From a practitioner’s standpoint the best news This Week in Real Estate is the CFPB’s proposal to delay the effective date of TRID to October 1. There continues to be a lot of positive momentum as we move through our peak selling season. Below are a few of the highlights from the third week of June that influence our business:
* Builder Confidence Hits Yearly High in June. Builder confidence in the market for newly built, single family homes in June rose five points to a level of 59 on the NAHB/Wells Fargo Housing Market Index (HMI) released Monday. This is the highest reading since September 2014. Two of the HMI’s component indices reached the highest levels in nearly a decade. “The HMI indices measuring current and future sales expectations are at their highest levels since the last quarter of 2005, indicating a growing optimism among builders that housing will continue to strengthen in the months ahead,” said NAHB Chief Economist David Crowe. Full story… http://nahbnow.com/2015/06/builder-confidence-hits-yearly-high-in-june/?utm_source=newsletter&utm_medium=email&utm_campaign=mmb0615
* Aggregate Market Value of Housing Nearing 4th Quarter 2006 Peak. The aggregate market value of owner-occupied housing hit its high point in the last part of 2006, reaching a high-water mark of $22.5 trillion. Aggregate market value fell from that point until the fourth quarter of 2011, when it reached $16.1 trillion. Homeowner equity fell by $6.2 trillion to just 40% of aggregate value, as home values declined at the same time the amount of outstanding mortgage debt barely changed. By first quarter of 2015, the total market value of housing recovered to $21.1 trillion, 6% below the peak valuation. Full story… http://www.housingwire.com/articles/34245-aggregate-market-value-of-housing-nearing-4q06-peak
* CFPB Proposes to Delay TRID Date to October 1. The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule until October 1. It was originally set to go into effect on August 1. These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.
Full story… http://www.housingwire.com/articles/34226-cfpb-moves-trid-effective-date-to-oct-1
Have a productive week!