You Deal With It

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local edition S e c on da r y M a r k e t a na ly t ic s se r v ic i ng or ig i nat ion ANALYTICS home prices, it decreases affordability and edges owner-occupier buyers who are at the cusp out of the market. However, the rise in home prices engendered by investor demand pushes up household wealth of homeowners and creates a positive backdrop for people considering purchasing a home who previously feared seeing their investment lose value in a declining market environment. For now, whether one-third or nearly one-half of the purchase market, investors are the key force driving home prices, which could signal volatility ahead in coming quarters as the interest rate and pricing landscapes shift. Peter Muoio, Ph.D., is the chief economist for Research and a regular lecturer at the New York University Real Estate Institute. $327,302, a decline of 0.9 percent from September and an increase of 15.3 percent from the same time last year. Seven of the 19 reporting metros posted monthly price increases— and most of them were the same Western markets suffering in sales. "Month-over-month price increases were seen in Las Vegas, Long Island, Philadelphia, Phoenix, Riverside, and San Francisco, "If mortgage rates remain low, November and December may see stronger-than-normal sales as homebuyers try to get a leg up on spring competition. However, positive economic data has already pushed mortgage rates slightly higher in November, with daily rates for 30-year fixed rate mortgages rising from 4.1 percent to 4.39 percent," he said. "Continued rising rates and a lack of inven- with Sacramento unchanged," said Redfin analyst Tommy Unger. "Year-over-year increases were seen in all 19 metros with Las Vegas, Sacramento, and Riverside leading the way with 30 percent year-overyear median sale price increases." Meanwhile, inventory "continues to be the low point in the housing market," falling 10.4 percent yearover-year and 5.5 percent monthover-month. Redfin calculated a total of 245,875 homes for sale in its tracked markets in October. Though historically low mortgage rates and reduced competition have helped keep numbers up, Unger says the situation is liable to change at any time. tory could take the steam out of this late season demand." Shifting Dynamics Keep Market Resilient in October Even with the seasonal slowdown in full effect, shifting market conditions continued to boost October home sales and prices over last year, Redfin reported in its monthly Real-Time Price Tracker. The broker recorded 74,363 total home sales across its 19 tracked markets in October, a 1.0 percent decline from September but a 0.6 percent gain over October 2012. While national sales were fairly strong, Redfin observed "substantial weakness" in the West, with a number of California and Arizona markets posting year-over-year decreases in sales. The company attributed the regional decline to a lack of inventory, which continues to take a toll on figures. On the other hand, Washington, D.C., showed surprising resilience in the wake of the partial government shutdown. Even with its large numbers of furloughed employees, sales in the nation's capital were up 2.0 percent month-over-month and 11.6 percent year-over-year. At the national level, the median sale price in October was 56 | The M Report Company Steps Up eRecording Efforts NewDay USA links up with eLynx for increased document management capability. MARYLAND // NewDay USA customers will soon be able to electronically receive and sign loan documents, thanks to the company's recently announced partnership with e-document solution provider eLynx. Since its start in 1999, NewDay has taken on the costs and responsibilities to produce and distribute required documentation to customers. With the company's loan application volume steadily growing, it made more sense to transition those responsibilities to eLynx and utilize NewDay's staff elsewhere, said NewDay COO Paul Alger. For delivering documents to consumers, NewDay selected eLynx's Expedite Inbox, which provides a central portal for all documentation. In addition to creating an easily identifiable touch point for document management, the solution includes built-in alerts and reminders on what's due and features integrated capabilities like eDelivery, eSignature, electronic uploading, and more. The Inbox can also integrate with existing banking portals and is configurable to match the look and feel of the client's website, giving consumers a seamless experience. "With eLynx, we will be able to decrease our costs and increase our efficiency," said Eric Armstrong, senior applications analyst at NewDay. "With the regulation and market changes, there could be additional disclosure requirements that would add to current mailing requirements. We want to make sure we have a scalable process for addressing potential changes." With the launch of the latest enhancements to Inbox, eLynx says the company also hopes to help the average American consumer get over the hurdles put in place by slow processing, communication difficulties, and inability to track loan status—all common complaints collected by the Consumer Financial Protection Bureau (CFPB). The new features combat these problems by providing clear information on where the customer is in the loan process, what needs to be done, who to contact, and which step comes next. "We feel that these features are critical to empowering consumers with the knowledge they need to navigate any loan process with confidence," said Alec Cheung, VP of product management and marketing at eLynx.

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