national real estate news: Foreclosure-Prevention Scammers: How To Not Become A Victim - 09/21/09 03:56 PM
The most common foreclosure-prevention scams works like this: The despaired home owner gets a letter that says something like, "We know you're having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now."The poor home owners call the number … (2 comments)
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national real estate news: New Refinance Guidelines - 07/07/09 02:56 PM
The federal government's new eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
However, the program still doesn't solve the biggest problem for so many borrowers: owing much more than their homes are worth.
This week, the U.S. Department of Housing and Urban … (0 comments)
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national real estate news: Foreclosures Ahead - 07/07/09 01:53 PM
Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.
Home values will depreciate with the … (0 comments)
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national real estate news: When Should Homeowners Walk Away? - 06/24/09 01:13 PM
In a complicated market like todays, it is hard to know whether you should keep your home or walk away from it. Many homeowners have watched their property values drop over 25 percent, sometimes more. Some say the market hasn't even hit the bottom yet.
Some homeowners are beginning to wonder … (1 comments)
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national real estate news: Foreclosure Crisis Now Spreading To Prime Mortgages - 06/09/09 06:15 PM
The prime borrowers are rapidly going into foreclosure, especially in those states of mass unemployment or decreasing property values, all which saw a huge run-up during the housing boom.
It's a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. It has major implications - … (1 comments)
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national real estate news: Housing Rebound Is On The Rise - 06/09/09 05:58 PM
Sales are the uproar for the economic housing situation this week.
Residential sales and pending sales are adequately increasing and a rebounding real estate market could soon start stimulating the economy.
Even Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading … (0 comments)
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national real estate news: Median Home Prices Up In May - 06/08/09 03:08 PM
Phoenix-area median priced homes sold increased slightly in May from the previous month despite an increase also in home foreclosures, according to the latest data from the Information Market and Cromford Report, local analysis firms.
In May, the number of homes sold increased to over 8,600. In April, the homes sold … (0 comments)
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national real estate news: Obama Signs Anti-Foreclosure Bill - 05/20/09 07:37 PM
President Obama signed a new legislation that entices the banks to help save homeowners facing foreclosure on Wednesday. President Obama states that it protects the homeowners and cracks down on lenders who try to take advantage of their situation.
The law expands on an existing program that entices the lenders to adjust the mortgage rate if the homeowner pays an insurance … (0 comments)
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national real estate news: Perfect Time To Steal A Deal On Vacation Property - 05/05/09 02:31 PM
Although the market is at a record lows, right now is a fantastic time to purchase a second home in a vacation paradise at a great price, if you can afford it.
Since there are a significantly small amount of people that have the ability to spend money on this kind of … (0 comments)
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national real estate news: U.S. Has Offered Incentives To Modify Second Mortgages - 05/05/09 02:20 PM
The Obama administration announced on Tuesday, April 28 that they are offering incentives for mortgage servicers to modify second mortgages, including home equity loans.
The way the incentive works is like this: When the first mortgage has been modified, the second mortgage servicers must agree to modify their mortgage. The term of … (0 comments)
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national real estate news: The $8,000 Tax Credit - 04/10/09 06:27 PM
I'm sure you have heard about the $8,000 tax credit for those first time homebuyers. Are you eligible? How do you claim it? Here are a few tips to see if this tax credit is for you.
According to the National Association of Home Builders, you must have purchased a home … (0 comments)
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national real estate news: Fed Plans Spark Drop In 30 Year Rates - 04/03/09 06:40 PM
Freddie Mac has reported that the average interest on a 30-year mortgage fell from 4.98 percent to 4.85 percent in less than a week. This drop in interest rates resulted in a 38-year low. This decrease has made housing incredibly affordable. The average price of a home is $172,000, making the mortgage payment … (0 comments)
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national real estate news: Survey Says "Now Is A Good Time To Buy" - 03/30/09 05:15 PM
Despite the current concern of the economy, 78% of potential first-time home buyers say that now is a great time to buy a home.In early March, Century 21 hosted a survey for potential first-time home buyers. Of the 1,000 prospective U.S. first-time home buyers surveyed, 68% think now is a better time to buy rather than … (1 comments)
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national real estate news: Decreased 30-year rate at 4.89% Increases Mortgage Application Submissions - 03/20/09 01:29 PM
The submission of mortgage applications increased last week when interest rates decreased, fueling refinancing activity.
The average rate for traditional, 30-year fixed-rate mortgages dropped from 4.96% to 4.89% in only a week, according to the MBA report.
The average rate for 15-year fixed-rate mortgages dipped from 4.54% to 4.52% in a week. One-year adjustable-rate … (1 comments)
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national real estate news: Why To Buy A Home Now - 02/19/09 02:13 PM
If you are currently renting and debating if you should buy a home, you should consider what best selling author, David Bach, says, "The average homeowner is worth 35 times more than the average renter."
David Bach suggests that renters start saving part of their paycheck every month to help accumulate a down payment. … (0 comments)
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national real estate news: Mortgage Rates Continue Falling to Record Lows - 01/12/09 04:43 PM
Mortgage rates have fallen to all-time lows for the fourth consecutive week.
The 30-year mortgage rates averaged 5.01 percent this week, compared to last week's 5.1 percent. Last year at this time, rates averaged 5.87 percent. This makes the tenth week that the 30-year mortgages have fallen. In part, this is … (0 comments)
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national real estate news: 6 Key Facts About the First-Time Buyer Tax Credit - 11/13/08 09:45 PM
There seems to be a lot of confusion regarding the $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act. So here is my version to help explains the benefits and why this is a great deal. They don't call … (0 comments)
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national real estate news: The Government Bailout of Frannie & Freddie - 09/08/08 06:21 PM
Some historic news yesterday. The government has officially bailed out and taken over Fannie Mae and Freddie Mac. There has been speculation over the last month that this could happen. It brings both good news and bad news. The good news is that it will allow banks to recover from more than … (3 comments)
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national real estate news: Existing-Home Sales Hit 5-Month High - 09/07/08 03:14 PM
Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales - including single-family, townhomes, condominiums and co-ops - increased 3.1 percent in July to a … (0 comments)
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national real estate news: What Is All The Frenzy On Wall Street? - 07/18/08 08:34 PM
A year ago federal officials looked at Fannie Mae and Freddie Mac and declared that all was well. The two government-sponsored enterprises (GSEs) largely held conventional loans, though they were about to acquire subprime mortgages.
"Although their $40 billion-plus planned commitment to subprime over the next several years is small … (0 comments)
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