Funny, housing has been a major news story for 10 but the parties are avoiding plans.
Democrats (Almost) Silent on Housing at the Convention
By Karen Weise on September 05, 2012
Education, health care, small business, new private-sector jobs—those economic themes were hit on over and over again at the Democratic convention Tuesday night. So far, though, there’s been silence about a huge piece of the economy: housing.
It’s a tricky political card for the Democrats to play. On one hand, the housing market is finally starting to show signs of improvement. On the other, foreclosures still haunt the country, including in some key swing states such as Nevada, Florida, and Ohio. And Obama’s key anti-foreclosure effort, the Home Affordable Modification Program, has made a much smaller impact than originally promised. As I wrote last week, it will boost loan modifications by only about 0.7 percent and reduce foreclosures by at most 0.48 percent, according to a recent academic study. Outside of foreclosures, rents are up around the country as inventory is falling behind demand.
Here in Charlotte, a consortium of 19 real estate industry trade groups met with legislators Wednesday afternoon to press the importance of the market. (They held a parallel meeting with Republicans in Tampa.) The groups talked about what they saw as the hurdles to recovery—weak capital markets, lagging consumer confidence, and regulatory uncertainty among them. Steve Brown, first vice president of the National Association of Realtors, told legislators that the association fears tax changes that would cut back or eliminate the mortgage interest deduction, which NAR estimates could trim home values by 15 percent. Alexandra Jackiw, from the National Apartment Association, told me she doesn’t expect housing will get much attention on the convention stage, which doesn’t make sense to her. “We are a $2 trillion industry, just in multifamily alone,” she says.
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Proprietary OC Housing News home purchase analysis
8842 SHAPPHIRE Westminster, CA 92683
$569,000 …….. Asking Price
$620,000 ………. Purchase Price
5/1/2007 ………. Purchase Date
($51,000) ………. Gross Gain (Loss)
($49,600) ………… Commissions and Costs at 8%
============================================
($100,600) ………. Net Gain (Loss)
============================================
-8.2% ………. Gross Percent Change
-16.2% ………. Net Percent Change
-1.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$569,000 …….. Asking Price
$113,800 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$455,200 …….. Mortgage
$104,707 ………. Income Requirement
$2,070 ………… Monthly Mortgage Payment
$493 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$142 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,705 ………. Monthly Cash Outlays
($325) ………. Tax Savings
($704) ………. Equity Hidden in Payment
$133 ………….. Lost Income to Down Payment
$162 ………….. Maintenance and Replacement Reserves
============================================
$1,971 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$7,190 ………… Furnishing and Move In at 1% + $1,500
$7,190 ………… Closing Costs at 1% + $1,500
$4,552 ………… Interest Points
$113,800 ………… Down Payment
============================================
$132,732 ………. Total Cash Costs
$30,200 ………. Emergency Cash Reserves
============================================
$162,932 ………. 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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Nearby Foreclosures
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$589,000 8921 BROOKE Ave |
0.11 miles 5 bd / 4 ba 2,359 Sq. Ft. |
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$529,000 16260 South VENUS Dr |
0.32 miles 3 bd / 2.25 ba 2,020 Sq. Ft. |
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$547,000 15740 POINSETTIA Way |
0.6 miles 4 bd / 2.75 ba 2,465 Sq. Ft. |
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$486,700 9392 ENGLAND Ave |
0.83 miles 5 bd / 3.5 ba 2,130 Sq. Ft. |
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$680,000 8362 HAZELWOOD Cir |
1 miles 4 bd / 3 ba 2,245 Sq. Ft. |
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$720,000 16889 HELENA Cir |
1.15 miles 4 bd / 2.5 ba 2,412 Sq. Ft. |
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$750,000 16542 APPLE St |
1.19 miles 4 bd / 2.5 ba 2,279 Sq. Ft. |
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$574,999 15001 Beach Blvd |
1.3 miles - bd / 1 ba 3,300 Sq. Ft. |
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$555,000 14645 BIRCH St |
1.35 miles 4 bd / 2.5 ba 2,080 Sq. Ft. |
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$739,000 9731 South EL GRECO Cir |
1.38 miles 5 bd / 3.75 ba 2,330 Sq. Ft. |
Despite pleas to relax lending standards, high default rates are prompting further credit tightening.
Fannie Mae Tightens Mortgage Standards for Some Home Buyers
Fannie Mae, the largest source of money for U.S mortgages, told lenders that it’s tightening some of its qualification standards for people buying homes or refinancing loans.
The changes include a reduction of the maximum loan-to- value ratios for some adjustable-rate mortgages to 90 percent, from as much as 97 percent, and an increase in required credit scores for certain loans, the Washington-based company said yesterday on its website. Fannie Mae also will start demanding more tax returns from self-employed borrowers, according to Matt Hackett, underwriting manager at New York lender Equity Now Inc.
“This can knock a decent portion of borrowers out of the picture who had a rough year in business two years ago,” Hackett said of the tax-information demand, tied to an update of its underwriting software used by originators. Two years of personal and business returns will be required to verify incomes, up from one year of personal returns. “You’d be surprised how much of an effect this has,” he said.
Tougher guidelines from Fannie Mae (FNMA), which along with smaller rival Freddie Mac guarantees mortgage-backed securities financing about two-thirds of new loans, may add to challenges for a housing market that’s showing signs of recovering after a six-year slump. Pacific Investment Management Co., manager of the world’s largest mutual fund, said in commentary yesterday that while “record-tight” credit standards are impeding real- estate sales, they “will not last forever.”