Mortgage and Real Estate News Update for December 30th 2024

Until December 30, 2024, trends have emerged and developed in the mortgage and real estate industry as follows:

Current Rates:

• The average 30-year fixed mortgage rate is around 6.85%, indicating an upward trend from 6.72%.

Federal Action:

• While the Federal Reserve has cut rates, that has not been reflected in mortgage rates.
• This
  is primarily because the Fed’s benchmark rate cuts have been negated by
  higher 10-year Treasury yields due to inflationary worries, causing
  mortgages to remain higher.

Pending Home Sales:

• The
  US saw a successful November, with purchase contracts of used homes
  rising by 2.2%, the highest level in 21 months, over November.
• This
  signaled the potential recovery of the US housing sector, as not only
  did this mark an increase compared to October, but there was a
  noticeable trend over the past four months.

Regional Variation:

• Moderation in Housing Stock has aided growth in home purchases, with YoY housing inventory rising to over 18%.
• However,
  the South and West regions saw an increase in the sales of Pending
  homes, which was contrasted with a decrease in the Northeast region.

Forecasts of the market for the year 2025

Mortgage Rates:

• As estimated, mortgage rates will stay above the 6% threshold in 2025, with chances of reaching 6.8%.
• These measures assume inflation and a rise in the national debt due to future strategies.

Prices of Homes:

• The estimates suggest that home prices will increase by approximately 3.7% by 2025.
• Such estimates gauge home prices increased by 4% in 2024 and 1.1% in 2023, suggesting appreciation for the rules set.

Construction inventory:

• The
  estimates suggest construction will rise in 2025, with an estimated
  13.8% increase in new construction and an estimated 11.7% increase in
  inventory sales.
• This expansion could provide buyers with ample options, decreasing the competition in the market.

Opinion of the Consumers:

• The sentiment surrounding the housing market is now more optimistic than ever.
• An unprecedented share of respondents think the rates will lower in the coming year.
• At the same time, an appropriate number of them think the housing market will be a good area to invest in.

We are slowly seeing some stability in the mortgage and real estate markets, with slight increases in home sales and the prices of homes, although I wouldn’t hold my breath for those rates to come down anytime soon. For mortgage seekers, and even home buyers and sellers, despite the high competition we face in the market, deep knowledge of economic indicators helps to forecast market trends that promote reliable decision-making in today’s global environment.

• This discussion was modified 1 year, 2 months ago by  Gustan Cho.
• This discussion was modified 1 year, 2 months ago by  Gustan Cho.

Daily Mortgage and Real Estate News for Tuesday, January 7th, 2025:

Some significant developments can be noted in the mortgage and real estate markets as of January 7, 2025:

Mortgage Rates

Current Rates:

The average rate for a 30-year fixed mortgage is 6.91%, up from 6.85% the previous week. This marks the highest rate since July 2024.

Forecast:

• Analysts predict that mortgage rates will remain elevated throughout 2025, averaging around 6.4%.
• This is slightly lower than the 6.7% average in 2024 but still above the historical average of 4% from 2013 to 2019.

Housing Market Trends:

Home Prices:

• Nationally, home prices are projected to rise 3.7% in 2025, followed by 4% in 2024 and 1.1% in 2023.
• This trend is expected to continue due to limited housing inventory and sustained demand.

Sales Activity:

• Existing home sales are expected to increase by 1.5% to 4.07 million units in 2025, which is still below the 2013-2019 average.
• The supply of homes for sale is expected to improve by 11.7%, and new home constructions are projected to surge by 13.8%, reaching 1.1 million new units.

Current Rates:

• The average rate for a 30-year fixed mortgage rose to 6.91% from 6.85% the previous week, marking the highest since July 2024.

Forecast:

• Mortgage rates are expected to remain elevated throughout 2025, averaging about 6.4%, slightly lower than the average of 6.7% in 2024.
• However, it will still exceed the historical average of about four percent between 2013 and 2019.

Regional Insights:

Wisconsin Market:

• Many predict the Wisconsin real estate market will favor sellers during 2024, with a slow rise in home prices and a 6.5% increase in the number of homes for sale.
• Buyers have more choices today, but it is still competitive.

Climate Hazard Considerations:

Climate-Risk Scores:

• Climate risk assessments are becoming important to homebuyer decision-making processes.
• Platforms like Zillow now provide climate-risk scores, which indicate potential damage from flooding, fires, or winds over the next three decades.
• The scores may affect property prices and buyer behavior, making homes in less risky areas more desirable.

Mortgage rates are higher, climate risks are receiving increased attention, and home prices continue to increase. Prospective buyers and sellers should keep pace with these trends to make informed decisions about their properties.

https://www.youtube.com/live/3rWDfvQUlco

What would I need to qualify for FHA loan during bankruptcy (over 12 on time payments), no late payments on credit, etc

I’ve come to the conclusion that marriage or the Covenant of marriage is under attack. It seems that more than ever before husbands and or wives are giving up instead of fighting for the marriage. This is a serious issue in our current culture.

Why is it that people are giving up in this modern day culture? Why are people failing to see the value of fighting for marriage?

Deception! We are fighting a fight with God’s enemy. Satan is hell bent on destroying the Covenant relationship. The Covenant of marriage is a beautiful thing and in its proper place and order in proper alignment with the Covenant we have with God the Father through Jesus Christ’s incredible gift on calvary, we can find the beauty of what God intended for us.

Love is being willing to lay down one’s life for someone else. In a marriage we are going to find that our mate isn’t always doing things we like and certainly aren’t always easy to love. It’s not the actions we need to love. If we base our decisions to love based on what they do instead of loving them because we decide it’s the right thing to do we will always be on a roller coaster ride that feels like it will never end.

The apostle Paul tells us in the first letter the the church of Corinth in chapter 13 verses 4 to 8 love is patient and kind; love does not envy or boast; its not arrogant or rude. It does not insist on its own way; it’s not irritable or resentful; it does not rejoice at wrongdoing., but it rejoices with the truth. Love bears all things; believes all things hopes all things; endures all things. Love never ends.

Imagine this being you he’s describing. Speak this with your name in each line. Now do the same for your spouse. Do you see how powerful this is? This is what we are called to do. We are called to do this for our spouse and others.

If you find yourself contemplating your future with your spouse, stop and consider what did Jesus do for you and me? He gave everything on the cross on Golgotha. He said in his dying breath Father forgive them for they know not what they do. We are called to lay down our rock like he convinced the men looking to stone the woman found in sexual sin. He wants us to lay down our Grievances toward one another and leave our incredible baggage at the cross for him to carry. Then pickup our cross realizing that it’s gonna hurt and follow him.

Oh, that’s not a popular statement is it? Everyone wants to believe when you come to Jesus it’s going to be rainbows and unicorns, but that’s never promised to us. We are promised that we will see trouble and we will have sorrow but that joy comes in the morning. We are promised that if we follow him we can have peace that passes all understanding.

So what are you waiting for? Focus on staying healthy in your relationship but if you’ve messed up and everyone does. Forgive and help your spouse find their way back to repentance and restoration with Christ Jesus. This is the message of the Gospel. I’m so glad to know and be able to walk in this and I hope this helps someone stay and stand for their marriage just like me. It’s worth it to fight. God’s already won. I know…

I read the end of the story. You can too.

About time

Home prices in Chicago South Loop are plummeting. Sellers are lowering prices and offering incentives. This correction is continuing throughout the city and Suburbs. Expect the downturn to continue in Chicago and other cities. Stay tuned

Michael Robinson Obama’s gynecologist is extremely confused

Which is better, a 2,000 SIP per month for 5 years or a 120,000 lump sum?

Can anyone pass the class and the test? I heard it is harder than the real estate agent’s test.

My employer sent me a legal notice through an advocate for not serving the notice period, where I served 30 days instead of 45 days. They asked me to pay 40K as compensation and 20K for legal notice. What should I do?

Please make sure all LOs have this

How to find active builders and spec builders.

one way is to

go to realtor.com, choose a large city

go to filters, click home, age no min, and less than one year. This should list the new construction homes.

get the addresses, the agent usually doesn’t want you speaking with their client, however, call the agent anyway and let them know that you can help their builder to build more homes, and sometimes they will introduce you. if not, then

do a Google search for parcel search using the city, county and state

. Usually, they have a gis map, and you can use it to locate the owner and the owner’s address, where you can further search and get a cell phone.

realtor.com is a great source to see who is building where and at what price.

• This discussion was modified 2 years, 7 months ago by  Gustan Cho. Reason: Wrong information

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Producing loan officers and real estate agents interested in originating commercial loans and business loans. Please email me at gcho@gustancho.com. We are a one stop mortgage shop. Visit us at http://www.lendingnetwork.org.

If you are a builder of one to four unit homes, we can get you a 25% down payment on the land and up to 100% on the construction costs at competitive rates and fast closing. No credit score required, no maximum debt to income ratio, and no income verification. Please inquire if you are interested in getting new construction financing on spec homes

Car enthusiasts garage fans, if I were a betting man, I would say the best car for the money that you can enjoy is a piece of art if it sits in your garage. Yet, Car Enthusiasts Gargage Fans get a second bonus when other cars decline in value, the Ferrari 599 GTB will skyrocket in value is the Ferrari 599GTB. MADE between 2007 and 2011. $370,000 MSRP. If you can pick. one up at $150,000, great investment.

Need to purchase a 30×50 feet steel building. I want a nice design steel building that looks like a house with gables and awnings with several windows. The main reason for the steel building is to store a 43 feet RV, trucks, motorcycle, boat, and other machinery, equipment, and things that need to be kept inside. I will be pricing out the concrete slab and the pricing of steel building and start pricing them out.

I live in Texas. Does your company offer loans on manufactured or modular homes using a VA loan? I own my home outright. 100% equity. Would like to do a cash out refinance for some upgrades.

My spouse have a sealed theft conviction will this prevent her from getting a LO license?

My wife and i are interested in qualifying for a USDA loan because there is no money down. I am self-employed so I am worried about my income. What is the maximum debt-to-income ratio on USDA loans.

How Can I Get Rid of a 30 Day Late Payment

What is the difference between a hard pull and soft pull during the mortgage loan process. I heard the hard credit pull drops the credit scores of the mortgage loan borrower. So if the borrower keeps shopping for mortgage rates with different lenders, the borrowers credit scores can plummet?

I have a question I asked multiple people who are called expert loan officers and credit repair geniuses but I am getting conflicting answers. I want to know if a consumer needs to get his credit scores up for a mortgage to a 640 FICO. He has never missed a monthly payment and has perfect payment history the past five years. He has 10 credit card accounts with all of them maxed to the credit limit. Here are the credit card balances and credit card limit. His middlw credit score is currently 525. Question is what credit card should he pay down the balance to lower his credit utilization ratio. Should he start paying down the lower limit credit first or should he pay down the higher credit limit credit card first. Here is his credit cards, the balances, and the credit limit.

CREDIT CARD. BALANCE LIMIT

1. DISCOVER $498. $500

2. CAPITAL ONE. $470. $500

3. CREDIT ONE. $490. $500

4. SELF VISA. $1,500. $1,490

5. TRUMP CARD $4,000. $4000.

6. JOURNEY CARD $2,130 $$2,200

7. CREDIT PLUS $3,490. ,$3,500

8. BUDDY VISA $1,500. $1,600

10. MISSION LANE $1498 $1,500

We all know that tens of thousands of people are moving out to California. What are the biggest reasons people are moving out of California?

There are thousands of reports that Joe Biden is dead. There are reports of witnesses seen Joe Biden wear a lifelike mask. There are reports the current Joe Biden is a body double. So what is it. Is Joe Biden dead? Did Joe Biden get executed due to crime against humanity and TREASON in Guantemo Bay through Military Tribunal?

https://www.youtube.com/live/r6oAH36Y-rk?si=FRUWJbYBJdkhdpB0

• This discussion was modified 1 year, 7 months ago by  Gustan Cho.

What are the requirements for a small home builder to get qualified for ground up one-to-four unit new construction homes. How do you qualify, how do you get pre-approved, what are the guidelines, and what is the mortgage process on ground up one-to-four unit new construction homes?

Lending Network, Inc. is the commercial lending division of Gustan Cho Associates headed by Gustan Cho. Gustan Cho is the President and Managing Partner of Operations of Lending Network, powered by NEXA Mortgage.

Lending Network, Inc., dually powered by Gustan Cho Associates and Mortgage Sensei, is a commercial financial services company that deals with various business, investment, and commercial mortgage loan products and lending solutions not offered by traditional banks and commercial financial institutions.

What Types of Commercial Loan Programs Does Lending Network Offer

Lending Network has a national reputation for being able to offer business and commercial loans that other financial institutions of business and commercial financial products cannot do. With the backing of the largest residential mortgage broker in the nation, NEXA Mortgage, it is easier to ask us what commercial loan program Lending Network does NOT do. We strive to live by our national reputation as a one-stop lending shop. Lending Network aims to give individualized monetary answers that cater to the distinct requirements of borrowers of business and commercial lending options, even if they do not fit into standard traditional commercial loan qualifications. For more information, please refer to their official website – http://www.lendingnetwork.org

• This discussion was modified 1 year, 8 months ago by  Gustan Cho.
• This discussion was modified 1 year ago by  Sapna Sharma.
• This discussion was modified 1 year ago by  Sapna Sharma.
• This discussion was modified 11 months, 4 weeks ago by  Sapna Sharma.

lendingnetwork.org

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Page Not Found - Lending Network, LLC

There are many conflicting questions and theories about who is Michelle Obama and what relationship is Michelle Obama to Michael Robinson? Is Michelle Obama Michael Robinson Obama? What does this mean for Barack Hussain Obama? Does this mean that Barack Hussain Obama is the first U.S. President married to a man? Or transgender? We need to have some transgender answers.

https://www.tiktok.com/t/ZT8x5ryLU/

The verdict is in on former President Donald Trump’s trial in New York. Former President Donald Trump has been found guilty on all 34 charges in his hush money case. Never before in history has a former president of the United States been tried after they left office of the Presidency. This trial of former President Donald Trump was politically motivated with many things wrong with even going to trial. No doubt the trial was politically motivated due to the fear and panic of former President Donald Trump running for office of the Presidency of the United States in November 2024. The charges against President Donald Trump are related to falsifying business records to conceal a $130,000 payment made to adult film star Stormy Daniels. This payment was part of an effort to prevent Daniels from going public with her claims about a 2006 encounter with Trump. This historic conviction marks Trump as the first former U.S. president to be convicted of felony crimes. The jury deliberated for 9.5 hours before reaching their verdict, which involved examining numerous invoices, vouchers, and checks connected to the reimbursement payments made to Trump’s former lawyer, Michael Cohen, who initially covered the payment to Daniels. The sentencing for Trump is scheduled for July 11, just before the Republican National Convention where he is expected to be nominated as the 2024 presidential candidate.

https://www.youtube.com/watch?v=NM1v-Tyvvso&list=RDNSNM1v-Tyvvso&start_radio=1

Is investing in copper a good investment? Whether investing in copper is a good investment or not depends on several factors, including the investor’s goals, risk tolerance, and investment horizon. Here are some key points to consider regarding investing in copper:

1. Copper is a cyclical commodity: The demand for copper is closely tied to the overall health of the economy, particularly in sectors like construction, manufacturing, and infrastructure. When the economy is growing, demand for copper typically increases, driving up prices. However, during economic downturns, copper prices tend to decline.
2. Supply and demand dynamics: Copper is a finite resource, and its price is influenced by the balance between supply and demand. If new copper mines are brought online or existing mines increase production, it could lead to an oversupply and lower prices. Conversely, supply disruptions or increasing demand from emerging economies like China and India can drive prices higher.
3. Industrial usage: Copper is an essential material in many industries due to its excellent electrical and thermal conductivity, as well as its resistance to corrosion. It is widely used in electrical wiring, plumbing, and various industrial applications. The growth or decline of these industries can impact copper demand and prices.
4. Investing options: Investors can gain exposure to copper through various instruments, including copper futures contracts, copper mining stocks, exchange-traded funds (ETFs) that track copper prices, or physical copper (e.g., copper bars or coins).
5. Volatility and risk: Like many commodities, copper prices can be volatile and subject to significant fluctuations due to various factors, including global economic conditions, geopolitical events, and supply disruptions. Investing in copper carries risks, and investors should be prepared for potential price swings.

Ultimately, the decision to invest in copper should be based on thorough research, an understanding of the copper market dynamics, and an assessment of one’s investment objectives and risk tolerance. It may be advisable to consult with a financial advisor or conduct further research to determine if copper suits your investment portfolio.

https://www.youtube.com/watch?v=2p2Jwt9VZDU

Mortgage rates today have been steadily declining. What are Mortgage Rates today?

Climate change refers to significant changes in global temperatures and weather patterns over time. While climate variability is natural, much of the recent observed changes are due to human activities, particularly the emission of greenhouse gases (GHGs) like carbon dioxide and methane. This phenomenon is also commonly referred to as global warming or anthropogenic (human-caused) climate change. Here’s a broad overview of its causes, impacts, and the response strategies:

Causes of Climate Change

1. Greenhouse Gas Emissions: The burning of fossil fuels (coal, oil, and natural gas) for energy, deforestation for agriculture, and industrial processes contribute to increased concentrations of greenhouse gases in the Earth’s atmosphere.
2. Land Use Changes: Deforestation not only releases the carbon stored in trees but also reduces the planet’s capacity to absorb CO2 from the atmosphere.
3. Agriculture: This sector contributes significantly through methane emissions from livestock and rice fields, and nitrous oxide from over-fertilized fields.

Impacts of Climate Change

1. Temperature Increases: The most direct effect is the rise in global temperatures, leading to heatwaves and disrupted weather patterns.
2. Ice Melt and Sea Level Rise: The increase in global temperatures has led to the melting of ice caps and glaciers, contributing to rising sea levels, which can cause coastal erosion, increased flooding, and threaten coastal communities.
3. Ocean Acidification: CO2 absorption is making the oceans more acidic, affecting marine life and ecosystems, particularly coral reefs and shellfish populations.
4. Extreme Weather Events: There is an increase in the frequency and intensity of extreme weather events like hurricanes, droughts, and heavy rainfall.
5. Impact on Biodiversity: Climate change is altering habitats and threatening species with extinction, disrupting natural ecosystems.
6. Socioeconomic Effects: Impacts include threats to food security from decreasing crop yields and the loss of livable land, which could lead to displacement and climate refugees.

Responses to Climate Change

1. Mitigation: This involves reducing the flow of heat-trapping greenhouse gases into the atmosphere, either by reducing sources of these gases (e.g., the burning of fossil fuels for electricity, heat, or transport) or enhancing the sinks that accumulate and store these gases (such as the oceans, forests, and soil). Renewable energy sources like wind, solar, and hydroelectric systems generate electricity with little or no pollution and GHG emissions.
2. Adaptation: Involves making adjustments in ecological, social, or economic systems in response to actual or expected climatic stimuli and their effects or impacts. It aims to reduce vulnerability to climate change impacts, allowing societies to manage risks and damage while taking advantage of potential opportunities.
3. International Agreements: The Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC), signed in 2015, is one of the global efforts where countries committed to limiting global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels through nationally determined contributions.

Personal and Community Actions

• Reduce, Reuse, Recycle: Adopting more sustainable practices in daily life can significantly reduce one’s carbon footprint.
• Energy Efficiency: Using more energy-efficient appliances and vehicles, upgrading insulation in homes, and using public transport can reduce individual GHG emissions.
• Support/Advocate: Supporting policies and leaders who prioritize climate actions and sustainable practices is crucial. Community-level actions can amplify individual efforts.

Addressing climate change requires coordinated global actions but also hinges on national, local, and individual efforts. The collective engagement in mitigation and adaptation measures is essential to effectively manage and hopefully overcome this global challenge.

Joe Biden and his administration are planning a climate emergency in the coming days or weeks. The Democrats are panicking because of the low approval rating and are cornered on what they can do to cheat their way to get reelected. Americans should expect more crisis, climate emergency Lock downs, wars, riots, pandemics, or natural disasters

.https://youtu.be/yogGHWVZlYE?si=PhvAZVL8NaOCP8Hp

• This discussion was modified 1 year, 10 months ago by  Gustan Cho.

Gustan told me last night that wholesale mortgage lenders like The Lender offers free trimerger hard credit pulls which costs $77.00 either to the borrower or the Loan Officer. Where can I get more detail on this on how it works.