Will it be easier to get a home loan?

small houseThis just in from the National Association of Realtors:

NAR Applauds FHFA Move to Expand Credit Scoring Models for Mortgage Underwriting

WASHINGTON (July 9, 2025) — National Association of Realtors® Executive Vice President and Chief Advocacy Officer Shannon McGahn released the following statement in response to yesterday’s announcement by Federal Housing Finance Agency (FHFA) Director Bill Pulte that, effective immediately, Fannie Mae and Freddie Mac will allow mortgage lenders to use VantageScore credit ratings—alongside or in place of traditional FICO scores—when assessing borrower creditworthiness:

“The National Association of Realtors® has long called for modernizing the credit scoring system to better reflect how today’s consumers manage their finances. We applaud the announcement from FHFA Director Bill Pulte that the GSEs will soon begin accepting VantageScore in addition to other credit scoring models.

“This is a major step toward a more accurate and equitable mortgage underwriting process, one that considers timely rent, utility, and telecom payments as indicators of creditworthiness. These are real-world factors that show how people pay their bills and should count when determining if someone qualifies for a mortgage.

“Expanding the number of acceptable credit scoring models also fosters competition in credit reporting, which will lower costs, increase accuracy, and ultimately help more qualified Americans achieve homeownership.”

. . . if you ask me, and no one ever has our whole system is rigged when a large private company like, say, Experian, is allowed to collect and hold private data about our spending habits, without our permission, and then use the data to create scores using their own scoring system. Scores that determine if people can get a loan, or a credit card or how much interest they will pay.

There are data breaches regularly where our data is exposed to criminals.

Maybe being able to use the “VantageScore” will help.

Got office supplies?

Coneflaoers
Coneflowers

Yes, it is already that time of year for back-to-school sales. The sales are earlier each year. We used to have to wait until August.

This year, especially with tariffs (a huge tax on the American people inflicted by Don the con) prices are likely to be higher rather than lower, but who knows.

This is a great time of year to buy office supplies and equipment for the home office.

Yesterday I bought a new desk chair for my office. I don’t need much this year but if I did I would be buying now.

It is time to take advantage of back-to-school savings.

 

 

Being number #1 is too common

number 1Last week, I received a postcard from a real estate company claiming to be number #1. There is an ad in a local newspaper for one office of a real estate company that claims to be number #1.

I think it is fair to make such a claim. They could be number 1 in number one in having the most recovering alcoholics in their office, or maybe their agents have the most pets or grandchildren.

The claim is vague; no specifics are provided.  Real estate companies that have more real estate agents usually have more sales.

Home buyers are usually attracted to a house rather than a real estate company. They won’t buy a house because the sign in front is from a number 1 real estate company.

Real estate companies do not sell houses. Real estate agents sell houses, and most agents are independent contractors. Choose the right agent and that agent will take care of the rest. If an agent claims to be number #1, ask for specifics. I like to ask for proof.

The good news is if you are looking for a real estate agent, there are many, perhaps hundreds to choose from.

June 2025 Home Sales in Saint Paul

I have been publishing home sale numbers by St. Paul neighborhood for 20 years. I have watched prices rise, and then there was that one time when they actually went down. For June 2025, home prices are up, and it takes an average of 24 days to sell a house. The median number of days is 11.

For the last several years, the norm for the St. Paul housing market has been a seller’s market. Homes sell for over the asking price with multiple offers.

Home prices and new listings are up month over month, and pending sales are down.  April through July are peak months for home sales in the region. I didn’t expect pending sales to be down. They are also down from June 2024.

About 20% of all homes on the market are in downtown St. Paul, where we are experiencing a buyer’s market. Lower prices downtown make this a good time to buy.

June 2025 home sales in St. paul
June 2025 Home sales by neighborhood.

The data used to make the table was exported from the NorthstarMLS and gently sorted, never stirred in MS Excel.

Rates lower but high

Mortgage interest rates were in the news last week because they went down slightly. People seem to be quite enthusiastic about lower rates. I guess lower is better than higher, but they are still too high.

Sure, mortgage interest rates have been higher. Home prices have been lower too.

Intererst rate chart
Mortgage interest rate survey from Freddie Mac