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The Mortgage Blog Of Diamond Residential Mortgage

Housing Market Confidence Continues To Rise

Confidence in the housing market has reached levels not seen in years. 37% of homeowners are confident that their home value will continue to grow over the next year while 58% of homeowners believe their homes are currently worth more than when they purchased them, according to a recent Rasmussen Report national survey. Home prices and values continue to climb in many major cities such as Phoenix, AZ, Detroit, MI, Denver, CO, and numerous cities in California. More here

Mortgage Activity Increases

Home mortgage applications in the United States increased last week. The  Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity, an index including home purchase demand and refinancing, climbed 1.8% while the MBA’S seasonally adjusted refinancing application index also rose 2.8%. However, fixed 30-year mortgage rates dropped .05 points. The refinance share of surveyed mortgage activity remained the same. The survey covers more than 75% of U.S. retail residential mortgage applications. More here

Standard & Poor’s Case-Shiller Report Expects Prices To Rise

The Standard & Poor’s Case-Shiller 20-city index showed the largest price gain in approximately seven years increasing by 9.3% from this time last year. The report states that home prices are expected to continue to increase due to lower foreclosure rates, higher rent prices, affordability, and rising household formation. According to the report, price gain is subjective to certain locations depending on job growth in the area and elevated foreclosure rates. Zillow’s home-value index, which does not include foreclosures, showed home prices had jumped 5.1% from March 2012. More here

Pending Home Sales Higher Than Last Year’s Levels

Pending home sales soared above last year’s levels in March, making it the 23rd consecutive month that has exceeded levels seen one year ago from the date, according to the National Association of Realtors. The National Association of Realtors pending home sales index increased by 1.5% in March 2013, 7% higher than levels seen in March 2012. Lawrence Yun, chief economist for the NAR expects that  pending home sales will continue to increase as more jobs are created and household wealth rises. More here

Economy Speeds Up In First Quarter

According to last week’s report from the Commerce Department, the economy is speeding up, and output has expanded to an annualized pace of 2.5%, compared to an annual growth pace of 0.45% in late 2012. Consumer spending, exports, business spending, and residential investments have also increased in the first quarter of 2013. Although the economy is showing positive growth, experts are still on-edge about employment rates and durable goods orders that have yet to show major improvement. More here

More Homeowners Regain Equity

More homeowners are regaining positive home equity while home prices shoot up to the highest annual increase in six years. Orawin Velz, Fannie Mae’s  director of economics said, “the first annual rise in home prices on a national basis in six years has contributed to a positive feedback loop for the housing market by helping many underwater homeowners … regain their positive equity positions.” Velz also suggested that over the next three and a half years more properties that are currently underwater will begin to regain home equity. However, positive home equity has not yet spread to all 50 states in the U.S. More here

Mortgage Applications Inch Upward

According to the Mortgage Bankers Association mortgage application rose 0.2% last week while the refinance index also jumped 0.3%. The refinance share of overall mortgage activity stayed the same from the previous two weeks at 75%. Additionally, average 30-year fixed-rate mortgages with a conforming loan balance fell 0.2%, and 30-year fixed-rate mortgages with a jumbo loan balance also decreased 0.2%. The 5/1 ARM jumped up .05% to end last week at 2.62%. More here

Spring Housing Market Remains On Track

New single-family home sales have grown  to a seasonally adjusted rate of 417,000 units, a 1.5% increase according to the Commerce Department. New home inventory has also seen an increase, growing 2.0% with a total of 153,000 units. Sales have jumped 18.5% from this time last year while prices have also experienced a 3.0% increase. Experts expect home prices to continue to rise as inventory remains below average, but is expected to inch closer to average levels as the spring season continues. More here

Large Home-Building Companies Experience Success

According to Capital Economics’ most recent report, land values increased 14% during 2012′s first three quarters and was approximately four times larger than the increase seen in house prices. Housing availability and building materials have become highly limited making way for some bumps in the housing market recovery, but for many home-builders it has created a larger gap between small and large home-builders’ success. Large home-building companies such as Toll Brothers, Meritage Homes, and Lennar Corporation say they have purchased land very actively and are focusing on home-sites for the coming years. Toll Brothers said, “Our financial strength gives us a competitive advantage over the small and mid-sized private builders in our luxury niche whose access to capital and land remains constrained.” More here

Home Value And Price Confidence Increase

Gallup conducted their annual Economy and Personal Finance survey polling 2,000 homeowners and renters. 51% of the poll respondents said they were expecting home prices to rise from the average local price. 37% expect home prices to stay the same while 12% expect to see home prices lower. Americans’ home price and home value confidence can be effected by numerous factors such as annual income, location and age. More here

 

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About Us:

As a company that cares about people, Diamond Residential Mortgage Corporation is keenly focused on meeting the needs of our customers.

At DRMC we do business with old fashioned beliefs and values – people working with people to get the job done. Our company is made up of experienced mortgage banking professionals where the founders of the company collectively have accumulated 200 years experience in the mortgage industry.

With excellent technology and our highly skilled team of mortgage professionals we put our heart and soul into people working with people locally to deliver our products with integrity, on time, error free and with a goal of “Recommendation Without Reservation.”

We welcome you to join our family as a customer, future employee or as a friend!

Contact:

Diamond Residential Mortgage Corporation
Serving the Residential Home Mortgage Loan Community
3701 E. Grand Ave., Suite E
Gurnee, IL 60031
Office: (847)244-9301
Toll Free: (800)253-4788
Fax: (847)244-9332

Email:

info@drmconline.com

Website:

www.diamondresidential.com

 

Diamond Residential Mortgage Corporation (DRMC) Disclosures and License Information:

DRMC is an Equal Housing Lender and an Illinois Residential Mortgage Licensee. DRMC fully complies with the Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Regulation Z, Regulation X, MDIA, TILA, and all other Federal and State Regulations. We are licensed in the following States under the corresponding license numbers.

Illinois:

Licensed through the Department of Financial and Professional Regulation Division of Banking, License # MB.6760694

Iowa:

Licensed Applied For

Indiana:

Licensed through the State of Indiana Department of Financial Institutions, License # 11238

Kansas:

Licensed through the Office of the State Bank Commissioner Consumer and Mortgage Lending Division, License #MC.0025034

Michigan:

Licensed through the Department of Energy, Labor and Economic Growth Office of Financial and Insurance Regulation, License # FL 0016994

Minnesota:

Licensed through the State Of Minnesota Department of Commerce, License # 40179067

Missouri:

Licensed Applied For

Wisconsin:

Licensed through the State of Wisconsin Department of Financial Institutions, License # 700297

 

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