Daily Archives: August 19, 2014

This man pretends to be a Realtor and no one can stop him | Waccabuc Real Estate

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The Real Estate Council in Alberta, Canada, seems to have a real problem on its hands with real estate agent Derek Johnson.

The regulatory authority is not bothered by his claims on YouTube.

Nor is it his system that will reportedly threaten the Multiple Listings Service in Calgary.

It’s that Derek Johnson doesn’t seem licensed to conduct business as a real estate agent and broker.

But that’s not stopping Johnson.

According to CBCnews, the Real Estate Council keeps fining Johnson for not having a license.

The penalties are growing from $15,000 to $50,000.

Furthermore, there are reports claiming Johnson is committing fraud and harming homeowners.

And, according to an email Johnson sent to CBCnews, it doesn’t look like he plans to stop:

“Johnson said in an email that the fines are ridiculous and he hasn’t been given due process by the Real Estate Council of Alberta.

 

 

 

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http://www.housingwire.com/blogs/1-rewired/post/31081-this-man-pretends-to-be-a-realtor-and-no-one-can-stop-him

 

3 reasons mortgage apps don’t reflect housing strength | South Salem Real Estate

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Mortgage applications continue to hover around the same level, while home sales keep rising, according to an article in Business Insider.

The article uses a report from Hui Shan at Goldman Sachs, which cited three factors for why there is a disconnect between mortgage applications and home sales.

1. Things are different  

Not every mortgage application is approved and ends in an origination. “The pull-through rate, which is the origination to application ratio, can vary considerably over time,” according to Shan.

2. Reliability in question

The market share of the four large banks, Wells Fargo, Chase, Bank of America and Citi has fallen from 50% of all residential mortgages in 2011, to 31% in the first half of the year. This could skew the survey that the MBA index is based on.

3. Cash still remains

Tight lending standards continue to cause the share of cash transactions to stay close to peak levels, even as their share in distressed sales continues to fall.

Business Insider also repurposes a graph from the note to highlight the points, but this one is better at outlining the growing gap between starts and mortgage applications, click to enlarge:

 

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3 reasons mortgage apps don’t reflect housing strength

Mortgage default rate drives down household debt | Cross River Real Estate

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Household debt continued to fall in July as the first mortgage default rate dropped to .88% from .89% last month, according to the S&P/Experian Consumer Credit Default Indices.

This is significantly down from 1.35% in July 2014.

“At just above one percent, default rates remain at historical lows. Mortgage default rates have been trending down while Auto and Bank Card are a bit higher than their historical lows set in April and March,” said David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices.

The second mortgage default rate slipped to .52%, down from .57% last month and .54% a year ago.

As a whole, the national composite hit 1.01% in July, down one basis point from last month and lowest level in over 10 years.

On the other side, non-housing debt increased slightly in the second quarter.

Auto saw its rate remain unchanged at 0.96%, falling only four basis points above its historical low, while the bank card rate declined 16 basis points to 2.86%.

 

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Mortgage default rate drives down household debt

 

How hard is it to get a mortgage? | Katonah Real Estate

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Yes. And no. And mostly yes again. And maybe it should be.

And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.

But there’s more to the story than that, and it doesn’t mean only Patsy Pays Perfect can qualify anymore.

The Qualified Mortgage rule has definitely put the squeeze on would-be homebuyers seeking a mortgage. People with lower income, the self-employed, those with credit scores on the margin, and people whose income comes from tips, bonuses or other harder to document sources are definitely being are all facing an uphill battle.

Industry analysts say that anywhere from 10% on the low side to 20% on the high side of people who have a mortgage now would not qualify for a mortgage under today’s rules.

But the rules and standards for getting a mortgage were already tightening long before the CFPB put their screws to it. In fact, the industry had largely self-corrected – as if it had a choice – long before Washington put it in ink with heightened documentation and tighter standards.

Mortgage applications, the first step in the mortgage process, have been down this year almost consistently.

 

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http://www.housingwire.com/blogs/1-rewired/post/31082-how-hard-is-it-to-get-a-mortgage