Delinquent Dakota, fund fraud & “Honey do”

03-15-2019

HOUSING HEALTH

Serious mortgage delinquency rates declined in every state but North Dakota last year according to CoreLogic’s Loan Performance Insights through December 2018. CoreLogic’s Chief Economist Frank Nothaft said, “Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018. Rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000.”

TREND END

After weeks of trending downward, mortgage interest rates showed a slight uptick for the week ending March 7 according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). The PMMS reported U.S. weekly averages for a 30-year fixed rate mortgage retreated to early February levels.

ABUSE ACCUSATIONS

A $52,000 steak and lobster dinner and $2,500 for a speech titled “Motivation by Chocolate” are just two disallowed expenses listed in a report released by federal Special Inspector General Christy Goldsmith Romero. Romero called out housing officials in several states for misusing taxpayer money, saying, “Flying around the country, staying at luxury hotels, attending conferences beachside and at other vacation destinations are not ‘must have’ costs for a local foreclosure prevention program.” President Obama established the $9.6-billion dollar Hardest Hit Fund® in 2010 to provide targeted aid to families in 17 states deeply impacted by the economic and housing market downturn.

DELAYED D-I-Y

More than half of U.S. homeowners describe their homes as “a work in progress” according to Porch.com’s “America’s To-Do List” poll. The survey of 2,000 Americans found the average homeowner has nine repairs to make, and only 10% felt they were current with necessary repairs and maintenance. Painting topped the project list for 55% of respondents, followed by bathroom remodels and flooring.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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