Personal Credit Coach

What happens to credit scores after foreclosure

Stephen Leifer - Friday, September 13, 2019
by Steve Randall Homeowners who lose their homes through foreclosure may believe that they are facing years of renting before being able to buy a home again. But a new analysis from LendingTree shows that this may not be the case with many borrowers regaining entry to homeownership in as little as two years after foreclosure – but they will pay a premium. The analysis from chief economist Tendayi Kapfidze discovered that 7% of borrowers who have a foreclosure end the  ..

Nobel Laureate: Housing Market Crash On the Way

Stephen Leifer - Tuesday, September 10, 2019
by Seth Welborn The U.S. housing market may be headed for a crash, according to 2013 Nobel Laureate for Economic Sciences Dr. Robert J. Shiller. Shiller, citing the S&P CoreLogic Case-Shiller index, notes that property values in 20 cities decelerated for a 15th month in June, increasing 2.1% from a year earlier. Shiller noted that adjusting for inflation, prices had already flattened. “It would suggest declining home prices in the near future,” Shiller told B ..

Minorities Falling Behind on Homeownership

Stephen Leifer - Tuesday, September 10, 2019
By Mike Albanese The National Association of Home Builders (NAHB), (http://eyeonhousing.org/2019/09/minority-homeownership-rate-continues-to-decline/) with information from the U.S. Census Bureau’s Housing Vacancies and Homeownership Survey, reveals that the minority homeownership rate fell to 46.9% in Q2 2019. The rate fell year-over-year from 47.4% and is at its lowest level since Q3 2017. According to the U.S. Census Bureau’s Housing Vacancies and Homeown ..

Homebuyers’ Expectations Mismatched to Home Prices

Stephen Leifer - Tuesday, September 10, 2019
By Mike Albanese Data from the U.S. Census Bureau and the Department of Housing and Urban Development, with information from the latest National Association of Home Builders (NAHB) survey, reveals a mismatch between home prices and prices that buyers expect to pay. (http://eyeonhousing.org/2019/09/new-home-price-data-underscore-affordability-problems/) According to the NAHB, the median-sales price of single-family homes at the start of 2018 was under $322,000. Around 73% of thos ..

Recession Concerns Impacting Buyers, Sellers’ Outlook of Housing Market

Stephen Leifer - Tuesday, September 10, 2019
A new survey from realtor.com (https://www.realtor.com/news/real-estate-news/home-prices-are-finally-going-down-instead-of-up-why-thats-bad-news/)shows that both buyers and sellers are concerned that a recession is coming, and if one does, 56% of prospective home shoppers could put their search on hold. Also, as worries of a recession persist, realtor.com reports that home prices in August fell 1.8% month-over-month in August to $309,000. “What it tells us is, fall came ..

Refinances: Good News and Bad News

Stephen Leifer - Tuesday, September 10, 2019
Delinquency rates and serious delinquencies both fell in July, as the prepayment rate increased, according to the latest Mortgage Monitor (http://www.blackknightinc.com/wp-content/uploads/2019/09/BKI_MM_Jul2019_Report.pdf) report from Black Knight. The delinquency rate fell 7.3% while serious delinquencies fell by 11,000 month-over-month. Meanwhile, prepayments increased by 25.7%, which Black Knight notes is the latest, and “loudest,” sign of increased refinance incentive in the  ..