ARAMCO Report - The Mother of ALL Mortgage Blogs!

Cease-fire in bidding wars

Posted by Mehran Aram on Thu, Jun 13, 2019 @ 05:06 AM

In just the latest sign that the housing market may be cooling slightly, CoreLogic has released new data that shows the volume of bidding wars taking place has returned to “normal levels”. The number of homes that are selling above their list price, driven by multiple prospective buyers offering competing bids, has dropped a similar rate as the historic norms seen in 2000 and 2001.

Thirty-one percent of homes that sold in March went above their asking price. This is down from the peak of 40 percent reached in the second quarter of 2018.

Home prices are reaching the upper limits of buyers’ budgets, preventing them from upping their offers. In San Diego, 28 percent of homes sold above the original list price while 30 percent sold below the list price.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, CoreLogic, Mortgage rates, San Diego Housing Market, bidding war

Homeowner equity levels continue to climb

Posted by Mehran Aram on Tue, Jun 11, 2019 @ 05:06 AM

Despite a recent slowdown in price appreciations, homeowners with a mortgage in the U.S. saw their equity levels shoot up by 5.6 percent on average over the past year. This equates to $6,400 per homeowner according to the Home Equity Report released last week by CoreLogic.

Nevada once again led the nation with the biggest increase in equity levels, climbing $21,000, followed by Idaho ($20,700) and Wyoming ($20,300). Californians saw an average increase of $4,116.

These increases have pulled more homeowners out of negative equity territory. The number of households who owe more on their mortgage than their current home’s value has dropped to just 4.1 percent of all mortgage properties.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: homeowners, CoreLogic, negative equity levels, home equity, homeownership, Mortgage rates, Underwater Homes, Equity Rich, households

San Diego home prices holding steady

Posted by Mehran Aram on Fri, May 31, 2019 @ 06:05 AM

Home prices in the San Diego metropolitan area held relatively steady in April on a year-over-year basis according to new figures released this week by CoreLogic. Although this is a rebound from last month when the Southern California region saw its first yearly drop in prices since 2012, San Diego home price gains remain the lowest in the nation.

"The slowdown in price growth and sales over the past year suggests that despite a healthy economy, the cost of homeownership has outpaced incomes for many,” said Andrew LePage, research analyst for CoreLogic.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, home prices, San Diego, CoreLogic, homeownership, Mortgage rates, San Diego Home Prices

San Diego home sales down as prices continue to rise

Posted by Mehran Aram on Sat, May 4, 2019 @ 08:05 AM

Home sales in San Diego County fell for the eleventh consecutive month in March according to new data from real estate tracker CoreLogic. High purchase prices are being attributed to the sluggish sales. Although prices have moderated since last year, March’s median home price was up 0.9 percent compared to the same period in 2018.

There were a total of 3,224 closed escrow sales in San Diego County during the month, down 8.6 percent on a year-over-year basis.

In recent months, high home prices have been countered by lower mortgages rates which have been in the slide since early this year. Currently, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, San Diego County, CoreLogic, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Sales, San Diego Median Home Price, Closed Escrow Sales

What is residential mortgage fraud?

Posted by Mehran Aram on Mon, Mar 25, 2019 @ 06:03 AM

The FBI defines mortgage fraud as “some type of material misstatement, misrepresentation or omission in relation to a mortgage loan, which then relied upon by a lender.”

Common forms of mortgage fraud include lying about income or employment, buying an investment property but claiming it is your primary home, not disclosing debts or even getting someone to co-sign on the loan just because they have good credit.

CoreLogic estimates that 1 in 109 mortgage applications could be somewhat fraudulent and the risk of mortgage fraud had increased by more than 12 percent between 2017 and 2018.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: CoreLogic, Mortgage applications, Mortgage rates, Mortgage Fraud

Rising home values helping fend off foreclosures

Posted by Mehran Aram on Fri, Mar 15, 2019 @ 05:03 AM

The volume of mortgage delinquencies nationwide continues to decline as increasing home values put homeowners on solid ground. According to CoreLogic’s Loan Performance Insights report for December, the number of mortgages more than 30 days past-due is at a 10-year low.

“With additional ‘skin in the game,’ rising equity reduces the chances of a foreclosure,” said Frank Nothaft, chief economist for CoreLogic. He added that rising equity is “helping to push the foreclosure rate down to its lowest level since 2000.”

Just 4.1 percent of outstanding mortgages nationwide were 30 days or more past due as of December 2018. This is down from 5.3 percent the prior year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: homeowners, CoreLogic, foreclosures, home values, Mortgage rates

CoreLogic: home price appreciation slowest in years

Posted by The Aramco Group on Fri, Oct 5, 2018 @ 09:10 AM

It appears that it is not just the weather that is cooling down – it is the housing market too. Real estate analytic company CoreLogic released its monthly Home Price Index this week for August which shows that home price appreciation in the U.S. is currently at its slowest pace in two years with 5.5 percent annual growth overall.

While the West is not immune for the slow-down in price gains, the region continued to outpace the rest of the nation. Including distressed sales, home prices rose the most year-over-year in Nevada (13 percent), Idaho (12.2 percent) and Washington (9.2 percent).

California cities dominated the list of cities with the biggest price gains, including San Diego which ranked fifth in the nation with 6 percent growth in home prices on a year-over-year basis.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.15 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, CoreLogic

It pays to be a homeowner

Posted by The Aramco Group on Tue, Sep 25, 2018 @ 15:09 PM

Homeowners are seeing nearly records amount of wealth in the form of home equity according to a new report by CoreLogic. Nationally, the average homeowner with a mortgage experienced a $16,200 climb in equity during the second quarter on a year-over-year basis. The increase represents a 12.3 percent annual increase, among the fastest rates recorded in the past several years.

Californian’s earned even more, unsurprising considering the state’s staggering home prices. Golden State homeowners gained an average of $48,800 in equity – the highest in the nation. Oklahoma saw the smallest gains – just $2,226.

Overall, CoreLogic is reporting that homeowner equity has increased a whopping $981 billion since the second quarter of 2017.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.625 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: homeowners, CoreLogic, home equity

ARAMCO Report - Tuesday May 5, 2015

Posted by The Aramco Group on Tue, May 5, 2015 @ 15:05 PM

Home Prices Should Go Up for Rest of 2015

 

The prices for detached single family homes in San Diego went up 6.03 percent between March 2014 and March 2015, according to the Greater San Diego Association of Realtors.

Statewide prices in California went up 7.2 percent, and national prices went up 5.6 percent over the same time period according to the California Association of Realtors and CoreLogic’s Home Price Index respectively.

Home prices in twenty-seven states and the District of Colombia are within 10 percent of historical peaks for prices in their territories, but California is not one of them. California’s median home price of $440,000 is still -18.2 percent of its peak of $538,000 registered in May 2006.

However the CEO of CoreLogic said, “All signs are pointing toward continued price appreciation [nationally] throughout 2015.”

Prices are being driven upwards due to limited housing inventories across the country during a time with low mortgage rates and improving consumer confidence.

Those looking to sell their home and then purchase a new one will find mortgage rates near an all-time low. Conforming no point 30-year fixed mortgages averaging 3.875 percent while 15-year mortgages averaging 3.215 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: San Diego County, home prices, San Diego, California, CoreLogic, 30 year fixed rates, California Association of Realtors, Greater San Diego Association of Realtors, National Association of Realtors, home values, home selling, National

ARAMCO Report - Monday April 20, 2015

Posted by The Aramco Group on Mon, Apr 20, 2015 @ 02:04 AM

Drought may create seller’s market in San Diego

Uncertainty about water policy and the ability to obtain water connections for new developments could be stopping some builders from creating new homes in the western U.S., according to the National Association of Home Builders. Housing starts in the West fell for the third straight month in March 2015, down 19 percent, to an annualized rate of 201,000.

Only 278 permits for new single-family homes were granted in San Diego County in February 2015 — the most recent month for which there are official statistics.

Home sales in San Diego County are up however, according to CoreLogic. Last month 3,467 real-estate transactions closed in the county, a 13.4 percent jump from March 2014. Therefore existing homes are selling faster than new homes are being built.

San Diego County had less than a two-month supply of residential listings at current sales rates in March 2015. Historically, less than a three-month supply of listings could indicate a seller’s market.

If the drought is indeed the cause of builders’ reticence to build new homes, then the seller’s market might persist into the future. 

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: San Diego County, water, Drought, home starts, Seller's Market, California, Housing Market, CoreLogic, West, National Association of Home Builders