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Low-ball appraisals are hurting home sales, real estate agents and home sellers complain. In recent months, low housing inventories in many markets have sparked bidding wars on some homes. The bidding wars have helped push up home prices higher than recent comparable sales, agents say. But a low appraisal then threatens to derail the deal, they add. Appraisers have faced criticism over their property valuations in recent years, and have been accused of using foreclosures and short sales as comparable sales—without adjustment. However, appraisal firms say the idea that appraisers […]

Off-market listings—also referred to as “pocket listings”—are hurting the housing market by depriving home buyers of a full perspective of what’s actually for sale, some real estate agents say. They argue homes that aren’t ever listed on the MLS are then not available to be used as comparable properties for appraisals, other sales, or mortgage refinancing—leaving a skewed picture of the housing market, according to a recent article in The Cleveland Plain Dealer. A growth in homes unlisted on the MLS in Northeast Ohio is prompting real estate leaders there […]

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The U.S. Department of Housing and Urban Development reacted to the Federal Housing Administration audit report, stating that a petition to Congress for a Treasury draw is not immediately needed. With the housing market still in recovery, the capital reserve ratio of the fund used to support single-family mortgage and reverse mortgage insurance programs dropped to a negative 1.44%, with a negative economic value of $16.3 billion. Given the downturn, this does not mean FHA has insufficient funds to pay for insurance claims, a current operating deficit or a need to […]

Most loan types increased in default rates during October, with a surge in first mortgage default rates, according to S&P Dow Jones/Experian Consumer Credit Default Indices. The national composite increased to 1.55% in October, the first time in nine consecutive months, compared to 1.46% from September. The first mortgage default rate increased 1.47% compared to 1.36% from the previous month. Second mortgage default rates also rose to .65% compared to .64% last month. “The second mortgage is marginally up by 1 basis point from its September rate of 0.64%, the lowest rate […]

Mortgage application filings for the week ending Nov. 16 declined 2.2%, the Mortgage Bankers Association said Wednesday. The refinance index fell 3% from the previous week while the purchase index on a seasonally-adjusted basis increased 3% from a week earlier. Overall, refinancing activity continued to make up 81% of all loan applications, unchanged from the previous week. Adjustable-rate mortgages grew in popularity, now representing 4% of all loan applications. The average contract rate on a 30-year, fixed-rate mortgage with a conforming loan limit increased to 3.54% from 3.52%. The average […]

Barry , a Nashua, NH native, joined The Bean Group as a full time agent in 2011. He selected the agency so that he and his clients could take advantage of the industry leading technology provided by The Bean Group. He plans to help The Bean Group achieve the largest market share in NH. Barry specializes in helping not only first time home buyers and first time investors, but also seasoned buyers and sellers with all aspects of residential real estate. He is always ready to help someone find their […]

Loan origination and default data suggest that a recovery in the housing industry has been in effect since 2010, according to the Small Business Administration. While improvements in housing prices, annual growth rates, loan disbursements and geographical housing trends indicate the industry is well on its way to recovery, there are still concerns. The level of small business defaults is higher than historical averages, but has declined consistently since 2009 as a result of support from federal stimulus spending, an improving economy and a housing market on the mend. The […]

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The housing recovery may not be a boom “but it’s recovering,” said Kenneth T. Rosen, chairman of the University of California, Berkeley, Fisher Center for Real Estate and Urban Economics. Several challenges face the housing market that will prevent a boom from taking shape, particularly from tight lending conditions that have prompted the recovery to be marked by slow growth rather than rapid growth, Rosen noted at a recent conference. “The problem is not [that there is not] enough money, because the [Federal Reserve] has poured in a lot of […]