Whitney Minnich Real Estate and Community Updates

‘Era of Super-Low Mortgage Rates Is Over’ September 27, 2018 The Federal Reserve on Wednesday voted to raise its benchmark interest rate by a quarter of a point to the highest point in more than a decade, and the housing market is now bracing for impact. The Fed lifted its rate to range between 2 percent and 2.25 percent. This is the third time in a year the Fed has raised its rate. The committee points to an upbeat economy that is “healthy and moving forward.” “These rates remain low,” Federal Reserve Chairman Jerome Powell said at a news conference. “This gradual return to normal is helping to sustain this strong economy for the longer-run benefit of all Americans.” While the Fed’s key rate is not directly tied to mortgage rates, it does often have an impact to home loan rates. “The era of super-low mortgage rates is over and consumers will face higher interest rates over the next two years,” says Lawrence Yun, chief economist of the National Association

Contact me today, 503.953.6240 or whitney@whitneyminnich.com to learn what you can do to help prevent mortgage fraud. 6 Types of Mortgage Fraud Are Becoming More Prevalent September 17, 2018 Mortgage fraud climbed 12.4 percent year over year in the second quarter of 2018, and about one out of every 109 mortgage applications has been found to contain false or misleading information, according to real estate data firm CoreLogic. “Because home prices are rising and demand is strong, most mortgage fraud in this type of market is motivated by bona fide borrowers trying to qualify for a mortgage,” says Bridget Berg, CoreLogic’s principal of fraud solutions strategy. “Undisclosed real estate liabilities, credit repair, questionable down payment sources, and income falsification are the most likely misrepresentations.” Fraud is most common in conforming mortgages with loan-to-value ratios of 80 percent or less, according to CoreLogic. The metro areas with the highest increas

Daily Mortgage Rate Update Rates for 9/28/2018 as of 10:00 AM. Rates are lower compared to 9/27. Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is down today and at about  3.04%+     https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Daily Mortgage Rate Update Fed’s are meeting again today and everyone is anticipating that they will raise rates again for the 8 th time since 2015 !  NOW is the time to find a home and lock in rates! Contact me (whitney@whitneyminnich.com or 503.953.6240) today so we can find you the right home. Even Karr with Priority Home Lending can shop rates around between banks and lenders to get you the best deal and the best loan.   Rates for 9/26/2018 as of 9:00 AM. Rates are slightly UP compared to 9/25 in anticipation of the rate hike. Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are th

Vinyl or Stucco? Most Popular Exteriors for New Homes September 24, 2018 Vinyl siding and stucco were the most common exterior materials used on new homes last year, according to the Census Bureau’s Survey of Construction report. Vinyl siding was used on 27 percent of new homes in 2017, followed by stucco at 25 percent, brick or brick veneer at 21 percent, and fiber cement siding at 20 percent. Stone, rock, or other stone materials were used on just 1 percent of homes. The materials used can vary quite a bit by region. The National Association of Home Builders found in an analysis of the construction data that vinyl siding was the most popular exterior finish in four of the nine Census divisions, and the most prominent in the Middle Atlantic and New England areas. But stucco finishes dominated in the Pacific western region, while brick was the most popular in Southern states. © National Association of Home Builders  Source: https://magazine.real

Homeowners Reveal Their Top Nonnegotiable Amenities September 24, 2018 Home shoppers are unwilling to negotiate on certain amenities, and prime among them are central air conditioning and a private patio or backyard, according to a new survey of more than 1,000 homeowners conducted by remodeling site Porch.com. On the other hand, prospective buyers are less likely to consider stainless steel appliances or a swimming pool as deal-breaking must-haves. Renters and homeowners differ quite a bit in their priorities, the survey found. While homeowners ranked central air, private backyard areas, and guest bedrooms as high priorities, renters ranked central air, an in-unit washer and dryer, and pet-friendly building policies as their top amenities. © Porch.com Flooring matters to many homeowners. More than one in four consider hardwood floors to be the most essential amenity in their house, according to the survey. So what are homeowners most willing to spl

Fall Brings Price Drops for a Quarter of Homes September 24, 2018 The fall season is cooling down more than the temperature outside; it's also putting a much-needed chill on hot housing markets, where home prices have become unaffordable to the average buyer. More than one in four home sellers dropped their asking price last month, according to a new report by real estate brokerage Redfin. With inventory starting to inch up, sellers are facing stiffer competition in the market and adjusting their price expectations, according to the report. Nearly 27 percent of homes that were listed in the four weeks ending Sept. 16 saw a price drop, according to the report. Redfin defines a price drop as a reduction in the home’s value between 1 percent and 50 percent. The areas seeing some of the biggest price drops year over year are Las Vegas; San Jose, Calif.; Seattle; Atlanta. “After years of strong price growth and intense competition for homes, buyers are taking advantag

Daily Mortgage Rate Update Rates   for 9/24/2018 as of 10:00 AM. Rates are  higher   compared to 9/21 Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market  - 10 year treasury yield is   UP   today and at about  3.087%+      https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Report: Market Could Stabilize as More Homes are Listed September 20, 2018 Existing-home sales remained mostly flat in August, bringing relief to markets following four consecutive months of decreases. Sales gains in the Northeast and Midwest helped to offset downturns in the South and West last month, according to the National Association of REALTORS®’ existing-home sales report, released Thursday. Existing-home sales—which are completed transaction for single-family homes, townhomes, condos, and co-ops—remained at a seasonally adjusted annual rate of 5.34 million in August, the same as July. Sales are 1.5 percent below a year ago, NAR reports. “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,” says Lawrence Yun, NAR’s chief economist. “With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.” Here’s a closer

Daily Mortgage Rate Update Rates for 9/19/2018 as of 10:00 AM. Rates are higher compared to 9/18          Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. The market is moving up rather quickly and we’re back above 3% on the 10 year treasury. Keep an eye on the trade tensions between the US and China. Positive news could send rates even higher.  For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Daily Mortgage Rate Update Rates for 9/10/2018 as of 10:00 AM. Rates are HIGHER compared to 9/7               Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is FLAT today and at about 2.93%+     https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

NAR economist Yun looks at the housing market 10 years after the Great Recession AUGUST 30, 2018  BY  MIKE WHEATLEY   A full decade after U.S. housing markets were crushed by the so-called Great Recession, which led to a major crisis that saw thousands of homes foreclosed upon, things have improved drastically since then. Home values have risen to record highs in many markets, well above pre-recession levels, and foreclosures have fallen to historic lows. Lawrence Yun, chief economist of the National Association of Realtors,  said  that lending and regulatory reforms have also helped to prevent a new housing bubble from forming, in spite of concerns from other experts. “Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher-than-normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the

Housing shortage spreads to Oregon coast By  TOM BANSE, Northwest News Network Published:  August 27, 2018, 5:27 PM NEWPORT, Ore. — Hot housing markets in major cities including Seattle and Portland have pushed the cities to regulate short-term rentals like Airbnb. But small Pacific Northwest towns popular with visitors are also struggling to balance the growth of Airbnb-type rentals with a tight housing supply. Newport, Ore., is the latest to put those types of rentals in the crosshairs. Newport is a beach town on the central coast known for its working waterfront, sea lions, lighthouses and aquarium. Now, the town finds itself at the messy intersection of the sharing economy, the tourism business and a housing crunch. The town has held two meetings so far for residents to ask questions and sound off on short-term rentals. Sandy Benning came to the first open house two weeks ago to support capping the number of short-term vacation rentals available in Newport. Benn

September 10 is World Suicide Awareness Day Today is World Suicide Awareness Day, a day when mental health advocates, prevention organizers, survivors, allies, artists and community members unite to promote hope and remind our community that everyone can play a role in suicide prevention. One person dies by suicide in out county every five days. That is 16% higher than the national average. At Clackamas County, we have made a commitment to the work of suicide prevention. We know that having a mental health challenge is part of being human and that with the right help, people can and do recover. The work of suicide prevention will take all of us working together. By coming together we can make a difference. We ask that you join us in this work, and help us reduce the number of deaths by suicide to zero. What can you do right now? Join us: Tonight at 6 p.m., we will kick-off the Ask the Question Project, an art exhibit that includes portraits and interviews of suicide attempt s

Daily Mortgage Rate Update Rates for 9/7/2018 as of 9:00 AM. Rates are HIGHER compared to 9/6   Here’s why the sudden jump - 2-year Treasury yield jumps to highest level in 10 years after strong wage gains - https://www.cnbc.com/2018/09/07/bonds-and-fixed-income-nonfarm-payrolls-in-focus.html     Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is UP today and at about 2.94%+     https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Daily Mortgage Rate Update Rates for 9/5/2018 as of 9:00 AM. Rates are FLAT compared to 9/6         Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is FLAT today and at about 2.87%+     https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Yards for New Homes Are Smaller Than Ever September 4, 2018 Home buyers will have a harder time finding a big yard, as lot sizes remain near record lows, according to the U.S. Census Bureau. Among sold properties in 2017, the median lot size for a new, detached single-family home was one-fifth of an acre, or 8,560 square feet. Median lot sizes fell below 8,600 square feet in 2015 for the first time since the bureau started recording such data. Lot sizes vary regionally, and the nation's largest tend to be in New England. More than half of single-family spec homes in the area are built on lots exceeding 0.4 acres. New England is known for having stricter zoning regulations than other parts of the nation, which requires builders to keep lower densities for construction. On the other hand, the Pacific region, including California, Washington, Oregon, Hawaii, and Alaska, has some of the tiniest lots in the nation—half of which are smaller than 0.15 acres.