Friday, May 15, 2020 / by Dave Magua
Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash. That amounts to a total of 4.7 million homeowners now in forbearance, which is up from 4.5 million loans reported one week ago.
The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”
About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of portfolio and privately securitized loans are also in forbearance.
In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.
In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion.
Meanwhile, servicers must continue to advance principal and interest payments along with ta. ...
Wednesday, May 13, 2020 / by Dave Magua
Prepping for a Delinquency Spike May 2020
"However, the pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure. By the second half of 2021, we estimate a four-fold increase in the serious delinquency rate, barring additional policy efforts to assist borrowers in financial distress.”
“After a long period of decline, we are likely to see steady waves of delinquencies throughout the rest of 2020 and into 2021," said Frank Martell, President and CEO of CoreLogic. "The pandemic and its impact on national employment is unfolding on a scale and at a speed never before experienced and without historical precedent. The next six months will provide important clues on whether public and private sector countermeasures—current and future—will soften the blow and help us avoid the protracted, widespread foreclosures and del" ...
Tuesday, May 12, 2020 / by Dave Magua
Every listing agent has a similar goal — sell your house for the most money in the least amount of time. But there’s much more to it than that, and many things set a good or great agent apart from an average one. Sellers evaluate real estate agents based on the services they offer, their skill level, their expertise and their character. Ultimately, the right real estate agent for you is the one who best understands your goals and expectations.
What services to expect from a real estate agent when selling
All agents should provide the following basic services. If you’re considering working with an agent who doesn’t cover the following items, consider trying to negotiate a lower commission. Here’s what to expect from your real estate agent.
Provide a comparative market analysis
Your agent should come prepared with a comparative market analysis (also called a CMA). It’s a report that outlin. ...
Tuesday, May 5, 2020 / by Dave Magua
While the coronavirus pandemic has made virtual home tours the only option for anyone who wants to buy a home right now, checking out potential homes digitally—and in some cases, buying a home site unseen—was something an increasing number of buyers were doing even before the stay-at-home orders.
“This has been a trend gaining in popularity in recent years with relocation and out of state and country buyers who need to make quick decisions in competitive markets and aren’t able to get to a home quick enough.
"I don't think there's anything I couldn't have seen in a virtual tour given how quick my interaction with the home was before I took the plunge."
But even beyond out-of-state buyers, more agents are using digital tools to show homes. You also might consider a no-contact, in-person tour with safety precautions such as wearing a mask and gloves. Remember, you’re a real estate agent’s client, and in most circumstances, they’d be more than . ...
Saturday, May 2, 2020 / by Dave Magua
You were planning to sell your home soon (or perhaps already had your house on the market) when the coronavirus outbreak hit the U.S. and upended life as we know it. You aren’t alone. Many Americans across the country were gearing up for what was looking like a hot spring housing market, and now aren’t sure what to do: Move forward with caution? Give it a year? Wait and see?
If you’re wondering whether it’s still possible to sell a home during a pandemic, where to find information about your area, what to do if you encounter delays, and how to proceed without compromising you or your family’s health, then consult HomeLight’s list of seller FAQs about navigating this uncharted and fast-changing environment.
Can I still sell my house during the coronavirus pandemic?
It depends on where you live. Get in touch with a reputable real estate agent in your area to find out how local restrictions and closures are impacting the ability to. ...