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Daily Dose

First-Time Buyers Face Affordability Issues

Chief economist at CoreLogic, Mark Fleming, notes new factors affecting a homeowners ability to buy a home. The ability for a prospective buyer to purchase a home depends greatly on whether the buyer already owns a home, a report released Thursday notes. The market is being affected by the intersection of rising home prices, rising interest rates and stagnating incomes, which puts first-time buyers behind the curve that has benefitted them greatly since 2007.

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Delinquency Rates Drop to Lowest Since 2008

The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008. The figure represents mortgage loans for 1 to 4 unit residential properties, and takes into account all loans outstanding at the end of the fourth quarter of 2013.

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Multiple Factors Slow Home Sales Activity in January

A new report by the National Association of Realtors (NAR) attributes a slumping January for home sales to a myriad of factors. Some of the culprits to blame include freezing weather, tight credit, limited inventory, higher prices, and higher mortgage interest rates. According to NAR, last month's sales activity was the slowest since July 2012, when transactions stood at a rate of 4.59 million.

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Fannie Mae Dividend Payments to Exceed Treasury Draws

Fannie Mae released its Comprehensive Income Statement for the fourth quarter of 2013, noting a quarterly net income of $6.5 billion. It was the eighth consecutive quarterly profit for the government-sponsored enterprise (GSE), resulting in a large dividend payment to the U.S. Department of the Treasury.

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Florida Men Sentenced for Defrauding Millions from Homeowners

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that two Florida men accused of defrauding homeowners have been sentenced to 84 months in federal prison. Christopher Godfrey and Dennis Fischer were sentenced to 7 years in prison Thursday, as well as a subsequent three years of supervised release, for initiating a scheme to defraud homeowners by charging fees for applications that are provided by the government for free.

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Fewer Prospective Homeowners to Clash Over Homes

Low inventory and rising prices are thwarting demand in the housing market as overall home competition is down from last January. Numbers showing competition between buyers in January, 2014, are up, but yearly overall competition for 2014 is expected to dwindle as rising prices prevent many home shoppers from feeling that they are “getting a deal,” according to Redfin.

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House Payments Rise; Should Homebuyers Consider Renting?

RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago. The report showed that house payments in all counties purchased in the fourth quarter of 2013 rose to $865, based on a 30-year fixed rate mortgage with an interest rate of 4.46 percent and a 20 percent down payment.

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