Morning Briefing: Wells Fargo aims to boost SC homeownership

by Steve Randall14 Jul 2016
Wells Fargo aims to boost SC homeownership
Mortgage lender Wells Fargo has announced that its NeighborWorks America program and network member Origin are to make $4.1 million available to help boost homeownership in the South Carolina counties of Richland and Lexington.

“Making homeownership more affordable will help hard-working families and individuals achieve sustainable homeownership, which will strengthen our neighborhoods,” said Mayor Steve Benjamin. “This innovative public-private partnership will make a significant difference for eligible homebuyers with the support of homebuyer education and down payment assistance.”

The scheme means that eligible homebuyers can secure up to $7,500 in downpayment match-funding.
Good time to buy a home? Owners, renters disagree
A growing gap between homeowners and renters has been identified by a new survey from the National Association of Realtors.

It shows that around three-quarters of surveyed households believe that now is a good time to buy a home; 80 per cent of homeowners think so and 62 per cent of renters agree.

However, the proportion of renters who are confident in buying now is down from 68 per cent at the end of 2015; and confidence in the housing market among these would-be first time buyers is weakening more among those under 35.

"It's becoming very evident from this survey and our research released last month that the financial and emotional impact of repaying student debt is contributing to a delay in purchasing a home for many would-be buyers," said Lawrence Yun, NAR chief economist. "At a time of quickly rising rents, mortgage rates at all-time lows and increasing housing wealth, a lot of young adults in their prime buying years are struggling to enter the market and are ultimately missing out on the stability and wealth accumulation that owning a home can provide."

The proportion of homeowner who believe that now is a good time to sell has increased to 61 per cent from 56 per cent at the start of the year.
Mortgage apps up 7.2 per cent
New mortgage applications were up 7.2 per cent in the week ending July 8, the Mortgage Bankers’ Association reported.

On an unadjusted basis, the MBA Market Composite Index was up 14 per cent while the refinance index was up 11 per cent. The purchase index was up 20 per cent unadjusted and unchanged on a seasonally-adjusted basis.

Refinance share increased to 64 per cent from 61.6 per cent a week earlier.


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