Home Builders' Confidence Falls
Home builder confidence fell for the third straight month in May and executives in the battered sector now believe they'll have to wait until next year for even a sluggish recovery to begin.
According to a survey by the National Association of Home Builders, the confidence index sank to 30 in May from 33 in April, matching the September reading that had been a 15-year low at that time. The subindex measuring builders' view of current market conditions fell to the lowest level since February 1991, while their view of the market six months from now and their perception of buyer demand both dropped to match the 15-year lows hit in late 2006.
The association is now projecting that home sales and housing production will not begin improving untl late this year, and they are expecting the early stages of the subsequent recovery to be sluggish.
Mortgages: Lenders Tighten Standards
Mortgage lenders are beginning to scrutinize borrowers more closely, causing some loan applicants, even those with good credit, to face higher costs and more hassles.
As the number of delinquent mortgages climbs, lenders have tightened their standards for issuing loans, including such well-publicized moves as raising minimum credit scores and cutting back on 100% financing and low-documentation loans. Now, some lenders are probing more intently would-be borrowers' finances. They are taking a tougher look at how much the property a borrower wants to buy is worth. They are peering further into clients' pasts for credit problems and requiring more in-depth reviews of borrowers who say they are self-employed.
Mortgage lenders say they are tightening standards in response to pressure from mortgage insurers, investment banks and investors who buy mortgage-backed securities. Spooked by rising delinquencies, Wall Street is now pushing lenders to beef up their underwriting. Looser standards weren't much of a problem when home prices were climbing. But as the housing market has cooled, more borrowers are winding up in trouble.
Lenders are also delving deeper into borrowers' employment and credit histories. In recent years lenders would often look back just 12 months at a borrower's mortgage payment history. Now, many lenders are looking at two years' of mortgage payments and reviewing information on credit card payments and installment loans.
Are you considering a mortgage? Does news of tougher standards make you think twice about applying? We'd love to hear your thoughts and comments about this. Just click the "Comment" link below and tell us what you think.
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Housing Market Still Under Pressure
The pace of existing home sales slowed in the first quarter by almost 7 percent compared to a year ago according to the National Association of Realtors.
In the latest indication of the housing market's slowdown, the NAR said home sales reached a 6.4 million annual rate compared to 6.9 million in the same quarter of 2006. Home prices are also still falling. The national median existing single-family home price in the first quarter was $212,300, down 1.8 percent from a year ago when the median price was $216,100, according to the NAR's quarterly survey of housing market conditions. The median is a typical market price where half the homes sold for more and half the homes sold for less.
There are some signs of hope in the housing market.
Existing home sales rose at a 2.4 percent higher annual rate than in the final quarter of 2006. Fourteen states and the District of Columbia showed an increase in the rate of home sales last quarter compared with only six states showing gains a quarter earlier, the NAR said.
Hurricane Season: Are You Prepared?
Hurricane season is just around the corner (there's already been one named tropical storm in the Atlantic already!) which means greater potential for flooding and/or flood damage to your home. It doesn’t matter where you live, flooding can occur almost anywhere. If you live along the coast or near a body of water, particularly, protection against and preparation for this type of disaster is necessary to ensure your finances are protected. Have you purchased flood insurance?
The Federal Emergency Management Agency (FEMA) reports that flooding is America’s #1 natural disaster. From snow melts and flash flooding to tropical storms and dams that have reached capacity, the potential for flooding should always be considered, regardless of where your home is located.
With hurricane season just around the corner (June 1st) its prime time to be considering flood insurance.
Why should you purchase flood coverage? Well, the important fact to be aware of is that homeowner’s insurance policies do not cover flood damage or ground water damage from heavy rain. So, even if you’ve purchased a significant amount of homeowner’s insurance and your area experiences heavy flash flooding, damage to your dwelling will not be covered unless you have purchased flood insurance.
Check with your insurance agent now, don't wait for a storm to be approaching. Most insurance companies will not amend or add to insurance policies once a named system is alive, and Federal flood insurance takes several weeks to process.
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Home Shopping - A Few Guidelines
When shopping for a new home, the most important tip to heed is to communicate with your real estate agent. Let the agent know exactly what you want and how much can you afford to spend; that way you won't be wasting time looking for houses that don't fit your tastes or budget.
It's a good idea to visit a mortgage lender prior to visiting a real estate agent to get pre-approval for credit. If you go house shopping knowing that you have a certain amount of credit pre-approved, not only will it eliminate possible disappointment later, but it will give the agent and seller an extra incentive, especially if you're not the only one making an offer on the property.
You'll likely be visiting more than one house, use this simple tip to keep you from getting confused: bring a notebook with you when you go out looking at the properties. Write down the address and prices for each property you visit. Make notes about the features you like and don't like, and those you have questions about for each property, then use your notes to discuss your concerns with your real estate agent.
If a particular house interests you and you go back for a second look, this is the time to ask the important questions and do some serious inspection.
- Ask about the roof: how old is it?
- Flush the toilets to check the plumbing.
- If you can, check the pipes and electrical work.
- How old are the appliances and which ones are included with the sale?
- Look for signs of rust on appliances, which usually indicate age and possible problems in the past.
- Does the house have a septic tank or is it hooked to a sewer system?
- What is the average monthly power bill?
- What is the monthly water bill?
- What are the taxes for the property?
- What school will your children be attending if you buy the house?
- Is the house located in a possible flood area?
- Does the house have insect problems or water damage?
- Are there zoning restrictions in the area?
These are all questions you need to have answered. As your real estate agent, we'll be sure to aid you through these house hunting steps. Contact us if you have any questions.
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