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NACA demands help with mortgage modifications on Capitol Hill

NACA members from the state of Maryland went to Senator Barbara Mikulski's office at the Capitol Hill on July 27, 2010, to advocate for ...

Housing affordability bottoms out in fourth quarter to 10-year low

Despite the index dropping off nationwide, a granular look at local housing markets and income growth shows the glass half full.

"While poor home affordability continues to cloud the U.S. housing market, there are silver linings in the local data as home price appreciation falls more in line with wage growth," Daren Blomquist, senior vice president at Attom, said in a press release.

On an individual basis, 76% of the 469 counties analyzed had affordability indexes below 100. However, affordability improved from last quarter in 58% of counties.

Wage growth outpaced home price appreciation in 22% of markets. Including some of the traditionally expensive ones.

"Affordability improved from the previous quarter in more than half of all local markets, and one in five local markets saw annual wage growth outpace annual home price appreciation, including high-priced areas such as San Diego, Brooklyn and Seattle," Blomquist continued.

Attom bases its home affordability index on the percentage of income needed to buy a median-priced home relative to historic averages. An index above 100 means median home prices are more affordable than historic averages and an index below 100 signifies median home prices being less affordable than the historic average.

Sentiment across specialist lending market remains positive – Masthaven


More than eight in ten specialist lending intermediaries feel confident about their company’s prospects over the next year, according to the Broker Beat survey released by Masthaven Bank.

The research revealed that intermediaries are optimistic that their investments will yield positive results, with 43% expecting turnover to rise by more than 10%.

Nearly a quarter of respondents believe later-life lending is seeing the most growth, followed by short-term finance (18%) and remortgaging (14%).

Around 61% of those surveyed confirmed the main reason for customers approaching them for advice was because they have specialist lending needs – often which cannot be met by the traditional high street banks.

Customer service is also an important reason borrowers seek specialist advice (17%), as is flexible lending criteria (22%) and low rates (35%).

However, over a third stated lending criteria was the biggest barrier to achieving this increase in demand for specialist products, followed by regulatory requirements (27%) and lack of product innovation (18%).

Is there a point to having a barely affordable mortgage...?

and living in a nice house in a good area, but you know that if anything were to go wrong you would not make the payments. Any solutions? The cost of houses is ridiculous these days, it's hard enough getting a house in any area let alone a nice one.

I agree with your answers, but I just went mad last year, and rented out my house to totally pay off the mortgage, and stayed on my small boat in the meantime.
Result ?