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mortgage: 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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mortgage: 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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mortgage: 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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mortgage: Mortgage Activity Strengthens - 03/27/09 11:57 AM
Mortgage applications spiked last week as a result of the record low interest rates. This fueled demand for home refinance loans. Mortgage applications increased a whopping 32.2% for the week ending March 20th. Refinancing accounted for nearly 80% of all of these applications. Despite stricter lending guidelines, the majority of those that apply for a loan, still get approved. The Mortgage Bankers Association reported an approximate 60% approval rate. As a point of reference, in 2003 nearly 80% of applicants got their loans approved. OOPS!
At least activity is finally picking up . . .
Don't forget to visit Central Florida's … (0 comments)
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mortgage: 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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mortgage: When Will Real Estate Values Rise? - 10/08/08 04:42 PM
Historically-speaking, home values have ultimately risen after dramatic declines. No kidding, right? Although there isn't any widely known or accepted scientific methodology to pinpoint the top or bottom of any market, experts tend to agree that the following signs indicate an upswing:
1. Real estate values stop declining and begin holding steady or selling side-ways. Although it may seem like commonsense, determining the sales price of a home isn't as easy as it may initially appear. It is important to evaluate sale prices across different segments of the market. For example, luxury homes continue to fall (and thereby lower the mean … (1 comments)
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mortgage: 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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mortgage: What about Taxes? - 04/14/08 04:41 PM
Those of you that like to do your research on-line know that you can look up real estate tax information at the Polk County Property Appraiser website. Were you also aware that you could estimate taxes? For example, if you were considering purchasing a home for a value in excess of its current "tax accessed value," you could input the property location & new price & thus arrive at an approximate tax range. This would be extremely helpful for those trying to stay on a tight budget. Knowing what taxes will be, will give you an idea of what to expect come … (1 comments)
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mortgage: Debt Forgiveness - 04/11/08 04:35 PM
In my last post, I described the short sale process. Some have expressed concerns about the effect the resulting debt-forgiveness of a short sale has on your tax situation. In prior years, any form of debt-forgiveness on a mortgage was considered earned income. Now, however, the Mortgage Forgiveness Debt Relief Act of 2007 allows a 3-year window for homeowners to refinance their mortgage with no tax penalty on any debt relief that is received. This act will increase the incentive for borrowers & lenders to work together to refinance loans , and realtors to negotiate short sales to avoid foreclosure. This act only applies to principal (homestead) property.
Click here for more information on the Mortgage Forgiveness … (0 comments)
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mortgage: What is a short sale? - 04/08/08 08:15 PM
A "short sale" or "pre-foreclosure" occurs when a bank (or lien-holder) agrees to accept a discounted pay-off of a mortgage. In other words, the bank(s) will release the lien(s) that is secured on the real estate, upon receipt of LESS money than is actually owed. Why would any bank accept less than what is owed? Well, it must make financial sense for this to occur. Here's a scenario . . .assuming there is an offer, of course!
First off, the mortgage(s) in question is typically in some stage of default. The bank, faced with a mortgage that is not being paid, must … (0 comments)
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mortgage: Mortgage Rates 3/17/8 - 03/18/08 12:33 PM
Long-term mortgage interest rates were down again Monday, and the benchmark 10-year Treasury bond yield sank to 3.31 percent.
The 30-year fixed-rate average dropped to 5.74 percent, and the 15-year fixed rate fell to 5.09 percent. The 1-year adjustable rate dipped to 5.07 percent.
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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
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