Low foreclosures, stable home prices and affordability make eighth-ranked St. Louis a good bet for home buyers, according to a report released by Forbes.com last Friday. Forbes gathered data from the National Association of Home Builders and Wells Fargo’s Housing Opportunity Index (HOI). The index measures median home prices against median incomes. Additional data overlays included Moody’s one-year forecast for the Case-Shiller Home Price Index of home prices and RealtyTrac’s 2009 foreclosure report. Rankings from all of these data sources were considered in determining the overall score. The top ten best housing metro areas: Pittsburgh, PA Louisville – Jefferson Continue Reading →
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Dennis Norman The United States Court of Appeals for the Eleventh Circuit recently consdered an appeal by the plaintiffs of a class action lawsuit again D.R. Horton, Inc. and DHI Mortgage, Co brought by John R. Yeatman and Eleanor E. Yeatman on behalf of themselves and all similarly situated individuals. The lawsuit stems from the Yeatman’s purchase of a home from DR Horton in 2006 in which the purchase agreement gave the Yeatmans the option of receiving a discount on their closing costs on the house, provided they used DHI Mortgage as their mortgage lender. This was not Continue Reading → When considering historically low interest rates, competitive home values along with the $8,000 First-Time Homebuyer and $6,500 Repeat Homebuyer Tax Credits, potential homebuyers still have a great opportunity. THE TIME TO ACT IS NOW. The Federal Reserve indicates it will stop buying mortgage-backed securities toward the end of the first quarter. Most mortgage experts believe that mortgage interest rates will rise when mortgages go off “Fed support” as private investors require higher rates to compensate for the risk. The deadline for the First Time/Repeat Homebuyer Tax Credits is an executed contract by April 30, 2010 with a Continue Reading → More than 380 mortgage lending operations nationwide have ceased operation since 2006, according to the Mortgage Lender Implode-O-Meter website. However in spite of a tough and demanding economic market, Paramount Mortgage this week celebrated it’s 40 year anniversary! “Expect Excellence” has been our corporate motto and the driving force in our philosophy of providing exemplary customer service,” states H. John Frank, Jr., President of Paramount Mortgage Company. “We have never forgotten that this is a people business and we treat our clients with respect. We take the time to get to know their home purchasing goals and communicate with Continue Reading → There is time left for qualified buyers to take advantage of the 2009 First-Time Home Buyer’s $8,000 Tax Credit & Repeat Home Buyer’s $6,500 Tax Credit. Binding sales contract must be executed by April 30, 2010, the closing can be extended until June 30, 2010. The newly expanded first-time homebuyer and repeat homebuyer tax credit was signed into law a few months ago, but many married, unmarried, or soon to be married tax filers, are confused about claiming these credits. Understandably so. There are numerous scenarios that can come up, e.g. “I am a long-time principal homeowner but my Continue Reading → FHA loans gained in popularity for borrowers as applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000. As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk Continue Reading → Dennis Norman FHA Announces Policy Changes to Address Risk and Strengthen Finances This week FHA announced policy changes that are going to help them shore up their finances but will make it more difficult and/or costly for your clients to purchase a home. The FHA policy changes include: Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending The upfront mortgage insurance fee to the borrower will be increased to 2.25% from 1.75%. This will go into effect this spring. Update the combination of FICO scores and down payments for new Continue Reading → Dennis Norman If you are one of the million-plus homebuyers that was fortunate enough to qualify for the Home Buyer tax credit, read on for information on how to claim your credit. Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return. The new form and instructions follow major changes in November to the homebuyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law Continue Reading → 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 → According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent of all recent buyers have turned to an FHA loan for financing for their home purchase. I think this clearly illustrates that the first-time home buyer tax credit, coupled with record low interest rates and drastically reduced home prices, is giving buyers, at least Continue Reading → Dennis Norman Last week I did a post about the Obama Administrations’ Home Affordable Modification Program (HAMP) and showed how it really has not been effective in helping keep families in their homes and avoid foreclosure as was the intention by the administration. When my kids tell me they don’t like the way I want them to do something I usually challenge them with “if you don’t like my way, tell me a better way to do it“. So with this in mind I went looking for an answer to this question. In my search I ran accross a Continue Reading → New home construction is on the rise in November…. WHY??? They aren’t selling as fast as they are being built…didn’t we learn our lesson? The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for November 2009 showing an increase in new home construction activity from October. The report shows the following: Building permits issued for single-family residences in November were at an annual rate of 473,000 which is 5.3 percent above the revised October rate of 449,000 and down 12.1 percent from a year ago. For the Continue Reading → Dennis Norman Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties. Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed. Continue Reading → Missouri ranks 21st in delinquencies and 30th in foreclosures According to a report just issued by the Mortgage Bankers Association, the mortgage delinquency rate on one-to-four-unit residential properties in the U.S. rose to a new record rate of 9.64 percent. Here in Missouri, the delinquency rate is slightly lower at 9.41 percent. Included in the MBA’s report as a “delinquency” are loans that are at least one payment past due, but does NOT include loans somewhere in the process of foreclosure. At the end of third quarter 2.05 percent of mortgage loans in Missouri were in the foreclosure process. Therefore Continue Reading → Even with a decline in the Midwest in new home starts and completions, new home construction activity is still outpacing new home sales potentially leading to inventories increasing again. The US Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for October 2009 showing a decrease in new home construction activity in the Midwest from September. The report shows the following for the Midwest Region: 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. Loose lending standards in government-backed mortgages is setting up the next wave of defaults and sharp declines in housing prices. Charles Hugh Smith, Of Two Minds Beneath the hype that housing has bottomed is an ugly little scenario: lending standards are still loose and the low-down payment, high-risk loans being guaranteed by government agencies are setting up the next giant wave of defaults and foreclosures. You might have thought that the near-demise of risky-mortgage mills Fannie Mae and Freddie Mac would have cooled the supply of highly leveraged Continue Reading → St Louis Real Estate – Reverse mortgages pave the way to financial freedom for many St Louis seniorsBy: Dennis Norman Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since, in many cases, they have been in their homes for years, raised families and have a lifetime of memories in their home selling it to realize the equity out of it is usually not something they would consider. A “reverse mortgage” may be a “best of both worlds” alternative: A chance to get Continue Reading → As a result of its recent report on senior housing, EHOC announced on September 23, 2009, that it was filing 14 fair housing complaints against senior housing providers in the St. Loius area with the United States Department of Housing and Urban Development (HUD). Complaints are being filed against the following senior communities in St. Louis County: Brentmoor Retirement Community; Mari De Villa; Pacific Place; The Fountains of West County; McKnight Place Assisted Living; National Healthcare Corporation (which has facilities in both St. Louis County and St. Charles County); The Rockwood; and Tesson Heights. Complaints were filed against the Continue Reading → Dennis Norman By: Dennis Norman Today the Federal Housing Finance Agency (FHFA) reported that U.S. home prices rose 0.3 percent on a seasonally-adjusted basis from June to July and are down 4.2 percent for the past year. Missouri is included by the FHFA in the West North Central division which was right on target with the US with an increase of 0.3 percent from June to July. Our region was only down 1.5 percent from last year according the report. Many of the reports I’ve seen in the press on this are saying this is a sign of the Continue Reading → By: Dennis Norman This morning the US Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for August 2009 showing a slight decrease in new home construction activity from July in the US, but an increase in new home construction activity here in the Midwest. The report shows the following for the Midwest Region: Charles Hugh Smith, Of Two Minds By: Charles Hugh Smith: In February 2007 I suggested a 4% mortgage delinquency rate could trigger a decline in the entire housing market. Since that proved prescient, we should revisit the analytic tool behind that call: the Pareto Principle. There is a whiff of euphoria in the housing market, a heavily touted confidence that “the bottom is in.” It’s all roaring back–rising sales, multiple bids by anxious buyers, 3.5% down payments, low mortgage rates and the bonus of an $8,000 first-time home buyer credit (a gift from U.S. taxpayers). Continue Reading → 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 → 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 → 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 → By: Dennis Norman Recently the The Office of the Comptroller of the Currency issued a Consumer Advisory. The Advisory contains consumer tips for avoiding mortgage modification scams and foreclosure rescue scams. The advisory states; “Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home. If you’re falling behind on your mortgage, others may know it too – including con artists and scam artists. They know that people in this situations are vulnerable and often desperate.” The OCC suggests that before you do business with someone Continue Reading → |
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