The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Homes are truly unique. I look forward to helping you with any of your Charleston SC Homes For Sale needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:
Charleston SC Homes For Sale : December 2015 National Housing Trends
Closing Delays Increase Slightly in November After New Mortgage Disclosure Requirements
A mortgage disclosure rule from the Consumer Financial Protection Bureau appears to have contributed to a slight increase in the share of home sales that didn’t close on time in November, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
The CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule took effect at the beginning of October, though many sales that month weren’t subject to the TRID rule. In November, the share of mortgagefinanced transactions that closed on time declined compared with the previous month and the total time mortgage-related transactions took to close increased.
However, the impact of TRID appears to be limited as the majority of mortgage related home sales continued to close on time in November and about 25.0% of home sales were all-cash transactions that aren’t subject to the disclosure rule. “Closing time metrics are showing minor effects of TRID,” said Tom Popik, research director of Campbell Surveys.
The share of home-purchase transactions that closed on time in November declined compared with October for all six loan types tracked by HousingPulse, based on a three-month moving average.
Some 72.0% of Fannie Mae and Freddie Mac purchase mortgages with a downpayment of at least 20.0% closed on time in November, down from a 73.6% share the previous month. By comparison, 78.0% of cash transactions closed on time in November, up from a 76.0% share in October. Learn more about the December 2015 National Housing Trends
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"Carolina Joe" Idleman