A Special Program for Members of the Armed Forces: VA LOANS
No Down Payment 100% Loan Financing No Mortgage Insurance Required 30-Year Fixed Rate or 3-Year Arms No Pre-Payment Penalty Continue Reading →
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for August 2010 showing a decrease in single-family home building permits and an increase in new home starts compared to the month before.
Dennis Norman
Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
Dennis Norman
A report by CoreLogic shows that in June 2010 almost one in five (19.3 percent) of the home sales in St. Louis are distressed home sales, such as foreclosure or a short sale. The report cautions that recent data showing improvements in negative equity, serious mortgage delinquency and a decrease in market share of short-sales, has been distorted as a result of the short-term boost in the “non-distressed” housing market by the homebuyer tax credit program, which recently ended.
Dennis Norman
According to data from the U.S. Census Bureau, Americans, for the most part, are very satisfied with the neighborhoods they live in. According to the Census Bureau “American Housing Survey”, more than tw0-thirds of people across the country rate the quality of their neighborhood as eight or higher on a 10-point scale. Just over 15 percent report crime as a problem in their neighborhoods.
Hmm…perhaps if people weren’t so happy with their neighborhoods they would be more inclined to move and give the housing market a much needed boost?
Dennis Norman
Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie Mae from December 2009 to January 2010 as well as one conducted back in 2003.
Dennis Norman
While much of the talk (including mine) about the real estate market is somewhat negative, there are some positive things to talk about; home prices have fallen back to levels they were at 7 years ago or more and home mortgage interest rates have hit the lowest levels in decades making a home more affordable than ever. This is a great opportunity for someone to buy a home, particularly if a first-time buyer that doesn’t have to deal with selling a home in the current market. In addition, provided Congress doesn’t take them away, there are Continue Reading →
FHA Changes Mortgage Insurance Rates-less up front cost but higher payments; St Louis Mortgage Watch
New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs, however lower that actual up-front cost paid by borrowers.
Dennis Norman
The U.S. Department of Housing and Urban Development (HUD) has issued their report on St. Louis Housing Market condition as of second quarter of this year. The report from HUD labels the St. Louis area as a “hub for shipping and transportation” and a “center for manufacturing and biomedical sciences.” Among the “positives” for St. Louis, HUD identifies that St. Louis is the home to several institutes of higher learning, including St. Louis University and Washington University which, between the two, have an estimated annual economic impact on the region of nearly $3 billion.
Frank Gregoire
My world was much different in the late 1980’s. Although I was in the real estate business and the real estate appraisal profession for a decade, political activity did not interest me. Here at Gregoire & Gregoire, we had already been using a networked mini-computer for appraisal reporting since 1983, but I did not have an email account or address. I did not surf the web. Our clients were savings and loan associations, FHA lenders, loan discount companies (purchasers of privately originated first and second mortgages), real estate brokers, and several lawyers. All our research was Continue Reading →
A Massachusetts attorney, Michael R. Anderson, 41, of Framingham, was charged last week in federal court with wire fraud, bank fraud, and money laundering in connection with a multi-year, multi-property mortgage fraud scheme in Dorchester and Roxbury. United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and William P. Offord, Special Agent in Charge of Internal Revenue Service, Criminal Investigation – Boston Field Division, announced today that the defendant was charged in an Information with 16 counts of wire fraud, nine counts of bank fraud, and two counts Continue Reading →
A Raleigh, N.C., real estate speculator pleaded guilty to conspiring to rig bids for public real estate foreclosure auctions held in multiple counties in eastern North Carolina, the Department of Justice announced today.
Christopher J. Deans pleaded guilty yesterday in U.S. District Court in Greenville, N.C., for participating in a conspiracy to rig bids during the real estate foreclosure auction process in eastern North Carolina from at least as early as April 2003 until at least April 2005. The primary purpose of the conspiracy was to suppress and eliminate competitive bidding on foreclosed properties and obtain selected real estate Continue Reading →
Survey reveals tenants are not rushing to buy a home…also shows the “McMansion” craze is over…
Dennis Norman
Trulia.com released the results of its recent “American Dream” survey on attitudes toward home ownership which, not surprisingly to me, shows interest in the “American Dream” of home-ownership has cooled a little. According to the survey, 27 percent of renters indicated that they do not plan to buy a home — ever. Of those renters who do plan to purchase someday, 68 percent said it would be more than two years before they do.
“..if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale..”
According to a report released by ZipRealty, the number of price-reduced homes on the market increased 3.26 percent in August compared to July. ZipRealty’s monthly review of MLS-listed properties in 26 major markets found that 47 percent of “for sale” homes had at least one price reduction and the average seller actually slashed their list price twice to attract buyers.
Daniel Manzano
Many of us Real Estate industry professionals know that a Short Sale transaction can take months for it to be approved and closed. Nevertheless, we have had Short Sale approvals in less than 10 days. But, the reality is that Short Sales usually take three to four times as much as a regular sale to finally get to the closing.
From the time the Realtor actually gets the property under contract to the time the Lender approves, it could take anywhere from 30 days to 6 months, depending on how fast the Borrower provides critical information Continue Reading →
The following are the four common first-time home-buyers mistakes:
Spending the maximum on housing:
First-time buyers can be overly optimistic and excited about buying a home, so they tend to borrow the absolute maximum they qualify for (on paper), not necessarily worrying about a budget or other expenses. Lenders qualify buyers based on their incomes and debt-to-income ratios. However, borrowers have other monthly expenses they need to consider: maintenance and upkeep on their new home, utilities, transportation, savings, and other necessities that are not counted in the debt-to-income ratios.
Dennis Norman
When I first entered the real estate business in 1979, at the age of 18 which seems so long ago) foreclosures were a mystery to most people and certainly no one looking for a home to live in looked to buy a foreclosure. Homes that were being foreclosed upon were advertised in legal newspapers that no one other than some speculators, attorneys and bankers subscribed to basically. Here in St. Louis I was one of a couple of handfuls of real estate investors that would do the research then go out and try to buy foreclosures Continue Reading →
Dennis Norman
Reverse mortgages have become increasingly popular over the past few years with seniors that find themselves with a large amount of equity in their home, but short on cash, or struggling to pay for the upkeep of the home, property taxes, insurance or other living expenses. A reverse mortgage allows people in that situation to pull the equity from their home in a lump sum, monthly payments or just as they need it.
Dennis Norman
A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of July 2010 shows that mortgage delinquencies continue to decline however are still at very high levels versus historical norms. At the same time however, foreclosure starts have increased to the fourth highest level on record.
Dennis Norman
After hitting all-time low in June, pending home sales increase 5.2 percent in July
The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009.
Dennis Norman
UPDATE 9/03/2010 -Good News! I’m waiting for confirmation from the Secretary of State’s office, but I have been told that the Secretary of State has decided to drop the appeal and allow this issue to move forward to the voters in November! A huge victory for Missouri property owners! – end of update.
Yesterday I wrote about a Cole County Judge ruling against the Missouri Secretary of State and in favor a group working to prevent double taxation, by means of a transfer tax or fee on real estate, in Missouri clearing the way to take Continue Reading →
As the mortgage industry adjusts 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.
Dennis Norman
Earlier this month I wrote about a set-back in an effort to give Missourian’s a an opportunity in November to prevent the possibility of double taxation by voting to pass a constitutional amendment prohibiting transfer taxes or fees on the transfer of real estate. The effort, which had the full support and backing of the Missouri Association of REALTORS, hit a road block when the Secretary of State’s office did not certify that enough signatures were obtained to put the issue on the ballot in November.
Dennis Norman
Naturally, no sooner than I finish writing my post this morning about the Case-Shiller report on home prices in which I actually got to report somewhat “positive” news, my bubble is burst. RadarLogic, another company that has their own home price index that I like, came out with a report saying the Case-Shiller report was too optimistic and that their (RadaLogic) home price index was a better reflection of home values.
Dennis Norman
This morning S&P/Case-Shiller Index report for the 2nd quarter of 2010 was released showing that the home prices improved slightly over a year ago in 17 of the 20 Metro Area’s their reports cover.
The Case-Shiller Home Prices Indices showed an increase of 4.4 percent in home prices in 2nd quarter after a decline of 2.8 percent in the first quarter. As of the end of the 2nd quarter U.S. home prices are, on average, up 3.6 percent from the year before.
Dennis Norman
While many us have been worrying about what is happening to the value of our homes, how to deal with being underwater on a mortgage or even facing the loss of a home, there are many people, families included, in the U.S. whose worry is much more basic….where to find safe shelter for the night.
Dennis Norman
The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity.
A HECM is a reverse mortgage that is insured by the FHA. It is designed to enable elderly homeowners (62 years or older) to borrow against the equity in their home without having to make monthly payments as is required with a traditional mortgage or home equity loan.
Dennis Norman
Home mortgages are often sold or assigned, sometimes even right after the origination of the loan and, as a result, borrowers find themselves not knowing who their current lender is or how to contact their lender. This issue was addressed back in May 2009, as part of the Helping Families Save Their Homes Act, lenders that purchased home mortgages were required to provide disclosures in writing to the borrower within 30 days.
STEP 1 Get pre-qualified for a loan: talk with your mortgage banker.
Determine your “mortgage goals.” Review your credit history and sources of income. Do you have money set aside for a down payment? Do you have an “ideal payment range” you would be comfortable with? What are your expectations.
Dennis Norman
After a couple of days of writing about bad reports on the housing market (existing home sales and new home sales to name two) I’m excited that I actually get to write something today that is positive! According to newly released data from CoreLogic, the percentage of homeowners in the U.S. with negative equity in their homes declined slightly at the end of the second quarter of 2010 making it the second consecutive month of declines.
According to the CoreLogic report, 11 million, or 23 percent, of all residential properties with mortgages were in negative equity Continue Reading →