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July 3rd, 2011

Weekly Recap (06/27/11-07/02/11)

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Calender1Saturday

New HAMP tool could lead to more modifications

Do you know how to estimate the net present value (NPV) of your home? Have you ever even heard of NPV?

Especially if you’re a struggling homeonwer looking for a loan modification, knowing what your NPV is and how to calculate it is crucial.

Why?

According to MakingHomeAffordable.gov, the NPV of your mortgage could be the deciding factor in whether or not you are approved for a loan modification…

Friday

“You can still be on the hook if your ex doesn’t pay the mortgage

Renowned personal finance expert Lynnette Khalfani-Cox has become the latest contributor to sign on with HSH.com. Lynnette’s first article for HSH will be published on Monday, July 5 (so be on the lookout).

But before we begin to see original work by Lynnette on HSH.com, I wanted to discuss a really interesting topic she addressed on her own website, TheMoneyCoach.net:

 

What happens if your ex-husband or wife stops making mortgage payments?

Well, plain and simple, it could spell disaster for your credit score…

Thursday

Rising mortgage rates shouldn’t block a real estate recovery

For the second time in a few days, a major index has shown that home prices rose in April.

First, we had the Federal Housing Finance Agency tell us that April home prices were up 0.8 percent for April. Next, the well-known Case-Shiller report also said prices rose in April, the first increase in eight months.

 

Could this be the start of the long-awaited housing revival? Did we hit bottom in March?

The answer is not clear…

Wednesday

Show me the BuildFax!”

By now, most of us have heard of CarFax, the vehicle history report that enables prospective car buyers to view a vehicle’s history of accidents and repairs. Now, the same is being done for homes.

BuildFax essentially provides prospective homebuyers with a background check of a property, detailing any major renovations and repairs done to a particular home. While a BuildFax report typically runs $39.99, it’s being offered at no cost through July 31, 2011.

While BuildFax has typically been marketed to professionals like Realtors, appraisers and insurers, the reports are now being targeted to both homebuyers and sellers…

Tuesday

Lower loan limits will hurt home values

The National Association of Home Builders is out with a new study which tells us that real estate demand will fall and home prices will be pushed downward when new and lower loan limits begin October 1, 2011.

What lower limits?

In general terms, the high-water mark for conventional loans will slide from $729,750 to $625,500. The lower limits will impact 204 counties, or 6.5 percent of the 3,143 counties in the U.S. However, the NAHB said “these counties also represent relatively dense concentrations of population and housing. In fact, the affected counties contain 20.7 million owner-occupied housing units of the 75.3 million nationwide or 27% of all owner-occupied housing in the U.S”…

Monday

Minor aid for mortgage rates coming to an end

Last week, the Federal Reserve concluded their two-day meeting, acknowledging that the economy is moving even slower than they originally anticipated and that their latest program–dubbed “QE2″–would come to an end as originally designed by month’s end.

HSH.com releases Two-month forecast for mortgage rates

 

What will happen to mortgage rates once QE2 ends?

That’s a good question, one I’m not so sure we have an exact answer to. Yet, if we gauge our response via comments from Fed Chairman Ben Bernanke last week, it seems a minor support for mortgage rates is going to disappear, possibly causing rates to increase somewhat

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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