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Las Vegas, Nevada is the best place in America to buy at rental property at this time according to the newly released “HomeVestors-Local Market Monitor Best Markets to Invest in Rental Property” report. St. Louis came in at number 50 and Kansas City at number 37. [...] A report released today by CoreLogic shows that 17.30 percent (99,792) of all St. Louis homeowners with a mortgage were in a negative equity position in the second quarter of 2011, up slightly from 17.10 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to [...] Sixty-nine percent of American’s polled in Fannie Mae’s National Housing Survey in August said that now is a good time to buy a home, this is up from 66 percent the prior month. Consumers are not in a home buying mode as a result of feeling good about the economy however as in the [...] Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up [...] The St Louis foreclosure rates was 1.62 percent for June 2011, down from 1.71 percent the month before and up from June 2010 when the rate was 1.44 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was [...] Federal Reserve Governor Elizabeth A. Duke, while speaking at the Federal Reserve Board Policy Forum last week, discussed the effect on the housing market that properties acquired by banks and lenders through foreclosure (REO’s) and suggested that if some of this inventory was converted to rental property by the lenders, this may have a positive [...] On October 1, 2011, the Federal Housing Administration (FHA) will implement new single-family loan limits as specified by the Housing and Economic Recovery Act of 2008 (HERA). As a result, FHA will reduce loan limits in the highest cost metropolitan areas of the country, while limits would remain unchanged in most other parts of [...] In my opinion, the capital gains tax exclusion that was granted to homeowners under the Taxpayer Relief Act of 1997, is the single best, wealth-building opportunity, that’s ever been made available to the average American. That’s because, under Section 121, of the Internal Revenue Code, a single homeowner can exclude, up to $250,000, from [...] Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up [...] As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history. It’s a great time to buy a home. It’s an even better time to refinance. This isn’t cheerleading. This is fact. As [...] HUD released its U.S. Housing Market Conditions report for the 2nd quarter of 2011 which stated “housing data for the second quarter of 2011 indicate that the recovery in the housing market continues to remain fragile.” This did not come as a surprise, but what I did find a little surprising was the report showed [...] Dennis Norman This morning, the S&P/Case-Shiller Index report for June was released showing US home prices increased for the third consecutive month however, average home prices in the U.S. are still about the same as they were over 8 years ago in early 2003. The report shows their 20-city composite home price index increased [...] Dennis Norman The National Association of REALTORS Pending Home Sales Index for July shows, after two consecutive months of increases, a decrease of 1.3 percent in the index from the month before (seasonally adjusted), and a 14.4 percent increase from a year ago (last month’s index was up 19.8 percent from the year before). [...] Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up [...] This morning, RealtyTrac released it’s Foreclosure Sales Report for the St. Louis metro area for the 2nd quarter of 2011 which showed there were 2,138 REO’s (banked owned) and Pre-Foreclosure (short sales and other sales of property with loans in default) during the quarter which is a 4.86 percent increase from the prior quarter and [...] To me, real estate negotiations are about two things and two things only: Price and terms. And that’s why your objective during negotiations, should always be to obtain a purchase or sale price and terms, which will give you the best possible deal. By “best possible deal,” I mean a price and terms that an [...] First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Program Highlights: 3% Cash Assistance Loan (CAL) can be used for down payment and closing costs. CAL is forgivable after 5 years of occupancy. 30 Year Fixed Rate Mortgages & Competitive Rates. CAL can be used with FHA, [...] Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for July 2011 showing a decrease of 0.7 percent from the month before, and an increase of 6.8 percent from a year ago. The seasonally-adjusted new home sales rate for July was 298,000 homes, down from an [...] It seems every time I start thinking it’s safe to use the “R” word (recovery) about the housing market, something happens to put the damper on it. The recent downgrading of the U.S. credit rating, which ultimately caused the Wall Street roller coaster ride, certainly hasn’t help. Then today, the National Association of Home Builders [...] HomeSteps, the home-sale division of Freddie Mac, announced “Condo Cash”, a special limited-time offer to pay up to $1,500 in future condo fees for eligible buyers purchasing a condominium being sold through the Freddie Mac HomeSteps program. [...] After all the bad press mortgage companies have received lately, this probably won’t come as a surprise, but according to the J.D. Power and Associates 2011 U.S. Primary Mortgage Servicer Satisfaction Study, homeowners satisfaction with their mortgage servicers has “declined notably from 2010.“ [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in July were at at a seasonally adjusted-annual rate of 4.67 million units which is a decrease of 3.5 percent from the month before, an increase of 21.0 percent from a year ago and is the lowest rate of home [...] Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application. The following is a quick rundown of items that should be collected at application: [...] A report released by Trulia shows that, based on current market conditions, it is cheaper to buy a home than rent in 74 percent of major U.S. cities. At the top of the list is Las Vegas with a price rent ratio of 6 (the lower the number, the more affordable it is). At the [...] Today, CNN Money published their 2011 list of the best places to live in the U.S. At the top of the list is Louisville, Colorado. The criteria for selection of the best places to live include jobs, schools, crime, local economy, weather and activities. Unfortunately , St. Louis did not make the list of top [...] A report released this morning by Standard & Poor’s and Experian show a decrease in monthly default rates on first mortgages from 2.02 percent to 1.93 percent and a decrease in default rates on second mortgages from 1.40 percent to 1.25 percent in July. A continuing decline in mortgage delinquencies is one of the things [...] In 1959 the census bureau first started keeping track of new home construction activity and reported that there were 1.5 million new homes started that year. In 2005 a record high 1.7 million new homes were started and in 2009 a record low 445,100 new homes. In 2010 there was a little improvement as [...] Last week, The Washington Post published an article by Kenneth Harney which said “if you take mortgage interest tax deductions, the next 100 days could have significant financial implications for you, thanks to Congress’s new federal debt ceiling plan……the compromise legislation created an unusual mechanism — an evenly split, 12-member bipartisan supercommittee — that could [...] Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes [...] Finally some good news for the St. Louis Real Estate Market! This morning RealtyTrac released their foreclosure activity report for the St. Louis metro area for July 2011 showing that foreclosure activity in the St. Louis metro area in July was down 8.77 percent from the month before and down a whopping 35.46 percent from [...] |
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