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Increase in FHA Fees is Sinking Deals

The Federal Housing Administration’s rate increases in mortgage insurance have caused buyers to walk away and transactions to fall through, according to the National Association of REALTORS®’ second Survey of Mortgage Originators, which includes questions to lenders about the impact of changes to the FHA program. In recent years, FHA has increased its premium structure as a way to make up for the 2 percent capital reserve ratio it’s required to keep but lost when many loans went sour during the housing crisis.

The rise in FHA fees is also pricing some buyers out of the market. Lenders surveyed by NAR report that 5.7 percent of originations were lost because of the increase in FHA fees. That would correlate to about 200,000 to 250,000 home sales lost, according to NAR estimates.

Read the article…

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Seattle’s Median Home Price Sets All-Time Record

Prices Rising

The median house price in Seattle just set a record, topping the 2007 peak for the first time since the Great Recession.

The median price of a house that sold in the city last month was $543,500, up 16.9 percent from a year earlier and 8.9 percent from June, the Northwest Multiple Listing Service reported last Wednesday. The previous peak was $501,000, in August 2007.

Read the details…

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Authorities Uncover Growing Mortgage-Relief Scams

Federal and state officials have filed dozens of lawsuits against companies they say have been duping a growing number of home owners who are facing foreclosure with big promises to lower their mortgage payments or rescue them from foreclosure while collecting millions of dollars in illegal upfront fees from home owners, the Los Angeles Times reports.

Dubbed Operation Mis-Modification, federal and state officials are uncovering pockets of law firms and counseling services that they say are falsely offering assistance to modify mortgage terms or payments for struggling home owners.

Officials say it’s against federal law for companies to collect fees from home owners until the home owners have received a written modification offer from their lender or mortgage servicer.

Read the article…

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5 Mistakes First-Time Home Buyers Make

Home

First-timers can be eager to jump into home ownership. But real estate experts say they see them committing the same mistakes, time and time again. Here are some of the most common ones, as identified by experts in a recent CNBC article…

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12 Causes and Cures for Common Home Maintenance Problems

Your house sometimes acts as if it’s alive — making strange sounds, emitting odd odors, and giving visual cues that say something might be amiss.

Here’s how to interpret what your house is trying to tell you, and how to recognize the early warnings of common home maintenance problems that are easily solved if caught early…

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Despite Predictions, Baby Boomers Aren’t Downsizing Yet

Baby boomers aren’t showing any signs of leaving the single-family home market that has defined their generation’s real estate habits, despite many predictions that they would by now. As boomers hit age 65 and become empty nesters, many housing analysts forecasted that a huge wave of them would downsize and move into an apartment, condo, or townhouse.

But Fannie Mae researcher Patrick Simmons says that isn’t happening yet.

Read the National Association of Realtors article…

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10 Hottest Markets for Millennial Buyers and Sellers

Seattle

When it comes to building a booming real estate business, you’ve got to know where the next hot group of buyers and sellers may be focusing their home seeking-attentions. Popular beliefs tell us that millennials—those between the age of 18 and 34—just aren’t buying homes. Right?

Not so fast. The official homeownership rate published by the Census gives a misleading picture of homeownership trends. In fact, homeownership among young adults is not too far off from where demographics say it should be.

And, as it turns out, young adult homeownership is actually on the rise. Is your market poised to become the next hotbed of young homeowners?

Recent Census Bureau findings show that millennials are flocking to big-city suburbs and lower-density cities. Check out these 10 cities, which made the list of the top 10 metros for millennial population growth—they may just be the next hottest real estate for millennial home buyers and sellers!

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Do You Really Need to Clean Your Air Ducts?

Contrary to popular belief, there aren’t any health benefits linked to cleaning air ducts, but having a pro remove gunk can boost the efficiency of your HVAC.

Five to seven times a day, the air in your home circulates through the air ducts of your HVAC heating and cooling system, carrying with it the dust and debris of everyday living.

Your furnace filter catches much of the stuff, but neglect, remodeling projects, or shoddy duct installation can lead to a buildup of gunk inside your ductwork that threatens the efficient functioning of your system.

Are Dirty Ducts Hazardous to Your Health? Read more…

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The Biggest Hurdles to Home Ownership

Neighborhood

With mortgage rates still near historical lows, why aren’t more home owners making a move? Housing analysts blame student loan debt, overly strict lending standards, and lost equity as the leading culprits behind a sluggish housing recovery. But what do home owners say?

Mortgage information site HSH.com surveyed 786 home owners at the end of 2013 about their experiences when it came to finding and financing their home. The top six biggest hurdles to home ownership were identified as…

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29412 61st Ave S, Auburn, WA 98001

A New Listing!

4 bedrooms; 3 bathrooms; 2020 square feet

With so many updates, this home simply awaits a happy new owner! New windows, blinds, drapes, interior and exterior paint, doors and molding through-out. New furnace, water heater, garage door, deck and patio. Completely remodeled kitchen with new cabinets, counters, back splash, sink, appliances and floor. The huge family room with wet bar, bedroom and full bath downstairs offer lots of entertaining options. This home is light, bright, on a large lot and has a view of Mt Rainier from the deck!

$259,900

View the detailed listing information and photos…