After extensive data analysis, the Federal Reserve has released information that net equity in household real estate increased by $2.2 trillion in the third quarter of 2012 to Q3 2013. In addition, homeowners’ equity as a percentage of household real estate experienced a drastic increase—from 44.3% a year ago to 50.8% at the end of […]
A recent article from Bankrate noted that the “housing market bust correlated strongly with a sharp decline in reverse mortgage origination.” However, with federally insured programs due to make some changes, the product could experience a resurgence. Data from the Federal Housing Administration (FHA) indicated a significant volume increase during the height of the housing […]
Today’s article from National Public Radio reported that the pent-up demand for homes will mean a greater resurgence in the housing market, but that might change as many young adults who have graduated from college within the past few years are saddled with hundreds of thousands of dollars of student loan debt. But what’s more […]
According to the CoreLogic Home Equity Report, aggregate home equity during the first quarter of 2013 surpassed $4.2 billion, a 9% increase from the previous quarter. Home equity is used to accurately predict default rates. The changes in home equity have led to a major boost in consumer confidence and spending. Consumers are finding out […]
A recent survey conducted by the Professional Risk Managers Association and FICO respondents, showed that during the first quarter of 2013, 45.2 percent of respondents believed that mortgage delinquency rates would remain constant over the next six months and 38.5 percent saw further rate declines, as compared to the fourth quarter of 2012, when 31.3 […]
(Huntington, NY) — Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, says the government’s proposal to do away with the mortgage interest deduction (MID) will negatively impact the mortgage lending industry as prospective homeowners will hold off on buying a home and fewer purchase applications are filed. U.S. Congressman Dave Camp of Michigan, […]
Equifax recently released its March National Consumer Credit Trends Report, which showed that there were $43.1 billion in home finance balances written off during the first quarter of 2013, down 23% year over year from $55.4 billion in Q1 2012. Last quarter’s figure is at a five-year low. Write-offs (or severe derogatories) include loans that […]
A recent study by NeighborWorks shows that prospective homeowners who underwent pre-purchase counseling before obtaining a mortgage were less likely to default on their mortgages than those who did not seek counseling. NeighborWorks studied 75,000 mortgages originated between 2007 and 2009 and found that those who went through the counseling program were 33% less likely […]
An annual survey recently released by Ameriprise Financial showed that 47% of senior citizens who are approaching retirement age say they are looking to tap into their home equity in order to fund their lifestyles once they stop working. That is up from 39% five years ago, before the recession took full effect. According to […]
Home Equity Lines of Credit (HELOC) increased by 30 percent in 2012, making it the highest percentage increase since the advent of the financial crisis in 2008, according to Moody’s Corporation. Furthermore, HELOC rates are expected to go up an additional 31 percent next year. The growth of HELOC has allowed for consumers to purchase […]