According to Zillow’s Real Estate Markets report, home sales inventory continued to grow during the month of October. The data suggests that higher-priced home sales inventory has experienced a larger increase than lower and mid-level priced homes. Experts expect that inventory in the lower and mid-level price range will grow in the coming years. Stan Humphries, Zillow’s Chief Economist said, “we expect more demand to come from the lower end of the market in coming years as millennials overtake Generation X as the largest home-buying demographic. As this happens, builders will be forced to build for these more entry-level buyers, and inventory at the bottom tier should improve.” More here

New criteria for widely used credit scoring models could benefit prospective homebuyers, specifically those shopping for the first time. Credit reporting agency Fair Isaac Corp. recently announced it will be adjusting its scoring model, and introducing FICO 9, which includes changes that could prove advantageous for first-time homebuyers once it is fully implemented.As HousingWire reported, the implementation process could be gradual, with many major lenders and government-sponsored enterprises not yet ready to fully adopt the new model. Still, the notion of more new buyers potentially becoming eligible for mortgage credit over the rest of the decade is promising for the housing market as a whole. In turn, if these buyers prove adept at fulfilling their mortgages and retaining their homes, the impact of a new scoring model could include heightened rates of approval. Who stands to gain? Primarily, FICO's new system aims to minimize the impact of paid medical debt, whether those debts reached collections or not. It's an adjustment believed to benefit many younger adults who have paid bills online but frequently overlooked or not received medical bills sent in the mail. From a homeownership perspective, changes to the evaluation model could have the most impact on those with limited credit history. Consumer advocacy groups have regularly expressed a need for credit models to adjust their evaluations of individuals whose profiles aren't as extensive - such as immigrants or the self-employed - and FICO 9 proposes to rid the model of any penalties for limited profiles. If that proves true, certain homebuying populations could benefit greatly. The 2013 State of the Hispanic Homeownership Report from the National Association of Hispanic Real Estate Professionals listed limited credit history as one of the primary barriers for prospective Hispanic homebuyers. Hispanics accounted for nearly half - 47 percent - of all U.S. homeownership growth in 2013, but many buyers paid in cash because they didn't meet mortgage credit approval standards. The FICO 9 adjustment could eventually make more Hispanic buyers eligible, and if mortgage fulfillment trends continue in a positive direction, the changes might be more widely adopted. For now, however, little change will be evident. Fannie Mae and Freddie Mac, along with many private lenders, have provided no indication they will implement FICO 9 this year, noting the cost of the transition outweighs the immediate benefits. Fannie, Freddie and the U.S. Federal Housing Administration (FHA) combine to back approximately 90 percent of all U.S. home loans, so their practices and the models they use will continue to most immediately affect the market. But, if the new model proves reliable, it may become widely adopted in a hurry.

According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications rose 4.9%, on a seasonally adjusted basis, from the previous week. The jump in mortgage applications this week ended the three-week decline in application activity. Additionally, the FHA share of mortgage applications also rose .3% from the previous week, and the seasonally adjusted Purchase Index jumped 12% reaching the highest level seen in approximately four months. More here

Reading Realtors advertising, it is difficult to find the one that is right for your specific needs & wants. My job is to earn referrals from Realtors so over the last 25 years in Orange County I have gotten to know many excellent Realtors & I pride myself on getting to know them well. To determine who is best for YOU in specific neighborhoods, price ranges, who is best with buyers or sellers, it is sooo important to get past the Realtors advertising and get a referral from someone like myself who can match you up with the best man or woman for the job. Some Realtors don't like to work with buyers and others are excellent , it's tough to determine from the advertising you read. I'm here to help you get Pre-Approved for your mortgage loan, help you get your offer accepted, work diligently & closely with you & your Realtor through the successful close of your escrow so I can earn your referrals too !

Many Baby Boomers are indeed downsizing, but according to recent data, 46% plan to upsize. Not as many Boomers plan to relocate either, as analysts frequently report; 63% intend to stay in their current homes. Of those planning to relocate, 51% have no plans to move to a retirement community in a sunny locale; 67% will stay within their home State, with 51% planning to stay within 30 miles of their current address. Additionally, many of the survey participants plan on making large upgrades to their current homes. More here

Applications for new home purchases jumped approximately 8% according to the Mortgage Bankers Association’s Builder Application Survey for October. Conventional loans made up 68.2% of all loan applications; FHA loans made up 16.2%, RHS/USDA loans made up 1.5% and VA loans made up 14.2%. The MBA’s chief economist, Mike Fratantoni said, “applications for new home purchases picked up in October, particularly for higher-priced homes. The continued improvement in the job market and still low mortgage rates are supporting the upper levels of the purchase market while the tight credit environment continues to constrain sales at the entry level.” Additionally, the average loan amount on new homes rose nearly $2,000 from September to October 2014. More here

The housing industry's downturn triggered a wide range of repercussions - among the most visible being the rash of foreclosures that affected many state and local markets.

It's taken a solid half-decade, but through the combination of an improving labor sector, new regulations and a revised approach to homeowning, the sector has recovered. The process is incomplete, as evidenced by the number of Americans who remained underwater on their mortgages through the second quarter of 2014. But home retention and property value appreciation rates have improved dramatically over the past two years, signaling a return to sustainability, if not complete health.

Shifting dynamics

As retention numbers continue to improve, the inventory of foreclosed and otherwise distressed homes has naturally been reduced. That's a positive sign for the market as a whole, even if it means local inventory is somewhat constrained, at least temporarily. HousingWire reported that, according to the latest data from real estate analysis service CoreLogic, there were approximately 640,000 homes in the foreclosure inventory during July, compared with 976,000 a year earlier, and the supply of distressed properties only figures to further dwindle, Furthermore, a significant portion of the remaining inventory exists in judicial states, where the foreclosure proceedings go through the courts and are subject to a much lengthier timeline.

"Based on current trends, the overall foreclosure inventory could trend down to as low as 500,000 homes by year-end, which is very positive news for the housing market," said Anand Nalathambi, CoreLogic's president and CEO. "The picture is considerably brighter in the non-judicial states, which maintain consistently lower foreclosure stocks and, in general, lower levels of serious delinquency. In total, there are now 36 states with an inventory of foreclosed homes lower than the national rate of 1.7 percent."

Why fewer foreclosures can actually favor buyers 

On the surface, having a smaller overall supply would seem to complicate the prospects for buyers, particularly first-timers who may be shopping in lower-priced neighborhoods. But a deeper dive into foreclosure data reveals many of the purchases of distressed properties have been made by cash buyers - a large proportion of whom represent the interests of larger-scale investors buying groups of homes en masse for the sake of rehabilitation and resale. In foreclosure-heavy housing markets like Southern California and the Phoenix metro area, for example, the investor presence was especially heavy and traditional buyers stood little chance competing with cash-in-hand offers.

For most prospective buyers, purchasing a distressed home is a dicey proposition. The condition of the home and its structural integrity are often in question, making for a potentially tumultuous transition that first-time homeowners, especially, want to avoid. That's why the improving national mortgage fulfillment rates are encouraging - not only because they're indicative of broader economic stabilization, but since homes with built-up equity make for better purchases and more sound investments.

Seriously delinquent loans are down across the country, and especially in the West, where seven of the 10 states that saw a 25 percent year-over-year decline in delinquency rates exist, per CoreLogic data. As the trend toward positive equity continues - as it should, based on Zillow's most recent negative equity report - available inventory is likely to grow. With more options, buyers should also see some easing in terms of property value appreciation. In a number of real estate markets along the East and West coasts, including the Bay Area, Boston, Los Angeles, New York, San Diego and Seattle, affordability remains an issue, so any relief from the price acceleration seen over the past two years is welcome. And ultimately, the combination of price stability and a healthier housing balance bodes well for buyers.

While cleaning out gutters is a dreaded task for many homeowners, it must be addressed in order to keep potential structural disasters at bay. Blocked gutters can cause damage to the trim and siding of your home, interior walls, and can even cause leakage in your basement. Listed here are a few tips that may help you when cleaning out your gutters: By rule of thumb, you should clean out your gutters once in the fall, and once each spring. More maintenance may be required, depending on the number of trees in close proximity to your home. You will need a ladder in most cases, and you should use gloves. Remove all debris, and then flush the gutters out with a hose to remove anything that may be left over. If you find any leaks or damaged spots, you can quickly caulk them with gutter sealant. You may want to consider investing in gutter guards, which will make upkeep easier. More here

The housing industry's downturn triggered a wide range of repercussions - among the most visible being the rash of foreclosures that affected many state and local markets. It's taken a solid half-decade, but through the combination of an improving labor sector, new regulations and a revised approach to homeowning, the sector has recovered. The process is incomplete, as evidenced by the number of Americans who remained underwater on their mortgages through the second quarter of 2014. But home retention and property value appreciation rates have improved dramatically over the past two years, signaling a return to sustainability, if not complete health. Shifting dynamics As retention numbers continue to improve, the inventory of foreclosed and otherwise distressed homes has naturally been reduced. That's a positive sign for the market as a whole, even if it means local inventory is somewhat constrained, at least temporarily. HousingWire reported that, according to the latest data from real estate analysis service CoreLogic, there were approximately 640,000 homes in the foreclosure inventory during July, compared with 976,000 a year earlier, and the supply of distressed properties only figures to further dwindle, Furthermore, a significant portion of the remaining inventory exists in judicial states, where the foreclosure proceedings go through the courts and are subject to a much lengthier timeline. "Based on current trends, the overall foreclosure inventory could trend down to as low as 500,000 homes by year-end, which is very positive news for the housing market," said Anand Nalathambi, CoreLogic's president and CEO. "The picture is considerably brighter in the non-judicial states, which maintain consistently lower foreclosure stocks and, in general, lower levels of serious delinquency. In total, there are now 36 states with an inventory of foreclosed homes lower than the national rate of 1.7 percent." Why fewer foreclosures can actually favor buyers On the surface, having a smaller overall supply would seem to complicate the prospects for buyers, particularly first-timers who may be shopping in lower-priced neighborhoods. But a deeper dive into foreclosure data reveals many of the purchases of distressed properties have been made by cash buyers - a large proportion of whom represent the interests of larger-scale investors buying groups of homes en masse for the sake of rehabilitation and resale. In foreclosure-heavy housing markets like Southern California and the Phoenix metro area, for example, the investor presence was especially heavy and traditional buyers stood little chance competing with cash-in-hand offers. For most prospective buyers, purchasing a distressed home is a dicey proposition. The condition of the home and its structural integrity are often in question, making for a potentially tumultuous transition that first-time homeowners, especially, want to avoid. That's why the improving national mortgage fulfillment rates are encouraging - not only because they're indicative of broader economic stabilization, but since homes with built-up equity make for better purchases and more sound investments. Seriously delinquent loans are down across the country, and especially in the West, where seven of the 10 states that saw a 25 percent year-over-year decline in delinquency rates exist, per CoreLogic data. As the trend toward positive equity continues - as it should, based on Zillow's most recent negative equity report - available inventory is likely to grow. With more options, buyers should also see some easing in terms of property value appreciation. In a number of real estate markets along the East and West coasts, including the Bay Area, Boston, Los Angeles, New York, San Diego and Seattle, affordability remains an issue, so any relief from the price acceleration seen over the past two years is welcome. And ultimately, the combination of price stability and a healthier housing balance bodes well for buyers.