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FHFA to Raise G-fees for High Default States
09/20/2012 By: Krista Franks Brock
The Federal Housing Finance Agency (FHFA) plans to change the guarantee fees (g-fees) the GSEs charge on single-family mortgages. Starting in 2013, g-fees will be higher in some states than others, according to a notice sent to the Federal Register.
Currently, g-fees are the same throughout the country. However, the FHFA has noticed “a wide variation among states in the costs that the Enterprises incur from mortgage defaults,” according to its notice to the Federal Register.
As per the current national model, “borrowers in states with lower default-related carrying costs are effectively subsidizing borrowers in states with higher costs,” the FHFA stated.The proposed method of adjusting the g-fees considers three aspects of a state’s foreclosure environment, including the number of days it generally takes a GSE to foreclose a property and “obtain marketable title to the collateral,” the daily carrying cost to the GSE in the state, and “the expected national average default rate on single-family mortgages acquired by the Enterprises.”
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Proprietary OC Housing News home purchase analysis
1046 East PALMYRA Ave Orange, CA 92866
$899,000 …….. Asking Price
$352,000 ………. Purchase Price
5/20/1999 ………. Purchase Date
$547,000 ………. Gross Gain (Loss)
($28,160) ………… Commissions and Costs at 8%
============================================
$518,840 ………. Net Gain (Loss)
============================================
155.4% ………. Gross Percent Change
147.4% ………. Net Percent Change
7.0% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$899,000 …….. Asking Price
$179,800 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$719,200 …….. Mortgage
$165,433 ………. Income Requirement
$3,270 ………… Monthly Mortgage Payment
$779 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$225 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$4,274 ………. Monthly Cash Outlays
($734) ………. Tax Savings
($1,112) ………. Equity Hidden in Payment
$210 ………….. Lost Income to Down Payment
$245 ………….. Maintenance and Replacement Reserves
============================================
$2,882 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$10,490 ………… Furnishing and Move In at 1% + $1,500
$10,490 ………… Closing Costs at 1% + $1,500
$7,192 ………… Interest Points
$179,800 ………… Down Payment
============================================
$207,972 ………. Total Cash Costs
$44,100 ………. Emergency Cash Reserves
============================================
$252,072 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Cost of Ownership Analysis
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Radar Logic: Home Prices Hit Peak in July, Distressed Sales Plunge
Home prices have hit their peak for the year, and the price increases seen earlier this year are slowing down, according to the latest data from Radar Logic.
The firm’s composite price index posted a 1.3 percent price increase from June 19 to July 19.
While the index is 3.8 percent higher than the same month last year, on a monthly basis, the increase is the smallest reported in the past three months.
The year-to-date increase in price is 13.1 percent, according to Radar Logic.
Based on years passed, Radar Logic suggests the gains are partially seasonal, and prices peaked for the year in July.
Seventeen of the metropolitan areas tracked in Radar Logic’s 25-market composite experienced year-over-year price increases in July.
Six experienced declines, and the remaining two were essentially unchanged over the year.
The largest year-over-year gains in prices were seen in Phoenix (20.2 percent); Minneapolis (12.7 percent); Detroit (10.4 percent); San Francisco (9.8 percent); and Washington D.C. (9.3 percent).
At the other end of the spectrum, Milwaukee, Wisconsin posted the greatest price decline year-over-year in July (-4.6 percent). Milwaukee was followed by Tampa, Florida (-4.4 percent); Charlotte, North Carolina (-3.2 percent); Chicago (-1.7 percent); and Miami (-1.7 percent).
Sales of foreclosed and REO properties reached their lowest level since January 2008, making up just 14.1 percent of all home sales.
The 17.4 percent decline in foreclosed and REO sales reported from June to July was the largest decline Radar Logic has recorded, having begun tracking the data in 2000.
Year-to-date foreclosed and REO sales have declined 39.9 percent.
Of these sales, which Radar Logic terms “Motivated sales,” the share of purchases by institutional investors continues to grow.
Four years ago, institutional investors accounted for about 3 percent of all Motivated sales. Today, they account for about 20 percent.
“We expect their share to continue to grow, as dozens of private equity firms and hedge funds are currently raising funds to pursue REO-to-rental investment strategies,” Radar Logic stated in its report.