Today’s News Synopsis:

The HARP plan has been extended into 2017 in order to allow people to be better prepared for the new refinance plan launching at the end of next year.  The market for apartments and condos now stands at 50 after decreasing three points.  The number of baby boomers choosing to invest in real estate outside of the country is growing.

In The News:

Business Report – “More and more baby boomers are pursuing real estate overseas” (8-25-16)

“Aging baby boomers are driving the trend of more Americans pursuing real estate investments abroad, Kathleen Peddicord, editor and publisher of Live and Invest Overseas, tells Business Report in a feature from its current issue.”

Housing Wire – “HARP extended into 2017; FHFA plans new refinance program” (8-25-16)

“The Federal Housing Finance Agency announced it extended the Home Affordable Refinance Program until Sept. 30, 2017 in order to create a smoother transition period for a new refi product it is planning to launch toward the end of 2017.”

HUD – “FHA Streamlines Process To help Delinquent Homeowners Avoid Foreclosures and Remain In their Homes” (8-25-16)

“The Federal Housing Administration (FHA) today announced new procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes.”

Bankrate – “Fed: real estate loan demand jumped in Q2” (8-25-16)

“Demand for residential real estate loans strengthened in the second quarter over the previous period, a Federal Reserve survey said.  Demand also spiked for home equity lines of credit.”

Realtor.com – “America’s 20 Hottest Markets for Real Estate in August 2016” (8-25-16)

“Much like that last glorious weekend at the beach before the humdrum schedule of school and work kicks in, August typically sees one last burst of home-buying activity before the busy summer real estate season comes to a close.”

NAHB – “Apartment and Condominium Market Dips Slightly in the Second Quarter” (8-25-16)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB) fell slightly in the second quarter of 2016, dropping three points to 50. This is the 18^th consecutive reading of 50 or above.”

DS News – “New FHA Changes Streamline Loss Mitigation Protocols” (8-25-16)

“The Federal Housing Administration (FHA)  released a Mortgagee Letter containing new procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes, according to an announcement from The Federal Housing Administration (FHA).”

Fannie Mae – “Statement on Streamlined Refinance Option for High Loan-to-Value Borrowers from Andrew Bon Salle” (8-25-16)

“We are pleased to move forward with a new streamlined refinance option scheduled for October 2017. Aimed at borrowers with high loan-to-value (LTV) ratios, the new option builds on the successes of the Home Affordable Refinance Program (HARP) and will provide sustainable refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time.”

 

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Tuesday, September 20

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on September 28.

Bruce Norris will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.

Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.

Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

The Mortgage Bankers Association expected housing demand to increase greatly over the next decade with between 13.9 and 15.9 million new household formations by 2024.  New home sales in the US saw their biggest increase at 5.4%, putting them at 507,000.  At the same time, prices increased 5.6% year-over-year in June.