The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011. Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. Continue Reading →
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Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS), showing average fixed mortgage rates finishing the year near their all-time historic lows. Thirty-year fixed rate mortgages averaged 3.95 percent and have been at or below 4.0 percent for the past nine consecutive weeks keeping homebuyer affordability at a near all-time high. Continue Reading → The National Association of REALTORS Pending Home Sales Index for November shows an increase of 7.3 percent in the index from the month before (seasonally adjusted), and a 5.9 percent increase from a year ago. This is the second consecutive month that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 111.5. Continue Reading → The characteristics of home buyers has changed fairly significantly in just the two past years according to the National Association of REALTORS (NAR) annual Profile of Home Buyers and Sellers. In 2009, first-time home-buyers, encourage by tax credits, made up 47 percent of the market and in 2011 made up only 37 percent of the market. Continue Reading → While losing $700 Billion in value in U.S. homes in a year sounds horrible, the good news is, if we end this year around this number the total loss in home values for 2011 will be smaller than the prior four years! This information is from the newly released Zillow Real Estate Market Reports, which also predicts that nine metro areas will see gains in home values this year once the final numbers are in! With all this “good” news, we have to ask ourselves…is the worst of the real estate market crash over? I think the answer is yes, at least when it comes to the housing market. Continue Reading → This morning, the S&P/Case-Shiller Index report for October was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.1 percent and 1.2 percent respectively and the home price indexes were down 3.0 percent and 3.4 percent respectively from the year before. Continue Reading → The last couple of months I have said that, “unless something changes dramatically, 2011 will hit a new record low of new home starts. Well, the actual numbers this year will still most likely be a record low, but at least the rate of new home starts for November has now inched above the record low New home starts in November were up 2.3 percent from the prior month with the seasonally adjusted annual rate inching its way up to 447,000 homes, just slightly above the all-time low of 445,200 new home starts in 2009. Continue Reading → An extraordinary 18 percent of Realtors have experienced contract failures in the last few months according to the National Association of Realtors (NAR). This is double the levels of a year earlier. One of the top reasons that cause these contract cancellations is credit issues. In many cases, understanding how the credit system works would help buyers avoid problems. Utilizing a mortgage banker early in the home buying process can help educate buyers about activities that improve their credit score, such as paying bills on time. They can also learn what actions to avoid, including taking on new sources of debt like buying a car or getting a new credit card before applying for a mortgage. Continue Reading → The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November, up 2.7 percent from the month before and down 9.6 percent from a year ago, according to the “First-Look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate, on the other hand, was 4.16 percent in November, a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → This morning Freddie Mac released its Primary Mortgage Market Survey (PMMS) which showed average 30-year fixed-rate mortgages matched an all time record low of 3.94 percent, and there was an all-time record low rate for 15-year fixed rate mortgages. St. Louis foreclosure activity increased during November by 6 percent from the prior month and decreased by 18 percent from October 2010, according to RealtyTrac’s foreclosure market report that was just released. Continue Reading → Members of the armed forces who have generally served for two years in peace time, or 90 days during conflict are eligible for a guaranteed VA home loan. Members of the National Guard or Reserves who have served for six years are eligible. Widows of veterans are eligible if the veteran died in a service-related incident. There are special circumstances for some veterans regarding eligibility. A Certificate of Eligibility and DD214 are required. Continue Reading → Today CNBC reported that the National Association of REALTORS, the country’s leading source of existing home sales data, will be revising their home sales numbers from 2007 through October of this year downward because of “double counting, indicating a much weaker housing market than previously thought”. Continue Reading → A recent survey by Houselogic.com, a consumer website from the National Association of REALTORS, shows that jobs will be the most important issue for voters in the 2012 election, followed next by housing. Over half the respondents said jobs would be the top issue as they head to the polls next November and almost a third cited the housing market as the most important issue. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → The St Louis foreclosure rates was 1.72 percent for September 2011, up from 1.67 percent the month before and increased 9.6 percent from September 2010 when the rate was 1.57 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 3.48 percent for September 2011. Continue Reading → Even though over the past few years, ARM’s (adjustable rate mortgages) have received somewhat of a “bad name”, there are truly benefits to them including: Continue Reading → A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in October 4.4 percent from the year before and declined by 1.1 percent from the month before marking the third consecutive monthly decline in home prices. Continue Reading → “We may indeed being seeing the beginning of at least a ‘soft landing’ in housing,” said Michael Feder, President and CEO of Radar Logic. The latest housing market report by RadarLogic contained said, while trends in home prices remain negative in most major U.S. metropolitan areas, there are indications that market conditions are starting to improve. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → Want to buy a house but a little short on cash? If your parents or grandparents are of the baby boomer generation then no problem, they’ll give you the cash! Well, at least one in five will according to a recent survey by Better Homes and Gardens Real Estate. Continue Reading → After the problems we have seen over the past few of years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes brought about which makes it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers see when they attempt to obtain a mortgage to buy a home or refinance their existing mortgage include: The National Association of REALTORS Pending Home Sales Index for October shows an increase of 10.4 percent in the index from the month before (seasonally adjusted), and a 9.2 percent increase from a year ago. This is the first time in four months that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 110.9. Continue Reading → A report released today by CoreLogic shows that 17.10 percent (96,986) of all St. Louis homeowners with a mortgage were in a negative equity position in the third quarter of 2011, down slightly from 17.30 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than the current value of their home. Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for October 2011 showing an increase of 1.3 percent from the month before, and an increase of 8.9 percent from a year ago. The seasonally-adjusted new home sales rate for October was 307,000 homes, up from an adjusted rate of 303,000 homes the month before (originally reported at 313,000 homes). Unfortunately, even with the increase in the rate of new home sales, the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue Reading → ST. LOUIS, MO—The United States Attorney’s Office announced the guilty plea of Matthew Kent, vice president and co-operator of Coral Mortgage Bankers Corporation’s University City office. According to court documents, between May 2007 and December 31, 2010, Kent, his partner in Coral Mortgage David Rubin, and Joshua Gould, formerly of Woodbury Financial, embezzled approximately $1,500,000 from a retired individual solicited by Rubin to provide funds for operating capital for Coral’s St. Louis operations. The individual was assured that the funds would not be spent, would be held in a secure trust account, used only as collateral for Coral’s operations, and that the individual would receive regular interest payments. Between May 2007 and December 2008, the client provided Rubin and Kent approximately $1,200,000 from his and his wife’s life savings. Despite Continue Reading → St Louis Real Estate market update for November 25, 2011 produced by St Louis REALTOR, MORE, REALTORS. Continue Reading → In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines. Continue Reading → WASHINGTON – The Justice Department today announced that Roger Harris, Hediger Enterprises Inc., Carroll Management Group, Forum Manor Associates L.P. and Forum Manor LLC have agreed to pay $295,000 in monetary damages and civil penalties to resolve a Fair Housing Act lawsuit alleging sexual harassment, race and sex discrimination, retaliation and intimidation at Forum Manor Apartments, a federally-subsidized apartment complex in Rolla, Missouri. 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