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New Home Supply Falls To 5.6 Months - 02/28/12 07:03 AM
The new construction market rolls on.
As foreshadowed by February’s Homebuilder Confidence survey, which rose to a 4-year high, the Census Bureau reports new homes are selling more quickly than builders have built them, lowering the national “home supply” to levels not seen since 2006.
A “new home” is a home that is considered new construction and, at the current pace of sales, the nation’s entire new home inventory of 151,000 homes would be sold in 5.6 months.
Anything less than 6.0-month supply is thought to connote a “sellers’ market”.
321,000 new homes were sold last month on a seasonally-adjusted, … (1 comments)
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Fewer Jobless Claims Suggests Higher Home Prices Ahead - 02/15/12 12:51 PM
Economists believe the strength of the 2012 housing market will be closely tied to jobs. If they’re right, the housing market is ripe for a boost. It spells good news for home sellers and may mean the end of bargain-basement prices for buyers.
Since peaking in mid-2009, the number of U.S. workers filing for first-time unemployment benefits has dropped 44 percent. Over the same period of time, the U.S. economy has added more than 2 million jobs and the national Unemployment Rate is down more than 1 percentage point to 8.3%.
Employment’s link to the housing market is both … (0 comments)
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With Retail Sales And Consumer Confidence Rising, Home Prices Are Expected To Follow - 02/15/12 12:49 PM
The U.S. economy continues to show signs of a rebound.
According to the Census Bureau, Retail Sales climbed to $329 billion last month on a seasonally-adjusted basis, excluding automobiles. January’s data marks the 18th time in 19 months that Retail Sales rose, a run that’s increased total sales receipts by 11 percent.
This is big news because Retail Sales accounts for close to 70% of the U.S. economy.
In addition, consumer confidence is rising.
In a separate, joint report from the University of Michigan and Thompson Reuters, it was shown that consumer attitudes toward the economy and the … (1 comments)
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HOME OWNERS !!! Maryland Mortgage Interest Deduction in JEOPARDY! Help Save MD's MID (Mortgage Interest Deduction) - 02/15/12 12:44 PM
All the home owners Must act NOW. THis may take a way American Dream through entire country. All the Home owners Must write to their repsenative and portest this porposal. If they would not hear from Home owners this might take in effect. Please ACT NOW!!!
Under the Governor’s proposed Budget Reconciliation and Financing Act of 2012 (BRFA, HB 87/SB 152), Maryland plans to scale back the most important benefit tax benefit that homeowners receive – at a time when one out of every five homes are underwater or have lost significant equity (DHCD, November 2011)! The BRFA bill would … (3 comments)
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Revamped HARP : Unlimited Loan-to-Value And Same Great Rates - 02/10/12 09:39 AM
The government’s new, revamped HARP program is 6 weeks from release. Homeowners nationwide are gearing up to refinance.
HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the government’s loan product for “underwater homeowners”. HARP makes current mortgage rates available to households which would otherwise be unable to refinance because the home lacks equity.
This is a big deal — especially today. Mortgage rates are at an all-time low and millions of U.S. homeowners have been unable to take advantage. HARP aims to change that.
HARP originally launched in 2009. Its first iteration failed to … (0 comments)
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Quick Tips : Boost Your Credit Score For Better Mortgage Rates - 02/09/12 11:09 AM
Credit scores play a huge role in today’s mortgage market — larger than at any time in recent history. Blame it on the high default rates of the last half-decade. Lenders are reserving their lowest rates for the customers most likely to make on-time repayments.
Mortgage rates are at an all-time low. However, the low rates you see advertised on TV and online are only available to the home buyers and would-be refinancers whose credit scores are pristine. Having a high credit score is often the difference between getting “the best rates” from your lender, and getting something worse.
… (2 comments)
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Banks Start To Loosen Up In Underwriting - 02/07/12 12:23 PM
After a half-decade of tightening mortgage guidelines, banks are starting to “loosen up”.
The Federal Reserve conducts a quarterly survey of its member banks and, last quarter, not a single responding bank reported having tightened its mortgage guidelines for prime borrowers.
A “prime borrower” is defined as one with a well-documented credit history, high credit scores, and a low debt-to-income ratio.
53 banks responded to the Fed’s survey and none said that mortgage guidelines “tightened considerably” or “tightened somewhat” between September and December 2011; 50 said that guidelines remained “basicaly unchanged”; 3 said that guidelines “eased somewhat”.
Mortgage … (0 comments)
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The 10 Longest Commutes In The United States - 02/07/12 12:16 PM
According to the Census Bureau, more than 3.2 million U.S. workers spend over 3 hours commuting to and from work each day.
Commutes exceeding 90 minutes in each direction are known as “extreme commutes” in Census Bureau parlance. As compared to typical commute times nationwide, they’re aptly named.
The national, average commute time is just 25.1 minutes.
For home buyers in any U.S. city, make sure to make commute times a consideration before placing an offer on a property. The length of your daily commute will make an impact on your life.
Studies shows that shorter commutes are linked … (3 comments)
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Lock An Instant 13% Savings On Your Monthly Mortgage Payment - 02/07/12 12:13 PM
Falling mortgage rates make owning a home more affordable. Mortgage rates are directly tied to monthly mortgage payment so as mortgage rates drop, so does the cost of home-ownership.
It’s a money-saving time to buy a home — or to refinance one. Mortgage rates have never been this low in history.
According to Freddie Mac, last week, the average 30-year fixed rate mortgage fell to 3.87% nationwide for borrowers willing to pay an accompanying 0.8 discount points plus closing costs. 0.8 discount points is a one-time closing cost equal to 0.8 percent of your loan size, or $800 per … (0 comments)
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When the time comes to sell - 02/03/12 09:03 PM
Enter a descriptive keyword-loaded title here! - Tom's Hardware Washington DC Real estate buyers and sellers...You need an agent who is knowledgeable and experienced with this specialized type of transaction. One who can guide a seller through this process and put your interests first. Keywords: payam bakhaje real estate wash dc washington dc realty dc realtor Video from yourwebads … (0 comments)
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Payam Bakhaje ( Licensed in DC, MD and VA )
Washington,
DC
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Address: Long & Foster Realtors, 3201 New Mexico Ave NW, Washington, DC, 20016
Office Phone: (202) 345-2778
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