Lead House Financial Services Committee again

Hensarling currently serves as chairman of the House Financial Services Committee, and will serve his third term in that role beginning in January.

In his time as the chairman of the House Financial Services Committee, especially in his most recent term, Hensarling pushed for regulatory rollback.

Earlier this year, Hensarling introduced a bill in the House that would replace the Dodd-Frank Wall Street Reform Act with a “pro-growth, pro-consumer” alternative that would bring significant reforms to the Consumer Financial Protection Bureau, and much more.

The bill, called the Financial CHOICE act, passed out of the House Financial Services Committee in September.

The bill looks to gain traction in the next Congress, as President-elect Donald Trump is already signaling that his administration plans to “dismantle” Dodd-Frank.

Recently, at the Housing America’s Families Forum hosted by the J. Ronald Terwilliger Foundation for Housing America’s Families, Hensarling called Dodd-Frank a “grave mistake” and said Republicans will work to repeal it in 2017.

“I am humbled by the support and trust of my colleagues to continue my service as chairman of the Financial Services Committee,” Hensarling said of his upcoming term.

“In the coming Congress, we will continue our important

Northwest reaches all time low

Pending home sales hit an all-time high in the Northwest, but new listings took a plunge, according to the latest report from Northwest Multiple Listing Service.

The report, which covers 23 counties in and around Washington state, showed that new listings added during November dropped to an 11-month low. This could increase home prices as buyers fight over the dwindling inventory, which is now at an all-time low.

“Last year’s holiday season ended up being the best time to sell a home around King County as sellers took the winter months off, but buyers remained persistent,” said Robert Wasser, Northwest MLS director and Prospera Real Estate owner/broker. “The supply of homes for sale hit a post-recession low, and so far, this year is mirroring last winter’s trends.”

Inventory decreased by 13.2% in November, but pending home sales increased 94% in the Northwest. Prices increased by 11% compared to last year.

This left a housing supply of just 1.69 months, a new low. King Country showed the lowest level of supply at just 0.96 of a month.

Pending home sales totaled 8,217 for the month, compared to the 5,779 new

Equal bad news for housing

In fact, even his website changed in regards to its immigration focus. Now, instead of telling stories of illegal immigrants who were rapists and the lives they destroyed, which is what it said before, it simply puts down his plan and outlines what he will focus on as president.

Still, 2 to 3 million people is no small amount to remove from the economy, and could have disastrous consequences. Since the election, Trump’s focus has been on those who have a criminal history, he never said he wouldn’t deport others.

From his website:

All immigration laws will be enforced – we will triple the number of ICE agents. Anyone who enters the U.S. illegally is subject to deportation. That is what it means to have laws and to have a country.

A mass deportation of this kind could greatly increase the foreclosure rate, at a time when it was just getting back to pre-crisis levels.

During the housing crisis, Hispanics had a higher foreclosure rate than any other race, partially due to the sudden increase in deportation, more than 3 million undocumented immigrants, from 2005 and 2013, according to

How I Became An Expert on Apartments

Why Do People Prefer Renting Apartments?

Renting apartments are so much cheaper than purchasing their very own home of condo and this is all young professionals can afford at this point in his or her life. Young couples who want to move in together may not have enough money in their savings accounts yet, which is why they opt to rent an apartment during their first few months.

There are a lot of reasons that people choose renting apartments from buying homes and most of them are quite practical. Maintaining an apartment is a very daunting task to undertake physically and financially. When renting apartments, you are not subjected to all the unnecessary costs that come with owning an apartment. As a result, apartment tenants are able to save up a lot of money in the end.

Commuting everyday is not only expensive, but time consuming and stressful as well since you have to wake up really early in the morning just to get to work but if you choose houses for rent you are spared from these struggles. With the convenience of going for houses for rent, they are the first choice of many professionals who work far away

Sales – My Most Valuable Advice

Finding the Right Apartment Rental

Before starting your search for a new apartment, it is advisable that you think about some few things first. As a potential apartment renter, you must do a little online research first to make sure that you have rented the perfect apartment. Bear in mind that doing a little early effort can make a huge difference and can make the process quicker. Looking for an excellent apartment rental should not be difficult and should not be boring. The goal of this article is to provide awesome tips on how you can find the best apartment rental out there and how to search with confidence. You must know that reading blogs or online articles that provide helpful tips on how to find the best apartment rental is advantageous.

If you do your search on the Internet, you will find out that there are numbers of house and apartment rentals available. However, it is important to take note that not all of these house and apartment rentals are excellent deals. You need to assess a couple of house and apartment rentals first and then make a shortlist. You need to think about a school and your

How I Became An Expert on Homes

The Necessity of a Local Realtor

If you have finally made the decision to sell or buy a house then you should know that it is important for you to be able to talk with a local realtor. To talk to one means you will be able to know what to expect during the steps in the real estate transaction and to know everything about the current real estate market. There are other important reasons as to why you should be able to talk to a local realtor and these are found below.

If you want to be able to sell your home then the best person for this kind of job would be the local realtor. There is valuable information that you should know such as the prices and what is going on in your area and these can only be provided by the local realtor. Saying that they have the same information as that of the local realtor is what other people will tell you. But you have to keep in mind that there is a difference between people that drive the streets on a daily basis and those that just read the screen. A local

What Has Changed Recently With Ranches?

Significance of a Good Real Estate Agent When Purchasing a Ranch.

Purchasing a ranch is not a simple decision, and thus you should take your time. There are a number of factors that you ought to consider when buying a ranch. The best real estate agent will be able to offer you information on the most affordable ranch that matches your budget. Also, you should select a land that fits your requirements. Make sure that you do extensive research on different types of ranches online. That means that you should visit every potential ranch so that you can investigate its surroundings. In case the water is dirty then it means that your plants and animals will be affected. That indicates that the road that leads to the ranch should be smooth and easy to drive on. A good road is important so that you can get to your ranch within a short period.

Also, a majority of real estate property sellers ask for assistance from agents in finding a good buyer. Thus, it is advisable to try and hire an agent that has a good reputation. You can ask for suggestions of good real estate agents from your friends that

Learning The Secrets About Solutions

Things You Need to Know About Compensation Management Software

If you have an idea about something and you would want to make a business out of it then do it, do not stop yourself from doing great and awesome things because that is the only way you can live the life of your dreams but in starting a business there are so many things you need to take into consideration like the place, the things you need and your starting capital so that you can pay off all the starting expenses you gain in starting your own business and when that is all settled you would expect that your business will grow and thus you will be needing extra helping hands s that you can cater to your patrons and your customers that is why we advice that you get yourself a bunch of employees in that way you can benefit from your business twice as fast but the big hassle there is giving your employees their monthly salary one by one that is why we are introducing to you the compensation management software, instead of giving your employees their monthly salaries one by one with the

What Has Changed Recently With Homes?

Tips on Selecting the Right Type of Condominium

A high number of people prefer living in a condominium because of the convenience and prestige it provides but while the price is a huge factor to consider when buying one there are also issues that need to be looked into when purchasing a condominium. The buyer has to choose the right location and before the person dives right in and signs the contract they need to factor in the location of the condo they are interested in purchasing and it is the starting point in choosing a new launch for a family. The person needs to conduct some research, find out their ideal place, and factor in such things as the proximity to the workplace, provision of easy access to public modes of transport, the proximity to schools if the person has kids and also check if there are nearby convenience stores and supermarkets.

The buyer has to determine the type of condominium that they prefer because the condominium can be either a low-rise or high-rise thus it depends on the preferences of the buyer and other preferences include options such as whether the person prefers a quiet and private

A Simple Plan: Properties

Supreme Lifestyle in Breckenridge Real Estates

If you planning to have your own home for the first time, or the second or third time, having an investment in a real estate is the best choice you could ever have. Breckenridge real estate will help you experience that kind of lifestyle you want living in Breckenridge – a peaceful and isolated living or a noisy, crowded and socialized surrounding. You can also experience whatever activities you want to experience living in Breckenridge.

If you want to try skiing or if you are into skiing, you can try different Ski Resorts in Breckenridge if you are already there. The ski resorts in Breckenridge will let you totally enjoy the true spirit of skiing. Breckenridge’s most amazing views and the most wonderful nature will be viewed by you if you are going to try the amazing thrill or the ski activity. Mountains, homes, smokes in the air and the like will be your friend and view while trying the ski activity. While others can try the ski up there, others can also try the essence riding in snowmobile down there. There are also some activities implemented annually by some ski resorts in Breckenridge

Ready for the coming increase in households

It’s official — Ben Carson accepted President-elect Donald Trump’s offer to become the next secretary of the U.S. Department of Housing and Urban Development.

For HousingWire readers, this news isn’t surprising since we exclusively reported Carson’s intention to accept the nomination last week.

Although many expected Carson to announce his acceptance after the Thanksgiving holiday, a week passed in silence. In the meantime, other appointments were made, including Quicken Loans executive vice president Shawn Krause, who was named to the HUD transition team.

Whatever the reason, there’s no further room for speculation. Trump officially offered, and Carson accepted, the new role as HUD secretary. Now the only thing standing in Carson’s way is approval from Congress.

“I am thrilled to nominate Dr. Ben Carson as our next Secretary of the U.S. Department of Housing and Urban Development,” Trump said. “Ben Carson has a brilliant mind and is passionate about strengthening communities and families within those communities.”

“We have talked at length about my urban renewal agenda and our message of economic revival, very much including our inner cities,” he said. “Ben shares my optimism about the future of our country and is part of ensuring that this is a Presidency representing all Americans. He is a tough competitor and never gives up.”

Attract international home buyers

As international buyers are increasing, they are also bringing new trends to the market. For example, the Chinese influence is affecting home values for street addresses that contain the Chinese lucky number – four.

Now, even the way homes are sold may need to change. Jack Ryan, founder of REX, an online brokerage, former partner at Goldman Sachs and a onetime opponent of President Barack Obama for the Illinois Senate seat, decided to do just that.

Home prices continue to increase, a trend that will continue into 2017, according to a new report from CoreLogic.

These increasing home prices are narrowing the scope of possible buyers on luxury homes, and increasing the possibility that it will be bought by an international buyer. That is exactly what Ryan realized when he decided to turn to virtual reality to sell a $57.5 million home in Malibu, California, according to an article by James Tarmy for Bloomberg.

From the article:

“For homes like this,” Ryan said, gesturing to the house’s fireplace, “there’s a 50 percent chance that the buyer is outside the U.S., in around 15 financial capitals—London, Shanghai, Paris, Beijing.”

To reach that elusive group of the super-rich, Ryan had to get creative, which is why he decided

Expect home prices to start rising

Consumers became more optimistic about the housing market immediately following the election, according to Fannie Mae’s Home Purchase Sentiment Index. What’s more, the share of Americans who expect home prices will only continue to increase grew four percentage points to 35%, reversing the three-month downward trend.

The HPSI decreased in November for the fourth consecutive month, sliding down 0.5 points to 81.2. Four of the six components of the HPSI decreased. The election created a great divide in confidence levels from before and after election day.

“The November Home Purchase Sentiment Index outcome is difficult to interpret as the data collection period occurred across the Presidential election timeline,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “The results are fairly evenly split between responses collected before and after the election, and there is evidence of an increase in consumer optimism in the immediate aftermath of the election.”

Those who said now is a good time to buy a home decreased by one percentage point to 30%, while those who said now is a good time to sell fell by six percentage points to 13% in November. Those who said now is a bad time to sell even rose two percentage points

Bank reportedly fails fair lending requirement

The dark clouds surrounding Wells Fargo are about to get a lot darker, as the bank, which is already in hot water over its recent fake account scandal, is reportedly falling short in its fair lending requirements and faces additional sanctions.

Over the last few months, Wells Fargo has been in the crosshairs of various regulators after the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the city and county of Los Angeles fined Wells Fargo $185 million because more than 5,000 of the bank’s former employees opened approximately 2 million fake accounts in order to get sales bonuses.

In the fallout from the fake account scandal, Wells Fargo CEO John Stumpf lost his job, the bank lost business from several states, and the OCC slapped additional sanctions on it, including forcing the bank to ask the OCC for approval if it wants to make a change to its board of directors or its senior executive officers.

Now, according to a new report from Reuters, Wells Fargo is about to be more hot water with the OCC for reportedly failing to meet its requirements under the Community Reinvestment Act.

Under the Community Reinvestment Act guidelines, banks are legally required to meet the

The recovering housing market

This increase is already making waves in the housing market. According to Black Knight’s report, the number of potential refinance candidates fell by more than 50% over the last few weeks.

And it could only continue to increase from here. Housing experts are saying there is a 100% chance that the Federal Reserve will elect to raise rates at its last meeting of the year.

But now, next year could bring a new danger to the housing market via raising interest rates, according to Mark Fleming, First American senior vice president and chief economist. Supply for first-time buyers will be in greater demand than ever.

“As rates go up, all those existing home owners now don’t have an incentive to move,” Fleming told HousingWire. “They may not supply their homes to the market for that potential first-time homebuyer to buy.”

While previously first-time buyers tended to look at pre-existing homes, currently homeowners may be running out of incentives to put their home on the market, making the need for affordable newly constructed homes more important than ever, Fleming said.

“The need for new housing to be more affordable I think will be more important than it’s been in a long, long time,” he said.

However, there

Election pushes up consumer optimism

The Michigan average since its inception is 85.4. During non-recessionary years the average is 87.6. The average during the five recessions is 69.3.

“Consumer confidence surged in early December to just one-tenth of an Index point below the 2015 peak—which was the highest level since the start of 2004,” said Richard Curtain, Survey of Consumers chief economist. “The surge was largely due to consumers’ initial reactions to Trump’s surprise victory.”

“When asked what news they had heard of recent economic developments, more consumers spontaneously mentioned the expected positive impact of new economic policies than ever before recorded in the long history of the surveys,” Curtin said. “To be sure, an equal number volunteered negative judgments about prospective economic policies, but the frequency of those negative references was less than half its prior peak levels whereas positive references were about twice its prior peak.”

Within the index, current economic conditions increased 4.5% from last month’s 107.3 and 3.7% from last year’s 108.1 to 112.1 at the beginning of December.

“There were a few exceptions to the early December surge in optimism, mainly among those with a college degree and among residents of the Northeast, although no group has adopted a pessimistic outlook for the economy,”

Black Knight Financial Services

The bottom line, according to Black Knight’s report, is that housing is less affordable right now than it was before the election.

In fact, home affordability is now at its lowest point since June 2010.

Per Black Knight’s report, the post-election interest rate bump means that the average home price is $16,400 more expensive for the buyer than it was before the election.

That equates to borrowers being on the hook for $60 more per month in principal and interest in order to purchase the median home. That figures rises to $72 per month for borrowers putting 3.5% down on their home.

According to Black Knight’s report, it now requires 21.6% of median income to purchase the median priced home nationwide, which is still low by historical standards, but the highest it’s been since June 2010.

For reference, interest rates in June 2010 were 4.75%, but home prices were about 20% lower than they are now.

So the interest rate increase impacts potential borrowers and could inhibit home sales some moving forward.

But the impact isn’t felt by new buyers only.

According to Black Knight’s report, the number of potential refinance candidates fell by more than 50% over the last few weeks.

As a result of the increase rate

New fully digital mortgag

On Thursday, Caliber Home Loans, a mortgage origination and servicing company, unveiled a fully digital mortgage that the company claims can shrink the loan process from 45 days down to 10 days or less.

HousingWire got a preview of the program, which Caliber Home Loans calls the “Caliber Ultimate Homebuying Experience.”

According to details provided by Caliber, the “Ultimate Homebuying Experience” is a streamlined application, approval and closing experience for conventional, government, and Caliber portfolio loans.

The program takes nearly all of the mortgage process online, using various technological advancements to automate the process, from application all the way through closing.

Caliber boasts that this program is different than some other digital mortgages because of the company’s “best-in-class” loan officers and account executives, who work with the borrower throughout the process.

According to the company, the program can “simplify the mortgage process and to reduce stress” on borrowers.

So how does Caliber close a loan in 10 days or less?

According to the company, its “Ultimate Homebuying Experience” automates much of the home buying process, including appraisals in some cases, which several other lenders recently cited as a impediment to shorter loan closing times.

Caliber said that it developed a full application process that takes only minutes, as

Flipping of home are comes down

A home flip is a house sold in an arm’s length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80% of the U.S. population.

The number of homes flipped decreased from a six-year high of 53,892 in the second quarter this year and from 49,305 homes last year to 45,718 in the third quarter.

“While the macro trends of low housing inventory and rising home prices are favorable for flippers, they are also a double-edged sword, attracting more competition and reducing the availability of deals — particularly in the most fundamentally sound local markets,” ATTOM Senior Vice President Daren Blomquist said.

“This is chasing some investors into markets and neighborhoods that may be less fundamentally sound but also offer more value-add opportunities for flippers in the form of aging housing inventory,” Blomquist said.

Of the homes flipped in the third quarter, 67.9% were purchased with cash, down from 68.2% last quarter and from 69% last year. In fact, the number of home flippers buying in cash reached its lowest level since the third quarter of 2008.

The biggest rent hikes

In previous reports, the Sun Belt dominated the list, especially Florida and California. But in this report, RentRange identified a new emerging rental rate trend in the Rust Belt in areas like Pittsburgh, St. Louis and a trio of Ohio markets: Cleveland, Cincinnati and Canton.

“The emergence of rental rate increases in several Rust Belt markets is creating a unique opportunity for single-family rental market investors to pursue both property value increases and high yields,” said Wally Charnoff, CEO of RentRange Data Services.

“For years, the Rust Belt has produced strong yields, but tepid property price appreciation has kept rents relatively flat, forcing investors to choose between property appreciation or yield,” Charnoff said.

But now, he explained that strengthening economies in those markets combined with below average inventory and home-buying challenges, such as home buyers struggling to obtain mortgages, are creating the perfect environment for rental investors.

Millennials are helping fuel the single-family rental market since many are prolonging buying a home.

According to Mark Fleming, chief economist for First American Financial Corporation, since the beginning of the recession, the amount of rental households has increased by 22%, meaning there are 8.4 million new rental households.

As the biggest demographic group in American history, Millennials, finishes