In 22 states, a homeowner wanting to upgrade their home insulation or install solar panels can apply for a Property Assessed Clean Energy (PACE) Bond. This is a 20 year loan that is attached to the property as a tax lien and stays with the property if sold before the debt is repaid.
Arizona has legislation pending to make this available to homeowners in the state. Repayment of the loan is accomplished through a special property tax assessment.
Advantages of the program include job creation, improves residential energy efficiency, reduces energy bills of the homeowner and poses no risk to taxpayers as the loan is treated as a tax lien.
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The number of mortgage applications continue to slip. Applications were down 3.8 percent last week on an unadjusted basis. This makes 7 weeks of decline out of the past 8.
Mortgage applications rose last week reversing a six week trend of declines. With the tax credits expiring at the end of April, applications fell. Let’s hope this is the start of a trend. On an unadjusted basis, applications last week were up 7.3 percent over the prior week but were down 31.3 percent for the same week last year.
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No one knows for certain what the impact will be when a homeowner walks away from an underwater mortgage. I read a few months ago that one outcome of the housing crisis will be that credit agencies and lenders will rewrite the rules.
The Mortgage Bankers Association’s
chief economist believes that homeowners who walk will not be able to buy another house for 7 to 8 years. But then that is a mortgage banker speaking who undoubtedly has a wee bias.
We won’t know for a while what will happen. I suspect many homeowners who walked did so with sound reasons and were looking out for the long term well being of their family.
Resource: REALTOR.org
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The Mortgage Bankers Association’s weekly application activity report shows mortgage applications rose 13 percent last week over the prior week on a seasonally adjusted basis. This is the third consecutive weekly increase and is attributed to tax credits. Over half of the applications were for federally guaranteed loans (e.g. FHA).
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Mortgage volume hit a six month high last week rising 7.4 percent over the prior week on a seasonally adjusted basis. Click on the link below to read more.
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