done.14 years ago
Court rules one brokerage can represent competing offers
The Court of Appeals of New York has ruled that a brokerage did not violate its fiduciary duties to the buyer-client of one of its salespeople by permitting another salesperson at the brokerage to represent a competing buyer for a property. In the case (Rivkin v. Century 21 Teran Realty LLC,), potential buyer Oleg Rivkin […]14 years ago
State to direct all ‘robo settlement’ funds to housing
As the funds from a $25 billion nationwide settlement over foreclosure abuses are distributed to individual states, money set aside specifically to help distressed homeowners is instead being rerouted into depleted state coffers. Only 27 states, including Washington, have directed 100 percent of their funding into housing programs, reports Enterprise Community Partners. About 15, with […]14 years ago
Record 70 percent of Seattle-area homes ‘affordable’
Nationwide housing affordability hit a new record high for a second consecutive quarter in the first three months of this year, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).14 years ago
Tom Kelly: Rental option drawing second-home owners
Not only is the number of vacation home sales on the uptick, but the percentage of those purchasers who intend to rent out that vacation home to friends, family and travelers also is climbing like never before.14 years ago
Short-sale aid: BofA offers up to $30,000 to customers
Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 – at the completion of a qualifying short sale. To qualify for the enhanced relocation assistance payments under the new program, the seller must work with the bank to obtain a preapproved […]14 years ago
Survey reveals consumers ‘don’t get’ credit scores
The majority of Americans don’t fully understand how credit scores are formulated, according to a survey released by the Consumer Federation of America. That gap in knowledge can cost them when applying for a mortgage too. While the survey showed a big improvement in the last year in the number of Americans knowledgeable about credit […]14 years ago
Record-low rates clog loan pipelines, delay closings
With record-low interest rates, more homeowners have been looking at refinancing their mortgages to trim their monthly payments. But they’re finding that they may have a lot longer to wait to refinance than in the past. “Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage […]14 years ago
