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☆ Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely.
▼ + stars: | 2023-06-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

They cited a strong labor market, low foreclosure rates, favorable demographics, and low supply. That was their biggest drop since the mid-2000s housing bubble, when home prices fell 27% over the course of a few years. As long as interest rates remain elevated, home price growth will likely continue to slow. First is that the labor market remains healthy. But so far this year, the labor market has continually surprised economists to the upside.

Persons: Hoff, Ian Shepherdson, Desmond Lachman —, millennials, Ellen Zentner, Morgan Stanley's, Z, it's, there's, Louis Organizations: Harvard Joint Center for Housing Studies, Harvard University, Federal Reserve, Harvard Joint Center for Housing, FHFA National Mortgage Database, Federal Reserve Bank of St, JPMorgan, Mortgage, Association

☆ House prices are declining in these 7 Western states while continuing to hit new heights across the rest of the country
▼ + stars: | 2023-05-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US house prices rose modestly in the first quarter, said the FHFA on Tuesday. The agency's House Price Index reached just under 400, hitting an all-time high with figures tracking back to 1991. "However, year over year prices in many western states have started to decline for the first time in over ten years." Over the last four quarters, house prices rose in 78 of the top 100 largest metropolitan areas, fronted by a 14% rise for the Miami area. The start of the spring selling season showed house price gains in March in a separate S&P CoreLogic report released Tuesday.

Persons: —, Fannie Mae, Freddie Mac, Anju Vajja, Black Knight, San, FHFA Organizations: Service, Federal Housing Finance Agency, FHFA's Research, Statistics, of Columbia, Pacific, Federal Reserve, Black, Nationwide Locations: . Utah, Nevada, Washington, Idaho , Oregon, Colorado, West Coast, San Francisco, Seattle, Miami, San Mateo, Redwood City , California

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ Spinning Federal Mortgage Fees
▼ + stars: | 2023-04-28 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Images: AP/AFP/Getty Images/Zuma Press Composite: Mark KellyChanges to the Federal Housing Finance Agency’s mortgage pricing are creating a stir in the marketplace, not that the bureaucracy wants to admit it. The changes, which take effect Monday, raise costs for some good-credit borrowers while making mortgages cheaper for low-income borrowers. We highlighted the changes in a recent editorial, and FHFA Director Sandra Thompson objected to our characterization that the plan will socialize mortgage-lending risk. Ms. Thompson says the new policy “won’t impose higher fees on higher-credit-score borrowers than on lower-credit-score borrowers, all else equal.” She says some borrowers with higher credit scores may even pay less.

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

☆ Changes are coming to some mortgage fees next month
▼ + stars: | 2023-04-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Broadly, the fees will go down for many with lower credit scores and will increase for many with higher credit scores. But that doesn’t mean people with lower credit scores will pay less than those with higher credit scores. The changes mean that people with higher credit scores will still pay less based on lower risk to the lenders, but having a lower credit score will now come with less of a penalty. For those with higher credit scores, more price tiers have been put in place, which in some cases may increases fees. The difference in assessed fees is about $4,000 more for a buyer with a 640 credit score than for a buyer with a 740 credit score, based on a $300,000 mortgage.

☆ What to watch for in the markets in the week ahead: Monster tech earnings, then sell in May?
▼ + stars: | 2023-04-21 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

More than one third (35%) of the S & P 500 reports earnings next week — including megacaps Microsoft, Alphabet, Meta Platforms and Amazon — versus less than 12% in the week just ended and only 2% last week. So far this quarter, S & P 500 earnings are running 4.7% below the same period a year ago, Refinitiv data shows. Back then, the S & P 500 fell 19.4% from its April high to a low on October 3. Meanwhile, next week is the last full trading week before Wall Street's old adage to "sell in May and go away" takes hold. ET: FHFA Home Price index (February); S & P Case-Shiller home price indexes (February) 10:00 a.m.

☆ Bank fears will likely lead to even more market volatility in the week ahead
▼ + stars: | 2023-03-24 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Market turbulence could reign supreme once again in the week ahead, as investors worry about the potential for more trouble rippling through the banking system. The broader market was initially under pressure Friday as investors became jittery about Deutsche Bank . "The market is saying: 'You, the Fed, do not appreciate the slowdown that is going to hit us,'" Chandler said. "The market is going to do a lot better and it held onto its gains despite all the things that rocked the market. He added that market concern about banks has risen, and there is concern credit tightening will hurt the economy.

☆ U.S. consumer confidence ebbs; house price inflation slows further
▼ + stars: | 2023-02-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

But the correlation between confidence and consumer spending has been weak. The Conference Board's consumer confidence index dropped to 102.9 this month from 106.0 in January. Consumer spending increased by the most in nearly two years in January, driven by a surge in wage gains. The S&P CoreLogic Case Shiller national home price index, covering all nine U.S. census divisions, increased 5.8% year-on-year in December, a second report showed on Tuesday. Price growth remained strong in the South, with double-digit gains in Miami, Tampa and Atlanta.

☆ U.S. house price inflation cools further in December
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

The S&P CoreLogic Case Shiller national home price index, covering all nine U.S. census divisions, increased 5.8% year-on-year in December. Prices increased 5.8% in 2022, pulling back from 2021's record-setting 18.9% gain. The housing market has been hammered by the Federal Reserve's aggressive monetary policy stance, with residential investment contracting for seven straight quarters, the longest such stretch since 2009. The 30-year fixed mortgage rate increased to an average of 6.50% last week from 6.32% in the prior week, according to data from mortgage finance agency Freddie Mac. While higher mortgage are hurting demand and cooling house price inflation, the FHFA noted that "these negative pressures were partially offset by historically low inventory."

☆ Stocks are reversing course as inflation looks sticky with more retail earnings on deck
▼ + stars: | 2023-02-24 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

The optimism about inflation and the U.S. economy is quickly waning on Wall Street, and the early 2023 rally for stocks is fading. The market was under pressure again on Friday after a hotter-than-expected reading for personal consumption expenditures, sending rates higher and stocks lower. Economic updates Next week brings a new round of economic indicators to see how the sticky inflation is affecting consumers and business. Other looks at the economy will come through key earnings reports. Speech by Fed Governor Christopher Waller Friday: 9:45 a.m. Markit Services PMI 10:00 a.m. ISM Services PMI 3:00 p.m.

☆ Low-income renters are frustrated by Biden's new plan to make housing more affordable because they don't think it does enough to combat surging rents
▼ + stars: | 2023-02-04 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The White House outlined actions it's taking to protect tenants amid rising rents and evictions. Tenants' groups told Insider that they wanted decisive legal and financial action from the president. In addition to that, the White House also published a "Blueprint for a Renters Bill of Rights," endorsing fair housing practices and a tenants' right to organize. "On the one hand, we are encouraged that the White House has released this Blueprint as a statement of values," Martin said. "As a blueprint, the document's statements don't do anything to materially help improve conditions for renters," he said.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

☆ Biden administration unveils rent protections
▼ + stars: | 2023-01-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —In response to rent payments soaring across the country in recent years, the Biden administration unveiled new actions Wednesday to protect tenants, make renting more affordable and improve fairness in the rental housing market. The agencies involved include the Federal Trade Commission, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, the Department of Housing and Urban Development and the Department of Justice. The FHFA will initiate a process to examine limits on egregious rent increases and proposals for renter protections for future investments. The administration also set out its guiding principles in its “Blueprint for a Renters Bill of Rights,” which, while not enforceable, aims to underscore protections the administration says every renter deserves. Meanwhile, others in the housing industry say that this kind of federal involvement in housing policy serves to increase housing costs.

☆ With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home
▼ + stars: | 2023-01-23 | by ( Jason Stauffer | Benji Stawski | ) www.cnbc.com time to read: +7 min

Is now a good time to lock-in your mortgage rate? As long as the Federal Funds rate stays high, so will mortgage rates. Today's 30-year mortgage rates are currently 0.93% lower than they were last fall, when rates hit 7.08%. The upcoming FHFA fee changes affect conforming conventional loans, which can be sold to Fannie Mae or Freddie Mac by lenders. The future fee changes will add an additional layer of complexity to a process that already causes heads to spin.

Conforming mortgage lenders will start using FICO 10T and VantageScore 4.0 scoring models to evaluate borrowers. These newer scoring models utilize alternative credit data, such as rent payment history, and use a trended data approach. But soon, lenders will be asked to start using two newer scoring models: the FICO 10T and the VantageScore 4.0. The FHFA describes these models as "more inclusive" than the FICO scoring models that lenders have been using for the last two decades. Currently, mortgage lenders pull credit reports from each of the three major credit bureaus and look at the scores on each of those reports.

The 2022 FHA mortgage borrowing limit is either $472,030 or $529,000 depending on the county. The conforming mortgage borrowing limit is $726,200 for all Delaware counties. Each year, the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) set mortgage limits on conforming mortgages and FHA mortgages. Below, you'll find the 2023 mortgage borrowing limits for all Delaware counties, gathered from the FHA and the US Department of Housing and Urban Development. Delaware borrowing limits in 2023 for conforming and FHA mortgages by countyDelaware's conforming mortgage limits reflect many other parts throughout the US.

The conforming mortgage borrowing limit is $726,200 for all Oregon counties. If you'd like to get an FHA mortgage, the maximum borrowing amount varies per county. In Oregon, some counties have higher FHA borrowing limits than others. Oregon borrowing limits in 2022 for conforming and FHA mortgages by countyTake note, Clackamas County, Columbia County, Hood River County, Multnomah County, Washington County, and Yamhill County have the highest FHA mortgage borrowing limits in Oregon. How to determine if a conforming, jumbo, or FHA mortgage is right for youAn FHA mortgage is a government-backed loan with more lenient eligibility requirements than conforming loans.

FHA mortgages and conforming mortgages have borrowing limits that vary by state and county. If you need to borrow more than $726,200 in South Dakota, you'll want to consider getting a jumbo loan. In South Dakota, the 2023 borrowing limit for FHA mortgages is $472,030. In some states, certain counties may have higher borrowing limits than others because it is more expensive to live in that area. South Dakota borrowing limits in 2023 for conforming and FHA mortgages by countyCounty Conforming mortgage limit (single-family home) FHA mortgage limit (single-family home) Aurora County $726,200 $472,030 Beadle County $726,200 $472,030 Bennett County $726,200 $472,030 Bon Homme County $726,200 $472,030 Brookings County $726,200 $472,030 Brown County $726,200 $472,030 Brule County $726,200 $472,030 Buffalo County $726,200 $472,030 Butte County $726,200 $472,030 Campbell County $726,200 $472,030 Charles Mix County $726,200 $472,030 Clark County $726,200 $472,030 Clay County $726,200 $472,030 Codington County $726,200 $472,030 Corson County $726,200 $472,030 Custer County $726,200 $472,030 Davison County $726,200 $472,030 Day County $726,200 $472,030 Deuel County $726,200 $472,030 Dewey County $726,200 $472,030 Douglas County $726,200 $472,030 Edmunds County $726,200 $472,030 Fall River County $726,200 $472,030 Faulk County $726,200 $472,030 Grant County $726,200 $472,030 Gregory County $726,200 $472,030 Haakon County $726,200 $472,030 Hamlin County $726,200 $472,030 Hand County $726,200 $472,030 Hanson County $726,200 $472,030 Harding County $726,200 $472,030 Hughes County $726,200 $472,030 Hutchinson County $726,200 $472,030 Hyde County $726,200 $472,030 Jackson County $726,200 $472,030 Jerauld County $726,200 $472,030 Jones County $726,200 $472,030 Kingsbury County $726,200 $472,030 Lake County $726,200 $472,030 Lawrence County $726,200 $472,030 Lincoln County $726,200 $472,030 Lyman County $726,200 $472,030 McCook County $726,200 $472,030 McPherson County $726,200 $472,030 Marshall County $726,200 $472,030 Meade County $726,200 $472,030 Mellette County $726,200 $472,030 Miner County $726,200 $472,030 Minnehaha County $726,200 $472,030 Moody County $726,200 $472,030 Oglala Lakota County $726,200 $472,030 Pennington County $726,200 $472,030 Perkins County $726,200 $472,030 Potter County $726,200 $472,030 Roberts County $726,200 $472,030 Sanborn County $726,200 $472,030 Spink County $726,200 $472,030 Stanley County $726,200 $472,030 Sully County $726,200 $472,030 Todd County $726,200 $472,030 Tripp County $726,200 $472,030 Turner County $726,200 $472,030 Union County $726,200 $472,030 Walworth County $726,200 $472,030 Yankton County $726,200 $472,030 Ziebach County $726,200 $472,030Note: In South Dakota, you'll need to get a jumbo loan if you want to borrow more than $726,200, regardless of which county you hope to reside in.

☆ Homebuyers will be able to get bigger mortgages in 2023 but it could be a bad idea for Americans to stretch their budgets too far
▼ + stars: | 2023-01-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

The Federal Housing Finance Agency raised its conforming loan limit values for mortgages in 2023. In most of the US, the agency raised the conforming loan value from $647,200 to $726,200. However, updates from The Federal Housing Finance Agency, which has increased its conforming loan limit values for Fannie Mae and Freddie Mac mortgages in 2023, will likely change the equation for many homebuyers. However, in high-cost areas of the country, such as New York City or San Francisco, the loan limit ceiling has been changed to $1,089,300. Higher loan limits are a double edged sword for first-time buyersCohn is not alone in her thinking.

Mortgage borrowing limits are the same in all Alabama counties. Mortgage borrowing limits in Alabama are the same in every county in 2022: $726,200 for conforming mortgages and $472,030 for FHA mortgages. How do mortgage borrowing limits work? If you want to buy a home that costs more than the conforming mortgage limit in your county, you'll need to get a jumbo mortgage. Alabama borrowing limits in 2023 by countyCounty Conforming mortgage limit (single-family home) FHA mortgage limit (single-family home) Autauga $726,200 $472,030 Baldwin $726,200 $472,030 Barbour $726,200 $472,030 Bibb $726,200 $472,030 Blount $726,200 $472,030 Bullock $726,200 $472,030 Butler $726,200 $472,030 Calhoun $726,200 $472,030 Chambers $726,200 $472,030 Cherokee $726,200 $472,030 Chilton $726,200 $472,030 Choctaw $726,200 $472,030 Clarke $726,200 $472,030 Clay $726,200 $472,030 Cleburne $726,200 $472,030 Coffee $726,200 $472,030 Colbert $726,200 $472,030 Conecuh $726,200 $472,030 Coosa $726,200 $472,030 Covington $726,200 $472,030 Crenshaw $726,200 $472,030 Cullman $726,200 $472,030 Dale $726,200 $472,030 Dallas $726,200 $472,030 DeKalb $726,200 $472,030 Elmore $726,200 $472,030 Escambia $726,200 $472,030 Etowah $726,200 $472,030 Fayette $726,200 $472,030 Franklin $726,200 $472,030 Geneva $726,200 $472,030 Greene $726,200 $472,030 Hale $726,200 $472,030 Henry $726,200 $472,030 Houston $726,200 $472,030 Jackson $726,200 $472,030 Jefferson $726,200 $472,030 Lamar $726,200 $472,030 Lauderdale $726,200 $472,030 Lawrence $726,200 $472,030 Lee $726,200 $472,030 Limeston $726,200 $472,030 Lowndes $726,200 $472,030 Macon $726,200 $472,030 Madison $726,200 $472,030 Marengo $726,200 $472,030 Marion $726,200 $472,030 Marshall $726,200 $472,030 Mobile $726,200 $472,030 Monroe $726,200 $472,030 Montgomery $726,200 $472,030 Morgan $726,200 $472,030 Perry $726,200 $472,030 Pickens $726,200 $472,030 Pike $726,200 $472,030 Randolph $726,200 $472,030 Russell $726,200 $472,030 St. Clair $726,200 $472,030 Shelby $726,200 $472,030 Sumter $726,200 $472,030 Talladega $726,200 $472,030 Tallapoosa $726,200 $472,030 Tuscaloosa $726,200 $472,030 Walker $726,200 $472,030 Washington $726,200 $472,030 Wilcox $726,200 $472,030 Winston $726,200 $472,030Note: In every county in Alabama, if you want to borrow more than the baseline loan limit of $726,200, you'll need to get a jumbo mortgage.

☆ Double-digit U.S. home price growth streak skids to an end
▼ + stars: | 2022-12-27 | by ( Dan Burns | ) www.reuters.com time to read: +4 min

The S&P CoreLogic Case Shiller national home price index increased by 9.2% in October, down from 10.7% in September and notching the first single-digit gain since November 2020. On a month-over-month basis, S&P Case Shiller's index fell for a fourth straight month, while FHFA's gauge was unchanged. The housing market has suffered the most visible effects of aggressive Fed interest rate hikes that are aimed at curbing high inflation by undercutting demand in the economy. Unlike then, the supply of homes on the market remains extraordinarily limited and should keep a floor under house prices. "As the Fed tightens financial conditions, the housing market will likely slow further in the coming year," LPL Financial Chief Economist Jeffrey Roach said.

☆ Investors play defense heading into final trading days of year but still hope for a Santa rally surprise
▼ + stars: | 2022-12-23 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

The final trading week of the year is arriving with investors more concerned about defensive positioning than whether the stock market can muster a Santa Claus rally. Stocks were mostly lower in the past week, with the S & P 500 down about 0.6% as of Friday morning. After today, there are just four trading days left in the year, with markets closed on Monday for the Christmas holiday. In an interview on CNBC Thursday, Tepper said he is "leaning short" on the stock market because of global central bank tightening. The S & P 500 has averaged a 1.3% gain in that period, going back to 1950, and has been positive four out of every five years.

☆ Connecticut's wealthy hedge-fund haven, home to Shonda Rhimes and the billionaire owner of the Mets, is losing federal 'high-cost' housing status after its home price gains lagged the US
▼ + stars: | 2022-12-10 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Fairfield County, Connecticut, is a ritzy NYC suburb known for hedge funds and shoreline mansions. Fairfield County, Connecticut, New York City's ritziest suburban enclave, barely saw any home-price gains in the year through September, according to the Federal Housing Finance Agency. The county's median household income of $101,194 tops the overall median income in the US — $70,784 — by a large margin. Data from Douglas Elliman shows Fairfield County's median sale price rose by 8.2% year-over-year through September, for example. In 2022, with high-cost status, the county's limit has been significantly higher, at $970,000.

☆ Some Home Buyers Could Soon Get a $1 Million Mortgage With a 3% Down Payment
▼ + stars: | 2022-12-01 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

To qualify for a $1 million mortgage, Americans typically have to make a down payment of at least 20% of the home’s price. Starting next year, some buyers could put as little as 3% down. The cap for home loans backed by Fannie Mae and Freddie Mac rises to $1,089,300 next year in a few expensive markets including Los Angeles and New York, up from $970,800, the Federal Housing Finance Agency, or FHFA, said Tuesday. The higher limit means borrowers can qualify for bigger loans without needing to take out jumbo mortgages, which aren’t federally backed and have more-stringent requirements for income, credit and down payments.

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