Month: August 2023

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The recent drop in the high cost conforming jumbo loan limit has hurt home sales in higher-priced areas of the country, according to data from the National Association of Realtors.

The latest existing-home sales report revealed that transactions under $400,000 were off just three percent from a year ago, while homes priced at or above $750,000 have declined a startling 47 percent.

“Buyers in higher price ranges are at a severe disadvantage because they have to pay higher interest rates,” said NAR chief economist Lawrence Yun.

“Lower loan limits are having a pronounced impact on trade-up activity at the upper end of the market, which depends more on large downpayments to keep mortgage amounts below the maximums for conventional financing.”

NAR noted that mortgages without government backing, such as jumbo loans, are coming at a cost of nearly two percentage points higher than conventional financing, putting the high-end market at a standstill.

And while a $750,000 price tag seems high, many metropolitan areas throughout the country have plenty of inventory at this pricing threshold, making it difficult for both those looking to refinance and those interested in buying.

“Lower mortgage limits for conventional loans mean upper middle-class home buyers in much of the country, including many areas in the Midwest and South, also have to pay higher interest rates,” Yun added.

Fortunately, new legislation is reportedly in the works to raise the conforming jumbo limit back to levels seen last year, which should spell some relief for these homeowners and potential buyers.

“Every segment of the housing market needs a turnaround to spark an overall housing recovery, which will help the economy to begin to recover,” said NAR president Charles McMillan.

(photo: visitmyluxuryhome.com)

Source: thetruthaboutmortgage.com

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Wisconsin’s landscape is dotted with small towns that are more than just places to call home; they’re communities with stories, character, and a unique way of life. In this article, we’ll take a journey through 13 small towns in Wisconsin, uncovering the local treasures, attractions, and the fun things to do that sets each town apart. From historic downtowns to natural beauty, these towns offer a lifestyle that captures the essence of the Badger State.

1. Plover, WI

Median sale price: $345,000

Walk Score: 60

Plover is a town where nature and community thrive in harmony. The town’s local parks, like Iverson Park and Schmeeckle Reserve, provide spaces for outdoor activities and relaxation. Plover regularly hosts local events, farmers’ markets, and gatherings that bring residents together. With the Wisconsin River nearby, Plover offers opportunities for boating, fishing, and enjoying the environment that surrounds the town.

Homes for sale in Plover, WI

Apartments for rent in Plover, WI

2. Marshfield, WI

Median sale price: $220,00

Walk Score: 88

Marshfield is a hub of health and heritage, where the town’s local attractions celebrate its unique identity. The town is home to the Marshfield Clinic Health System, a leading medical center. Marshfield’s historic downtown, cultural events, and the Central Wisconsin State Fair showcase its distinct spirit.

Homes for sale in Marshfield, WI

Apartments for rent in Marshfield, WI

3. Wausau, WI

Median sale price: $205,000 

Walk Score: 85

With its proximity to Rib Mountain State Park and the Wisconsin River, Wausau provides one-of-a-kind experiences for outdoor lovers. The town’s public events, including the Wausau Festival of Arts, celebrate its artistic and cultural scene. Wausau’s blend of outdoor beauty and vibrant arts create an environment where residents can explore nature’s wonders and indulge in creative pursuits.

Homes for sale in Wausau, WI

Apartments for rent in Wausau, WI

4. Waunakee, WI

Median sale price: $550,000

Walk Score: 82

Waunakee exudes a distinct elegance that’s reflected in its well-manicured streets and local attractions. The town’s specialty shops, eateries, and golf courses add a touch of luxury to its character. Waunakee’s popular events, like the WaunaFest, showcase its strong sense of unity and celebration. With its beautiful surroundings and sophisticated charm, Waunakee offers residents a lifestyle that blends refined living with a warm community spirit.

Homes for sale in Waunakee, WI

Apartments for rent in Waunakee, WI

5. Verona, WI

Median sale price: $480,000

Walk Score: 78

Embracing both the scenic environment and innovation, Verona is a place where people enjoy the best of both worlds. The town’s proximity to Epic Systems Corporation, a leading healthcare software company, adds a layer of modernity to its personality. With its beautiful parks, rolling hills, and a blend of progress and tradition, Verona offers a lifestyle that’s as exciting as it is dynamic.

Homes for sale in Verona, WI

Apartments for rent in Verona, WI

6. Baraboo, WI

Median sale price: $265,000

Walk Score: 88

Baraboo celebrates history and natural beauty in every corner, where the town’s historic downtown and the Circus World Museum capture its unique heritage. Events like the Big Top Parade bring residents and visitors together in festive celebration. Baraboo’s proximity to Devil’s Lake State Park and the Baraboo River offers opportunities for outdoor recreation and exploration.

Homes for sale in Baraboo, WI

Apartments for rent in Baraboo, WI

7. Hudson, WI

Median sale price: $457,000

Walk Score: 76

This small town in Wisconsin is described as a cozy hideaway with a cool twist. Hudson sits right by the St. Croix River, providing locals the freedom to go boating, fishing, and enjoy stunning views. You can wander through downtown to visit quirky shops and cafes, or dive into the memorable arts scene. When you’re feeling outdoorsy, hit up the parks, join in the fun at their festivals, and just soak in the laid-back, friendly feel of Hudson.

Homes for sale in Hudson, WI

Apartments for rent in Hudson, WI

8. Chippewa Falls, WI

Median sale price: $245,000 

Walk Score: 85

Chippewa Falls is a town of craftsmanship and nature, where local breweries, artisan shops, and the Leinenkugel’s Brewery celebrate its rich brewing heritage. The town’s proximity to Lake Wissota and the Chippewa River offers opportunities for water-based activities and outdoor adventures. Additionally, Chippewa Falls’ community events, like the Pure Water Days Festival, showcase its spirited atmosphere. 

Homes for sale in Chippewa Falls, WI

Apartments for rent in Chippewa Falls, WI

9. Holmen, WI

Median sale price: $410,000

Walk Score: 61

This town might not be on everyone’s radar, but it’s a hidden gem with a relaxed atmosphere.. Holmen is all about that small-town friendliness – you’ll feel like you’re among friends from the moment you arrive. 

Holmen’s closeness to the Mississippi River and the Upper Mississippi River National Wildlife and Fish Refuge adds an element of serenity to daily life. If you’re into the great outdoors, Holmen’s got your back with nearby hiking trails and parks that make you want to grab your sneakers and go explore. 

Homes for sale in Holmen, WI

Apartments for rent in Holmen, WI

10. Sparta, WI

Median sale price: $223,00

Walk Score: 74

With the nickname,  the “Bicycling Capital of America,” it’s not a surprise that Sparta has a deep-rooted cycling culture. The Elroy-Sparta State Trail and the La Crosse River State Trail offer opportunities for scenic biking adventures. Sparta’s public events, like Butterfest, provide locals the ability to make strong connections with their neighbors. With its commitment to healthy living and a close relationship with nature, Sparta offers a lifestyle that’s active, engaging, and invigorating.

Homes for sale in Sparta, WI

Apartments for rent in Sparta, WI

11. Tomahawk, WI

Median sale price: $183,000 

Walk Score: 68

Tomahawk is a town of lakeside charm, where the town’s proximity to Lake Mohawksin and the Wisconsin River provides the public the chance to try their hand at sports like water skiing, kayaking, and fishing. The town’s popular events, like the Harley-Davidson Tomahawk Fall Ride, celebrate its unique identity. Tomahawk’s scenic surroundings and friendly atmosphere create a haven where residents enjoy the simple pleasures of lakeside living.

Homes for sale in Tomahawk, WI

Apartments for rent in Tomahawk, WI

12. Spooner, WI

Median sale price: $255,000

Walk Score: 60

Offering people a retreat amidst the beauty of the Northwoods, Spooner is perfect for those seeking a slower pace of life. The town’s local parks, like Railroad Park, provide spaces for outdoor activities and reflection. There’s always something to do in Spooner, like visiting its many farmers’ markets, and cozy cafes. With its access to Spooner Lake and the nearby Namekagon River, it’s no wonder why this town is so loved by its residents. 

Homes for sale in Spooner, WI

Apartments for rent in Spooner, WI

13. De Pere, WI

Median sale price: $360,000 

Walk Score: 84

De Pere is a town that bridges the past and the present, with its historic downtown and modern amenities. The town offers an array of engaging activities, including walks along the Fox River, visits to local cafes, and the chance to indulge in live musical performances at the esteemed Cup O Joy. Moreover, De Pere’s extensive network of nature trails and well-maintained parks provides an inviting setting for picnics and leisurely afternoons.

Homes for sale in De Pere, WI

Apartments for rent in De Pere, WI

Wrapping up small towns in Wisconsin

Wisconsin’s small towns are a treasure trove of character and charm. From scenic riverfronts to historic downtowns, each town offers a unique glimpse into the heart and soul of the Badger State. Whether it’s the tranquility of nature, or the blend of history and innovation, these towns paint a vivid picture of life in Wisconsin, where every corner holds a story waiting to be discovered.

Source: redfin.com

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Meadows Bank is pleased to announce that Chris Swendseid has accepted the position of Chief Executive Officer (CEO). Chris has been with the Bank as Chief Financial Officer (CFO) since its founding in 2008. Chris takes over as Chief Executive Officer upon the retirement of Arvind Menon earlier this year.

“Chris has been a critical co-captain for years, involved in every aspect of the Bank’s successful navigation,” said William J. Bullard, Chairman of the Board. “Chris has been an incredible manager of Bank assets, liquidity and risk assessment. We are fortunate to have him continue as a leader and fiduciary to all of our investors, clients and employees.”

Chris began his banking career in Reno serving in various roles within the investment, accounting and finance areas. He relocated to the Las Vegas valley in 1999 to serve as the CFO of a start-up community bank. And then joined the Meadows Bank-in-organization team in 2007.

Julie Brutch has been promoted to Chief Lending Officer (CLO) from her previous position of Executive Vice President/Senior Lending Officer. Julie joined Meadows Bank in 2008, after working at several other financial institutions. She graduated from UNLV in 1989 with a Bachelor of Science in Business Administration with a concentration in Finance, as well as graduating from Pacific Coast Banking School in 2010. Julie has lived in Las Vegas since 1981.

“We are pleased to have Julie take on this new role within the bank,” said Chris. “We are fortunate to have a senior banking professional with her skill set and experience to strengthen and lead our lending efforts.”

Diane York has been promoted and will serve as the Bank’s Chief Financial Officer. Diane has been with the Bank since June 2019 in the role of Controller. Diane’s previous experience includes Senior Accounting Manager with Smile Brands, Inc. and with Gaikai (PlayStation) as well as Audit Supervisor with Hein & Associates and RSM McGladrey.

Chris said, “Diane’s experience and financial diligence has served her well to take on this role. Her reputation for execution and achieving results makes her the right choice to lead our finance and operations teams.”

About Meadows Bank
Meadows Bank is a full-service community bank committed to valued partnerships with our clients. Our relationship-based approach to banking focuses on making decisions locally, close to our clients. The bank offers a full suite of lending and deposit products and services. Meadows Bank was founded in 2008 in Las Vegas, Nevada and currently has branches in Las Vegas, NV; Henderson, NV; Reno, NV; Pahrump, NV and Phoenix, AZ. For more information on the bank and its products and services please visit our website at www.meadowsbank.bank.

Media Contact:
Jennifer Hall
[email protected]
(702) 471-2004

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Source: realtybiznews.com

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A wide array of U.S. federal agencies are descending on the Hawaiian island of Maui as relief begins pouring in following a devastating set of wildfires that completely destroyed the popular coastal town of Lahaina, displaced thousands of local residents and killed at least 111 people, according to the most recent information.

The Department of Housing and Urban Development (HUD) has instituted a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA), as well as a pause on foreclosures of mortgages in the Indian Home Loan Guarantee program.

Borrowers at or over the age of 62 who are engaged in a Home Equity Conversion Mortgage (HECM) have also been given a 90-day extension. All relief measures are effective as of the official disaster declaration issued by President Joe Biden on August 10.

HUD also detailed the availability of additional housing assistance for individuals upon request, including FHA insurance to disaster victims; HUD’s Section 203(k) loan program that allows the finance of a purchase or refinance of a house along with its repair through a single mortgage; flexibility to Community Planning and Development grantees, Public Housing Agencies and Tribes; and the availability of HUD-approved housing counseling agencies.

Hundreds of personnel from FEMA have been deployed to the disaster area, while the USDA is deploying food assistance programs for displaced residents. The State Department has also granted a fee waiver for people who lost their U.S. passport book or passport card as a result of the wildfires. The U.S. Army Corps of Engineers has also been deployed to clear roads and bolster electric service, while the Environmental Protection Agency is on-site to assist with household hazardous waste removal that will be “essential to begin recovery work in the impacted areas.”

But there are other issues that could present problems for the area as rebuilding begins, particularly with regard to homeowners insurance, according to recent coverage by the New York Times.

The status quo of relatively low home insurance rates — solidified by a general lack of natural disasters striking the islands — could be upset by the fires, which may exacerbate other issues impacting Hawaiian housing such as gentrification.

When Hurricane Iniki devastated the island of Kauai in 1992, Hawaii’s state legislature established a fund to provide hurricane insurance for homeowners. That program was dissolved in 2002, however, since the private insurance market was built back to “full strength,” according to the Times. While wildfires have not been a major problem for Hawaii in the past, this latest disaster could signal to insurance carriers that they could become more of an issue in the future.

“I think insurers are going to start factoring in the increased frequency and severity of wildfires,” David Marlett, a professor of risk management at Appalachian State University told the New York Times. “You’ve already seen that in California.”

With the increasing prevalence of natural disasters across the U.S. and the world, insurance companies have reacted by pulling back coverage in habitually-impacted areas. Recent data from Redfin showed that housing markets with flood and wildfire risk are booming since that additional climate risk has translated into lower costs in certain areas.

But insurance carriers themselves are pulling back or leaving, notably in California and Florida, and they’re citing climate risk as a primary driver.

Source: housingwire.com

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[Editor’s note: Originally published on Union Street Media.]

This week feels like we are living through history.

Last week at this time, I was in Las Vegas for the Leading Real Estate Companies of the World Conference.  Today, I’m writing to you from my attic.  So much has changed in such a very short period of time.

Each generation has its coming-of-age: an event that changes the way people think and work. Sometimes those events are singular, such as Pearl Harbor or 9/11.  These are the “I remember where I was when” moments.

Other coming of age events transpire over a longer duration of time. My grandparents, born in 1910, survived the Great Depression and World War II.  Both forever changed the way they lived. The Vietnam War divided the Baby Boomers and the generation never came back together again. The same has been said of Millennials: the Builders that graduated from 9/11 through the Great Recession and the Firebrands who did after.

I remember a New Yorker cartoon appearing shortly after 9/11 that summed up how I felt at the time.   It showed a traveler walking up to an airline desk in an airport. The airline representative says “Where do you want to go” and the passenger responds “September 10th”.  Of course, we all know, there’s no going back.

The huge difference between the COVID-19 pandemic and other singular events is that the risk feels so much more personal.  I could get sick. I could transmit it to my kids. Or worst of all, I could transmit it to my parents.

I believe COVID-19 will change the way we think, the way we work and how people think about real estate.

The most basic, physiological needs (according to Maslow) are “food, safety and shelter.”  If you’ve been to a grocery store this week, you can see the demand for food.  Shelter, a roof over your head, and safety are coming together in a way that has not been thought of in the recent past.

Over the past ten years, there’s been a move by Baby Boomers and Millennials into urban areas and away from suburban/rural real estate. No one wants to commute. Everyone wants to walk to work. (One of my theories is that people want to walk to work because they can look at their phones while walking. The same does not apply to driving).  Parts of New York City that people would not visit in the 1908’s have completely gentrified and become sought after. What was once considered undesirable, inner-city living is now super trendy.

However, when you are “sheltering in place” in your 700 square-foot apartment in San Francisco, you may re-consider your options. Surrounded by fewer people, such as here in Vermont, you are less likely to get a virus from someone else . . . because a lot fewer someone elses live here.

We’ve seen a number of second home owners come to Vermont since the coronavirus broke out and are hearing similar stories from clients in the Lakes Region of New Hamphire, Cape Cod and Nantucket.  Would you want to be living in New Rochelle right now?

Even if people don’t up and leave the city for the country, they’re going to be spending a lot more time inside their homes than they have in a while.  Lowes and Home Depot (along with supermarkets) are the only stores open right now. Why? It’s a great time to be working on home renovation projects.

When you spend this much time at home, you see what’s working and what’s not.  Three kids under six on the first floor of my house is feeling pretty cozy right now.  On the other end of the COVID-19 Winter, I might look for a larger house or call a contractor.

The silver lining for real estate is that despite the panic of today, the reality of tomorrow looks bright.  We came into this pandemic with a strong economy and too little housing stock. There is no systemic risk according to Goldman Sachs.  The Federal Reserve’s moves will drive interest rates to new lows.  There’s a definite pause in activity – now – which is impacting real estate.  Unlike the travel, hospitality or entertainment industries, real estate transactions don’t happen overnight.  Our industry has time on its side.

As one mentor of mine once said: when orders are down, you can either shut down the factory or retool it.  I’m a re-tooler. My advice is to get ready for the post-COVID-19 spring market. It’s going to be a good one.

Source: geekestateblog.com

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Sure, short sales have come to a relative crawl after carving out a decent slice of the real estate market over the past couple years, but there are still some stragglers gaining bank approval and closing.

One of the more notable short sales to sell this week was in Greenwich, Connecticut. I say notable because it also happened to be the nation’s most expensive single-family home sale on record as well.

The so-called “Copper Beech Farm,” the only 50-acre estate located along Greenwich’s waterfront, sold this week for a reported $120 million.

Prior to the sale, the 12-bedroom, 7-bathroom (and two half-bathrooms) Colonial/Victorian residence was “enjoyed” by the Lauder Greenway family, who purchased it all the way back in 1904.

I guess that makes it the world’s oldest short sale too…

Original Asking Price Was $190 Million

The seller originally listed the sprawling property for $190 million last spring, earning it the distinction of the most expensive single-family home to come to market in the United States.

However, most realized it wouldn’t actually fetch that price, and after falling flat during its debut, the agent decided to get aggressive.

The asking price was dropped twice, including an initial $50 million price cut, followed by another $10 million price reduction.

That pushed the price down to $130 million, enough to garner a bite from a very rich buyer, who eventually paid $120 million.

It had plenty of room to fall and still snag the record, seeing that the next most expensive property to sell was a nine-acre Silicon Valley estate that went for $117.5 million.

That doesn’t include the $132.5 million sale of Montana’s Broken O Ranch, which is considered a working farm, not a SFR.

The 13,519 square-foot Greenwich property is actually zoned two-acre residential and subdivided into two tax lots of 20 and 30.6 acres, which could eventually be divided further.

The sales price of $120 million means it may have been sold short because property records indicated that the house was carrying at least $124 million in mortgage debt.

Of course, the owner may have paid the mortgage early since those numbers were reported, or simply brought in cash to make the deal happen.

It Is Located 40 Feet Above Mean High Water

Ironically, the property is situated “40 feet above mean high water” so you’ll never have to worry about it being underwater again. Well, until Greenland melts.

But if you like the water, you’ll love its 75-foot pool with spa (good thing because I hate when people skimp on spas!), along with its (almost) mile of shorefront and two private islands.

There’s also a grass tennis court if clay and hard court aren’t your thing, as well as a massive greenhouse, a stone carriage house with clock tower, a shingle cottage, a wine cellar, an elevator, and six garages.

Now that Copper Beech has sold, the next most expensive single-family residence on the market is a mansion occupied by Florida Panthers owner Vincent Viola, which is currently going for $114,077,000.

The property, which is located close to Central Park on the Upper East Side of Manhattan, was purchased for a mere $20 million back in 2005. It spans some 20,000 square feet.

Source: thetruthaboutmortgage.com

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A bear market is a colloquial term for when prices are trending downwards and/or investors are feeling pessimistic. By contrast, a bull market is defined by optimism and rising prices. You can capitalize on our current bear market by getting certain securities “on sale,” but don’t feel FOMO — sticking with core investing principles is always the best option.

Source: moneyunder30.com

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November 17, 2016
by Zach Festini

If you’re a nostalgia-prone 90s kid with $1,595,000 burning a hole in your pocket, boy do we have a proposition for you.

This 2,500 square foot house in Studio City, California once played home to Cory Matthews in Boy Meets World, the popular teen sitcom that ran from 1993 to 2000 on ABC. Though interior scenes were all filmed on a sound stage, the front of the home should still strike a familiar chord with fans of the show.

This home features 2 bedrooms, 2 bathrooms, and more than a touch of 90s pastel. If you feel like you need more room, the property also comes with a detatched guest suite and garage and tons of outdoor space.

[huge_it_slider id=”14″]

Pictures via Estately, courtesy of Carets/Rodeo Realty

Filed Under: Uncategorized

Source: totalmortgage.com

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Home lenders that work with Fannie Mae will face new pressure starting in September to have their ducks in a row regarding revamped prefunding and post-closing review procedures from the government-sponsored enterprise.

Mortgage companies got the heads up about new prefunding tasks and shorter post-close review timeline earlier this year, but the requirements have been optional. The changes become mandatory starting Sept. 1.

“I think for mortgage lenders, the biggest thing that they have to weigh is how operational ready are they to implement this and what are the costs? Do I do this myself, or do I outsource it?” Jenevieve Impavido, vice president, audit services, at LoanLogics said in an interview.

The changes on a net basis effectively shift the emphasis of the reviews away from post-closing and more toward prefunding in what appears to be an effort by Fannie to reduce loan defects.

“It’s a huge change for a lot of lenders that are looking at repurchase risk,” Impavido said.

“I think they were probably seeing a rise in fraud as well as a rise in errors due to the market changing from a refinance to a purchase market,” she speculated, when asked why Fannie officials made the changes. “They’re trying to cut off that risk by implementing these prefunding reviews to help lenders identify where the risk might already exist, so they can remedy that before the loan closes.”

During prefunding, Fannie Mae lenders will need to complete reviews on 750 loans or 10% of the previous month’s production, with August being the reference period for mortgages processed between Sept. 1 and 30. The minimum number or percentage of loans reviewed is based on the lesser of the two categories.

“That can be mixed between a full file review where you’re reviewing every component, every loan attribute and every underwriting attribute. Or you can do a mix of component reviews which focus on certain underwriting elements like income employment, or credit assets,” Impavido said.

The post-closing requirement takes effect for the review period starting Sept. 1 and ending Nov. 30.

Source: nationalmortgagenews.com

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Bonds Came Here to Chew Gum and Sell Off, And They’re All Out of Gum

By:
Matthew Graham

Thu, Aug 17 2023, 3:37 PM

Bonds Came Here to Chew Gum and Sell Off, And They’re All Out of Gum

There comes a time in protracted bond market selling sprees where the momentum takes on a glacial quality.  Intraday volatility may pay some heed to discrete big-ticket events, but the rest of the day is spent moving steadily toward higher yields in a mindless and disconnected way.  The past week and a half is a perfect example and today was no exception.  Yields were actually at their lows of the day an hour after the AM data, so we can’t really blame it for the sell off that took 10s to the brink of their highest levels since 2007 (or mortgage rates to their highest levels in more than 20 years).

    • Jobless Claims
      • 239k vs 240k f’cast, 248k prev
    • Philly Fed
      • 12 vs -10 f’cast, -13.5 prev
      • prices paid 20.8 vs 10.1 f’cast, 9.5 prev

08:51 AM

10s up to 4.312 in Asia, but back under 4.3 in early US trading.  MBS unchanged in 6.0 coupons, but illiquid at times (recently down 6 tick or 0.19).

10:07 AM

Weakest levels now.  MBS down a quarter point and 10yr up 4.4bps at 4.302.

02:38 PM

Losses may be leveling off now after a bit more selling earlier.  10yr up 5.4bps at 4.312.  MBS down 7 ticks (.22).

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com