Wednesday, August 26, 2015

A 10-Year Housing Surge on the Horizon?

Selling Southern California!

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DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 26, 2015

The housing market is poised for one of its largest expansions in history. By 2024, demographic and economic changes are forecasted to bring 15.9 million additional households on board, according to a new study released by the Mortgage Bankers Association.

That means an average of 1.6 million additional households per year, sparking “housing market growth over the next decade that would be among the strongest the U.S. has ever seen,” according to the report.

The MBA report says the bulk of that growth will be from increases in the number of households who are headed by those age 60 and older and households headed by age 45 and younger. Those age group increases are expected to mitigate the decline among households age 45 to 60.

Why you shouldn't be alarmedby dips in home ownership rates

“An aging population should gradually increase demand for home ownership, partially offsetting the influence of a more racially and ethnically diverse population on home ownership rates,” the MBA report notes.

The Census Bureau projects the following breakdown in ages emerging in 2024, as compared to 2014:

20 million more people age 60 and over than there are today (as Baby Boomers age),
4 million fewer people age 45 to 59 (as the large Baby Boomer cohorts are replaced by smaller Generation X cohorts) and
18 million more people age 18 to 44 (as smaller Generation X cohorts are replaced by larger Millennial cohorts)

Household growth is also expected to be driven by 5.5 million additional Hispanic households. For other races, 3.4 million additional non-Hispanic White households are expected to form by 2024, 2.4 million additional black households, 1.8 million more Asian households, and 730,000 additional other households.

Source: “Housing Demand,” Mortgage Bankers Association (2015)

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Tuesday, August 18, 2015

TRID Guide Aims to Ensure On-Time Closings!

Selling Southern California!

www.TheCaliforniaPropertyConnection.biz

DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 18, 2015

The Consumer Financial Protection Bureau has published a new guide for real estate agents detailing all the changes with the upcoming "Know Before You Owe" mortgage initiative, which goes into effect Oct. 3. The guide aims to help ensure "smooth and on-time closings" when the TILA-RESPA Integrated Disclosure rule are implemented.

Keep Tabs on TRID

Access TRID resources on realtor.org

Don't Get Thrown by Doc Overhaul

TRID Start Date Bumped to Oct. 3

The new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.

The new rule also aims to provide consumers with more time to review the total costs of their mortgage prior to closing. The Loan Estimate form is due to consumers three days after they apply for a loan, while the Closing Disclosure form is due three days prior to closing.

CFPB's new toolkit for agents includes sections on how to have on-time closings, an overview of what has changed and the new loan documents, and the ability to share resources with your clients about the new rules.

You can view CFPB's guide for the new TRID rule here.

Source: Consumer Financial Protection Bureau