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MORENO VALLEY HOMES FOR SALE
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When Mortgage Rates Rise...

MORENO VALLEY HOMES FOR SALE
When Mortgage Rates Rise...
What do you think about this and how will it affect you? Call me at 951-259-0764.
#morenovalley #realestate #interestrates #homebuying #homeselling 
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Moreno Valley Homes for Sale - Open House in Rancho Belago, Moreno Valley

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Moreno Valley Homes for Sale - Statistics from Inland Valley Association of Realtors

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Moreno Valley Homes for Sale - Singles: Why We're Buying Now

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Singles: Why We're Buying Now

Daily Real Estate News | Thursday, August 21, 2014

Seventy-five percent of single home owners ages 25 to 50 say home ownership is important to them, according to a new Century 21 survey.
These are the top three reasons single home owners say they decided to buy: They viewed home ownership as an investment in their financial future; they were tired of paying rent; and they thought it was the right time to purchase a home.

“We are in the midst of a shift in the home-buying population,” says Rick Davidson, president and chief executive officer of Century 21 Real Estate LLC. “This survey shows that home ownership is a major life decision for singles and that it is just as important a part of the American Dream for them as it is for married couples.”
Nearly one-third of all real estate purchases in 2013 were made by single home buyers, according to data from the National Association of REALTORS®.
But single home buyers say it wasn’t easy to achieve home ownership because many were intimidated by the home-buying process, and they had to make several sacrifices in order to buy a home.
Nearly two-thirds of single home owners say they overcame a roadblock to buy their home. The most intimidating parts of the home-buying process, they say, included making an offer and negotiating a price (38%); obtaining a mortgage (36%); moving (31%); closing (30%); and searching for and locating a home (25%).
Singles also say they had to make several lifestyle sacrifices: 60 percent say they had to dine out less to purchase a home, and half say they had to cut back on entertainment. Fifty-one percent say they had to spend less on vacations.
What were their most important considerations in buying a home? Single home owners rated space and square footage (59%); the yard (57%); and proximity to work or school (47%) as the most important criteria in their house hunt, according to the Century 21 survey. Good cell service and proximity to public transportation tended to be more important to single home owners 25 to 35 years old than those 36 to 50 years old.
The younger set was also more likely to say they searched for real estate on their mobile devices. 
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Lending standards loosen up

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Getting a mortgage these days is obviously not as easy as it was during the housing boom, when pretty much anyone could get a loan.
But after years of tightening, it seems like the standards are loosening up a bit.
"We are seeing underwriters have a little more flexibility with some common-sense issues," Grabel says. "That's not a suggestion we are going back to the old days."
Standards have loosened mostly for larger loans, or jumbo loans, because they are not the types of loans that get sold to Fannie Mae and Freddie Mac. The institutions have their own guidelines and lenders must follow them if they want to sell the loans after they issue them.

Still gotta be able to fog a mirror

Mel Watt, the new head of the Federal Housing Finance Agency, recently said his office will change some of the guidelines to allow lending to borrowers with slightly lower credit scores. The FHFA oversees Fannie and Freddie.
"Mel Watt reversed course for the first time in many years to say we have to loosen the current lending standards," Hsieh says.
Some lenders also are allowing lower credit scores on FHA loans. Many lenders required borrowers to have a credit score of at least 640 for an FHA loan.

Read more: http://www.bankrate.com/finance/mortgages/housing-trends-1.aspx#ixzz3B2yALYTM

Moreno Valley Homes for Sale - Affordability Approaches Pre-2004 Norm as Prices Firm

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By Paul Emrath on August 14, 2014 • (1)

Housing affordability dipped slightly in the second quarter of 2014 as several markets saw a firming of home prices, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI).  Nationwide, the second quarter HOI was 62.6—i.e., 62.6 percent of new and existing homes sold during the quarter were affordable to a family earning the U.S. median income of $63,900—down about three percentage points from the first quarter reading of 65.5.
The latest readings reflect a slow but steady march toward historically normal appreciation and interest rates, producing an HOI typical of the period before the mid-2000s boom.  In the second quarter of 2014, the average mortgage interest rate declined to 4.44 percent (from 4.57 in the first quarter), while the national median home price increased from $195,000 to $214,000. (The HOI, of course, uses the full range of home sale prices, not just the median.)
Among individual metros, Youngstown-Warren-Boardman, Ohio-Pa. claimed the title of the nation’s most affordable major housing market, as 90.4 percent of all new and existing homes sold in this year’s second quarter were affordable to a family earning the area’s median income of $52,700. Cumberland, Md.-W.Va. was the most affordable smaller market, with 97.2 percent of homes sold affordable to a family earning the area median income of $54,100.
Other major markets at the top of the affordability chart were Indianapolis-Carmel, Ind.; Syracuse, N.Y.; Harrisburg-Carlisle, Pa.; and Scranton-Wilkes-Barre, Pa. Smaller markets joining Cumberland at the top of the affordability chart were Kokomo, Ind.; Davenport-Moline-Rock Island, Iowa-Ill.; Battle Creek, Mich.; and Lima, Ohio.
For a seventh consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. was the nation’s least affordable major market, with only 11.1 percent of homes sold in the second quarter affordable to a family earning the area’s median income of $100,400.  Other major metros at the bottom of the affordability chart were Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; San Jose-Sunnyvale-Santa Clara, Calif.; and New York-White Plains-Wayne, N.Y.-N.J.
All five of the nation’s least affordable small housing markets were located in California: Santa Cruz-Watsonville, Napa, Salinas, Santa Rosa-Petaluma, and San Luis Obispo-Paso Robles.