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 ..


Stephen Leifer - Monday, August 19, 2019
By Prashant Gopal (https://www.bloomberg.com/authors/APy9hargB6M/prashant-gopal) , Reade Pickert (https://www.bloomberg.com/authors/ATR8A0XQZX8/reade-pickert) , and Noah Buhayar (https://www.bloomberg.com/authors/AP-42TeKCWg/noah-buhayar) Low mortgage rates and thriving employment should be the recipe for a strong housing market. Instead, they’re deepening America’s affordability crisis. What began on the coasts, in areas like New York ..

More people were buying new homes in July

Stephen Leifer - Monday, August 19, 2019
by Steve Randall There was an increase in mortgage applications for new home purchases in July. Applications jumped 11% month-over-month and 31.2% year-over-year (not seasonally adjusted) according to the Mortgage Bankers Association’s Builder Application Survey. The survey is based on data from mortgage subsidiaries of home builders across the country. "July's strong new home sales increase on a monthly and annual basis was driven by the ongoing decline in mort ..


Stephen Leifer - Friday, August 16, 2019
by Mike Albanese A new report issued by WalletHub (https://wallethub.com/edu/fed-rate-cut-survey/63826/)found that there is a 78% chance the Fed drop interest rates on July 31, and that mortgage rates will fall if they do. According to WalletHub, there is a 78% chance interest rates could drop 25 basis points, and a 21.4% chance they would drop 50 basis points, and 72% of those surveyed would be in favor of cut to interest rates. Also, 48% of respondents sai ..


Stephen Leifer - Thursday, August 15, 2019
by Mike Albanese (https://themreport.com/author/5starhhd) A survey by Freedom Debt Relief (https://www.freedomdebtrelief.com/newsroom/survey-americans-regrets-about-home-ownership/) found that more than a quarter of homeowners surveyed feel the cost of owning a home is a burden, with many saying they should have saved more money. Freedom Debt Relief surveyed 1,028 homeowners that have at least $10,000 in unsecured debt. Of those surveyed, 26% said the cost of owning a home ..


Stephen Leifer - Wednesday, August 14, 2019
by Seth Welborn Senator Cindy Hyde-Smith is proposing an update to the National Flood Insurance Program (NFIP). Hyde-Smith’s proposal aims to address the multiple extensions the NFIP has undergone with a long-term extension plan. Hyde-Smith is a lead cosponsor of the National Flood Insurance Program Reauthorization and Reform Act or NFIP-RE Act “We’re trying to flip the script on mitigation projects, from being reactionary to being proactive. This is the fi ..