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That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate. See table below for survey results for all states:
Nearly three out of four people (74%) say now is a good time to buy a home, according to the July 2013 National Housing Survey by Fannie Mae. In addition, forty-percent of the people surveyed feel now is a good time to sell a home, this is up for 36 percent that felt that way the month before and matches the survey high since it’s inception. SURVEY HIGHLIGHTS: Continue reading “Three out of four people say now is a good time to buy a home“
St Louis mortgage interest rates are on the rise and hitting levels we have not seen in the past year and a half and the 3.x percent rates we have become somewhat accustomed to are gone. However, before you panic or think the housing market is headed toward another crash as a result, you should keep in mind that todays rates (see below for current rates) of about 4.5 percent for a 30 year fixed rate mortgage is still lower than the average monthly mortgage interest was for more than 40 years proceeding 2012. Granted, looking back, 2012 was the year to buy a house with an average interest rate of 3.66 percent and lower home prices, but hindsight is always 20-20. The bottom line is, instead of worrying about the recent increases in mortgage rates home buyers should be thankful that rates remain at historic lows. Current St Louis Mortgage Interest Rates From Tyler Frank, Paramount Mortgage: Continue reading “St Louis Mortgage Interest Rates On The Rise But Still Historically Low“
The truth on the Mortgage Interest DeductionCurrently, lawmakers in Washington D.C., while looking for ways to “close loopholes” and cut spending, are looking hard at something once considered “untouchable”, the mortgage interest deduction (MID). While there is probably little chance of totally eliminating the ability for homeowners to deduct the mortgage interest they paid on their homes, there is a possibility the deduction could be altered significantly or capped, and, perhaps, even phased out over time. Like most current events, there are stories out there with varying degrees of accuracy about the benefit of the mortgage interest deduction as well as who it benefits. In response to the rhetoric out there, economists with the National Association of Home Builders have published a list of ten common claims about the MID and their findings as to the validity of those claims after researching data from the IRS, Census Bureau as well as other sources. The complete results are shown below:
The St Louis foreclosure rate fell in May to 1.16 percent, down 33 percent from a year ago when the St Louis foreclosure rate was 1.75 percent, according to newly released data from Corelogic. More good news in the data is the fact that the St Louis mortgage delinquency rate declined in May as well, falling to 3.88 percent of all mortgage loans, down 17 percent from a year ago when the St Louis mortgage delinquency rate was 4.7 percent. Search St Louis Foreclosures HEREFor Advice on How to Buy St Louis Foreclosures From A 2000+ Home Buyer Investor click here. (would you consider a “LIKE” in exchange?) Continue reading “St Louis Foreclosure Rate Declined By One-Third In Past Year“
Mortgage delinquencies are improving as well with less than 2.3 million mortgages (5.6 percent of total mortgages) being seriously delinquent as of the end of May. This is the lowest level for mortgage delinquencies since December 2008. Continue reading “Foreclosures and Shadow Inventory Decline By Double Digits“
More good news in the LPS data was the fact that the number of homeowners that are delinquent on their mortgages fell again in May to a rate of 6.08 percent of homeowners with a mortgage, marking a decline of more than 15 percent since the end of 2012, the largest year-to-date decline in the mortgage delinquency rate since 2002.
Source: LPS
St Louis Foreclosures fell in April to 1.2 percent of all St Louis homes with a mortgage, a decline of 33 percent from a year ago when the rate was 1.78 percent and is now at the lowest rate in well over 3 years, according to a report just released by CoreLogic. This puts St Louis foreclosures less than half the national rate for April of 2.65 percent. In addition, the report reveals that St Louis mortgage delinquencies are also down significantly for April 2013 which 3.96 percent of St Louis mortgage being 90 days or more delinquent, a decline of 16 percent from a year ago when the St Louis mortgage delinquency rate was 4.74 percent. Search St Louis Foreclosures HERE Continue reading “St Louis Foreclosures At Lowest Rate In Over 3 Years“ Tyler Frank, St Louis Mortgage companies were not making many 30-year, fixed-rate jumbo mortgages a year ago, but now many St Louis Mortgage companies are offering fixed jumbos – with very competitive rates, including my firm, Paramount Mortgage. As interest rates start to rise, homeowners are thinking they may not see rates this low in the future and if their ARM is maturing a couple of years from now, they could be in a tough spot.
For the State of Missouri as a whole, there were 120,056 homeowners, or 15.3 percent of all homeowners with a mortgage, with negative equity during the first quarter of this year. On a national level, there were 9.7 million, or 19.8 percent of all homeowners with a mortgage, with negative equity, or underwater, during the quarter. Continue reading “St Louis Homeowners With Negative Equity Falls 10 Percent“
When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.
SURVEY HIGHLIGHTS: Continue reading “Three out of Four People Say Now Is The Time To Buy A Home“
In addition to the St Louis homeowners that are underwater, the report indicates that another 20.7 percent of the St Louis homeowners with a mortgage have less than 20 percent equity in their homes, putting them at risk of going into a negative equity position if prices fall. Things are still much better here in St Louis than in many places though. For example, in Las Vegas, over 50 percent (54.3%) of the homeowners there with a mortgage are underwater. The complete table listing all metro areas covered in the report is below: Continue reading “Over 1 in 4 St Louis Homeowners With A Mortgage Are Underwater“ One-third of Homebuyers Surveyed Are Ill-prepared to Get a Mortgage Tyler Frank, According to a survey recently conducted by Zillow, many homebuyers are really not armed with the information they should have before attempting to obtain a mortgage. For example, over one-third (34 percent) of the prospective homebuyers surveyed did not know that a qualified borrower can obtain a home loan today with less than a five percent downpayment. In addition, many homebuyers have misinformation that can prevent them from obtaining the best possible mortgage interest rate. For example, 26 percent of the homebuyers said they thought they were obligated to obtain their home loan with the lender that pre-approved them, and 24 percent believed that all lenders are required to charge the same amount for credit reports and appraisals. Continue reading “Survey Shows One-Third Of Homebuyers Lack Info Needed To Get Mortgage“
Tyler Frank, “The (real estate) recovery has been much more like the tortoise than the hare,” said Stephen Blank, a senior resident fellow of the Washington-based Urban Land Institute. “We’ve become used to slow relief. But we have finally turned the corner.” Real estate markets on both coasts in places like; New York, San Francisco, Los Angeles and Boston were the first to emerge from recession and will pick up their pace of recovery through 2013, said Blank, a principal researcher for Emerging Trends. He was the main speaker at the annual outlook presented by ULI’s St. Louis chapter. Big investors scared away by the high prices in coastal cities will look more closely at properties in secondary markets, including St. Louis, experts predict. David Griege, executive vice president at Paramount Mortgage, believes home sales will be much stronger this spring and summer than in past years. Continue reading “Real Estate Recovery "On Its Way"“
Highlights of the Corelogic Foreclosure Report for March 2013: Continue reading “Completed Foreclosures In U.S. Down 16 Percent From A Year Ago“
As the Bankrate report below for St. Louis shows, St. Louis interest rates are even better: Continue reading “Mortgage Interest Rates Hit Record Low“
Almost all the data on the housing market, including the St Louis housing market, has been encouraging lately and pointing toward signs that a recovery is underway. Woo hoo! Tyler Frank, Housing Boom Era Type Home Buying Tactics Reappearing in St Louis Real Estate MarketDuring the home buying frenzy of the housing boom, which peaked in 2006, it was common to see home buyers, in an effort to beat out other buyers fighting for the same home, include price escalation clauses in their offers and make “naked” (contingency-free) offers. It was also common for a seller to purposely price their home low in an effort to rein in multiple buyers and pit them against each other in a bidding war. We are now seeing this all again as buyers compete to buy homes from an inventory of homes for sale that has shank dramatically in the past year.
Tyler Frank, Home Prices Nationwide Shooting Up Faster Than Anyone Thought Possible Not Long AgoThe US housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago. Prices of existing homes rose 10% in February nationally from a year ago. What is causing this increase?
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The number homeowners in a negative equity position (owing more on their mortgage than the current value of their home) during the first quarter of this year fell to just 7.3 million homeowners in the U.S. or less than 15 percent of all homeowners with a mortgage, according to the most recent data from Lenders Processing Services (LPS). This represents a decline of almost 50 percent in the number of negative equity homeowners from a year ago.
There were 88,367 St Louis homeowners with negative equity during the first quarter of this year, according to a report just released by CoreLogic. This represents 15.7 percent of the St. Louis homeowners with a mortgage and is a decline of 10 percent from the prior quarter when there were 98,365 St Louis homeowners with negative equity, or 17.5 percent of all St Louis homeowners with a mortgage.
The St. Louis foreclosure rate declined in December 2012 to 1.29 percent of outstanding home loans, a 25 percent drop from a year ago when the foreclosure rate was 1.72 percent, according to a newly released report from Corelogic. In addition, the St. Louis mortgage delinquency rate for December was 4.39 percent, down 12.5 percent from the year before when 5.02 percent of the outstanding St. Louis home loans were 90 days or more delinquent. See the chart below for foreclosure rate by zip code in the St. Louis area.
It is more important now than ever, as a result of increasing regulation and scrutiny of the mortgage industry, to plan ahead when you are planning on obtaining a mortgage loan to buy a house or refinance an existing loan to ensure that the process will go smoothly and as expected. 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.
There were 23,348 fewer St. Louis homeowners underwater on their mortgage (owe more than the current value of their home) or, in other words are in a “negative equity” position, at the end of 2012 than there were at the beginning of the year, according to the Zillow® Negative Equity Report for 4th quarter 2012. At the end of 4th quarter 2012, 26.9 percent of St Louis homeowners with a mortgage were underwater on their mortgage, slightly lower than the national rate of 27.5 percent.