The First week of July, 2014 was had mixed reports for the non-farm payrolls and the national unemployment rate.
Mortgage Guru’s suggest that the Labor sector in the Nation is strengthening now and the pending home sales has
surpassed many expectations in may and conversely, construction spending was a lot lower than expected.
Pending Home sales reach Its Highest Levels in the Last 10 Months
As per The National Association of REALTORS, the reports say that the pending home sales in May, 2014 rose by
6.10 percent over the April’s readings. The reports in May indicated 5.20 percent lower home sales as compared to
the April’s indexing rate of 97.9.
FHA Streamline Refinance Industry notices a change
Even in the time when interest rates are as low as they have been refinancing has not been possible for many
homeowners since along with the interest rates dropping, the home values have dropped too, thus resulting in not
enough equity in properties to get a successful refinance. “It’s been noticed in many cases the home values of the
properties have dropped below what the homeowner had actually paid for the property when he actually bought it”
Now since the home values have dropped below the expected, home owners find FHA Mortgage as a ray of hope
since FHA Mortgage has an option called “Streamline Refinance” which allows a home owner who already has
an FHA Mortgage to refinance into another FHA Mortgage without doing an Appraisal, therefore in case of not
enough equity in the property, homeowners with an FHA Mortgage are in the best state at present since they can
get a “Streamline Refinance”