June 2016 H OUSING N EWS R EPORT
FINANCIAL BRIEFS
FAA Loosens Drone Rules New Federal Aviation Administration (FAA) rules allow U.S. companies to fly drones without a pilot’s license, making it easier for real estate agents to legally fly drones for real estate aerial photography. Drones flown in for-profit uses will no longer require a special permit so long as they weigh no more than 55 pounds, fly no higher than 400 feet and soar no closer than 400 feet from buildings or structures, the FAA announced. The new regulation, which takes effect in August, will allow anyone over the age 16 to fly commercial drones so long as they apply for a remote pilot certificate, which requires passing an aeronautics test at an FAA-approved site and undergoing a background check. According to the FAA news release, the new rule change could generate more than $82 billion for the U.S. economy and create more than 100,000 new jobs over the next 10 years.
Wells Offers 3 Percent Down Payment Mortgages
Wells Fargo & Co. is offering a new type of mortgage for borrowers making minimal down payments for fixed rate loans The bank’s new program — called Your First Mortgage — requires a down payment of just 3 percent of a home’s purchase price, and a FICO score as low as 620 on a scale of 300 to 850, while also allowing them to use income from family members or renters to qualify. Wells Fargo, like most big banks, had stopped offering Federal Housing Administration-backed loans after dealing with lawsuits connected with underwriting problems.
SOURCE: Wells Fargo & Co.
SOURCE: FAA
REO Inventory and Case-Shiller Home Price Index - 2007 - 2016
1,200,000
200
RealtyTrac REO Inventory
S&P/Case-Shiller Composite - 10
S&P/Case-Shiller Composite-20
190
1,000,000
180
170
800,000
160
600,000
150
140
400,000
130
120
200,000
110
-
100
SOURCES: RealtyTrac, S&P/Case-Shiller
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