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 →
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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. Continue Reading → Today’s metro area home sales report from the National Association of REALTORS® shows St. Louis metro area home sales in October increased 7.8 percent from a year ago while St. Louis home prices declined in October 0.8 percent from the year before. I took a little closer look at the St. Louis real estate market, focusing on what I call the five “core” counties; St. Louis, St. Charles, Jefferson, Franklin and the City of St Louis, and found that home sales increased in October 13.5 percent from a year ago, and home prices declined 2.1 percent from the year before. Continue Reading → The U.S. mortgage loan delinquency rate was 7.93 percent of all home loans in October, down 2.0 percent from the month before and down a whopping 14.6 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 4.29 percent in October, a 2.5 percent increase from the month before and a 9.4 percent increase from a year ago. Continue Reading → 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 to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed Continue Reading → Over the past few years many people that had never faced financial trouble found themselves in foreclosure, doing a short-sale or deed in lieu or filing bankruptcy as a result of the burst of the housing bubble, record unemployment and a weak economy in general. People in this situation, many of whom were homeowners for years, were forced to lived with relatives or friends, or rent until they were able to get through their financial crisis. Now, many of these folks have been able to get back on their feet and want to buy a home again but don’t know when, or if they will be able to get a home loan again due to their past. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for October 2011 showing an increase in single-family home building permits from the month before of 5.1percent and a 3.9 percent increase in new home starts compared to the month before. Continue Reading → Conventional loans are traditional home mortgages, not backed by any government program of insurance or guarantee. There are standard underwriting guidelines for conventional conforming loans up to $417,000. These loans can carry fixed or variable (ARM) rates and a variety of repayment terms can be tailored to your individual needs. Buyers will need cash reserves/savings to cover two months of payments and generally, there is not a penalty for prepayment. Continue Reading → As a member of the title industry, I often see buyers decline to purchase a survey on their new home in an effort to save money. This decision may be penny wise but pound foolish! Buyers should understand that unless they purchase a boundary survey (also referred to as a stake survey) they are not receiving coverage from the title company that the house and its improvements are sitting within the boundaries of the property they are purchasing. Continue Reading → Candidate positions on housing will be important considerations to nearly seven of 10 Americans (69.6%) in the 2012 presidential and congressional elections, according to a new national survey on housing released today by Move, Inc. This is especially true for Millennials(1) (70.7%), the next generation of homebuyers and the segment expected to play as important a role in the 2012 elections as they did in 2008. Continue Reading → 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 to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed Continue Reading → St. Louis foreclosure activity decreased during October by 9.27 percent from the prior month and decreased by 40.41 percent from October 2010, according to RealtyTrac’s foreclosure market report that was just released. As the chart below depicts, of the sixteen counties in the St. Louis metro area that had foreclosure activity during the month, eight saw an increase from the month before, 7 a decrease and one remained the same. Ten of the counties saw a decrease from the year before with only five seeing an increase from the year before. Continue Reading → As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. Continue Reading → The median St. Louis metro home price in third quarter was $131,700, up 2.0 percent from 2nd quarter, but down 2.7 percent from a year ago, according to a report by the National Association of REALTORS. Home prices in the St. Louis metro area fared better during 3rd quarter than the U.S. as a whole which saw prices increase only .2 percent from the prior quarter and were down 4.7 percent from a year ago. Continue Reading → This morning, Trans Union released a report showing the national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased to 5.88 percent (from 5.82 percent in the 2nd quarter) during the third quarter of 2011, after falling in the previous quarter by the largest rate in two years. This is the first time mortgage delinquency rates have increased since the end of 2009. Continue Reading → St. Louis home prices have declined at a higher rate in September than the U.S. average. A report released this morning by CoreLogic, one of the nations leading providers of property information shows that U.S. home prices in September declined 4.4 percent from the year before and by 1.1 percent from the month before however, St. Louis home prices (the five-county “core” of St Louis City, St Louis County, St. Charles County, Franklin County and Jefferson County) declined 7.3 percent in September from the month before and were down 8.1 percent from the year before. Continue Reading → |
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