FEMA - St Louis Real Estate News

FHA Condominium Recertification Requirements

By Dennis Norman, on February 1st, 2011

Yesterday my wife received a letter from the condo association for a complex she owns a rental in with “OWNER ALERT!!!!!!!” (yes, that many exclamation points) at the top of it in big letters. The reason for the “alert” was to let condo owners know that FHA certification for this condominium complex expired December 31, 2010 (as it did for many complexes across the country) and that, in order to be eligible for FHA-insured financing the complex would have to obtain re-certification.

Now, in this particular case, the board is using this as a scare tactic to try to convince Continue Reading →

Foreclosures in 2010 up from 2009 in U.S.; down in top ten foreclosure markets

By Dennis Norman, on February 1st, 2011

RealtyTrac released their foreclosure report for 2010 which showed some mixed results. During 2010 there were 2,871,891 foreclosure filings in the U.S., an increase of 1.67 percent from 2009. However the metro areas with the 10 highest foreclosure rates all saw decreases in foreclosure filings in 2010 from the year before, in fact six of the ten metros even had decreased foreclosure activity from 2008.

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Mortgage Loans 101 and St. Louis Mortgage Rate Update

By Robert Fishel, on November 17th, 2010

Obtaining a mortgage to buy a home, or to refinance an existing mortgage, can sometimes be a little intimidating to borrowers, but it needn’t be. Granted, this is something the typical person only does every few years at most and regulations continually change the process, but that’s where lenders such as myself come in to the picture, to provide you the info you need and to guide you through the process.

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Sellers reduce home prices as they struggle to compete with distressed home sales

By Dennis Norman, on November 17th, 2010

Price Reductions Surpass Highest Historical Levels in 15 U.S. Cities, Remain Flat Nationwide

According to a report released this morning by Trulia.com, 27 percent of the homes for sale in November have experienced at least one price cut. Following four-consecutive months of increases, this rate has now flattened out nationwide. However, locally the story is different as 15 major cities hit an all-time high for price reductions in November.

“Price reduction increases in many large U.S. cities can be attributed to the basic principle of supply and demand –– on that score, buyers clearly have the advantage this Continue Reading →

Homelessness in America

By Dennis Norman, on August 30th, 2010

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.

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Is a home a good investment?

By Dennis Norman, on July 26th, 2010

Dennis Norman

Asking this question now is about like asking a newly divorced person their thoughts on marriage….nonetheless in challenging times many of us reflect upon our past investment decisions, investment philosophy, etc and see what can be learned from our past to help us in the future.

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Tax Credits and Flood Insurance Extended; St Louis Interest Rates Near Historic Lows

By Robert Fishel, on July 7th, 2010

After a close brush with a deadline that could have impacted tens of thousands of home buyers, Congress passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit. These borrowers had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit; with this extension, these households now have until September 30 to close and still Continue Reading →

Where is the housing market headed in 2010?

By Dennis Norman, on June 14th, 2010

Dennis Norman

Will the Bears or Bulls prevail in 2010?

As the real estate market is beginning to show signs that we are “bottoming out” and that the down-slide is leveling off the discussion has become what the rest of 2010 holds in store. Some say we are entering a Bull market and expect prices to increase from the depressed levels they have reached citing the greatly increased affordability of homes and record low interest rates; others say we are entering a Bear market and that over-supply in the market, largely a result of record foreclosures, will Continue Reading →

National Flood Insurance Program Likely to Lapse Again

By Dennis Norman, on May 28th, 2010

Dennis Norman

Talk about the housing market not being able to catch a break….it seems every time something positive happens to give us a little encouragement, something else pops up to give the market another black eye. Here we are less than a month after the home-buyer tax credit deadline has passed and we are seeing reports of home prices dropping again as well as the volume of sales, and now, the National Flood Insurance Program (NFIP) is set to expire on May 31st. Of course Congress could extend the program prior to the expiration, but the word Continue Reading →

National Flood Insurance Program Expiring Again; St Louis Interest Rates Drop Again

By Robert Fishel, on May 26th, 2010

The National Flood Insurance Program, known as the NFIP, lapsed March 28 this year and left many pending home sales in limbo.

Congress and President Barack Obama temporarily reinstated the program 18 days later on April 16 as part of a bill that also extended unemployment benefits and Medicare reimbursement for doctors. However, the temporary extension of the NFIP legislation will expire again on May 31.

The stage has now been set for another lapse in funding for the program just weeks before the mandatory June 30 closing deadline for buyers attempting to satisfy the requirements of the federal Continue Reading →

Congress Extends Flood Insurance Program Through May 31

By Dennis Norman, on April 17th, 2010

Dennis Norman

This past Thursday Congress passed H.R. 4851 and President Obama signed it into law the same day extending the National Flood Insurance Program, which had expired on March 28th, through May 31, 2010.

The National Association of REALTORS, which lobbied hard for this extension, now says they are working with Congress to get the National Flood Insurance Program reauthorized before it expires again on May 31st.

St. Louis Real Estate News – Who are the homebuyers?

By Robert Fishel, on April 14th, 2010

First-time home buyers comprised an unprecedented 47 percent of the market last year according to a recently published report by the National Association of Realtors (NAR). NAR’s report, 2009 Profile of Home Buyers and Sellers, points to the federal tax credit and the historic affordability of housing as the most likely reasons first-time buyers scored so high in sales. According to NAR, housing economists predict that “2010 will be an even bigger year for first-timers.” Who are these people, and what do they want? Most are married – Forty-nine percent are a married couple. Single females comprise a quarter Continue Reading →

Home buyers can shop for closing services and save money

By Dennis Norman, on January 6th, 2010

Dennis Norman

In the past I think closing costs associated with the purchase of a home were pretty much a mystery to many, if not most, home buyers with many not even being sure what they were paying for. Most buyers simply went through the process, paying for closing fees, notary fees, title examination, title insurance, survey, flood letters, courier fees, recording fees, etc. without ever realizing that these fees and costs may vary with other vendors.

January 1st changes went into effect in the RESPA (Real Estate Settlement Procedures Act) which will require lenders to fully disclose all Continue Reading →

Justice Department Files Fair Housing Lawsuit in Missouri Against Owner and Managers of Federally-Subsidized Property for Race and Sex Discrimination

By Dennis Norman, on November 12th, 2009

The Justice Department announced it has filed a lawsuit today in federal court for the Eastern District of Missouri alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow tenants to have African-American visitors, sexually harassing female tenants and retaliating against tenants who complained about such discrimination.

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One in twelve borrowers seriously delinquent on their mortgage

By Dennis Norman, on August 22nd, 2009

Dennis Norman

By: Dennis Norman

All the news lately about the housing market, home sales in particular, has been encouraging and showing signs of stabilization in the real estate market and demonstrating that the real estate market may have seen the worst. Just when you think you may be through the storm though you see another dark cloud lurking in the distance. For the real estate market this dark cloud could very well be mortgage delinquencies and foreclosures.

At the end of this week the Mortgage Bankers Association reported that serious mortgage delinquencies (homeowners that are 90 or 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:

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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.

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