Dennis Norman - St Louis Real Estate News

Interest Rates drop to lowest level in three months

By Dennis Norman, on August 20th, 2009

Dennis Norman

According to Freddie Macs weekly mortgage market survey the interest rate on home mortgages dropped to a new three-month low. The survey shows the interest rate on a 30 year fixed rate mortgage averaging 5.12 percent with 0.7 percent in fees and points this week, down from 5.29 percent last week. Last year at this time, the 30 year interest rate averaged 6.47 percent.

The interest rate on a 15-year fixed rate mortgage averaged 4.56 percent with 0.7 percent in fees this week, down from 4.68 percent last week. Last year at this time the 15 Continue Reading →

House Prices in St Louis Increase in June; St Louis ranks 5th in 2-year house price change

By Dennis Norman, on August 20th, 2009

Dennis Norman

According to the Housing Market Report that was issued this morning by Radarlogic, home prices increased in June from the previous month in 23 out of the 25 metropolitan areas tracked by their company. St. Louis was among the 23 metros that showed an increase in home prices in June over May.

Overall the composite for all 25 metros showed a 3 percent gain in price from May to June representing one of the largest monthly gains reported by RadarLogic since June 2000. St. Louis home prices increased 2.2 percent over May.

There has been a Continue Reading →

Free Movers For Families Affected by Foreclosure

By Dennis Norman, on August 19th, 2009

Dennis Norman

By: Dennis Norman

I came across something today that, while it is very sad there is such a demand for, it is heartwarming to see this need being addressed; helping families that have lost their homes in foreclosure move and store their belongings.

There is a new non-profit organization, FreeMooves, that is offering free moving and storage services to families affected by foreclosure throughout the U.S.

Continue Reading →

New home starts and completions in July down from June; Permits are up

By Dennis Norman, on August 18th, 2009

This morning the US Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for July 2009 showing a slight increase in new home construction activity from June in the U.S.

For the Midwest region of the U.S. the report showed the following:

Building permits issued for single-family residences in July were at an annual rate of 77,000 which is a 5.5% increase over June, but still 18.9% below July 2008. Continue Reading →

What homes are selling in St. Louis?

By Dennis Norman, on August 17th, 2009

By: Dennis Norman

Lately the news on the real estate market has been a little more optimistic and almost encouraging at times. Most of the news and stats are national or regional and, as I and others have said many, many times, all real estate is local. So what’s going on in the St. Louis market and more specifically, what is selling here?

In putting together stats for this post I included data from the following areas:

St. Louis City St. Louis County St. Charles County Jefferson County Franklin County Continue Reading →

Refinancing borrowers choose fixed-rate loans over ARMS

By Dennis Norman, on August 15th, 2009

Freddie Mac announced that in the second quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or fixed. In fact, ninety-nine percent of prime borrowers who originally had a conforming ARM selected a new conforming fixed-rate mortgage when they refinanced.

While 30-year fixed-rate mortgages still tend to be the preferred loan, more borrowers are choosing 15-year fixed-rate loans than before. “When interest rates hit very low levels for fixed-rate mortgages, borrowers often take tis opportunity to lower their interest rate and shorten their loan term,” said Frank Nothaft, vice Continue Reading →

Almost thirty percent of mortgages in St. Louis are underwater

By Dennis Norman, on August 14th, 2009

Dennis Norman

According to a report issued by First American CoreLogicmore than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, are in a negative equity position. In addition, according to the CoreLogic report, there are an additional 2.5 million mortgaged properties that are approaching negative equity. Negative equity and near negative equity mortgages combined account for nearly 38 percent of all residential properties with a mortgage. The numbers for St. Louis are a little better than the U.S. numbers. In St. Louis, 170,871, or 29.50 percent of all properties with a mortgage, are in negative equity. Continue Reading →

Advice to sellers from a St. Louis REALTOR – final post in the series

By Dennis Norman, on August 13th, 2009

By: Dennis Norman

We’ll pick up where we left off after parts one and two of this series about selling a home in this market:

Question- Now for the $64 question, how should a seller properly price their home in this market?

Answer- In today’s market sellers are in fierce competition with one another for buyers. A seller can do everything right in presenting their home from maintenance and upkeep to staging, but if the price is not appropriate buyers will move on quickly. The simple truth is, there is another seller around the corner ready to set their Continue Reading →

Advice to sellers from a St. Louis REALTOR – part two of a series

By Dennis Norman, on August 12th, 2009

By: Dennis Norman

We’ll pick up where we left off in part one of this series about selling a home in this market:

Question- How should a seller select an agent? What should they look for in an agent and what should a seller avoid?

Answer- Years of experience is not as important as it once was. Certainly, the seller needs an agent with market knowledge, but the fact is today’s market is new territory for all REALTORS(R). I believe a seller in today’s market needs to be certain their REALTOR(R) has a firm grasp of marketing a property to Continue Reading →

Advice to sellers from a St. Louis REALTOR – part one of a series

By Dennis Norman, on August 11th, 2009

By: Dennis Norman

If you are a homeowner looking to sell your home today I don’t think I need to tell you it could be a challenge. In an effort to address some of the questions you may have about selling your home now as well as provide some useful tips and information

Now, lets find out what it takes to sell a home in this market:

Continue Reading →

Storm water consumer protections signed into law

By Dennis Norman, on August 10th, 2009

Dennis Norman

By: Dennis Norman

Legislation to protect St. Louis area residents from storm water fees for services they are not receiving was recently signed into law. Representative Tim Jones sponsored the legislation, which was amended to House Bill 661 during the 2009 session and was signed by the Governor on July 7th.

Rep. Tim Jones, 89th District

“When MSD refused to remove this unfair tax, I heard the voices of my constituents loud and clear. Although we knew it would be a touch mountain to climb to pass legislation of this magnitude in only one Continue Reading →

Survey shows shift in consumer real estate decisions; more making move for the better

By Dennis Norman, on August 9th, 2009

Dennis Norman

By: Dennis Norman

Relocation.Comconducted a survey in June which shows that 50 percent of people who recently moved did so to improve their living situation, whether to move into a bigger home or move to a better neighborhood. The results of Relocation.Com’s most recent survey is a dramatic reversal from a similar Relocation.Com survey in March 2009 that found the recession played a much larger role in the decision to move.

As the primary reason for moving, No. 1 on the list was to live in a bigger/better home (26 percent), followed by living in a Continue Reading →

FBI Arrests Two People in Foreclosure Scheme

By Dennis Norman, on August 8th, 2009

Dennis Norman

By: Dennis Norman

Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.

This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness of scams such as this and hopefully help prevent more victims of such scams. The press release describes in detail how they allege this scam was carried out. To read the FBI press release click here, or just read below as I have published it Continue Reading →

St. Louis Association of REALTORS(R) Presidents’ view of the market – Final Post of the series

By Dennis Norman, on August 7th, 2009

Dennis Norman

By: Dennis Norman

Earlier this week I did part one , and yesterday part two of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, What do you feel are the best opportunities today for buyers in St. Louis?

Carole – Buyers that are looking to purchase a Continue Reading →

Mortgage rates decline this week on better than expected economic news

By Dennis Norman, on August 6th, 2009

Dennis Norman

According to Freddie Macs weekly mortgage market survey mortgage rates decreased slightly for the week ending August 6, 2009 from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.22% with 0.6% in fees and points, down from 5.25% the week before. Last year at this time, the 30 year rate averaged 6.52%.

Rates on 15 year fixed-rate mortgages decreased slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.73% and 1 year ARM’s as well as 4.78%. This time last year these arms Continue Reading →

St. Louis Association of REALTORS(R) Presidents’ view of the market – Second Post in a series

By Dennis Norman, on August 6th, 2009

Dennis Norman

By: Dennis Norman

Yesterday I did part one of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, obviously many things are affecting the real estate market at this time, many in a negative way unfortunately. What negative forces do you see working against the St. Louis real Continue Reading →

St. Louis Association of REALTORS(R) Presidents’ view of the market – First Post in a series

By Dennis Norman, on August 5th, 2009

Dennis Norman

By: Dennis Norman

Last month I published my E-View with Karen Vennard, the 2009 President of the St. Charles County Association of REALTORS(R) to get her take on the real estate market in St. Charles County. Now it’s time for the St. Louis side of the Missouri River.

To find out the status of the real estate market in St. Louis County, as well as the City of St. Louis, I turned to Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the market.

Continue Reading →

June pending home sales increase
Midwest up 11.6% from a year ago

By Dennis Norman, on August 4th, 2009

Lawrence Yun, Chief Economist, NAR

By: Dennis Norman

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June showing pending sales in the U.S. were up for the fifth consecutive month, the first time in six-years for such a streak.

Here in the Midwest pending home sales were only up 0.8% from May, but were up a whopping 11.6% from this time a year ago, the largest year over year increase of the four regions in the U.S.

The pending home sales index for the Midwest rose 0.8% to 89.9 from a level Continue Reading →

Fed Reserve proposes significant changes to provide more disclosure and protection to borrowers on mortgages

By Dennis Norman, on August 3rd, 2009

Dennis Norman

Late last week the Federal Reserve Board proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with home mortgages and home equity lines of credit.

These changes are just proposed at this point and are being offered for public comment for 120 days at which time the Fed Reserve will review comments and decide whether or not to put the changes into effect.

Ben S. Bernanke

“Consumers need the proper tools to determine whether a particular mortgage loan is appropriate for their circumstances,” said Federal Continue Reading →

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

By Dennis Norman, on August 2nd, 2009

The Internal Revenue Service this week announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both. To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud Continue Reading →

Fed Reserves publishes “5 Tips for Shopping for a Mortgage”

By Dennis Norman, on August 1st, 2009

Dennis Norman

By: Dennis Norman

Buying a home should be a dream come true not a nightmare of worry and stress. A new Federal Reserve Board publication, “5 Tips for Shopping for a Mortgage,” will help consumers avoid potential pitfalls and make well-informed decisions when choosing a home loan. Financing the purchase of a home is one of the most complex financial decisions that consumers make. The Federal Reserve’s latest “5 tips” guide is designed to help home buyers find the mortgage that is best for them. The complete guide is available here however a summary of Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Final post of the series

By Dennis Norman, on July 31st, 2009

Dennis Norman

By: Dennis Norman

Today we pick up where we left off yesterday with my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. here in St. Louis.

If you missed part one, two, or three, there are links to both at the end of this post. And now, the final part of the E-View TM:

Q-This is a good time probably to address the Internet. There appear to be hundreds of lenders on the Internet for the consumer to choose from in addition to their local lenders. Do you think there Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Part 3 of a series

By Dennis Norman, on July 30th, 2009

Dennis Norman

By: Dennis Norman

Today we pick up where we left off yesterday with my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. here in St. Louis.

If you missed part one or two, there are links to both at the end of this post. And now, part three of the E-View TM:

Q-I have seen a lot of reports about “jumbo” loans and rates being artificially high on those loans. What is a “jumbo” loan and have the rates been affected in a negative way as a result of the Continue Reading →

FBI issues consumer alert warning of phony online rental ads

By Dennis Norman, on July 30th, 2009

By: Dennis Norman

The FBI has issued a consumer alert warning of phony online rental ads. According to the alert, the scam goes like this:

You can’t believe your good fortune-you find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate. The landlord-who had to leave the country and travel to Nigeria-asks that you wire him two months worth of rent. You arrive at the home on the agreed-upon date, but there is just one small problem- the house is not actually for rent and its owners know nothing about your agreement.

Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Part 2 of a series

By Dennis Norman, on July 29th, 2009

H. John Frank, Jr., President, Paramount Mortgage Co.

By: Dennis Norman

Yesterday I did the first post of my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. located here in St. Louis.

Today we continue with part two of the E-View TM:

Q-How many states require mortgage brokers/bankers to be licensed? Does licensing protect the consumer in your opinion? If so, how? If not, why not?

A-I don’t know how many states require licenses, but later this year (I believe around the 1st of August) most, if not all, states Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Part 1 of a series

By Dennis Norman, on July 28th, 2009

Dennis Norman

By: Dennis Norman

It seems home mortgages are in the news daily lately: record-low interest rates, record-high foreclosure rates, the sub-prime mortgage mess, lack of jumbo loans and so on. It’s confusing at best and causing much concern for many people wishing to buy a home or refinance their existing home mortgage.

H. John Frank, Jr., President Paramount Mortgage Co.

To find out just what is going on in the home mortgage world today I turned to someone I have known for over 20 years that is a highly respected St. Louis mortgage banker, Continue Reading →

New home sales in Midwest increase a whopping 43.1% in June

By Dennis Norman, on July 27th, 2009

Dennis Norman

This morning the U.S. Department of Commerce released a report showing the sale of New Homes in June were at a seasonally adjusted annual rate of 384,000, an 11% increase across the US from May.

However, here in the Midwest the numbers were significantly better showing a seasonally adjusted annual rate of 73,000 new homes sales in June, a 43.1% increase over Mays rate of 51,000 homes. In addition, the Midwest was the only of region of the four in the U.S. that showed an increase in sales from the year prior. In the Midwest, June’s Continue Reading →

Interest rates increase slightly this week

By Dennis Norman, on July 24th, 2009

Dennis Norman

According to Freddie Macs weekly mortgage market survey mortgage rates increased slightly this week from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.20% with 0.7% in fees and points, up from 5.14% the week before. Last year at this time, the 30 year rate averaged 6.63%.

Rates on 15 year fixed-rate mortgages increased slightly as well, up to 4.68% from 4.63% the week before, 5/1 ARM’s held about the same at 4.74% and 1 year ARM’s as well as 4.76%. This time last year these arms were 6.18% and 5.49% respectively.

Continue Reading →

Home sales and prices increase in Midwest in June

By Dennis Norman, on July 23rd, 2009

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row as well as higher prices in June.

Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. This rate is almost identical to last years sales at the same time which is a first in a quite a while. May’s rate was down 3.6% from a year ago and June is down just 0.2% from a Continue Reading →

St. Charles County Association of REALTORS(R) Presidents’ view of the market – Final Post

By Dennis Norman, on July 23rd, 2009

Dennis Norman

By: Dennis Norman

For the past two days I have written about my E-View with Karen Vennard, the 2009 President of the St. Charles County Association of REALTORS(R) to get her take on the real estate market in St. Charles County.

Today will be the final post in this series in which Karen has been shared her insights with us on the real estate market in St. Charles County. Now we’ll pick up where we left off yesterday:

Karen Vennard, 2009 President, St. Charles County Association of REALTORS

Dennis – We hear a Continue Reading →