| |
real estate: More Homeowners Can Refinance as Rates Fall While Values Nudge Upward - 05/23/10 08:03 PM
While the demand for mortgage loans to purchase a new home has declined following the expiration of the home buyer tax credit, mortgage applications overall, increased last week as home owners looked to refinance. Mortgage rates have reached their lowest levels since March and many homeowners are looking to refinance their mortgage loans. While falling home prices have reduced the popularity of refinancing to tap into home equity, low mortgage rates have drawn the attention of borrowers looking to reduce their interest payments. The Mortgage Bankers Association reported an increase in the number of applications for mortgage loans. The first week … (0 comments)
|
real estate: Looking At The 2010 Predictions For Housing Markets And Mortgage Rates - 01/05/10 12:01 PM
2010 is just a few days old and already the "experts" are making predictions for the year.
Housing calls and mortgage rate predictions run the gamut:
Home prices will fall in 2010 Home prices will rise in 2010 Mortgage rates will rise in 2010 Mortgage rates will rise by a lot in 2010 Given how varied their outlooks, it's clear that the professionals have no better view of the future than the amateurs. An expert can make an educated guess, but it's a guess nonetheless.
Last year, Wall Streeters predicted a 25% pullback in home prices. 12 months later, we know … (2 comments)
|
real estate: The Fed Thinks The Economy Is Improving And What It Means For Home Affordability - 10/15/09 11:55 PM
Mortgage rates are higher after the Federal Reserve released the internal notes of its September 22-23, 2009 meeting.
Known as the "Fed Minutes", the report details the conversation and cross-currents that led to the Federal Reserve's decision to vote "unchanged" on the Fed Funds Rate after its last meeting.
The Fed Minutes are the lengthy companion to the more famous, succinct post-meeting press release.
As a comparison:
Press Release: 383 words Minutes: 6934 words The extra level of details is a big deal because Wall Street is perpetually in search of clues about what the Federal Reserve is going to do next.
In the … (0 comments)
|
real estate: Pending Homes Sales Gain For The 7th Straight Month - 10/06/09 12:56 AM
Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August.
It's the longest winning streak in the index's history and the highest reading in 2-1/2 years.
It's also another signal that the housing market is in recovery.
"Pending home sales" are a forward-looking indicator, measuring the number homes under contract to sell, but not yet closed.
Historically, 80% of homes under contract close within 60 days. Most others close within 120 days.
It's no wonder home values are rising in so many markets.
Home buyers -- take note. … (0 comments)
|
real estate: The Case-Shiller Shows Home Prices Are Still On Their Way Up - 10/01/09 03:18 PM
For the second month in a row, 18 of the 20 Case-Shiller real estate markets posted higher home values. It's the 6th consecutive strong showing for the benchmark private-sector housing index.
Combined with falling home supplies and rising sales figures, this month's Case-Shiller Index suggests that housing may have bottomed sometime earlier this year.
It's cause for optimism.
Even Case-Shiller respresentatives seem excited. In its press release, the publishers singled out the index's winning streak, commenting on the recent "stabilization in national real estate values".
But, in that statement, we see the Case-Shiller Index's biggest flaw. The index ipurports itself to be a national real estate metric but, … (0 comments)
|
real estate: The Housing Market Index Reaches A 16-Month High - 09/22/09 01:18 PM
According to the country's home builders, the housing market is looking good.
Each month, the National Association of Home Builders releases its Housing Market Index report, a survey geared at taking "the pulse of the single-family housing market".
Respondents report on three facets of their business, each series weighted and averaged:
How are market conditions today? How do market conditions look 6 months from now? How is the traffic of prospective buyers of new homes? For the 3rd straight month, the Housing Market Index improved. It's now at its highest level since May 2008.
The housing market has shown signs of life … (0 comments)
|
real estate: How To Change Your USPS Mailing Address Online - 08/25/09 03:47 PM
Filing an official Change of Address form with the United States Postal Service is one of the most important steps in the moving process.
It's how bills, letters and catalogs find you after your change of residence.
Strangely, though, a lot of people wait until the last-minute-before-moving before telling the post office that a Change of Address in needed. As a result, mail gets lost-in-transit as "undeliverable".
It doesn't have to be like that.
In addition to the USPS' own online forms, there are third-party companies that combine secure online address changes with money-saving coupons for sure-to-be-needed utilities including cable, phone and … (0 comments)
|
real estate: The end of 2008 market report for Orange County real estate. - 12/29/08 12:58 AM
Hello again, and Happy New Year!
Here is the end of 2008, or start of the year 2009 real estate market report for Orange County, in Southern California, as compiled by Steven Thomas of Altera Real Estate. In it he gives a synopsis of what we have experienced for the past few years, as well as a statistically backed prognosis for the next year.
Here is the link: http://www.ouragentspot.com/sthomas/MarketTime-Dec-26-08.pdf
Frankly, things are looking good for the beginning of a recovery for our fair county, and for the next couple of years. For a detailed conversation, please drop me an email, Bob@BobPhillips.net … (0 comments)
|
real estate: For Real Estate Investors, Finding Loans Is Tougher Than Finding Good Deals - 12/26/08 10:39 AM
With home prices falling across most parts of the country, investors in real estate are finding good value in certain rental properties. Unfortunately, they're also finding it harder to get approved for a home loan.
After getting stung by defaults, conforming mortgage standards for non-owner occupied home loans tightened dramatically last quarter.
One major change was the reduction in the total number of homes Fannie Mae or Freddie Mac will finance for any one borrower.
Prior to the change, the number of financed properties could be as high as 10. Today, that number is 4, stinging investors with large … (0 comments)
|
real estate: A Great Combination : Too Many Homes For Sale And Low Mortgage Rates - 12/24/08 11:11 AM
For the first time in over a year, the sales of "used homes" fell below the 5-million unit trendline, helping to push the total home inventory higher by 0.1 percent nationwide.
Based on the rate at which homes are selling nationwide, it would take 11.2 months for the existing housing supply to be exhausted.
For home buyers, this is an opportune time for negative news on housing.
First, sellers know that between now and the Super Bowl, housing activity will be light. The general scarcity of buyers may force a seller to accept a bid he wouldn't have accepted … (0 comments)
|
real estate: The Fed Funds Rate May Fall Today, But Mortgage Rates May Not - 12/16/08 12:24 PM
The Federal Open Market Committee adjourns from its 2-day meeting at 2:15 P.M. ET today.
It's widely expected that the Ben Bernanke-led FOMC will reduce the Fed Funds Rate by a half-percent to 0.500 percent.
Fed Funds Rate cuts are meant to stimulate the economy by lowering borrowing costs for businesses and consumers; interest rates on business credit lines and consumer credit cards are directly tied to the benchmark rate.
However, it won't be what the Fed does today that will be as important as what the Fed says. And the markets are listening closely.
See, this FOMC meeting … (0 comments)
|
real estate: Simple Real Estate Definitions : Refinance - 12/12/08 11:35 AM
A mortgage is a contract between a lender and borrower, defining the terms by which a home loan must be repaid.
The paperwork, signed by both parties, includes provisions for things like:
The interest rate The length of the loan The amount of money to be borrowed But, like all loans, a mortgage loan can be paid off at any time. So, when market interest rates fall, homeowners will often exercise their right to an "early payoff" by securing a new loan that pays off the old one.
This process is most commonly known as a refinance.
A refinance is the … (0 comments)
|
real estate: Increase Your 2008 Tax Deductions -- Pay Your Mortgage A Few Days Early - 12/10/08 12:07 PM
For most Americans, mortgage interest paid on a home loan is tax-deductible in the year in which it was paid.
With advance planning, therefore, homeowners can increase their 2008 tax deductions and limit their tax liability on April 15.
The key is to make the January 2009 mortgage payment before the New Year begins.
In making the payment in 2008, the payment's mortgage interest is applied against this year's tax deductions instead of next year's. And lest you think you're paying "in advance", remember that mortgage interest is paid in arrears; a payment due January 1 accounts for interest that accumulated in … (1 comments)
|
real estate: As Unemployment Rises, Homes Get More Affordable - 12/05/08 11:44 AM
According to the government, American businesses are cutting staff at an accelerated pace, most recently paring 533,000 jobs this past November.
It's the largest one-month decline since December 1974 and raises the year-to-date job losses to 1.9 million workers.
However, there is a silver lining in the data for all Americans -- both employed and unemployed.
With each piece of negative news about the economy, Washington is more likely to pass new stimulus packages to the benefit of household budgets.
On one front, Federal Reserve Chairman Ben Bernanke has already alluded to further Fed Funds Rate cuts at the Fed's … (0 comments)
|
real estate: How 78 Consecutive Days Of Falling Gas Prices Helps Sell Real Estate - 12/03/08 10:53 AM
For the 78th consecutive day, gas prices fell nationwide yesterday. At $1.81 per gallon, the average price at the pump is less than half what it was at its peak in July.
And although gas prices vary by locale, the cost of a fill-up is worthy of national news.
The main reason why national gas prices matter is because of something called the Wealth Effect -- people's tendency to spend more money when they have a perceived feeling of being worth more.
Low gas prices can amplify the Wealth Effect, leading to higher levels of consumer spending nationwide -- the primary … (0 comments)
|
real estate: As LIBOR Falls, Homeowners With Adjusting ARMs Get Lower Rates - 11/20/08 04:09 PM
The interest rate against which adjustable-rate mortgages change is falling -- evidence that the global banking system is starting to stabilize.
This is good news for U.S. housing markets.
On any adjustable-rate mortgage, the initial "starter rate" remains fixed for some period of time, and then adjusts according to some pre-determined rules.
For a conforming mortgage, an ARM will typically adjust once per year, based on this formula:
(Adjusted Rate) = (Variable) + (Constant)
Where the variable is often assigned to 12-month LIBOR, and the constant is often fixed at 2.250 percent.
LIBOR is the equation's variable. Therefore, it's of paramount import … (0 comments)
|
real estate: This may be the best time of the year to buy local real estate. - 11/20/08 09:48 AM
Below is a link to our company president's most recent Orange County Real Estate Market Report:
http://www.OurAgentSpot.com/sthomas/MarketTime-Nov-13-08.pdf
For a briefer synopsis, this next couple of months represent a good opportunity for local home buyers, with lower prices, and reduced competition. ( Most people are more preoccupied with the Holidays, than with house shopping.)
Two things different about this year, vs. the past couple of years. First, there is less inventory to choose from, and second, there are more houses selling, due to lower prices - especially in the lower ranges, under $750,000.
One thing to keep in mind is that as of January … (0 comments)
|
real estate: Easy access to all the listings in Coto de Caza. - 10/11/08 03:54 PM
You can use my website - http://Coto4Sale.com - to easily search for Coto de Caza homes, estates, condos, and land for sale. Simply click on either of the home page links "Coto de Caza listings" or "Listings in Coto" You can look at all the properties available or you can tailor your search to match pretty much any criteria you wish. If you have any questions during the process just give me a call - 949-643-2100 - or send me an email at agent.BobPhillips@cox.net
For a tour of our community, please contact Bob Phillips. As a resident specialist for over 20 years, … (0 comments)
|
real estate: Here's good news for homeowners with "problem" loans. - 06/06/08 01:06 AM
Hope Now, the private sector alliance of mortgage servicers, counselors, and investors that is working to help prevent foreclosures, announced today that mortgage servicers provided loan workouts to approximately 183,000 homeowners in April 2008, the highest monthly amount since the program was begun in July 2007. Since July 2007, the industry has helped almost 1.6 million homeowners avoid foreclosure through workouts which include loan modifications and repayment plans.
Here is a link to the entire article, detailing some recent success for the program: http://hopenow.com/upload/press_release/files/Homeowner%20Workouts%20Reach%20Record%20Level%20In%20April.pdf
For more information on HOPE NOW, and to see the full membership of the Alliance, please visit … (0 comments)
|
real estate: More good news for Orange County real estate! - 04/20/08 01:53 AM
Here is the latest report from the President of our company:
Market Time Report: First Time Home Buyers are Back - April 17, 2008
Current housing demand continues to outpace last year and the reemergence of first time home buyers is a major factor. If you listen to or read all the recent reports regarding "sold" statistics for March, one would quickly come to the conclusion that the real estate market is continuing to sputter along at a slow pace. However, this could not be further from the truth. Sold activity is a snapshot of the past, about a month and … (0 comments)
|
|
|
|
|
|
Bob Phillips, CDPE, SFR South Orange Co., CA
Coto de Caza,
CA
More about me…
Realty ONE Group
Address: 25910 Acero, #100, Mission Viejo, CA, 92691
Office Phone: (949) 643-2100
Cell Phone: (949) 887-5305
Email Me
 Links
Archives
|
;)
;)
