BankNews April 2015

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Future Homeowners Currently Renting Houses

August 25 – New research from Freddie Mac provides insight into the question of which renters are likely to buy a home: people renting single-family properties (renting a house/townhouse or condo as opposed to those in apartments). In the U.S. about 15 million households rent a single-family house and 25 million rent an apartment, according to U.S. Census Data. (more…)

Millennials Willing to Sacrifice Starbucks Visits, Cable TV to Finance Home Purchase

July 14 – A majority of millennials (ages 24-34) are willing to sacrifice modern day conveniences like cell phones, internet, cable and Starbucks in order to save for a down payment on a home. A new survey from the Collingwood Group shows 65% of millennials polled are somewhat to very likely to give up on at least one of the above to finance a home purchase.

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Study Casts Light on Forces Influencing Home Prices

May 7 – Forget old-fashioned models of supply and demand; fluctuations in home prices are largely driven by buyers’ willingness to take risks, according to new study to be published in the Journal of Money, Credit and Banking. (more…)

First Federal of Bucks County Helps Break Ground on Habitat for Humanity Home

April 21 – Affordable housing in Bucks County, Pa., is one home closer to reality, thanks to a Habitat for Humanity project in Bristol Township. Habitat for Humanity of Bucks County broke ground recently on its 101st affordable home built in the county since its founding. The home is being built on State Road in Croydon on land donated by First Federal of Bucks County, which also is helping sponsor the project. The bank is joined by co-sponsors Bucks County Foundation, Bux-Mont Christian Church, The Dow Chemical Company, Lower Bucks Hospital, Parx Casino, Samuel Adams Pennsylvania Brewery and SYKES Enterprises, Inc.

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Third Federal Offers $1,000 Home Buyer’s Purchase Credit in Ohio and Florida

March 23 – Third Federal is now offering a $1,000 credit for closing on a purchase mortgage with Third Federal this home buying season. The credit will be issued in the form of a check after the purchase loan closes.

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Federal Home Loan Bank of Chicago Announces Community First Award Winners in Illinois

March 18 – The Federal Home Loan Bank of Chicago (Bank) is pleased to announce the Illinois recipients of its 2015 Community First® Awards. The awards recognize outstanding achievements of the Bank’s member institutions and their local partners as they work together to strengthen their communities through affordable housing and economic development initiatives. Award categories include partnership, project or program, pioneer, and emerging leader. Award winners identify a nonprofit organization to receive up to $10,000. At its member meeting on March 16, in Oak Brook, Illinois, the Bank honored two award winners.

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Rockland Trust Partners with Embrace Home Loans to Expand Mortgage Services

February 4 -Embrace Home Loans has announced that Rockland, Mass.-based Rockland Trust, a $6.4 billion asset institution with nearly 80 branches across Massachusetts, has partnered with the mortgage lender to expand its lending operations. Embrace Home Loans is a prominent leader in the mortgage industry and a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae.

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Huntington Bank-Financed Affordable Housing Projects Receive Grants from Federal Home Loan Bank

February 4 – More than 800 affordable housing units will be created or remodeled in Ohio and Michigan thanks in part to financial support from Huntington Bank and the Federal Home Loan Bank of Cincinnati.

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Half of Homebuyers Do Not Shop for Mortgages, Says CFPB

January 23 – The Consumer Financial Protection Bureau released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. As part of its Know Before You Owe mortgage initiative, the CFPB is releasing “Owning a Home,” an interactive, online toolkit designed to help consumers as they shop for a mortgage. The suite of tools gives consumers the information and confidence they need to get the best deal.  (more…)

Home Values Forecasted to Rise up to 5 Percent in 2015

December 16 – For the first time since December 2013, U.S. home prices have declined by 0.09 percent on a non-seasonally adjusted basis, but they are still up just over 5 percent year-to-date, according to the latest Case-Shiller’s national index. U.S. home prices are likely to finish the year up about 5 percent, which is in line with an estimate in early 2014 from New Oak Insights. This brings overall home prices within a 10 percent range of their peak level in 2006, reports New Oak.

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