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finance: High-Water Mark for Foreclosures - 10/16/09 12:04 PM
Foreclosures are at an ALL-TIME HIGH. In the 3rd quarter of this year 937,84 homes received a foreclosure letter. How do you put this in perspective? Well, that means that 1 in every 136 homes were in foreclosure. That's a 5% increase from the 2nd quarter. It's also a whopping 24% leap from this point in 2008! These numbers represent the worst 3 month stretch in terms of foreclosures ever. The foreclosure toll this year is reported to be 623,852 & climbing. Perhaps with these numbers on the rise, banks will begin being more cooperative with short-sales? Wouldn't that be rational? … (2 comments)
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finance: Home Sales Rise in May 2009 - 06/23/09 01:06 PM
The National Association of Realtors announced that existing home sales rose to 4.77 million units in May 2009. This represents a rise of 2.4% over from April. This is promising because it's the second straight month that sales have risen, undoubtedly spurred by attractive mortgage interest rates. The NAR announced that this is the first month-on-month increase since August/September 2005. The total hosing inventory stood at 3.80 million units, which represents nearly a 9.6 month supply, down from 10.1 in April.
Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!
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finance: Commercial Mortgages Down - 05/14/09 04:49 PM
The Mortgage Bankers Association's (MBA) Quarterly Survey reports that commercial mortgage loan originations continued to drop in the first quarter of 2009. At this point, they are an astounding 70% lower than during the same period in 2008, and down 26% from the fourth quarter of 2008. The 70% overall decrease in commercial lending activity during the first quarter was driven by decreases in originations for all property types. When compared to the first quarter of 2008, the decrease included:
• 88% decrease in loans for hotel properties
• 80% decrease in loans for health care properties
• 76% decrease in loans … (0 comments)
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finance: Fannie Mae Loosens Up - 03/10/09 09:13 AM
Effective March 1st, Fannie Mae (which guarantees approximately half of the $12 TRILLION of the United State's mortgage market) loosened loan restrictions on real estate investors & secondary home buyers. This move is seen as a major coup for real estate investors that wanted back IN the real estate market, but were essentially locked out. The new guidelines allow these borrowers to obtain Fannie Mae-secured financing for up to 10 properties. Most recently the amended limit was only 4 properties. Meaning, if you had already four mortgages, you could not buy another property with Fannie-backed financing. In essence, making it nearly … (0 comments)
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finance: 100% Financing options? - 09/04/08 08:10 PM
With the mortgage & lending industries further tightening their lending requirements & guidelines, it is becoming increasingly difficult for home buyers to qualify for homes. Are there still low down payment options available? The USDA / Rural Development program is certainly a very viable option for certain buyers in certain areas. The advantages of a USDA loan are:
No down payment & 100% financing Loan not limited by contract amount No PMI No need for "seasoned funds" No maximum purchase price Not limited to first-time buyers The property does have to be in an area that qualifies as rural. To check … (0 comments)
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finance: Foreclosure vs. Short Sale - 09/04/08 03:54 PM
What follows is a brief synopsis of the differences between a FORECLOSURE and a SHORT SALE and their affects on certain issues.
Fannie Mae Loan: A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. Homeowners who successfully negotiate & close a short sale will be eligible for A Fannie Mae backed mortgage after only 2 years. For investors that allow a property to go to foreclosure, a Fannie Mae backed investment mortgage will be unattainable for 7 years!
On any future 1003 application, a prospective borrower will have … (0 comments)
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Gate Arty - Lakeland Florida Real Estate
Lakeland,
FL
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Gate Arty & the Group - Keller Williams Realty
Address: 218 East Pine Street, Lakeland, FL, 33801
Office Phone: (863) 680-9988
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