Posts Tagged ‘Financing’

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Buyers Have the Edge!

December 22, 2010

According to Lawrence Yun, chief economist from the National Association of REALTORS, “Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. Affordability has reached a generational high in the second of this yer because of rock bottom mortgage interest rates, helped partly by the Fed’s very ccommodative monetary policy.”For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free ebook.

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Important Article about Re-Financing

October 14, 2010

Thinking of refinancing your home read this article first!

http://www.latimes.com/business/realestate/la-fi-harney-20101010,0,5817827.story

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AMERICANS STILL WANT A HOUSE

April 7, 2010

Americans still want a house By Ben Rooney, staff reporterApril 6, 2010: 2:10 PM ET NEW YORK (CNNMoney.com) —

Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday. A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.

But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession. “Consumers are still committed to owning a home, but are showing increased cautiousness,” said Doug Duncan, chief economist at Fannie Mae. He said the downturn in the housing market has led to a “rebalancing” of consumer attitudes towards homeownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said. The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house “flipping” mentality that characterized the market during the boom years. Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor. America’s most overvalued cities One of the purposes of the survey is to try to more closely monitor the market, according to Duncan. That way, industry players and policy makers can take steps to stimulate the housing market when it slows too much and put the brakes on when it threatens to overheat. “This survey was done to get a level set about what the public is thinking about housing after the huge disruption,” said Duncan. “We wanted to understand the current and expected behavior of borrowers, and how to help people who have had difficulties.” 0:00 /3:41Trump: Don’t fear a real estate collapse The survey showed that 60% believe buying a home today is harder than it was for their parents, and nearly seven in ten believe it will be even more difficult for their children. Still, about two-thirds of respondents believe now is a good time to buy a house, and nearly one in three said now is a very good time to buy a house. This is nearly as many who said it was a good time to buy in 2003, well before home prices peaked, Fannie Mae said. A full 70% said they believe buying a home continues to be one of the safest investments available. That’s down from 83% in 2003. “The investment motive took a hit,” said Duncan. Nearly three-quarters anticipate housing prices will go up or stay the same over the next year, according to the survey. That includes 37% who see prices will increase and 36% who feel prices will remain about the same. A majority of respondents said it is unacceptable for a homeowner to stop making payments on their mortgage when the value of the property falls below the balance of the loan, a condition known as being “underwater.” However, the survey showed that 15% believe it is acceptable to stop making payments on an underwater mortgage if the homeowner is financially distressed. The survey was conducted by telephone this winter with 3,451 Americans age 18 and older. — CNNMoney.com senior writer Les Christie contributed to this report.

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Home prices will rise more than 3% in 2010

January 5, 2010

One Economist’s Prediction for 2010.

“NATIONAL ASSOCIATION OF REALTORS® Chief Economist Lawrence Yun sees it all differently. He predicts home prices will rise more than 3 percent in 2010.

“The headwind we face is rising mortgage interest rates,” Yun says, “but the compensating factors will be the home buyers tax credit in the first half of the year and increased job creation in the second half.”

Source: CNNMoney.com, Les Christie (01/01/2010)

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Share Americans Want to be Obama’s neighbor

January 3, 2010

Daily Real Estate News | December 30, 2009 | Share Americans Want to Be Obama’sNeighbor

The neighbor most Americans would choose is the Obama family, according to the annual Zillow Celebrity Neighbor Survey, which asked more than 2,000 U.S. adults to choose who they’d most like to see across the fence.

The most desirable neighbors for 2010 are: * The Obamas * Ellen DeGeneres and Portia DeRossi * Sarah Palin * Taylor Swift * Oprah Winfrey * Tom Brady and Gisele Bundchen * Tiger Woods * Robert Pattinson

The least desirable neighbors are: * Nayda Suleman (also known as “Octomom”) * Jon and Kate Gosselin * Sara Palin * Richard and Mayumi Heene (parents of balloon boy) * Kanye West * Heidi Montag and Spencer Pratt * Britney Spears * Tiger Woods Source: Zillow.com (12/29/2009) Daily Real Estate News | December 30, 2009 |

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9 CONSECUTIVE GAINS FOR PENDING HOME SALES

December 1, 2009

GREAT NEWS.

Daily Real Estate News | December 1, 2009

Nine Consecutive Gains for Pending Home Sales. Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2. Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.” By Region * Pending sales in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. * In the Midwest, the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. * Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. * In the West, the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008. Not Out of the Woods Yet Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process. “Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said. Source: NAR

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Question? Do you think Extended Home Buyer Tax Credit will help economy?

November 7, 2009

Would love to know your reaction to the new law extending the Home Buyer Tax Credit till April 30th 2010. Please comment. Do you think it’s a positive move or not? and have you taken advantage of the tax credit to purchase recently?