Housing Starts Soar

[Dad2three]

How incorrect. There are many condo and housing developments that do not allow FHAs etc.

You're dumber than you look...

The only limit on FHA is the loan amount moron...

BZZ wrong as usual moron. Yes, FHA loans are NOT eligible in ALL Condo projects AND some single family developments!

In order for a given condo to be approved for an FHA home loan, it must be on the FHA's list of approved condominium projects.

...What criteria must a condominium project meet to be included on the "approved" list? FHA guidelines state, "to be eligible for FHA mortgage insurance, the project must have been declared and exists in full compliance with applicable State law requirements of the jurisdiction in which the condominium project is located and with all other applicable laws and regulations."

A condo project will not be designated "FHA approved" unless it has at least two units, and is covered by hazard, liability and other insurance where applicable.


..The FHA will not approve a condo project unless at least half the units have been sold prior to the FHA's endorsement of the first loan in that building.


Some properties are not eligible due to the nature of the project. For example, "condo hotels" are not allowed on FHA approved condo project list. Also forbidden--timeshares, houseboat projects or condos that feature more than one dwelling in a single condominium unit.

http://www.fha.com/fha_article?id=244

 

[Dad2three]

yes exactly, our soviet liberals thought they could direct the world from Washington; in this case with massive interference in the housing market.

Thomas Jefferson-
"Were we directed from Washington when to sow and when to reap, we should soon want bread."

Yes a WORLD WIDE CREDIT BUBBLE WAS BECAUSE OF WASHINGTON DC, lol

Jun 16, 2005


The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

NEVER before have real house prices risen so fast, for so long, in so many countries. Property markets have been frothing from America, Britain and Australia to France, Spain and China.

The global housing boom In come the waves The Economist



It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.
Lest We Forget Why We Had A Financial Crisis - Forbes

 

[Dad2three]

and all were purchased with money created by the Fed to stimulate the economy, most were bought or guaranteed by Fanny Freddie, and all were further secured by the Greenspan Put,i.e., the continuous printing of money to keep housing prices going up as they always had to, in effect, guarantee there was no downside risk to any party associated with any mortgage!

See why they say dumbto3?

"in effect, guarantee there was no downside risk to any party associated with any mortgage!"

Yes, NO ONE lost money on homes and Banksters didn't have eto pay out billions to cover losses, lol

A Global View of the Housing Bubble

Interesting chart from (of all places) McKinsey, circa October 2009:

“From 2000 through 2007, a remarkable run-up in global home prices occurred (see chart). But that trend has reversed abruptly. In 2008, the value of US residential real estate fell 10 percent; the global average fared only somewhat better, declining by almost 4 percent. We estimate that falling home prices erased more than $3.4 trillion of household wealth in 2008.”


The chart below reads to me as having regular cycles, oscillating within a range. But something happened in the early 2000s to have that range explode upwards.

Question: How did Europe and Asia and Canada all have a simultaneous housing boom as big if not bigger than that of the US?

Were the Australians compelled to follow the CRA? Did Barney Frank influence the Belgians? Were the US GSEs effecting policy in the UK?

Or might some other factors — like ultra-low rates, excess leverage, demand for junk AAA-rated paper, misaligned incentives, and/or derivatives have been at play?

A Global View of the Housing Bubble The Big Picture

 

[Dad2three]

How much was the down payment????

How much did the FHA DPA borrower have at risk???

Is this too much to ask???

I have always known you have no clue, but Google couldn't answer this one for you could it?

The Sub Prime Stated Zero Down Loan made it's way to the market due to FHA DPA and Clintoon gave birth to it in late '96, Fact...

You're drowning in your own shit...

"How much was the down payment???? "

The one where Banksters didn't care about? Because they just bundled and sold the loan as AAA rated? lol


Loans that were under government regulation did better than private loans, especially if they were regulated by the "Community Reinvestment Act."

Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

As for blame, this report identifies who the real perps were:

From the FHFA report 2010:

• Credit Scores: Eighty-four percent of single-family mortgages acquired by the GSEs during 2001 to 2008 were made to borrowers with FICO credit scores above 660, while 5 percent were made to borrowers with FICO scores below 620. In contrast, 47 percent of mortgages financed with private-label MBS originated during this period were made to borrowers with FICO scores above 660, while 32 percent were made to borrowers with FICO scores lower than 620.

• Loan-to-Value (LTV) Ratios: Over 82 percent of GSE-acquired loans had LTV ratios at origination of 80 percent or less, while two-thirds of mortgages financed with private-label MBS had LTV ratios at or below 80 percent, with that share increasing from 54 percent of 2001 originations to 81 percent of 2008 originations.

• Loan Payment Type: Eighty-eight percent of GSE-acquired mortgages were fixed-rate loans originated between 2001 and 2008 and ranged from 79 percent for 2004 originations to 96 percent for 2001 originations. Mortgages financed with private-label MBS were predominantly adjustable-rate loans; comprising more than 70 percent of mortgages financed with private-label MBS originated between 2001 and 2008.

You can blame Dubya's regulator failure based on the GOP's 'hands off approach' is the best and the private banks for the housing crash.

FHFA Report Shows GSE Loans Outperformed Private-Label MBS Loans

FHFA Report Shows GSE Loans Outperformed Private-Label MBS Loans NCSHA

 

[chikenwing]

Economic News Today: Housing Starts Soar To 2014 High; Inflation Tame - Investors.com

Good news. Who wants to celebrate with me?

Its is good as long as we dont build way to many or seell them to people that can't pay. Last quarter they dropped steeply,so we are just gain back lost ground from the last quarter.

 

[EdwardBaiamonte]

"in effect, guarantee there was no downside risk to any party associated with any mortgage!"

Yes, NO ONE lost money on homes and Banksters didn't have eto pay out billions to cover losses, lol

dear, who said no one lost money???

see why we say dimto3??

 

[EdwardBaiamonte]

FHFA Report Shows GSE Loans Outperformed Private-Label MBS Loans NCSHA

dubto3, you've learned 10 times now that GSE's got the best loans because they had cheaper money thus forcing private companies to take the higher risk loans.

Want to go for 11 times?

 

[EdwardBaiamonte]

yes exactly, our soviet liberals thought they could direct the world from Washington; in this case with massive interference in the housing market.

Thomas Jefferson-
"Were we directed from Washington when to sow and when to reap, we should soon want bread."

Yes a WORLD WIDE CREDIT BUBBLE WAS BECAUSE OF WASHINGTON DC, lol

Jun 16, 2005


The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

NEVER before have real house prices risen so fast, for so long, in so many countries. Property markets have been frothing from America, Britain and Australia to France, Spain and China.

The global housing boom In come the waves The Economist



It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.
Lest We Forget Why We Had A Financial Crisis - Forbes

Will someone please tell Dumbto3 that we can all cut and paste forever, that this is a space for debate, and that if he lacks the IQ to debate he should not be here.

take your cut and paste spam somewhere else!!

 

[HenryBHough]

Home ownership used to be a good thing.

Now, with constantly shifting employment patterns, below about age 50 it's a ball-and-chain. Makes it very difficult for working people to pull up stakes and move to where jobs are when their old job is no more.

 

[GWV5903]

I stand corrected. You are incorrect and a dick.

Hey dumb dumb...

Here are the rules...

FHA Loans for Condominium Units
Condo Loans Insured Through Section 234(c)
FHA Loan Types:

FHA Fixed Rate
FHA Adjustable Rate
FHA Secure Refinance
FHA Reverse Mortgage
Energy Efficient Mortgage
Graduated Payments
Growing Equity Mortgage
Condominium Loans
Other Loan Types
FHA Condominium Loans are specifically geared toward those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development's common areas and facilities, is for some a very popular alternative to home ownership. Insurance for this type of housing is provided through FHA Section 234(c). This FHA insurance is very important for low and moderate-income renters who wish to avoid the risk of being displaced when their apartments are converted into condominiums.
How it Works
Of the many types of mortgage insurance offered by FHA.com, FHA Condominium Loans are designed to encourage lenders to extend affordable mortgage credit to those who have non-conventional forms of ownership. The Section 234(c) program insures a loan for 30 years to purchase a unit in a condominium building. The building must contain at least four dwelling units and can be comprised of detached and semidetached units, row houses, walkups, or an elevator structure.
Through this and other types of mortgage insurance programs, FHA.com helps low and moderate-income families purchase homes with FHA loans by keeping the initial costs down. By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA loan insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.
Available Assistance
Many of the features of Section 234(c) mortgage insurance are similar to those of FHA Section 203(b) for one to four-family homes. Down payment requirements are low because these FHA loans allow borrowers to finance up to 97 percent of their home loan and some of the closing costs can also be financed, further reducing up front costs. On a Section 234(c) loan, FHA sets limits on the size of the loan which vary with location and the number of units being purchased.
Restrictions
If the apartment is in a building that was converted from rental housing, insurance may not be provided under Section 234(c) unless:

• the conversion occurred more than one year prior to the application for insurance.
• the potential buyer or co-buyer was a tenant of that rental housing.
• the conversion of the property is sponsored by a tenant's organization that represents a majority of the households in the project.

Eighty percent of FHA mortgages in the project must be made to owner-occupants.
Eligibility
Any creditworthy persons who meet FHA underwriting criteria and are intending to occupy the condominium unit as their principal residence are eligible to apply.

 

[GWV5903]

How incorrect. There are many condo and housing developments that do not allow FHAs etc.

You're dumber than you look...

The only limit on FHA is the loan amount moron...

BZZ wrong as usual moron. Yes, FHA loans are NOT eligible in ALL Condo projects AND some single family developments!

In order for a given condo to be approved for an FHA home loan, it must be on the FHA's list of approved condominium projects.

...What criteria must a condominium project meet to be included on the "approved" list? FHA guidelines state, "to be eligible for FHA mortgage insurance, the project must have been declared and exists in full compliance with applicable State law requirements of the jurisdiction in which the condominium project is located and with all other applicable laws and regulations."

A condo project will not be designated "FHA approved" unless it has at least two units, and is covered by hazard, liability and other insurance where applicable.


..The FHA will not approve a condo project unless at least half the units have been sold prior to the FHA's endorsement of the first loan in that building.


Some properties are not eligible due to the nature of the project. For example, "condo hotels" are not allowed on FHA approved condo project list. Also forbidden--timeshares, houseboat projects or condos that feature more than one dwelling in a single condominium unit.

FHA Condo Loan Rules

You need to read the link above dumb dumb...

 

[SteadyMercury]

Home ownership used to be a good thing.

Now, with constantly shifting employment patterns, below about age 50 it's a ball-and-chain. Makes it very difficult for working people to pull up stakes and move to where jobs are when their old job is no more.

There have always been shifting employment patterns.

Whether home ownership is a good thing depends on far too many factors to declare it true 20 years ago or not true today.

 

[GWV5903]

How incorrect. There are many condo and housing developments that do not allow FHAs etc.

You're dumber than you look...

The only limit on FHA is the loan amount moron...

BZZ wrong as usual moron. Yes, FHA loans are NOT eligible in ALL Condo projects AND some single family developments!

In order for a given condo to be approved for an FHA home loan, it must be on the FHA's list of approved condominium projects.

...What criteria must a condominium project meet to be included on the "approved" list? FHA guidelines state, "to be eligible for FHA mortgage insurance, the project must have been declared and exists in full compliance with applicable State law requirements of the jurisdiction in which the condominium project is located and with all other applicable laws and regulations."

A condo project will not be designated "FHA approved" unless it has at least two units, and is covered by hazard, liability and other insurance where applicable.


..The FHA will not approve a condo project unless at least half the units have been sold prior to the FHA's endorsement of the first loan in that building.


Some properties are not eligible due to the nature of the project. For example, "condo hotels" are not allowed on FHA approved condo project list. Also forbidden--timeshares, houseboat projects or condos that feature more than one dwelling in a single condominium unit.

FHA Condo Loan Rules

God if you where not so stupid this would be sad...

The Loan Limits are it moron...

 

[whitehall]

The use of the word "soar" seems a bit , shall we say, "desperate". June statistics should have been off the charts but they were down double digits in every housing category. You almost gotta laugh when you see desperate statistics claiming the modest spike ....is the highest.... since...7 months ago. We don't even have an economy that equals the first year Obama took office.

 

[GWV5903]

The use of the word "soar" seems a bit , shall we say, "desperate". June statistics should have been off the charts but they were down double digits in every housing category. You almost gotta laugh when you see desperate statistics claiming the modest spike ....is the highest.... since...7 months ago. We don't even have an economy that equals the first year Obama took office.

Very true, we have it good in Texas right now and have for the last 2.5 years...

The national picture is not as rosy...

 

[Politico]

Will someone please tell Dumbto3 that we can all cut and paste forever, that this is a space for debate, and that if he lacks the IQ to debate he should not be here.

take your cut and paste spam somewhere else!!

Add Gwhiz to that cut and paste list.

 

[SteadyMercury]

TJune statistics should have been off the charts but they were down double digits in every housing category.

This isn't true. June was down for some categories, up for others, and certainly not down double digits.

 

[GWV5903]

Will someone please tell Dumbto3 that we can all cut and paste forever, that this is a space for debate, and that if he lacks the IQ to debate he should not be here.

take your cut and paste spam somewhere else!!

Add Gwhiz to that cut and paste list.

What's the matter did you get your feelings hurt?

Dumbto3 call you in for support?

 

[Politico]

No I could see you're dumb all by myself.

 

[GWV5903]

No I could see you're dumb all by myself.

Yeah when you're a infantile and have the wrong understanding you really look smart...

Keep up the good work!!