Mortgage And Real Estate News

Tuesday, May 31, 2016

Hudson Yards, America's Largest Private Real Estate Development, Opens First Building

On a sunny morning last week, a few Forbes reporters donned hard hats and neon yellow vests to tour Hudson Yards, the massive 28-acre development being constructed in one of Manhattan's last undeveloped areas, Midtown's far western edge. It's the brainchild of Related Company's billionaire developer Stephen Ross, whose firm says it's the largest private real estate project in the nation. Four years after breaking ground, the first building, 10 Hudson Yards, is set to open. Luxury handbag maker Coach, which purchased roughly a third of the building's space as the anchor tenant, officially started moving employees in this morning.


Warm Regards,

Lillian Wong
Sr. Loan Officer
NMLS  630337
Prospect Mortgage
14635 N. Kierland Blvd. Ste. 100
Scottsdale, AZ 85254
Cell    480 650 5412
Fax   877 220 7982

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To buy or not to buy a home? For many Millennials, that's the question.

WASHINGTON — Doing the math left them uneasy. The stress of it all led to a near-meltdown one day on a trip to Home Depot.

At their most optimistic, affording a house seemed just within the realm of possibility for Elizabeth and David Glidden, both 26. They had saved enough for a 10% down payment. But as they searched for a home, ownership became tenuous when the couple considered their monthly expenses.


What is middle class, anyway?

Everyone's talking about saving America's middle class. But just who exactly falls into this group?

That's actually a much more difficult question to answer than it seems. While some experts define the middle class by income, others define it by lifestyle. Still others say it's a state of mind.


Discover, other credit cards, continue to ease access to credit scores

Just a few years ago, consumers who wanted to know their credit score — a number that could mean the difference between a high or low interest rate, or whether applicants secure a loan at all — usually had to pay for it. But now, free access to credit scores is fast becoming the norm, with many card issuers providing it to at least some of their customers.

Read more....

Saturday, May 28, 2016

Yellen says Fed rate hike likely appropriate in coming months

CAMBRIDGE, Mass. (Reuters) - The Federal Reserve should raise interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July.


Tuesday, May 24, 2016

Appeals Court overturns Bank of America's $1.27 billion fine in 'Hustle' case

The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide, as first reported by Reuters.


House passes sweeping change to loan originator licensing rules

The House of Representatives just passed a bill that could create a huge impact on the mortgage industry, as mortgage loan officers may soon be able to transition from a traditional bank to a nonbank and keep originating new mortgage loans without having to wait for a new license.


Saturday, May 21, 2016

Across the world, luxury-home sales get a reality check

WASHINGTON (AP) — The global luxury housing market lost some of its sheen last year as financial markets became unsettled and many wealthy buyers began to look for less expensive homes.

"The return of realism," is how Dan Conn, chief executive of Christie's International Real Estate, described the high-end market that stretches from San Francisco to Singapore.

Read more. ..

How your parents affect your chances of buying a a home

For many would-be home buyers, the biggest obstacle isn't the income to cover the mortgage or the credit score to qualify for one. It's the huge pile of cash you have to hand over on closing day. A first home — especially in a high-cost city — demands not just that you make enough to cover the payments, but also that you have a lot to start with.

Readmore. ..

Friday, May 20, 2016

Downtown Phoenix condo market ready to rocket

Jeweler Joel Starkman is the first resident at Coronado Commons, a complex of 20 townhouse-style homes under construction in central Phoenix.

About a mile away, the Portland on the Park condo project downtown has sold more than half of 149 units well before its opening, expected by the end of the year.

Read more. ..

The hottest Zip codes for flipping homes

Tomorrow's tastemakers are often the first to flock to a new, cutting-edge community or an area on the verge of becoming the next hot part of town.

Real estate investors, ever on the hunt for an area where they can buy low and sell high, may want to study RealtyTrac's "Hipster Home Flipping Hot Spot" list to identify neighborhoods where they can buy, fix and flip a home that appeals to hipsters.


Selling your house? Two is the magic number for a big tax break

Are you a homeowner who wants to tap into the spring house buying season? Or perhaps you were a seller who benefited from the rise in home sales last year.

If so, you may have realized or will soon enjoy a sizeable financial gain. Home prices rose 6 percent last year. And according to economist Lawrence Yun of the National Association of Realtors, they are also expected to increase 4 to 5 percent in 2016.


Housing: What we now know about strategic defaults

One of the interesting things about the housing bust of several years ago — interesting in retrospect, not so fun at the time — was the many people who walked away from their homes voluntarily.

"Strategic default" was the buzzword phrase to describe owners who simply defaulted on their mortgages based on declining values rather than an inability to pay. Their actions fostered a debate that was centered as much around ethical implications as the financial causes.


Shipping containers offer welcome homes in Phoenix

PHOENIX (AP) — A stack of shipping containers sitting in a lot in an industrial section of Phoenix has some developers thinking inside the box.

The structures usually used to transport cargo have been transformed into eight apartments. Scuff marks, old serial numbers and shipping company logos remain, but a look inside each unit reveals a 740-square-foot modern home.


Affordable metro Phoenix areas are beginning to recover as buyers look farther out

Home prices in many metro Phoenix neighborhoods could finally fully recover from the crash this year, or at least get very close.

Last year was much better for rising home values in the Valley than 2014, according to Street Scout Home Values, an annual analysis of metro Phoenix's housing market done with The Information Market.


Millennials, Boomers, retirees, boomerang buyers all boosting metro Phoenix's housing market again

Millennials Billy Day and Jessica Simms saw their rent jump in central Scottsdale last year. The couple decided to look for a home in the area near their favorite restaurants and places to hang out that they could afford to buy.


Wednesday, May 11, 2016

Why are major housing markets going haywire?

Whereas some of the hottest markets would appear to be slowing down, some of the markets seem slow to recover may be heating up, according to Trulia's Fastest Moving Markets Report.

Overall, homes sales are moving faster than last year as 66.6% of homes are still on the market after 30 days, down 1.2% from last year, according to the report. More specifically, 63.4% of starter homes and 59.8% of trade-up homes are still on the market after a month, which is down 2.1% and 3.1% respectively from last year.


Sunday, May 8, 2016

Fannie Mae to offer no-credit-score mortgages

There was no such animal as a credit score until about 1995. Well, it's back to the future. Good going Fannie Mae.

On June 25, Fannie Mae will be rolling out the automation of a manual process for mortgage applicants without credit scores, according to Mindy Armstrong, senior product manager at Fannie Mae.


Developer says ‘penis envy’ is fueling city’s tower obsession

It's one of the most exclusive new buildings in Manhattan and the tallest residential skyscraper in the Western Hemisphere — and its biggest critic is its own architect.

Rafael Viñoly says 432 Park Avenue — where an 88th-floor penthouse is currently on the market for $76.5 million — is flawed.


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