James Whitener

Arizona Loan Officer

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Do you LOVE your Mortgage?

February 14, 2019 by James Whitener

Admittedly, this is a dumb question.  Of course you don’t.  However, this being Valentine’s day with all the love in the air it seems appropriate to speak of love.  In my business though it’s more like are you content with your mortgage or are you unhappy?  Moreover, are you in love with your house, content with your house or unhappy?

The Deeper Question

A lot of this situation really comes down to your finances and your wants.  Are your finances in a place where your mortgage makes sense?  Is the home your living in exactly what you want (or pretty close) or are you still using your current home as a stepping stone to get to that dream house?

Your Plan

What is your plan if you can answer no to any of these questions?  Have you sat down with a trusted financial adviser?  Have you spoken to a mortgage professional to weigh out all of the options you have to reduce current payments, maximize equity or just flat out look for a new home?  Do you have a trusted realtor that can help you with market trends and set expectations?

Where to Start

Where do you start in all of this to get to that place of contentment in your living situation? Is it your job, is it your pay, is it your budget or lack there of, is it your house… so many questions!

Simple Advice

The easiest solution to all of the questions is start somewhere.  Talk to a financial adviser, a mortgage professional, a realtor, your partner… start somewhere and build a plan.  It doesn’t matter if you are a home body, jet-setter, a workaholic… you’re still going to have to have a place this is yours.  A home that is functional but comfortable.  A house that fits your needs and feels safe.  A place that you’re excited to show off and gleam every time you walk through the front door (or garage entrance door like most these days).

Life and Love

Life is fleeting and you deserve so many wonderful things, don’t wait to find love and don’t wait to live the life you want.  A lot of that starts at home and most homes start with a mortgage.  Let’s get you to answer yes to that dumb question, love your mortgage as it leads to loving your dream home.

Filed Under: Home Mortgage, Home Mortgage Tips, Homeowner Tips, Housing Market, Market Outlook, Mortagage Tips, Mortgage, Mortgage Rates, Real Estate Tips

NAHB: Home Builder Confidence Drops in January

January 24, 2018 by James Whitener

Homebuilder confidence in housing market conditions dipped two points in January; ongoing challenges including labor shortages and materials costs were cited by the National Association of Home Builders, which provides monthly readings on home builder sentiment. Three component readings of the Housing Market Index declined by one point each. Readings for current sales conditions, housing market conditions for the next six months and for buyer traffic within new single-family housing developments were 79, 78 and 54 respectively.

Readings over 50 indicate positive builder sentiment. The reading for buyer traffic seldom exceeds 50. Current readings support continued builder confidence in current and future housing market conditions. NAHB Chief Economist Robert Dietz said housing demand should continue to grow in 2018 based on the gauge of future market conditions remaining in the 70s range. Real estate pros have repeatedly cited slim inventories of homes for sale as driving rapidly rising home prices.

NAHB estimated 1.125 million housing starts for 2018, which was 2.70 percent higher than for2017. The Commerce Department released its annual rate of housing starts in December at 1.192 million starts; Building permits were issued at the annual rate of 1.302 million permits issued in December, based on November’s annualized reading of 1.303 million permits issued.

Regional Builder Confidence Readings Rise

Regional readings for builder confidence were higher in all four regions tracked by NAHB. Calculated on a three-month rolling average, the Northeast gained five points for an index reading of 59; The Midwest posted a one-point gain for a January reading of 70. The South posted a one-point gain for an index reading of 73 and the West reported a two-point gain for a reading of 81.

Analysts said throughout 2017 that building more homes would be the only way to solve the housing shortage and resulting challenges including rapidly rising home prices that eliminate first-time and moderate-income home buyers out of affordable home prices and home financing options.  

Filed Under: Housing Market Tagged With: Housing Market

Case-Shiller: Home Prices Rise in October

December 28, 2017 by James Whitener

According to Case-Shiller national and 20-city home price indices for October, home prices continued to rise.  National home prices rose 0.70 percent for the three months ending in October. Year-over-year, national home prices increased by 6.20 percent. The 20-City Home Price Index also rose by 0.70 percent in October and reported a year-over-year increase of 6.40 percent.

The top three metro areas in the 20-City Index were Seattle, Washington with a year-over-year increase of 6.40 percent; Las Vegas Nevada followed with year-over-year home price growth of 10.20 percent. San Diego, California had the third highest home price growth rate at 8.10 percent year-over-year.

The year-over-year percentage increase was 1.30 percent below the all-time high reading for the 20-City Index.

Home Price Growth, Sales Could Face Headwinds in 2018

David M. Blitzer, CEO of the S&P Indices Committee, said that 2018 may bring challenges to home price growth. Mr. Blitzer said that while strong labor markets, economic growth, and low mortgage rates were major factors driving home price growth, higher mortgage rates are expected next year. Rising rates would make buying a home less affordable for some. Home price growth continued to outstrip inflation and income growth.

Mr. Blitzer cited an Urban Institute report that indicated that high-priced metro areas may compel would-be home buyers to consider renting. High-demand metro areas are subject to high rates of buyer competition and bidding wars can drive affordable home prices beyond the reach of first-time and moderate-income buyers.  Significant numbers of buyers turning to rentals could drop the demand for homes and possible ease the rate of home price growth.

Analysts expected home prices to continue increasing due to low supplies and high demand. Millennials are entering their home-buying years and relatively low mortgage rates have supported affordability, but higher mortgage rates and continued competition from investors and cash buyers could stifle demand for homes in the new year.

Filed Under: Housing Market Tagged With: Housing Market

NAHB: Builder Confidence Outstrips Pre-Bubble Highs

December 20, 2017 by James Whitener

Home builders surveyed by the National Association of Home Builders expressed their highest level of confidence in housing markets since 1999. The index reading for housing market conditions in December hit 74, which exceeded November’s reading of 70. Analysts expected a flat reading of 70 for December. Readings over 50 indicate improvement in housing market conditions.

The three component readings used to comprise the Housing Market Index also rose in December. Builder confidence in current market conditions rose four points for a reading of 81; builder confidence in housing market conditions over the next six months rose three points to 79. Most surprising was the jump in builder confidence in buyer traffic levels in new housing developments. Traditionally, this reading rarely exceeded 50, but in November, it achieved the benchmark reading. December’s reading for buyer traffic gained eight points to 58. December’s reading for builder confidence in buyer traffic reached its highest level since 1999.

Home Builder Confidence Reflects Strong Economic Conditions

Strength in jobs markets and overall economic conditions drove builder confidence; home builders also cited potential tax breaks associated with pending tax legislation. Tariffs on Canadian lumber were cited as an obstacle to builder profits and increased prices.

High demand for homes caused by slim supplies of homes for sale continues to boost home prices. Real estate pros have said that increasing construction of single-family homes is the only way to correct the current imbalance between rapidly increasing home prices and challenges for first-time and moderate-income home buyers who cannot compete with cash buyers or afford rapidly rising home prices.

Builder Confidence Expands in All Regions

Builder confidence also rose according to the three-month rolling average for builder confidence in the four regions tracked by NAHB. The Northeastern region reported a one-point increase for a regional reading of 54.  Home builder confidence gained six points in the Midwestern region for a reading of 69. Home builders in the South reported a confidence reading of 72, which was three points higher than in November. Builders in the Western region reported a two-point gain in confidence with a reading of 79 in December.

Filed Under: Housing Market Tagged With: Housing Market

Case-Shiller: Home Price Growth Near All-Time High in August

November 1, 2017 by James Whitener

Case-Shiller’s National Home Price Index rose to a year-over-year home price increase of 6.10 percent as compared to July’s reading of 5.90 percent. The 20-City Home Price Index rose to a year-over-year reading of 5.90 percent over July’s reading of 5.80 percent.

Home Prices Nearing Their Peak? 

Some cities that previously had high home price increases saw lower paces of growth. San Francisco, California, which reported double-digit home price growth rates in recent years, reported -0.10 percent growth rate month-to-month and a year-over-year home price growth rate of 6.10 percent. Home prices grew at a faster rate in nine cities as compared to year-over-year home price growth rates reported for July 2016 to July 2017.

David M. Blitzer, Operating Manager and Chairman of the S&P Index Committee said, “Price increases appear to be unstoppable, but rapid increases can’t continue forever. Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking.”

Factors pressuring home buyers include slim supplies of homes for sale, high competition for homes and affordability as demand increases and supplies of homes for sale decrease First-time and moderate-income buyers face additional challenges including the ability to meet mortgage qualification requirements and increasing amounts required for down payments.

Role of Non–Resident Foreign Buyers Minimal

Non-resident foreign buyers who buy U.S. homes on speculation and leave them vacant may contribute to the high demand for homes as the homes they buy may sit vacant and are removed from the supply of available homes. Such speculative buyers typically pay cash for homes which can sideline mortgage-dependent buyers.

The National Association of Realtors reports that approximately two percent of pre-owned homes are sold to non-resident foreign buyers; this suggests that the impact of such buyers on demand for homes is currently minimal. 

Filed Under: Housing Market Tagged With: Homes Sales

What’s Ahead For Mortgage Rates This Week – October 23, 2017

October 23, 2017 by James Whitener

Last week’s economic reports included NAHB Housing Market Indexes along with readings on housing starts, building permits and existing home sales. Weekly readings on mortgage rates and new jobless claims were also released.

NAHB: Builder Sentiment Jumps in September, Housing Starts and Building Permits Fall

The National Association of Home Builders reported a four-point increase in its Home Price Index for October. Builders surveyed reported higher confidence in overall market conditions, which resulted in a reading of 68. Analysts had expected no change in the September reading of 64. Natural disasters have raised builder opportunities for new projects, but the industry continues to be swamped with labor shortages and rising materials costs.

While stronger builder confidence is expected to impact housing starts and building permits issued, both reports had lower readings in September. Housing starts were calculated at 1.215 million starts on a seasonally-adjusted annual basis. An expected reading of 1.170 million housing start was based on August’s reading of 1.183 million starts. Single-family housing starts were lower than for August but were 9.10 percent higher year-over-year.

Building permits issued fell in September; 1.215 million permits were issued on a seasonally-adjusted annual basis as compared to 1.272 million permits issued in August. Higher readings for building permits are expected in the aftermath of recent hurricanes and wildfires, but increased starts and permits will include replacing damaged structures as well as building new developments.

Mortgage Rates Mixed, Existing Home Sales Rise

Fixed mortgage rates were lower after the 10-year Treasury rate fell six basis points. The average rate for a 30-year fixed rate mortgage was three basis points lower at 3.88 percent the average rate for a 15-year mortgage dropped by two basis points to 3.19 percent. Rates for a 5/1 adjustable rate mortgage averaged 3.17 percent, an increase of one basis point. Discount points averaged 0.50 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Sales of existing homes rose in September according to the National Association of Realtors®. Previously-owned homes sold at a seasonally-adjusted annual rate of 5.39 million sales. Which surpassed August’s reading of 5.35 million sales and expected sales of 5.30 million previously-owned homes. Any increase in sales is a welcome sign that the severe shortage of homes for sale may be easing. It’s too early to know how hurricanes and fires will affect housing markets and it will take months to rebuild all homes destroyed.

Weekly jobless claims fell to 222,000 and were lower than the expected 244,000 new claims and the prior week’s reading of 244,000 new jobless claims filed. Fewer jobless claims suggest that jobs markets continue to expand and may help renters decide to buy homes.

What‘s Ahead

Next week’s economic readings include reports on new and pending home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims will also be released. 

Filed Under: Housing Market Tagged With: Housing Market

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James Whitener

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James Whitener NMLS #1648336
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Company NMLS #2289 | AZ License #BK-0904162


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20359 N. 59th Ave, Suite 100
Glendale, AZ 85308
602-622-6514 | James.Whitener@FairwayMC.com

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