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A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, is somewhat encouraging as it shows the U.S. mortgage delinquency rate (not including foreclosures) for December was 8.83 percent which is a decrease of 2.1 percent from November’s rate of 9.02 percent. Continue reading “Foreclosures on the rise in December; Mortgage delinquences decline though“
Nationally, existing home sales in December were at at a seasonally adjusted-annual rate of 5.28 million units which is an increase of 12.3 percent from November and is a decline of 2.9 percent from a year ago. Preliminary numbers for 2010 show 4,908,000 existing homes sold which is a decrease of 4.8 percent from 2009 when there were 5,156,000 existing homes sold, and is just slightly lower than 2008 when there were 4,913,000 homes sold. Continue reading “St. Louis housing market finishes 2010 on an upward trend“
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
Mortgage Insurance isn’t a bad thing — it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI, many of us would not be able to purchase our first home. Continue reading “Private Mortage Insurance helps you get the loan; St Louis Mortgage Rate Update“
A report released by CoreLogic showed that the St. Louis foreclosure rate increased in October marking the fourth-consecutive month of increases. The report shows St. Louis to have a foreclosure rate in October of 1.58 percent, a slight increase from September’s 1.57 percent, however an increase of over 11 percent from a year ago. The foreclosure rate in the U.S. in October was 3.33 percent, an increase of 14 percent from the year before. Continue reading “St. Louis Foreclosure Rates Increase for Forth Consecutive Month“
The FHA 203K rehab program is intended to promote and facilitate the restoration and preservation of existing homes. It enables borrowers to finance the acquisition and rehab of a property in one step; the loan value is based on the projected value of the home at the completion of the rehab. Continue reading “Buy and Rehab Using an FHA Loan; St. Louis Mortgage Rate Update“
The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. Borrowers can use Mortgage Insurance (MI) to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity. MI is required on all mortgage loans that exceed an 80% loan to value. Continue reading “Mortgage Interest Tax Deductibilty Extended Through 2011; St. Louis Mortgage Rate Update“
In his article Ted states “It seems semantically incorrect to call someone who owes more on an asset than it’s worth an “owner.”” This is a point that others have made as well and I think makes a good point. With this in mind, and in the mood to do some research and create some charts, I decided to dig into the topic deeper. Continue reading “Has The Rate of Home Ownership Dropped to an All-Time Low?“
As your kids grow up, you support them through their bumps and bruises, pay for their braces, school and much, much more. Over the past few years, I have run into the issue of young adults not being able to qualify for a mortgage without a parent’s help. So, the big question is: should you offer to co-sign on your child’s loan? Your kid may need something more than your money… Continue reading “Co-Signing for your childs loan; St. Louis Mortgage Rate Update“
When it comes to the meltdown in the housing market that has taken place over the past three years there has been no lack of finger pointing by many inside and outside the industry as to factors that either caused or contributed to the collapse of the housing market. Sub-prime lending, Wall Street, mortgage fraud, the mortgage industry, banks, community reinvestment act, real estate brokers and agents, fannie mae, freddie mac, federal government over-regulation, federal government under-regulation, appraisers, unemployment, the economy in general, “flipping”, sellers, buyers and more have been blamed in one way or another for the collapse. In my humble opinion and, based upon my 30+ years of experience in the industry, I would say all the aforementioned played a part in the collapse and certainly no one thing could have caused this mess on its own, it was a combination of several things that led up to the “perfect storm”. Continue reading “Making Appraisers the Scapegoat“
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance. For more information about this program, go to http://www.box.net/shared/s2x9zriz1g or www.MHDC.com . Continue reading “MHDC’s Cash Assistance Loan; St. Louis Mortgage Rate Update“
According to an economic outlook report just issued by Fannie Mae, our country’s economy should “kick into higher gear” by the second quarter of 2011. This positive outlook is the result of improvements in consumer spending, consumer confidence, increased demand for goods and services and falling unemployment claims. For 2011, Fannie Mae, in their December 2010 forecast, is forecasting growth of 3.4 percent which is an improvement from the 2.9 percent growth in 2011 they previously forecast. The big caveat is that this assumes “improving labor market conditions.” What this means for the real estate market, more specifically the housing market, is “despite rising mortgage rates, our (Fannie Mae) forecast for home sales is stronger than the previous forecast, given our brighter economic growth and labor market outlook,” said Fannie Mae Chief Economist Doug Duncan. Mr. Duncan goes on to say that his expectation of increased home sales is due in part to “modest additional declines in home prices” making homes even more affordable and tempting buyers as their”employment and income outlook brightens.” After the rather sad housing market in 2010 saying 2011 will improve probably isn’t saying a whole lot (sort of like celebrating on January 2nd that you have been able to stick to your new years resolution all year thus far) but hey, it’s a start and at least things are being forecast to go the right direction! Baby steps……
A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, is somewhat encouraging as it shows the U.S. mortgage delinquency rate (not including foreclosures) for October was 9.02 percent which is a decrease of almost 3 percent from October’s rate of 9.29 percent. Continue reading “Foreclosures on the rise in November however mortgage delinquences decline“
The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the “View Report” button to see a complete amortization schedule of your mortgage payments: Continue reading “Online Mortgage Qualifier; St. Louis Mortgage Rate Update“
A report released this morning by CoreLogic shows negative equity declined in third quarter of 2010 for residential properties, marking the third-consecutive quarterly decline. The CoreLogic reports that 10.8 million, or 22.5 percent, of all residential properties with mortgages were in negative equity at the end of the third quarter of 2010, down from 11.0 million and 23 percent in the second quarter. While the decline is good news, the bad news is that the report states the decline is “due primarily to foreclosures of severely negative equity properties rather than an increase in home values.” Continue reading “Homeowner Negative Equity Declines for Third Straight Quarter“
Report by Zillow estimates that U.S. Homes have now lost $9 Tillion in value since Market Peak
U.S. homes are expected to lose more than $1.7 trillion in value during 2010, which is 63 percent more than the $1 trillion lost in 2009, according to a report released by Zillow.com. That brings the total value lost since the market peaked in June 2006 to $9 trillion. Continue reading “Zillow Report: U.S. Homes Set to Lose $1.7 Trillion in Value During 2010“ Settlement Provides $2 Million to African-American Borrowers Who Paid Higher Interest Rates PrimeLending, a national mortgage lender with 168 offices in 32 states at the end of 2009, has agreed to pay $2 million to resolve allegations that it engaged in a pattern or practice of discrimination against African-American borrowers between 2006 and 2009. Continue reading “Justice Department Reaches Settlement with Prime Lending to Resolve Allegations of Lending Discrimination“
Over the past years, many of Americans pulled money out their homes through “cash-out” refis. Today, many of my clients are bringing cash into their refinance transactions. Money is flowing in the opposite direction. Continue reading “Cash-In Refis; St. Louis Mortgage Rate Update“
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 20.5 percent decrease from a year ago. Continue reading “Pending home sales increase over 10 percent in October; Mortgage Interest Deduction vital to Recovery“
A report released by CoreLogic showed the St. Louis metro area to have a foreclosure rate in September of 1.57 percent, and increase of over 25 percent (25.6%) from a year ago, and an increase of a little over 3 percent from the month before. The national foreclosure rate in September was 3.29 percent, a slight increase from 3.20 percent the month before. Continue reading “St Louis Foreclosure rate up 25 percent from a year ago“
Continue reading “Mortgage loan delinquencies have largest quarterly decline in four years“
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The real estate market has not been very nice to us over the past 3 years or so and we are all anxious to see the light at the end of the tunnel. With that in mind, and 2011 in front of us, where is the real estate market headed in 2011? Before I take my humble stab at answering this question I need to remind you I am not an economist nor do I have a PhD behind my name, in fact I have nothing behind my name. All I can offer is a whole lot of experience “in the trenches“….as a broker, investor, developer….