Source:  CNBC

Total mortgage application volume barely moved last week, down 0.5 percent from the previous week, according to the Mortgage Bankers Association.  That's the second consecutive seasonally adjusted week of minimal moves.

Mortgage applications to refinance a home loan rose 0.3 percent from the previous week and are 38 percent lower than the same week one year ago, when rates were lower.  The refinance share of total applications did rise to its highest level since January, at 48.7 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged from the week prior, at 4.12 percent, with points increasing to 0.39 from 0.38, including the origination fee, for 80 percent loan-to-value ratio loans.  That is the lowest rate since the week of the Nov. 8 presidential election.

The average interest rate for jumbo loans, greater than $421,100, however, fell 5 basis points to 3.99 percent for the week.  The jumbo rate is now 13 basis points lower than the conforming rate, the largest spread between the two since March 2016.

Check out the full story here:
https://www.cnbc.com/amp/2017/08/23/weekly-mortgage-applications.html

Source:  Housing Wire

The government's Home Affordable Refinance Program (HARP) was all set to end next month, Sept. 30, to be exact, but that's not the case anymore.

The Federal Housing Finance Agency announced Thursday that it is extending HARP through Dec. 31, 2018, adding an additional 15 months onto the program's already extended lifespan.

In June 2014, then-Treasury Dept. Secretary Jacob Lew announced a series of initiatives designed to spur the flailing housing market, including the extension of the Home Affordable Modification Program until Dec. 31,2016.

Later, in May 2015, the FHFA announced that the deadline that it was extending the deadline for HARP to the end of 2016 as well, matching the deadline of the HAMP.

But just about one year ago, the FHFA again announced that it was delaying the end of HARP, this time until Sept. 30, 2017.

At the time, the FHFA said that it was extending the crisis-era refinance program until Sept. 30, 2017 in order to "create a bridge" to a new refinance product it was planning to launch in October 2017.

Check out the full story here:
https://www.housingwire.com/articles/41024-fhfa-harp-extended-through-2018

Source:  U.S. News & World Report

A first-time homebuyer class can be key to pointing out steps you may have previously been unaware of, walk you through some of the challenging aspects and help you identify the right timing and location for your home purchase.  Here are some things you'll learn in a first-time homebuyer boot camp.

Making Sense of the Story:

- A first-time homebuyer class can be key to pointing out steps you may have previously been unaware of, walk you through some of the challenging aspects and help you identify the right timing and location for your home purchase.  Here are the things you'll learn in a first-time homebuyer boot camp.

1.  Your credit history is important.  You've probably heard this once or twice already, but a first-time homebuyer class starts with the basics - and the most basic thing you can know about buying a home is that your credit matters when you apply for a mortgage.

2.  Pre-approval is a must.  Beyond your credit, mortgage approval is key to both setting a budget and looking good to sellers.  Being pre-approved means a loan underwriter has examined our financial credentials and, barring any issues with the home's condition or appraised value, confirms you qualify for a certain mortgage amount.

3.  You may qualify for assistance programs.  Lenders often offer or are able to be a part of larger mortgage programs that make it easier for you to purchase a home - whether it's a down payment assistance program, a grant for the purchase price of your home or another form of monetary assistance.

4.  Next are offers, going under contract and due diligence.  Once you've found the right house, naturally it comes time to make an offer and begin negotiations.  Those leading the boot camp can provide details about this part of the process that are specific to your state or city, as local laws can have a significant impact on each part of the process.

5.  Closing and beyond.  In an overview of homebuying, the natural end seems to be when you close on your home and take possession of the property.  But there's so much more to homeownership that can serve as an unpleasant surprise if you're not ready.

Check out the full story here:
https://www.cnbc.com/2017/08/02/housing-demand-strengthens-but-heres-why-some-buyers-are-giving-up.html

Real Estate Update - Market Information You Should Know

- The CALIFORNIA ASSOCIATION OF REALTORS released its 2nd quarter housing report, which showed that the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California declined to 29 percent.  This is down from 32 percent in the first quarter of 2017 and down from 31 percent in the second quarter a year ago.

- A minimum annual income of $110,890 was needed to qualify for the purchase of a $553,260 statewide median-priced, existing single-family home in the second quarter of 2017.  The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,770, assuming a 20 percent down payment and an effective composite interest rate of 4.09 percent.  The effective composite interest rate in first-quarter 2017 was 4.36 percent and 3.85 percent in the second quarter of 2016.

- Compared to affordability in first-quarter 2017, only six of 43 counties tracked posted an improvement in housing affordability (Napa, Santa Barbara, San Benito, Mariposa/Tuolumne, Mendocino, and Sutter), 29 experienced a decline (Alameda, Contra Costa, Marin, San Francisco, San Mateo, Santa Clara, Solano, Los Angeles, San Bernadino, San Diego, Ventura, Monterey, Fresno, Kern, Kings, Madera, Merced, Placer, Sacramento, San Joaquin, Stanislaus, Amador, Butte, El Dorado, Lake, Mendocino, Shasta, Yolo, Yuba), and eight were unchanged (Sonoma, Orange, Riverside, San Luis Obispo, Santa Cruz, Tulare, Humboldt, and Sutter).

- During the second quarter of 2017, the most affordable counties in California were Tehama (57 percent), Kern (54 percent), Sutter, (53 percent), Kings and Tulare (both at 52 percent).

- San Francisco (12 percent), San Mateo (14 percent), and Santa Barbara (16 percent), Santa Clara and Santa Cruz (both at 17 percent) counties were the least affordable areas in the state.

Source:  CNBC

It feels like deja vu in mortgage land all over again.

Home-buyers are increasingly opting to put less money down when purchasing their homes, increasing their risk should the housing market, and specifically home prices, falter yet again.  When home prices crashed in the last decade, millions of borrowers fell underwater on their home loans, prompting a foreclosure crisis of epic proportions.  It all begs the question, could it happen again?

In the past 12 months, 1.5 million borrowers bought their homes with down payments of less than 10 percent, meaning they financed more than 90 percent.  That marks a seven-year high, according to Black Knight Financial Services.

Read the full story here:
https://www.cnbc.com/2017/08/14/homebuyers-put-less-and-less-skin-in-the-game-adding-to-the-markets-overall-risk.html

Source:  New York Times

After the housing market collapsed more than a decade ago, new investors poured in to buy foreclosed homes and rent them out.  Now, a $4.3 billion deal suggests that the bargain-hunting binge in housing is finally over.

Two of the biggest institutional single-family landlords in the United States said Thursday that they planned to merge, an indication that the housing market has recovered much of the ground it lost in the financial crisis.  And as home prices rise in many areas, affordable housing, for deep-pocketed investors and young first-time buyers alike, is becoming harder to find.

The two institutional landlords, Invitation Homes, a rental business spun out of the private equity giant the Blackstone Group, and Starwood Waypoint Homes said they would combine to create an entity with about 82,000 homes in more than a dozen big markets.

Check out the full story here:
https://www.nytimes.com/2017/08/10/business/dealbook/starwood-waypoint-merger-blackstone.html?rref=collection%2Fsectioncollection%2Frealestate

Today's Real Estate Market = A GREAT TIME TO BUY

One of the most important aspects of purchasing a home is the neighborhood.  After all, you're not just selecting a new home, you're deciding on the community where you'll build a life.

When you find the right house, here are 4 things I can help you learn about the community it's in:

1.  Local Statistic - How are the local schools ranked?  What are the local crime statistics?

2.  Traffic and Commuting - See property details and photos, save searches, and add notes about what you liked.

3.  Local Amenities - See property details and photos, save searches, and add notes about what you liked.

4. New Developments - See property details and photos, save searches, and add notes about what you liked.

I can also help you to understand how the house you want compares to others like it in the neighborhood.  Now is a great time to buy, and I have a wealth of local market and community data to share with you.

Fill out the form below (don't forget to include your best contact method(s) in the comments box) I will personally reach out to you within 24 hours to discuss your real estate needs, including helping you to pinpoint the neighborhood that will fit you best.

​

Source:  San Francisco Chronicle

The most arresting data point in a new report from the California Association of Realtors reveals that the income needed to buy a median-priced single-family home in the Bay Area has nearly doubled in five years.

Back in 2012, a minimum annual income of $90,370 was needed to purchase a Bay Area home at the median price of $447,970.  Now, a home buyer needs to be bringing in $179,390 to afford a mean-priced house at $895,000, the report looking at second-quarter 2017 home sales data concludes.

This reality of skyrocketing real estate prices might seem rather unfair to those of us who haven't seen our salaries shoot through the roof.  If you're trying to save for a home, it can be difficult to keep up with the rising prices unless you're receiving significant raises at work.

Check out the full story here:
http://www.sfgate.com/realestate/article/Bay-Area-real-estate-income-required-buy-home-SF-11821004.php

Source:  San Francisco Chronicle

You might have heard that it's really tough for millennials to buy a home these days.  They're drowning in college debt, struggling with a small housing supply because boomers aren't selling, and it's all making them feel bummed about their homeownership prospects.

Now one report says they may never own a home if they keep attending bachelor parties in Instagram-worthy locations.

The real estate site Zillow found that the average cost of attending nine bachelor or bachelorette parties in a person's lifetime comes surprisingly close to the 20 percent down payment on a median-priced U.S. home.  Though, not so much if you're living in the Bay Area.

Check out the full story here:
http://www.sfgate.com/realestate/article/millennials-bachelor-parties-homes-zillow-11748731.php

Source:  San Diego Union Tribune

Homeowners in San Diego County have a new tool when considering the costs and benefits of installing rooftop solar panels.

The local nonprofit Center for Sustainable Energy launched a web page this week that allows residents to see how much they could save on their electrical bills based on a number of factors.

The web-based "Solar Savings Calculator" is intended to inform consumers who are considering whether to contract with a particular installation company, said Christina Machak, senior research analyst for the center.

Read the full story here:
http://www.sandiegouniontribune.com/news/environment/sd-me-solar-roof-calculator-20170817-story.html