Pyramid Hill lights up
Women of Excellence Awards
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Tim Hall:
Licensed Real Estate Broker, actively selling since 1993. Co-founder of Re/Max Central Properties, with my wife, Bell Hall, and team-leader for a team of 7. BA from Capital University and a US Navy Veteran CU-60 U.S.S. Saratoga. Father of 3 - Alicia, Erica, and Amber; and grandfather of 1, Ava.
Home > Blogs > Greater Dayton Home Report > Archives > 2007 > October > 18
Thursday, October 18, 2007
Home Loan Apps Rise, Credit Reporting Undergoing Reform
Hello everyone! It’s good to be back after my brief hiatus from writing. In truth, there hasn’t been that much to report until just recently. In the last post, I spoke a bit about the Fed’s rate cut and the potential impact on our housing market. Well, about a month has passed and the real estate WHEEL is slowly beginning to turn!
Home Loan Apps Rise
On a local level we see this happening as our clients selling sub 200K homes are beginning to get more showings and inquiries than in September. On a national level, a key measure of mortgage application volume rose last week as growth in interest rates slowed, according to the Mortgage Bankers Association report released yesterday. (www.mortgagebankers.org) The MBA’s market composite index, which tracks purchase loans GAINED 2.1 percent between the first and second weeks of October. This is a good thing. Again, the impact locally will take time, but loan application volume is a reliable leading indicator of home sales activity.
Credit Reporting Undergoing Reform (Thanks Michael Z. from e-loan for forwarding this to me!)
In a disturbing development, it looks like that indescribable conundrum that we call a CREDIT SCORE calculation, will be changed once again. Your spouse may lose one or more favorable credit card account histories if they are not correctly attached to the account. Up to 30% of credit cards are structured this way. In a nutshell, if I have a credit card account and my wife is an authorized USER, even with her own card IN HER NAME, it’s possible she will receive ZERO credit for that account, no matter how many months and years we pay on time. This one is no joke. Since so many people will be affected, I hope that the credit bureaus or the card issuing companies themselves will give everyone plenty of lead time to correct this. You can bet that I am looking into it for Beth and me! Please take some time and read it for yourself. The link is below.
http://www.credit.com/creditinformation/creditreport/Consumer-Alert-FICO-Formula-Changes.jsp
As always, thanks for reading and feel free to comment or email me at blog@timhallteam.com !
