Real Estate Market Updates : : 2017

Tuesday, December 19, 2017

Mortgage Identity Fraud Growth

The Numbers:

$5.3 billion: the amount targeted by perpetrators via business email compromise in 2016 (source: FBI)
480 percent: the year-over-year increase in wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) in 2016
2,370 percent: the increase in identified exposed losses to the most typical of wire fraud scams between January 2015 and December 2016
50: the number of states in which attempted wire fraud has been reported (source: IC3 and American Land Title Association)
131: the number of countries in which attempted wire fraud has been reported (source: IC3 and ALTA)
103: the number of nations to which fraudulent transfers have been rerouted (source: IC3 and ALTA)

These are the reported cases.

Only 10 to 15 percent of fraud attempts are even reported.

It is necessary for the industry to recognize the scale of wire fraud, and the harm it brings.

Stay aware, and be diligence to mitigate risk.

Article:

http://www.dsnews.com/daily-dose/12-18-2017/identity-fraud-mortgage-threat-real-growing

Tuesday, October 31, 2017

September 2017 Existing-Home Sales Snapshot (NAR)

FULL REPORT: Here

ANNUAL HOUSING REPORT: Federal Housing Finance Agency

FULL REPORT: Here

Increased Income & Low Mortgage Rates Driving Home Affordability Up

Rates, not home prices are positively impacting home affordability.
(According to the Real House Price Index)(by First American)
RHPI takes into account income, interest rates, & home prices (nationwide).

"Real house prices up 9.65% over the year..." RHPI
"Homes for sale declined to a 4.2 month supply(Sept.)." National Association of Realtors.
"28th consecutive month of year over year declines." First Am.
"The lack of supply is driving unadjusted home prices higher." First Am.

Although, housing is indeed more affordable due to lower rates And better incomes.
Aug. vs July rates(2017) with a modest .1%(month over month) wage increases produces a .4% increase in affordability(in Aug.). Reports First Am.

Overall Consumer house buying power
(aka how much one can buy based on changes in income&interest rates)
Rose (.8%)(July-Aug.).

http://www.dsnews.com/daily-dose/10-30-2017/rates-incomes-inch-housing-affordability-upward