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RIck Santelli discussing Obama's Mortgage Plan ... Heritage Foundation ... "rick santelli" cnbc "heritage foundation&quot ...

Market Dynamics Will Dictate Fraud Risk Outlook, According to First American's Loan Application Defect Index

11.6 Million existing households would be refinancing candidates at a mortgage rate of 3.5 percent, compared with just 2.9 million households when the mortgage rate is 4.5 percent.

“As a result of lower rates, refinance applications are up 148 percent compared with one year ago, according to the latest MBA mortgage applications survey ,” said Fleming. “Defect, fraud and misrepresentation risk is significantly lower on refinance transactions, so the reduced risk of fraud and misrepresentation in 2019, and August in particular, is largely due to the increasing share of lower risk refinance transactions within the mortgage market.”

Will Buyers’ or Sellers’ Market Conditions Change Fraud Risk Outlook?

“Housing market conditions and fewer natural disasters have created a declining fraud risk environment in 2019, so far. However, lower mortgage rates and higher incomes typically result in more demand for homes,” said Fleming. “While inventory has made some gains, it has mostly been for higher priced homes. The supply for lower- and middle-priced homes remains tight.

Affordability Surged Throughout Spring Home-Buying Season, According to First American Real House Price Index

July 2019 Real House Price Index

Real house prices increased 0.5 percent between June 2019 and July 2019. Real house prices declined 3.8 percent between July 2018 and July 2019. Consumer house-buying power, how much one can buy based on changes in income and interest rates, increased 0.5 percent between June 2019 and July 2019, and increased 12.2 percent year over year. Average household income has increased 2.4 percent since July 2018 and 56.6 percent since January 2000. Real house prices are 17.0 percent less expensive than in January 2000. While unadjusted house prices are now 7.4 percent above the housing boom peak in 2006, real, house-buying power-adjusted house prices remain 41.1 percent below their 2006 housing boom peak.

Chief Economist Analysis: Affordability Continued to Improve in July

“School bells ringing don’t just mark the beginning of a new school year, but for those in housing, they also signal the end of the typical home-buying season, which begins in March. As the school year begins, the housing market is finishing the spring home-buying season with strong marks for affordability,” said Mark Fleming, chief economist at First American. “Indeed, two of the three key drivers of the Real House Price Index (RHPI) , household income and mortgage rates, continued to trend toward increased affordability in July. The 30-year, fixed-rate mortgage fell by 0.8 percentage points and household income increased 2.4 percent compared with July 2018. When household income rises and mortgage rates decline, consumer house-buying power increases.

Why is the Obama government starting the next housing bubble?

Seriously foloks, this reeks of stupid.

Among other remedies: favorable interest rates and down-payment assistance for minority borrowers with weak credit.

It's part of Barry's plan to destroy the U.S.

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