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A study by the Demand Institute (a non profit think tank) says that the median price of a single-family home won't reach the peak we experienced in 2006 until 2018. The study also indicates that amountg the 50 largest metro areas the the top 5 in relation to growth at 32% will be : Memphis, Tampa, Jacksonville, Milwakee and St Louis. The bottom 5 of the big 50 will be Washington DC, Oklahoma City, Denver, Minneapolis and Phoenix with 11%Uneven Recovery to Continue for 5 years. source (Realtor Mag)
Ginnie Mae reports that the average credit score on FHA loans fell to 680 in 2013...and average debt to income ratio rose to 40.3%. Both indications that credit may be easing. Ginnie Mae is a government agency that issues bonds backed by FHA loans. By comparison, the average credit score in the prior year was 701 and debt to income ration was 38%. Coincidentally, Wells Fargo has just reported that FHA borrowers with credit scores as low as 600 have been qualifying for loans (down from 640). The theoritical low limit has been 580, but practically the standard has been higher due to lenders setting higher standards than FHA minimums. Source RealtorMag
The Mortgage Bankers Asociation (MBA) reported a 19-year low last week on applications for home purchases. Chief MBA Economist, Mike Fratantoni said "This is the time of year we would expect a significant pickup in purchase activity, and we are not yet seeing it". This report seems to indicate that our housing recovery may have lost some steam. Many analysts point to increased mortgage rates and home prices as the reason. RealtyTrac reports nationally home prices have increased 21% in the last year. Source Inman News