Redefy housing news 10-31-16
This week in housing news you can use, 3 percent down just got better, new home sales buck economic conditions, one city gets more expensive, 4 companies disrupt the real estate status quo and pumpkins break a record.
Fannie Mae expands 3 percent down loans
Fannie Mae’s HomeReady program of 3 percent down payment home loans will expand to refinancers. The program will allow those who already have Fannie Mae loans to refinance mortgages with 97 percent loan-to-value (LTV) ratio. The previous amount allowed was 95 percent. Fannie Mae will also allow 97 percent LTVs to take limited cash out. The changes are effective Dec. 10, 2016. Source: HousingWire.
Weak economic growth doesn’t affect housing market
CBS Money Watch reported that more Americans bought US new home sales in September, showing a strong demand in spite of weak overall economic growth. Recent hiring gains and low interest rates were credited for the market pace.
Home sales went up 3.1 percent last month, according to the Commerce Department. That’s a 30 percent increase from last year. The highest gains were in the Northeast, Midwest and South, with a decrease in the West.
What’s the most expensive market outside California?
There’s been a battle brewing between Seattle and Boston for the most expensive housing market outside of California. The winner? Seattle. A Zillow report showed the top five metro markets (median home value):
- San Jose — $943,000
- San Francisco — $812,000
- Los Angeles — $578,000
- San Diego — $518,000
- Seattle — $401,000
Boston was just behind at $400,600. What made the difference? “Seattle’s exceptionally strong labor market, strict building rules, and close ties and geographic proximity to California have all helped push up home values in Seattle, and home buyers and sellers are noticing,” Zillow senior economist Aaron Terrazas told GeekWire.
One state is fostering real estate disruptors
Redefy president Chris Rediger tells the story of 4 Colorado startups making big changes to the way real estate is done. Amidst a startup-friendly environment, these companies have found a positive place to innovate in ways that benefit consumers and agents. Source: Realtor Magazine.
RE company sets Guinness world record
The Kris Lindahl Team created the world’s longest line of pumpkins, taking the Guinness World Record with 8,672 pumpkins measuring 4,805 feet. The record-breaking feat was part of their annual pumpkin giveaway in Blaine, Maine.
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