HUD SUSPENDS MIP REDUCTION The Department of Housing and Urban Development (HUD) announced today that the recent Reduction of Mortgage Insurance Premiums (MIP), outlined in FHA Letter 2017-01 were suspended. According to posted information from Housing Wire, the letter stated that a subsequent Mortgagee Letter will be issued at a later date should this suspension or policy … [Read more...] about Alert: Reduced FHA Insurance Premiums Repealed
Housing News
How Appraisers Figure “Price Per Square Foot”
I recently read an article where an appraiser talked about how he figured “price per square foot.” He said it has become a common practice to take the selling price and divide it by the gross living area which has, in some areas, become the basis for establishing the listing price of a home. However, it’s not as simple as that. Appraisers also rely on an index provider … [Read more...] about How Appraisers Figure “Price Per Square Foot”
Home Prices on the Rise
More positive news from the housing sector, CoreLogic reported yesterday that home prices rose 0.7% from December to January and surged nearly 10% compared to a year ago. The 10% increase was the largest yearly since April of 2006 and was the 11th monthly increase in a row. … [Read more...] about Home Prices on the Rise